TOO GOOD TO BE TRUE

I received an invitation by some ladies card i maintain with a local bank for an interest free loan.

Interest Free? Sounds too good to be true. And best part there's a column that I can fill in my own "requested amount" subject to a minimum of $500.

But read the finer prints, besides some of the understandable & acceptable terms like "loan is subject to the approval of the Bank blah...blah, it also reveals:

upon approval of each application, a non-refundable processing fee on the Approved Instalment Amount at a rate determined by the Bank at its absolute discretion will be charged to and debited from the Card account specified in the application.

Sure they need to process, but why not be more specific about the rate eg. for loan amount between $500 to $2000 loan, the flat rate of say $60 or 1.5%p.a will be charged or something?

Best part is, if i terminate the facility or make a pre-payment (i.e pay up all before the final instalment plan), i get penalised "$100 or such amount as the Bank may from time to time at its absolute discretion determine." But for the bank , it is "entitled at its absolute discretion to amend, vary or modify the terms at any time without notice and such changes shall be binding with effect from such date as the Bank may determine".

And within the 11 terms & conditions , the word "absolute discretion" is used no less than 7 times....

So insincere, I'd rather go hungry!

Btw, I have heard of sole discretion, but when i do a search of 'absolute discretion", both in legal dictionary and wikipedia, it throws up nothing. "Absolute" means complete and without condition.....so? what does that make of? Legal sister???