Goodday. I tried to obtain a loan from a...

Asked by TNeal on 09-02-2024 10:39:21
Question posted in the National Credit Act Law category relating to Western Cape


I tried to obtain a loan from a company I found on Google who said they are registered with the NCR. The company advised I needed to pay insurance upfront as my credit score was bad and the loan needed to be insured. After that there were several other upfront payments which they requested and said were for Vat, activation code, COT Code. I have paid them just over the R23 000. They then advised I needed to pay another fee for administration costs and I told them I did not have the money and they should proceed to cancel the loan and refund me the fees back that I have paid. They now say they cannot cancel the loan as it has already been insured. I am at my wits end and at a dead end right now and don't know what to do. Nowhere in the contract does it mention I cannot cancel the loan or any of the upfront fees except the insurance. I am now even further in debt than what I was before I applied for the loan with them. 

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