GOOD2GO WHISTLEBLOWER (actor): Well, the loan contract will say that the loan’s for 104 weeks
Now, they are purporting that this loan is over 104 weeks, but we’ve been told by insiders that in virtually all cases the loan is written as being 104 weeks and immediately the repayments are changed, so it’s a short-term loan
SMS MESSAGE (caption): Dear Andrew Acceptance [sic] received. Funds will be settled within the next 24hrs. Your payments are $72 fortnightly with first payment .
Ah, but then 99 per cent of the time that doesn’t happen. So once they email back saying, “I accept,” we change it on them. So we send them an SMS saying their new loan repayment amount. And, you know, they’re hoodwinked.
So they might’ve signed a contract saying that they were going to repay $7 or $10 a fortnight: we change it to $72 a fortnight. They weren’t expecting that kind of repayment, so they might miss payments, payments might bounce and then come a whole range of dishonour fees.
STEPHEN LONG: The multiple fees include a $7 charge for sending a client a text message; a $7 charge per phone call, whether you answer or not; $ to send a letter to the client; and a $3.50 direct debit fee just for taking money from your account.
(to Peter Kell) I’d like to show you a contract from a company called Good2Go Loans. You can see there: it’s a $500 loan. They’ve charged $250 as an establishment fee – that’s 50 per cent of https://www.paydayloanstennessee.com/cities/manchester/ the cost of the loan.
Any questions please call G2G Loans
PETER KELL: Look, we’d be very happy to look at this because we certainly don’t want to see people attempting to game the rules, either by manipulating the length of the loan or by manipulating the sorts of fees and charges that, um, ah, that people have to pay, including the establishment fee. Read more
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