So you’ve started to get what feels like nasty phone calls, SMS text messages and even letters of demand from MyFi Payday Loans regarding your debt obligations.
This is scary, isn’t it! When all seemed well, and now you’re in financial distress. Our 1st recommendation is always the National Debt Helpline for support.
On the other hand, these issues can be resolved quite easily by speaking with the debt collector themselves. Our recommended team can also step in for you. ?
So if you’re being chased by MyFi / Cigno by their debt collectors and you don’t know what to do, then read this very helpful article today!
MyFi Loans (Previously Cigno)
These guys provide Pay Day loans to thousands of Australians each year. You know – when you’re a bit short on cash, you can simply jump online to fill in some questions and (hopefully) get approved for finance.
If you read the reviews, most people are less than impressed with MyFi or their previous name ‘Cigno Loans’. The thing is: They can’t approve of everyone, though they do the best they can!
On the other hand, they can be a bit aggressive when you fail to pay or meet monthly obligations. Truth be told so are just about every other financier and debt collector in Australia.
So MyFi/Cigno Loans can’t be all things to all people. They just do the best that they can.
If you’re being chased by their debt collectors, the best thing to say is “Ok.”
This is an acknowledgement of your debt obligations. Ignorance isn’t bliss here.
You need to be proactive if you’re at the stage of the process already.
With that in mind, let’s dig a little deeper at some of the issues here.
Cigno Loans Short Term Lending
ASIC currently has their cross-hairs on MyFi based on their extreme Pay Day lending practices. They were previously known as Cigno. More details here.
In some instances, loans balloon up to 1000% of the original loan amount. Their fees are quite substantial and in our opinion at The Debt Free Community, quite unfair as well.
We like that ASIC now has Product Intervention Powers to help consumers through these troubling times. The short-term financing market brings with it the sharks.
The last thing we ever recommend is taking out a small loan…or even a loan of any type! Because living a Debt-Free lifestyle is the best thing ever.
But there are times where you might want to, such as a car or home loan. Always read their Product Disclosure Statement when applying, including additional fees you’ll be up for.
Let’s jump into some common questions:
Are they a scam?
No – MyFi isn’t a scam. They are an Australian Pay Day Loan specialist who is being monitored by the Australian government right now. Their practices of significantly increasing added interest to the borrower is bordering the lines of a legit business practice.
Do I have to pay up?
Yes – in most instances, when you borrow money, you’re obligated to pay it back over time. This is how financing works. The thing is though, you may be able to claim financial hardship and speaking with the National Debt Helpline is a good idea in most cases.
Why are there so many MyFi complaints?
Cigno Loans has recently moved into MyFi but they are still effectively the same company and reputation, with many bad reviews online. People just aren’t happy with their loans being jacked right up, well beyond what is reasonable to pay. This is the Pay Day lending market after all.
Can I just ignore them?
Sadly – no. You cannot just ignore them as this often makes it worse. Talking to them or the National Debt Helpline is a good idea. Likewise, you might also wish to leave your details here so our recommended team can talk to MyFi so you don’t feel awkward.
How can you help?
Many people are truly afraid of talking to debt collectors like MyFi. Thoughts of an angry person on the phone are common.
We created The Debt Free Community as a marketing company to help everyday Australians with their struggles towards debt mediation through our recommended service.
If you’re being chased by MyFi for your pay day loan that you’ve missed payments on, then you’ll have to really take action today. Our 1st recommendation is the National Debt Helpline.
Following that, speak with MyFi themselves if you’ve received a phone call or text message. They will stop those nasty letters of demand.
We can also help, though in most instances, the two options just mentioned are often better for Australian families doing it tough.