
a) Discrepancy between loan approved and that received
b) Misleading information about monthly repayments
c) Loan approved much higher than that applied for
d) Loan much less than applied for
e) Not provided a copy of the agreement
f) Interest higher than that verbally agreed upon
g) High cost of terminating the loan
h) Expensive loans
The borrower whose interest on the loan turned out to be 10% per annum and not 8% per annum as promised, was unhappy because he felt that that at 10% per annum the loan was too expensive. He is probably not aware that the actual interest that he is paying on his loan is 21.7% per annum, based on how the interest on the loan is calculated and the amount that was credited into his savings account.