I am an African Bank client and have an existing loan with them! I was therefore invited to apply for an additional loan! This was done telephonic and a provisional approval was done. The operator requested that I take all the required documentation to my nearest branch in order to complete and sign all the relevant documentation. This was done on the 11TH of October, 2013. An additional letter regarding my UIF was requested from my Employer! This was done and the letter was submitted on the Monday (14th of October, 2013 due to the fact that our business hours are from Monday to Friday). I was ensured that I would receive an answer within 24 to 48 hours. I received a cool on the 24TH of October to go to my local Branch to sign documentation regarding the Loan and upon further investigation it was found that they wanted me to do a total new application with one difference! They have changed the interest rate from the initial 27.5% to the maximum allowable interest rate of 31%. When I queried as to why I had to re-sign new documents I was informed that the time period had lapsed and that the interest rate has changed since my initial application! What a load of!
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