Beware of Doxology – Misleading Practices, Repeated Payment Demands, and Unwillingness to Refund

I was referred to Doxology through WhatsApp (contact number: 069 531 1178) regarding a loan application of R20,000, which I needed for investment purposes. Since July 19, 2024, I have made 29 separate payments, totaling R21,247.23, which I was told were necessary fees to process the loan. These payments, mainly described as "immediate payment fees," were made from my modest Old Mutual Pension Fund, all in the hope of securing the loan.

Each time I made a payment, I was assured that the loan payout would be released immediately. However, after each payment, I was asked for further fees, with the explanation that the company’s manager required more. On September 12, after being asked for yet another R850, I decided to stop, informing the representative that I would escalate the matter by reporting it to the authorities (police, CPIC, NCR, FSP) and post a review here on Hello Peter.

Recently, a trusted acquaintance mentioned that they had successfully received their loan payout, which led me to reconnect with Doxology's representative. Unfortunately, the same pattern repeated: I was asked to pay R1,500 for "immediate payment," with a promise to help cover R500 of that. After I paid R1,000, I was told I still needed to pay the remaining R500, and later R200 more for transportation costs to the bank.

To make matters worse, when I contacted the manager, I was told they were not prepared to refund the R21,247.23 I had already paid. Instead, when asked about applying for new loans, I was quoted the following:

R20,000 loan: R3,000 application fee with a 2-month repayment plan. R25,000 loan: R3,700 application fee with a 3-month repayment plan. R30,000 loan: R5,000 application membership fee with a 5-month repayment plan.

We then negotiated for a loan amount of R12,500 for a fee of R1,000. When I did an ewallet, the ICT person said that I needed to pay another R500.

Given these circumstances, I strongly question the legitimacy of these practices. I feel exploited and misled by Doxology and urge others to be extremely cautious when dealing with this company.