Nedbank
27% Intrest on a Personal loan

I am a long standing Nedbank customer, who has taken out a personal loan previously. I did all of my homework, obtaining my credit records etc to ensure that I meet the criteria. I have a credit rating of 967 with Transunion, am not over indebted (reason for taking out loan is to consolidate) and have never missed a payment on anything ever. I would like to know why, when applying for another loan, i am charged a RIDICULOUS amount of interest 27%, surely this cannot be legal> The agent advised me that the amount is set out by the system based on my credit risk (what risk? more than meet all criteria) and is not negotiable? How do you justify charging somebody 27% interest - almost the maximum on a loan of R115000? The first loan I took out I got 10% intrest rate, second loan 18% (which was a bit steep back then) but 27%??!!!

Company: Nedbank
Country: South Africa
City: Personal Loans

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