My fiance is trying to get a student loan to study his Masters this year at UCT, and he decided to apply at Standard Bank because we have an account with them and their interest rate seemed good. He asked his sister to stand surety for him.
By the end of last week he was able to submit and fax all of his and his sister's documentation online, as they were told. On Monday he got an email saying that the loan had been rejected, because of "irregular payments on accounts." His sister said that she thought her credit rating was fine, but that it may have had something to do with her divorce.
So a friend then agreed to stand surety, who has a SPOTLESS credit record, and has just been approved for a home loan at FNB, and thus just recently had his credit rating checked and approved. Today we got a response saying it had been rejected AGAIN, and AGAIN for the same reason "irregular payments on accounts." We phoned the bank and were told that it is not my fiance - who does not have a credit rating -, but again the person standing surety for us. This is just incorrect! How can two people be given the same reason??
The system must be broken, and the delays have put his studies in jeopardy!
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