About a week ago I applied for a loan telephonically, I was informed i met all the banks credit requirements and was quoted a loan of R47500 i was then informed a portion of that would be used to settle my current loan with the bank, i even went into the branch to sign the contract and that was done, i later got a call stating i had to settle the existing loan with Old Mutual before i can get a pay out however it was not stated to me how much would be credited to my account after all the settlements. Now i get an sms declining the application due to affordability. i must say the communication was very poor the branch consultant could've told me the benefits of consolidating my loans so i can enjoy financial freedom instead of sounding helpless and clueless most times. I would like this loan relooked at if it means we consolidate lets do that but dont think i cant afford solely to my monthly income there are other means i earn money if i felt that i couldnt afford i would have not bothered to apply for i wouldnt want to live outside my means. Looking forward to an urgent reaction to this. i've never missed a payment and some application should be based on merit and not on the nca.
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