I am a Capitec customer since 2011. I have a long term loan with them for R45000 since 2011 over 24 months due to unforseen circumstance I had to reschedule my loan to a longer term to decrase the monthly premium, only to find out now all that monies over 2 years have gone to interest and now my premium will be R2900 over 14 months which almost accumulates to nearly R40000. They insist all my other monies went to interest due to me extending the loan. I find this very hard to swallow. Then another product which is called a multi loan works similar to a month to month overdraft, they charge a 12% initiation fee everytime accessed by the client plus interest which I also find very high. They are not very understanding with the amount of months you chose to payback. I have asked them to extend my loan because my spouse is not working and I cannot afford the R2900 premium until further notice they refuse. They are not very helpful or transparent, they are transparent with calculating high interest rates.
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