I visited after receiving an sms that i could qualify for a loan at 3.5% interest. I made an application via 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) 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
Registration No:1965/006706/06

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.

Report ID: 5599
Crime Category: Fraud
Province: Gauteng
Suburb: N/A
Address: online
Crime Date/Time: 3 Feb 2014, 00:02 AM
Reported By: Username5599
Reported Date: 3 Feb 2014, 16:02 PM
Related Link:

Join the conversation

  • johan7 29 Nov 2014, 10:40 PM

    I have been caught by an sms scam using. Attention , Thank you for your interest in our services. Attached is our loan application form which you must complete to qualify for verification and evaluation for a personal loan with Mercantile Finance Loans. Our 3.5% interest offer is for all personal loan application during the period of the offer and is only open to those who are not currently benefiting from Mercantile Finance loan services. Be informed that for a verified monthly income of R10,000.00 to R15,000.00, the applicant is qualified for a loan between R150,000.00 to R500,000.00 for a loan term of 5 - 10 years depending on the applicants personal details. Kindly complete attached form and return completed forms with a copy of your ID and payslip via email. Mercantile Finance Loan agent will contact you within 24 hours if your application is successful and shall guide you through the process of your approved loan amount transfer. Regards. Helen Smith. Loan Controller Mercantile Finance Loan

  • Ntombizodwa 1 Sep 2014, 06:58 PM

    Hi the can u help me about loan i need 2 pay all my debt i need money abt R5000 my cell number is 0780095502 my id 8007190068087

  • nonhlanhla mokoena 7 Aug 2014, 07:24 PM

    Hy I've got and sms on my other phone told me about the loan plz can you help me about a loan I need to pay all my account plz you can call me on this number 0736092713 plz.( asap). I'd no:7808250749081 Regard..N Mokoena Thanks

  • moe2 30 Jun 2014, 11:38 PM

    Who's the broker u were assigned to

  • juan6 29 Apr 2014, 08:47 AM

    i just recieved a sms for the same loan type of thing with an email from the cell number 076 204 8440 that domain of the email adress isnt even working

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