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Sep 28, 2017 - 34 minute read

Mbsl personal loan application

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Mbsl personal loan application

The lenders claimed that the repayment amount would be the amount borrowed plus a one-time finance fee, and that this amount would be withdrawn on a particular date. Instead, the lenders made multiple withdrawals from the borrowers' bank accounts and assessed a new finance fee each time. The result of this scheme. The borrowers paid much more than the stated cost of their loans. In a typical example, a person borrowed 300 with a stated one-time finance fee of 90.

The borrower expected mbsl personal loan application the loan would be repaid in a single withdrawal of 390. But the lender began a series of automatic withdrawals, assessing a 90 finance charge each time. By the last withdrawal, the borrower would have paid 975 instead of 390 to repay the loan.

Mbsl personal loan application

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Mbsl personal loan application
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