How Faulu bank has succeeded in deceptive advertisements of overnight loans to civil servants, which promise is never kept

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My names are Stephen Muriithi Mugo. I am a civil servant working for the Ministry of Health currently stationed in Embu County.

i applied for a loan facility of 1.185M from Faulu dtm Ltd on 20th of September 2013 and informed them it was an emergency loan, since part of the money was to be used for settling a hospital bill.

The loan was approved by my employer and booked to be deducted from my payslip as soon as it is released to me.

I waited for 5 weeks for them to disburse the loan but they didn’t. So I followed it up with them, traveled to their headquarters to find out what was the problem. On reaching there, they informed me that I had not signed the “letter of offer” which is basically a contract with them on the borrowing I was about to do. So i did the signing before a commissioner of oaths and returned the document to them.

They gave me an assurance that the money would be released within 24 hrs. It is now 2 weeks later and the money has not been released.

Faulu has been advertising that they release loans for civil servants and parastatal employees within 24 hrs which in my case and that of a few other civil servants i know has not been the case. I can also not get a loan from somewhere else since my Faulu already booked the loan with my employer.

I have also tried calling Faulu and visiting their local office at Embu severally for answers but nobody seems give any answers. In fact they are now treating me as a bother.

I am writing this so that Cofek can help me get legal redress on this matter since I feel my rights as a consumer have been violated. Thank you and I will be expecting to hear from you. I can also be reached on 0721xxxx00

Cofek Comment: We are ready to publish Faulu dtm response should they want to have their right of reply

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