A business owner complained that a lender misled him by quoting a simple interest rate rather than an annual percentage rate on a business loan. FSCL decided the complaint should be discontinued because the total cost of the loan and weekly repayments were clearly disclosed.
A borrower complained that a lender failed to clearly explain interest rates and a fee for a business loan, but FSCL found the signed loan agreement contained enough information for the borrower to understand the true cost of the loan and the complaint was discontinued.
A couple complains after a wife was urgently added as a co borrower to her husband’s refinancing and asked to provide personal assets as security without receiving clear advice.
Mira said that her vehicle was damaged during repossession and that the lender was responsible for her insurance lapsing.
This case highlights the risks of multiple guarantors sharing one email address in an online lending process. Without independent verification, lenders cannot be sure each guarantor has personally signed and consented, which may lead to consumer harm and complaints.
I did not agree to be a co-borrower
Zichen and Theo complained that the lender sold their business’s machinery for far less than what it was worth, and now they were stuck paying the rest of the loan back.
When a small business repaid their fixed rate loan before the loan expiry date, the lender charged a break fee. The borrower thought this was unfair.
Charlie said his loan was a consumer credit contract; the lender disagreed.
Aihe couldn’t afford to repay her business loan.
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