I had a balance of R2999 from my previous loan with Capitec. Then I applied for a second loan & they told me the bank can borrow me R11000. Once I accepted the loan I was told that they were going to deduct that balance of R2999 from the previous loan first. The agreement is that they take R555 from my account every month. I have been paying this amount every month from end of January to date. To my surprise the money keeps escalating instead of reducing. When I called the customer line to inquire, I was told the money is not reducing because the payment period is 36 months & the interest for a R11000 loan is R8100. I was shocked because I was not given an option to choose if I wanted to pay the loan in 12, 18, 24 or 36 months. The terms of the loan were not explained to me, especially since I applied in person at the Mayibuye branch in Thembisa. I agreed to pay R555 per month because I thought I was paying a total of R11000 not R19100 that I was not told about. I also thought that they had already included the interest & other charges like service fees in the R11000. I'm a single mom of 6 children & my net is R2300. How am I going to repay this money for 3 years. Please I need help.
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