How 'bad credit' lender Cigno has dodged ASIC's grasp

By Lucinda O'Brien, Research Fellow, The University of Melbourne
Ian Ramsay, Emeritus Professor, Melbourne Law School, The University of Melbourne
Paul Ali, Associate professor, The University of Melbourne

Cigno is exactly the sort of business the Australian Securities and Investments Commission had in mind when it asked for stronger powers to ban the sale of harmful financial products.

Cigno offers short-term loans (commonly called payday loans) of as little as $50 to people with what it calls “bad credit”. Its customers reportedly include disability…

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