We applied for a student loan for my daughter's 3rd year studies on 24 December 2013. After a huge struggle and delays caused by the staff (Solly Mokoena) of ABSA's student loan center, we have only today (23 January 2014), FIVE weeks after the application was made, received notice that the loan was declined, even though we advised them that the cut-off date for registration is the 30th January 2014. During this process were victim to comments such as "how legitimate is my wife's business", a home based hair salon, and apparently our auditor's letter is unprofessional although numerous small auditing firms and even attorney firms use the same format! Apparently ABSA can not verify my wife's income, although she banks with ABSA and the income reflects in her bank account. I extended an open invitation to ABSA to visit our premises if there is any doubt about the legitimacy of the business, yet we have not yet received any visit to verify the business. The reasons given for the decline of the loan is disappointing and we are placed under unnecessary time pressure to arrange alternative means of financing the studies. All I can say to this is "Good bye BEEP bank (ABSA), hello FNB!
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