Hello Peter,
I applied for a loan in December 2012 for an amount of R6000.00, and they told me about an initiation fee of about R700, and told me if I pay it within 7 days I will pay no charges and the first installemt will be R1397 from February 2013 for six months but I can settle before all I need is to call and ask for a settlement amount.
I called in March 2013 requesting the settlement amount to settle, only to learn that there will be bo change at all, no savings from interest charges, settlement amount provided was exactly equal to the amount remaining to be paid in the remaining months then it was discouraging to pay early. But this is not fair at all, Interest rate is extremely high and charges are ridiculously high and this loan does not save you but make you worse of and even dig deeper into debts. CAPFIN system takes advantage of poor desperate people and rip them off and makes them worse off. I am victim myself. I then decided to leave it like that as it made no difference at all. I could not save anything for paying early, despite low interest rates
I URGE everyone to go to the bank and apply there to save themselves. Do not be like me, my life is miserable
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