Absa
A DAY-LIGHT BY ABSA

A while ago while I had a well-paying job I applied for a REVOLVING LOAN with Absa, my limit was R70k. I was paying every month without even noticing how high the interests were. The problem started when I lost my job. I spoke to the bank to reduce my monthly instalment, at first they refused. I had to go to the ombudsman, then they reduced it to R820.00, from R1, 750.00. I was fine with that until I realised every time I pay, my balance was staying almost the same.

After exchanging some emails, I found out that of the R820.00 that I pay, R673.54 is the interest and only R146.46 is the amount my balance is reduced by. I feel like this is bacause for me to finish this loan I will have to pay about R390, 000.00 to the bank. I did not choose to loose my job and I feel these interests are way too high.

So everyone, please be careful when taking this Revolving Credit Loan, you might just have to pay for the rest of your life.

Company: Absa
Country: South Africa
City: SOUTHDALE

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