A Sydney mother has slammed Commonwealth bank after her 19-year-old son secured a $15,000 personal loan without entering a branch.
Jane, who chose not to give her last name, said the teenager was on a part-time wage at the time but was able to secure the money through an online application which was as 'easy as a Facebook like'.
But cancelling the loan proved to be a harder feat, with the concerned mum calling the experience 'traumatic' and querying why no steps involved 'human' interaction.
A Sydney mother has slammed Commonwealth bank after her 19-year-old son secured a $15,000 personal loan online without entering a branch, with the process described as being as 'easy as a Facebook like' (stock image)
The teen applied for the loan in September in the hopes of using the money to buy a car, but after seeing the costs of monthly repayments and interest decided to back out.
'He tried to reverse his impulsive curiosity and hit an 'X' on the screen ... which he believed to be a cancel button, but there is no cancel button once you start on this slippery slope,' Jane told News.com.au.
The loan, which reportedly involved $337 repayments and more than $5,200 of interest, was approved 'pending documentation' and later fully approved unconditionally.
'I know I couldn't get a loan to save my life years ago... There's no way a kid would get a $15,000 loan approved without even having to enter a bank,' Jane said.