A Cautionary Tale: Think Twice Before Borrowing from Bystroden'gi

I learned a valuable lesson about the shady practices of some lenders - the hard way.

No need to swear, I promise!

I was in a tight spot, having lost my second job while renovating my apartment. I took out a loan from Bystroden'gi, a microfinance company, for 39,000 on May 4, 2004. I repaid the loan quickly, on July 18, 2024.

Unfortunately, I made a rookie mistake and ended up paying 27,000 more than I should have - talk about a shocker!

I tried calling the company, but it was like trying to get blood from a stone - the call would drop, and I'd get a call back hours later. That's not exactly what I'd call 'operational efficiency.'

It turned out that, according to their contract, since the loan was for a long term, it couldn't be closed until 30 days had passed. So, I was stuck paying interest on the loan for that entire period.

Okay, I'll own up to my own carelessness. However, the company can only refund the excess amount after the loan is closed and they've reviewed my request within 15 working days.

The customer service was a joke - incompetence and apathy, with a few exceptions. For instance, they made me re-write the application for a refund. Long story short, I finally got my money back on September 11, 2004, along with the extra interest and a lot of stress and a hoarse voice.

And, to top it all off, they kept calling and texting me to take out another loan - yeah, right, where do you think I'd send them?

Bystroden'gi, if you don't learn to treat your customers right and take a page from your competitors' books, you'll be out of business. What's acceptable - quick loan closure when it's paid off early, human treatment of clients, and refunding excess payments within a reasonable timeframe, and a functioning call center.

That's my sad-but-true story. Don't make the same mistakes I did - do business with a reputable lender.

Here are the key takeaways from my experience:

Be cautious when dealing with microfinance companies, as they may have hidden fees and charges. Read the fine print and understand the terms and conditions of the loan before signing. Don't be afraid to ask questions or seek clarification on any aspect of the loan. Keep track of your payments and ensure you're not being charged unnecessary interest. Be prepared for poor customer service and long wait times.

I hope my story serves as a warning to others and helps them avoid the same mistakes I made. Remember, it's always better to be safe than sorry when dealing with financial institutions.