I applied for a loan with a bank in Gaborone and upon my application I was told that my loan has been approved.
Since I had no account with that bank, I had to apply for an account with them.
I moved my account from my old bank to the new one and I was advised that my first salary has to be deposited into the account, then the loan will be transferred to the account.
The salary was deposited on the 24th July and I was told that I had to wait for 2 days but 2 days passed and there was nothing.
I went to the branch to query about the delay and I was told to wait since they were working on it.
This kept on going for a couple of days, and I went to the bank about 9 times and there was no valid reason as to what might be the delay.
On the 5th August I was told that my loan has been declined.
I find this unprofessional and inconvenient to me because I was sure of my status on the loan and I had to move my account to the new bank knowing that my loan is 100% approved.
I believe I have a right to be told what to do when your application is not successful for me to apply again.
Is it possible to tell someone that your loan is approved but later say its declined?
I moved my banking from my old bank for their “approved loan” now they are saying that its declined.
I need your help and advice concerning this matter.
This isn’t good enough. The new bank has let you down badly.
Of course they might say that the loan wouldn’t fi nally be approved until they had invited you in to sign the fi nal agreement but allowing you go to all the bother of opening the new account and transferring your salary is really unprofessional.
I think the bank has a responsibility to do one of two things.
Either they can bend the rules a bit and approve your loan (assuming you are close enough to being approved) or compensate you for the cost and bother of transferring your accounts for no good reason.
Either way they owe you a full explanation and an apology.
With your permission we’ll contact the bank on your behalf and see what they can do to help you.