I visited www.mercantilefinance.hpage.com after receiving an sms that i could qualify for a loan at 3.5% interest. I made an application via email@example.com for R60 000 and my application was approved, but i was supposed to pay R2640 to the company's attorney before the money could be transferred to my account.
I became suspicious because the repayment amount was R894 for 48 months, which does not add up to R60 000 (48 x 895 = 42 960)! So they got their mathematics all wrong (i'm an Actuary by the way)...so i knew something was fishy. Banks do not make this kind of mistake when it comes to money.
I asked for the company's NCR and registration numbers. They gave me the following numbers
NCR No: NCRCP19
Upon farther cross checking with the NCR website, i discovered that these details actually belong to Mercantile Bank In Sandton, who are NOT even affiliated with Mercantile Finance.
I am convinced that Mercantile Finance is a scam.
the contact person at Mercantile Finance was Mr Fred Owen.
PLEASE BEWARE OF MERCANTILE FINANCE...FORE WARNED IS FORE ARMED.