Say NO to Cigno Loans!
Say NO to Cigno Loans!
The issue
- IF you've ever had a short-term loan with Cigno Loans
- IF you have had a friend or family member struggle at the hands of this company
- IF you think it's wrong to pay up to 990% of a short term loan in fees!
- PLEASE SIGN!
Background: CIGNO LOANS are a short term loan company ripping off the people of Australia! Cigno Loans found a loophole in the financial system. They call themselves a brokering service and send money from another company "a lender", then they charge a separate set of service fees on top.
My story: I didnt realise when I got a loan through them. I borrowed $350 to be paid back fully in 3 weeks. I didn't default on my loan. It cost me $559 to pay back the $350 loan. $209 in fees and charges for a $350 loan. That's 60% of the entire loan amount! It took me 1hr 10 mins on hold to speak to a support agent based out of the Phillipines to finalize my account and to cancel another direct debit that i never authorized. And my story is nothing compared to some of the horror stories I've read.
Breaking the rules: The Australian Securities and Investments Commission (ASIC) placed a ban on the Cigno Loans lending model (full of a series of huge fees and service charges) in September while Cigno try to appeal the decision. Cigno are not sticking to this agreement with ASIC. My loan only started on 8th October 2019. I received 2 contracts , and was charged $209 in fees and 'services'.
This company is putting people in Australia under immense financial pressure and making it that much harder to get back on track financially.
The plan: To take your signatures and experiences to ASIC and ACCC so this company is forced to stop what they are doing. And for people who have paid so much extra money on top of their Cigno loan, we want to engage the Australian Competition and Consumer Commission (ACCC) to recover all of the excess fees that they and they should have never had to pay in the first place.
Thank you for taking the time.
References and articles:
https://www.legislation.gov.au/Details/F2019L01183
The issue
- IF you've ever had a short-term loan with Cigno Loans
- IF you have had a friend or family member struggle at the hands of this company
- IF you think it's wrong to pay up to 990% of a short term loan in fees!
- PLEASE SIGN!
Background: CIGNO LOANS are a short term loan company ripping off the people of Australia! Cigno Loans found a loophole in the financial system. They call themselves a brokering service and send money from another company "a lender", then they charge a separate set of service fees on top.
My story: I didnt realise when I got a loan through them. I borrowed $350 to be paid back fully in 3 weeks. I didn't default on my loan. It cost me $559 to pay back the $350 loan. $209 in fees and charges for a $350 loan. That's 60% of the entire loan amount! It took me 1hr 10 mins on hold to speak to a support agent based out of the Phillipines to finalize my account and to cancel another direct debit that i never authorized. And my story is nothing compared to some of the horror stories I've read.
Breaking the rules: The Australian Securities and Investments Commission (ASIC) placed a ban on the Cigno Loans lending model (full of a series of huge fees and service charges) in September while Cigno try to appeal the decision. Cigno are not sticking to this agreement with ASIC. My loan only started on 8th October 2019. I received 2 contracts , and was charged $209 in fees and 'services'.
This company is putting people in Australia under immense financial pressure and making it that much harder to get back on track financially.
The plan: To take your signatures and experiences to ASIC and ACCC so this company is forced to stop what they are doing. And for people who have paid so much extra money on top of their Cigno loan, we want to engage the Australian Competition and Consumer Commission (ACCC) to recover all of the excess fees that they and they should have never had to pay in the first place.
Thank you for taking the time.
References and articles:
https://www.legislation.gov.au/Details/F2019L01183
Petition Closed
Share this petition
The Decision Makers
Petition created on 10 November 2019