A message spread to all customers of a local bank in the Kingdom of Saudi Arabia, which angered citizens, and that message was the one that included the news of converting the soft cash loan product into a personal loan.
Converting the soft cash loan product into a personal loan that anger citizens in the Kingdom:
While the affected citizens said that this is considered to be contrary to the directives of the Monetary Agency, as they confirmed that it was done without their consent, while a number of citizens submitted complaints to the Saudi Monetary Agency and to the Disputes Committee in order to consider this violation committed by the bank.
One person said that we obtained loans about four years ago for more than 500 customers, under the name of easy cash, but we were surprised months ago with letters from the bank stating that the withdrawal feature will be stopped from the easy cash balance and then it will be converted into a personal loan.
Whereas, on August 19, another message was received stating that the easy cash withdrawal feature has been suspended, and an interest account for the bank with a profit margin of 3.87%, as well as fixing the installment with 81 months for payment.
He also ignored the clients’ obligations and the laws of the Monetary Agency that do not allow to deduct more than a third of the customer’s salary for all his obligations, and this is contrary to the regulations of the Monetary Agency. Complaints have been submitted to solve this issue and unfortunately we did not find the benefit that we demand.
It is the calculation of the sums that the bank deducted from us over the past four years and taking into account the circumstances of the customers and their monthly obligations that were ignored.
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