Nedbank
Ripping off existing customers

Hi,

I've been with Nedbank for about 5 years now, i had a few loans with them and they offered an okay interest rate, so i took it. I'm still paying it off. 2 weeks okay i wanted to take out another loan (of 50 000) not only could they offer 50 000 to me (do buy second hand car), they also offered me a ridiculous interest rate of 24% (11 above prime). They offered to settle one of my existing loans of R120 000, and then i could get something like R34000.

so it's like this

interest rate on previous loan was 14.5% or something like that = - 75 000 interest

interest rate on the new one 24% (11 ABOVE PRIME) = - R120 100 interest.

This is ridiculous, especially existing customers. Your are asking me to pay more interest than I want to borrow. I'll be looking for another bank now.

Company: Nedbank
Country: South Africa
City: Personal Loans

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