How 'bad credit' lender Cigno has dodged ASIC's grasp
- Written by Lucinda O'Brien, Research Fellow, 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...