Capitec hit with reckless lending charges

Summit CEO Clark Gardner told Fin24 that Capitec may be the best bank in the world for shareholders, but certainly not for the consumer.

“I suppose one must think that a lender who spends a fortune on building banking infrastructure yet manages to return over 54% to shareholders consistently year on year must be charging someone incredibly high margins… well that would be the consumer, who borrows from them,” Gardner alleged.
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Whatsevs Clark, just borrowers. Us transactionalists and savers are perfectly happy too.
 
“I suppose one must think that a lender who spends a fortune on building banking infrastructure yet manages to return over 54% to shareholders consistently year on year must be charging someone incredibly high margins… well that would be the consumer, who borrows from them,” Gardner alleged.
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Or maybe they are just really good with money and keep the amount of sponsorship deals to a minimum.
 
In the case before the Stellenbosch Magistrate’s Court, Summit alleges that Capitec’s multi loan product is deceptive in that it looks and acts like a facility or overdraft, but is charged like a payday or short term loan. The consumer may access the amounts each month without a new agreement or affordability assessment, but pays the 12% upfront flat fee each time they withdraw the amounts from an ATM.
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Gotta be crazy to agree to that.
 
supersunbird said:
Whatsevs Clark, just borrowers. Us transactionalists and savers are perfectly happy too.
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Summit are the dodgiest people out there. When I worked in that industry we had our fair share of interactions with those people.
 
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