Bayport Financial Services / Loan application declined after approval

United States

I applied for a personal loan through a broker to Bayport Financial Services. All the forms were completed, signed and forwarded through to them with all the supporting documents including a letter of confirmation of employment.

It was relayed to me via sms from Bayport and through the broker that the loan had been approved and was in the final stage which was telephonic confirmation of employment.

No-one phoned the company - namely Active Freight Solutions to confirm my employment, and when I called Bayport this afternoon to find out what the progress was, I was informed that the loan had now been declined to to the company that I work for being a non-accredited company. I do not understand why this is, as Active Freight Solutions is a registered Company (with a company registration no, ) Is a Level 4 BEE compliant company, is VAT registered, and is registered with SARS for PAYE and UIF.

When I applied for the loan I informed the agent that this was urgent, and this is the sort of response I get from Bayport - APPLICATION APPROVED ON THE ONE DAY AND DECLINED ON THE VERY NEXT DAY!! With no sms confirmation or phone call or anything.


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