I went into the Northgate branch on the 16th of October2013 to apply for an extend on my current loan with African bank.
Firstly my incorrect salary was captured as per my appointment letter and they insisted on using payslip amount. This already reflects a low income, however I was approved for a loan and was offered an X amount and got approved and signed the contract in the branch and headed off happy with the outcome.
I then got a call from the branch on Friday the 18th of October 2013 to notify me that I now have been declined due to not meeting the risk criteria.
I don't understanding this as I have no ITC issues nor affordability issues.
The loan repayment amount came in almost R700 less than the current loan.
Please can someone get back to me regarding this as this is not good business practice to have a client
sign a contract and then 2 days later inform him it's now been declined and withdrawn. (Is this even Legal)
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