Next up was Nedbank. The loan lady looked horrified when I told her that I was self-employed. “I’m sorry. You won’t get a personal loan from us even if you’ve been banking with us for 28 years,” she said, trying to bring home to me that the problem was my employment status – not the fact I’m not a Nedbank customer.
As at the other banks, she had no idea of my credit record or income and spending patterns.
Helpfully, she told me how a company shareholder had applied through her for a loan this month – but was turned down when Nedbank’s back office staff called the company he owned to be told that he is not an employee, but “self-employed”.
Ironically, I was told that my domestic worker would be given a loan by Nedbank, provided I wrote a letter for her confirming her employment status and salary details.
But Miss Nedbank was quick to emphasise that the loans from Nedbank for lower-income earners are “too expensive”.
She explained that the bank is charging not far off 40% for smaller loans to lower income earners “because the government says we must”.
