Absa
Tricked 2 sign contract for 31% Absa personal loan

I applied for a personal loan at an Absa Lephalale branch in October 2012, it was approved and paid out that same day. When I asked the personal banker at what intrest rate he said its16%, he made me sign a couple of pages of what he said was the agreement of merging the existing loan account with the new one and credit life insurance, those were only pages where signatures are required. My banker told me he will email me the loan agreement (contract) to sign and bring back to him the following week. When i didn't receive the contract for I went to enquire about the interest rate and instalments in an Absa branch in Galleria Mall (Toti), to my dismay I discovered that the intrest rate is not the 16% that I was told by my personal banker in Lephalale branch, the interest rate is a whooping 31%. I have been trying to get Absa to correct this injustice but on 26-04-2013 I was called to the branch and presented with a contract that I elegedly agreed to 31% interest, that contract doesn't have my initials on each page as all contracts should. It seems like I was duped into signing the last pages of the contract under false pretences that I was signing to merge 2 loan accounts. Pls help

Company: Absa
Country: South Africa
City: Lephalale

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