This Australian based Finance Company were not satisfied with charging more than fifty percent interest on my business loan. They also decided to take a few extra dollars each day, contrary to my signed agreement. When I challenged them, they laughed at me.
When I suggested I would take the matter to the Financial Services Ombudsman, they just replied with 'go for it'.
Here's how their scam works.
You repay the loan daily on each business day for the period of the loan. You sign a loan document that states they will take a certain amount of money each day from your bank account. Then, they proceed to take out the amount you agreed to plus an extra $1.85 per day. They say this is a debit processing fee and that it is not them taking the fee, but another company 'EziDebit'. The form you sign with Ezi Debit does not state that you will be charged $1.85 per day. Over the period of the loan, this equates to $259.
At no stage would they provide me with a copy of the transactions that was equivalent to what actually happened. At the end of the loan they also took another $150 fee out for discharging the loan. Despite the loan agreement stating this fee was to be $120. On a loan of $10,000 the interest charged was $5,272.60. Then without my consent or knowledge they have taken an additional $409.
Rather than do the right thing and keep a customer happy, this company just said it was not their problem and they could not help me. I would suggest to anyone considering a loan with Ausvance that they shop around and find someone else. 52% interest on a six month loan is highway robbery. Taking additional money without authority is simply theft.
AUSvance Reviews
This Australian based Finance Company were not satisfied with charging more than fifty percent interest on my business loan. They also decided to take a few extra dollars each day, contrary to my signed agreement. When I challenged them, they laughed at me.
When I suggested I would take the matter to the Financial Services Ombudsman, they just replied with 'go for it'.
Here's how their scam works.
You repay the loan daily on each business day for the period of the loan. You sign a loan document that states they will take a certain amount of money each day from your bank account. Then, they proceed to take out the amount you agreed to plus an extra $1.85 per day. They say this is a debit processing fee and that it is not them taking the fee, but another company 'EziDebit'. The form you sign with Ezi Debit does not state that you will be charged $1.85 per day. Over the period of the loan, this equates to $259.
At no stage would they provide me with a copy of the transactions that was equivalent to what actually happened. At the end of the loan they also took another $150 fee out for discharging the loan. Despite the loan agreement stating this fee was to be $120. On a loan of $10,000 the interest charged was $5,272.60. Then without my consent or knowledge they have taken an additional $409.
Rather than do the right thing and keep a customer happy, this company just said it was not their problem and they could not help me. I would suggest to anyone considering a loan with Ausvance that they shop around and find someone else. 52% interest on a six month loan is highway robbery. Taking additional money without authority is simply theft.