Payday lender Cigno is not giving up without a fight. The company which was the subject of a stop order under ASIC's new product intervention power, has made an application to the Federal Court to have the order quashed.Two weeks ago, ASIC issued a product intervention order to stop a group of short-term lenders using a loan structure that it found caused significant consumer detriment. The lenders are Cigno Pty Ltd, Gold-Silver Standard Finance Pty Ltd, MYFI Australia Pty Ltd and BHF Solutions Pty Ltd.Under the Credit Act, a short-term credit provider is exempt from credit licensing and responsible lending obligations if the fees charged for a loan of up to 62 days do not exceed 5 per cent of the loan amount and 24 per cent per annum interest.Under the loan structure in question, the credit provider's charges were within these limits but its associate charged upfront, ongoing and default related fees under a separate contract for management of the loan. ASIC said that when all charges were combined the cost was almost 1000 per cent of the loan amount.The product intervention order is an industry-wide order made by legislative instrument and will apply to any person attempting to use this loan structure.ASIC said in a statement that the product intervention order would remain in place while the matter is before the court.