Cigno Pay Day Loans Refund
In April 2020, Slater & Gordon Lawyers announced that they are investigating a class action against Cigno Loans. It was revealed that the payday lenders relied on predatory loan practices and charged exorbitant fees and interests.
These payday loans might start off small, but they include many fees, charges, and high interest rates, which made them incredibly difficult to repay. In some cases, the interest bills were more than 990%.
Worst of all, these loans targeted the most vulnerable groups in our society – those with the least ability to protect themselves against massive interest charges.
It’s also incredibly important to point out that the Australian Securities and Investments Commission (ASIC) has banned these unethical lending practices and loan products in 2019.
Furthermore, the Federal Court has dismissed Cigno’s application to overturn the financial regulator’s ban. This decision gives ASIC the impetus and confidence to use its power against products such as pay day loans.