While scouring the content rich Facebook lands, I recently came across a post made in one of the popular Facebook groups.
It was regarding a certain gentleman who had taken one of the digital loans provided by a leading bank. He had initially been meeting the repayment installment amounts but due one reason or the other, he was subsequently unable to which ultimately led to him defaulting on the loan.
After a certain duration, he deposited a cheque into his bank account which were the proceeds of a business deal and to his surprise, the amount was used to offset the outstanding loan amount.
This ultimately led him to cry foul and question the legality of the unsolicited move made by the bank.
The post drew lots of comments ranging from it was the bank’s right to debit his account to ignorance of reading the terms and conditions when applying for digital loans.
This led me to dig into the internet to find my own answer to this situation.
Fortunately, I did find my answer and it was as clear as day stated somewhere in between the terms and conditions. Yikes!
Categories: Loan Articles