Journalist
Sangweni, a domestic worker from Jeppestown in Johannesburg, says the bank did not explain to her when she signed surety that she would be paying interest only until her son finds a job. Sangweni, who speaks Zulu, signed a quotation that is in English and was based on the assumption that the loan is repaid in 12 months. However, the term of the loan is in fact open-ended because the debtor only starts paying off the capital when he or she finds employment. This makes a total cost based on repaying in 12 months meaningless. In reality, you can end up paying interest only for several years and paying the equivalent of the initial loan a few times over. But this is not explained.
The borrower is not warned about the devastating impact of compound interest, at a prohibitive rate of prime plus 4%, when you do not pay off the capital amount from the start, Broekmann says. To pay R870 a month for 120 months at an interest rate of 7%. This means she will pay R137,400 for the loan.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Businessman explains donations to ANC leaders including Zweli Mkhize (R6.5m) & Paul Mashatile (R371,000)The names of ANC leaders that were flagged were those of health minister Zweli Mkhize, labour and employment minister Thulas Nxesi, ANC treasurer-general Paul Mashatile and deputy ministers Pinky Kekana and Zizi Kodwa. Nature of the beast. I foresee potential candidates for orange overalls Nwabe2 The way I see it now, there's no more anc left. Might as well close shop.
Source: SowetanLIVE - 🏆 13. / 63 Read more »
No free rides: ANC's hitchhike to Zim on air force plane costs it R105,000The SA Air Force has slapped the ANC with a R105,000 bill for the controversial lift the party got from defence minister Nosiviwe Mapisa-Nqakula to Zimbabwe earlier this month. So if I have R105,000. could I also take a ride in our own Air Force Jet, is it only reserved for Cadres anywho please book me for next year Durban July, I would have saved enough. Is that all? Peanuts 🥜
Source: TimesLIVE - 🏆 28. / 59 Read more »
R30,000 reward for information about Western Cape principal's murderA R30,000 reward has been offered for information about the murder of a Western Cape high school principal. SA has a long road to bringing emotions in check. The philosophy of agree to disagree(without weapons), is not promoted enough.
Source: TimesLIVE - 🏆 28. / 59 Read more »
Businessman explains donations to ANC leaders including Zweli Mkhize (R6.5m) & Paul Mashatile (R371,000)Controversial businessman Edwin Sodi was grilled on Tuesday about several payments his company made to prominent ANC figures. Can somebody plzzzz make a payment of a mere 100k atleast in my bank account. Eish ANC cmrds r very lucky It's official, indisputably, this cANCerous organisation is a pseudo liberation party. How do you dispute that when they have been declared, by their own president, accused number 1. You are sad he didn't mention JZ name 😂😂
Source: TimesLIVE - 🏆 28. / 59 Read more »
Former ANC MP Vincent Smith granted R30,000 bail in 'Bosasa corruption case'Former ANC MP Vincent Smith appeared in a packed specialised commercial crimes court, sitting in the Palm Ridge magistrate's court, on Thursday, facing charges of corruption Ant the bullshi* goes to When Nomvula Monkonyane will be arrested
Source: SowetanLIVE - 🏆 13. / 63 Read more »
Principal Zameka Mfubesi’s murder ’not random incident’, R30 000 reward offeredTwo weeks after high school principal Zameka Mfubesi was shot dead, her family and authorities were hoping a R30 000 reward would lead to an arrest.
Source: IOL - 🏆 46. / 51 Read more »