Pay day lender allegedly raked in $78 million in fees from customers

Tikyah Amber Boyce borrowed $175. She claims she was told she'd end up paying back around $300. Now she owes more than $1000.she set up automatic payments of $94 a week; but on the fourth transaction they took double.

"I was a bit shocked. Unemployed, living with my family it didn't cross my mind how I was going to get the money to pay it back," she said.She secured a $500 loan thinking she would pay back around $850. She too realised Cigno had taken extra payments. Gerard Brody, CEO from the Consumer Action Law Centre claims the group just changed their operating model.

"We regularly encourage any of our customers experiencing difficulty to contact us so that fees and terms can be adjusted and in many cases stopped or waived entirely," Mr Swanepoel wrote on his website. ASIC has for years tried to stop the service Cigno offers and have continually failed either in law, in principle or by virtue of support of our clients.

About time all these greedy sharks were made extinct

They kinda know what they are signing up for 🤷‍♂️🤷‍♂️

Well it’s a choice isn’t it go hungry borrow from places like this or just go out and rob people some choose to hurt themselves so no one else gets hurt and others choose to hurt everybody else and don’t care who gets hurt as long as they get what they want now choose the idiot

Need to hit these pay lenders hard.

they are loan sharks that prey on the desperate and people fall for this. best tip is ignore the debt collector calls and never answer your door if you not sure who it is. Let them waste money on the debt collector and especially if you have no assets they can't take anything

they are obvious scams, they prey on the vulnerable , simply stop all these loan sharks then this issue is never a problem and at same time can speak to direct biller and they can help out in hardship times

They maybe idiots but they are our idiots. Sometimes society has to make laws and regulations that protect those of us that are less capable and make the poorest of choices.

If there are enough idiots out there to keep a pay lender in business let them be. Can you imagine? They get ripped off by government in paying taxes, they put money in superannuation that gets eaten by fees ( and taxes ) and now by pay lenders..🤣 Poor losers can’t win a trick!

I have a 200 loan with them and have 300 bucks in fees. Dont even know how i got them

Unemployed and taking out high interest loans, seems like a great financial decision

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