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‘Sorry’, they say, ‘we couldn’t find you a loan.’Now, beneath layers of obfuscation in the Terms and Conditions which came ready-ticked and which you didn’t read – because ain’t nobody got time for that – you’ve just agreed to pay this company money. That’s right. You’re already strapped for cash, and now you’ve gone and agreed for them to debit a once-off initiation fee of up to R400 and a monthly fee of up to R100. What you’re paying for, under various terms or guises (depending on the company) is a ‘Financial Counselling Programme’ – and that’s not what you came here for, is it? If that’s what you needed, you’d go to your bank. In the case of Damal Trading, their lawyer Schalk Pretorius of Pretorius & Stander Attorneys told Moneyweb that the company provides telephonic legal assistance as their primary service. The loan-finding service is a ‘convenient value added benefit’. So in effect, these companies are offering paralegal services and are allegedly masquerading as loan locators. Most of the people who are actively looking for loans and who are willing to try their luck on these companies don’t have money to throw around. When the first payment doesn’t clear, or if the client reverses it, these companies are quick to demand payment and threaten legal action against you.
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Thanks again for the interest shown in our products and services. I’ve passed the interview sheet onto Senior Management and unfortunately, we are unable to assist you at this stage. If any of your clients would like information on the company and the products and services, they are more than welcome to contact any of our contracted affiliates (and comparison sites), visit our website or call into our contact center. Furthermore, a large portion of your queries relates to Damal Trading and Lifestyle Legal et al. We have no relationship with these organisations and it would be more appropriate for you to contact them directly to find out about their services and business practices. Best of luck with the article.Interestingly, the company was not able to answer basic questions about their operations, processes, complaints handling and review processes. They were also not able to answer questions about their actual success rate of approved customers. We're as confused as you are...