First National Bank
12% interest on a loan lasting only 4 days!

I requested a R6000 short term loan online on the 07/03/2013
4 days later my account is automatically reduced by R6720
I paid R720 interest on a loan that lasted 4 days!
I know it is short term but 4 days, with 12% interest?
I never requested that the loan get paid, FNB just went into my account and took R6720
Surely 3% per day (1095% interest per annum) is a level of credit is just! What is the likelihood that I needed that short term loan for only 4 days? Now that I actually do need the cash, there is no money!
Let me say it again FNB charged me R180 per day for 4 days to get a short term loan of R6000, 12% interest on a 4 day loan! This equates to an annual interest rate of 1095%!
This is not the first time this has happened, but I am getting fed up with FNB's Thievery! The account the loan is paid into is automatically debited the original amount interest only 4 days after taking up the loan?
Come on, I'm sure FNB will have some technical small writing reason why it is legal, etc, etc, etc.
Just tell me, do you, the person reading this, think that is it acceptable that someone only gets a 4 day loan & is charged 3% per day?

Company: First National Bank
Country: South Africa
City: Online

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