The Australian Securities and Investments Commission is looking to act on its power to shut down online payday lenders who charge exorbitant fees.

ASIC released a consultation paper proposing action against Cigno Pty Ltd and Gold-Silver Standard Finance Pty Ltd.

The regulator claims the lender charges combined fees as high as 990 per cent interest.

ASIC Commissioner Sean Hughes tells Ross Greenwood these organisations were not regulated.

“These are extraordinary amounts of money and the point we want to make is you don’t have to do it. There are other options.”

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