I've recently applied for a loan at Nedbank, being an OLD customer the process was fairly easy but the interest rates is sky rocketing, therefore the question is it a Bank or a Loan. Nedbank borrowed me money at 31% interest and insurance cover of over R300 on the loan. ABSA on the other hand borrow me money for only 13% interest and R150 insurance cover. This morning I phoned your Customer Service Centre to amend my Banking details and the Call Centre Agent, Cyprian inform me that I must get a letter from my employer that my salary would be deposited in the new account number that I've gave him. How does Nedbank operate? Why must I get confirmation of my account if I am the account holder? How are you going to collect the debits if youre not willing to take my account details? Why is the interest rate and insurance so high? Can the matter on interest be referred to the Ombud or NCR?
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