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Understanding Different Types Of Small Loans

Small loans are used everywhere in the world in a number of applications. Find out more about what Cigno Quick & Fast Cash Loans can do for you. There’s some really helpful information on our website if you’re thinking about applying for a Loan.

When money drama strikes, sometimes the only way to adhere to your financial demands is by taking out a small loan, and paying it back in regular installments.

Due to their increasing popularity, the various types of loans have needed to adapt to today’s environment.

That’s why the terms and conditions, in most circumstances, are relatively simple!

Basically, all you need to do is pay back the money you borrow, at a percentage of interest agreed upon.

How are small loans different to others?

 Small loans differ from house and car loans because they aren’t required to be supported by any asset.

In most cases, identification and a brief financial history, such as a bank statement, will suffice in your application.

Another difference is their use. Whereas house and car loans are applied to exactly those things, small loans can be used for anything, including tackling financial dismay.

Generally speaking, small loans can be acquired to assist in meeting any personal needs. For example, if you have an upcoming wedding that needs financing.

A borrower could even kickstart his or her own business venture!

What are the advantages of small loans?

The obvious advantage in acquiring a small loan is the ease of process. Apply; show proof of identification; handover a bank statement. If successful, voila!

However, most lenders do not tolerate using small loans for suspicious purposes such as criminal activities and gambling.

Another great advantage of small loans is the available information out there. Take a look at this list of great financial websites. You’ll find everything you need to know, including insights from industry experts.

Reasons why small loans are effective?

Small loans are being offered locally, nationally and globally at affordable interest rates. Cater to your current financial crunch! The documentation process and procedure is very straightforward.

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Generally, they can be applied in less than 24 hours. That means, you could receive funds, as you need them, in your account within hours.

There’s great stuff out there on the net for all types of borrowing. Learn more about choosing a loan here

Or you can visit our previous blog post for more information: What Are Payday Loans? Your Guide to Understanding Payday Loans

Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.

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Financial Risk Disclaimer

Please consider your own circumstances before you use Cigno. Please make sure you read our Privacy Policy, Terms and Conditions and this Financial Risk Disclaimer.

Cigno is a business name of FTA Data Solutions Pty Ltd ABN 95 670 814 221.

FTA Data Solutions Pty Ltd is an Authorised Credit Representative (Credit Representative No. 552387) of Finance & Loans Direct Pty Ltd Australian Credit Licence No. 390166.

Cigno is not a credit provider or a credit assistance provider. When you complete the Information Form, you are not applying for credit or any other particular goods and services. The completion of our Information Form also does not guarantee that you will be provided with credit or any other goods and services through our network.

Depending on the information you provide to us in the Information Form, we endeavour to assist you by providing your information to our intermediary partners. Where we provide your information to our intermediary partners, we may receive a fee.

If the information you provided to our intermediary partners meets their requirements, they may connect you with a credit provider, goods and/or services provider and/or specific products to meet your their needs (depending on the information your input into the Information Form).

Any application you ultimately make through a particular credit provider or goods and/or services provider is subject to that provider’s eligibility criteria and terms and conditions. The loan, credit, product or service may not be available to every person. We do not endorse or recommend any particular provider, product or service that you be connected with or offered. All statement on this website are general in nature and do not constitute financial, credit or legal advice (or any other advice).

Contact

SMS: 0429 213 774
Email: enquiries@cignoau.com.au
Post: PO Box 1810, Southport BC, QLD 4215
ABN: 95 670 814 221

FTA Data Solutions Pty Ltd.

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NOTIFICATION OF MISCONDUCT BY CIGNO AUSTRALIA

Ordered by the Federal Court of Australia

The Federal Court of Australia has found that Cigno Australia Pty Ltd (Cigno Australia) and BSF Solutions Pty Ltd (BSF Solutions) have breached the law by engaging in unlicensed credit activity and charging prohibited fees.

In the period from July 2022 to 3 October 2023, over 100,000 consumers have been lent a total of $34 million, and charged fees of over $70 million, under the ‘No Upfront Charge Loan Model’ operated by BSF Solutions and Cigno Australia. At no time has either BSF Solutions or Cigno Australia held an Australian Credit Licence.

The Court also found that Mark Swanepoel (director of Cigno Australia) and Brenton James Harrison (director of BSF Solutions) were involved in these breaches of the law.

With effect from 24 May 2024, the Court has granted permanent injunctions preventing Cigno Australia and BSF Solutions from:

  • demanding, receiving or accepting fees or charges, including amounts of loan principal, from consumers in relation to credit provided under the ‘No Upfront Charge Model’; and
  • engaging in further credit activity pursuant to the ‘No Upfront Charge Loan Model’, including by entering into new agreements with consumers, for so long as they do not hold an Australian Credit Licence.

Cigno Australia was ordered by the Court to, by 5th July 2024, send written communications to consumers who between July 2022 and December 2022 entered into agreements with Cigno Australia and BSF Solutions under the ‘No Upfront Charge Loan Model’.

The Court will later determine whether (among other things) Cigno Australia and Mark Swanepoel ought to pay a pecuniary penalty in respect of this conduct, and whether Mark Swanepoel should be restrained from carrying on a business engaging in credit activity.

Cigno Australia, BSF Solutions, Mr Swanepoel and Mr Harrison intend to appeal the decision of the Court and have filed an application for leave to appeal. If the appeal is successful, some or all of the orders of the Federal Court of Australia may be set aside.

Where can you get more information?

Where to go for further support

You can access legal advice in your state at: Free legal advice – Moneysmart.gov.au.

If you are experiencing trouble with debt, or money worries in general, contact:

  • the National Debt Helpline on 1800 007 007 or online chat (9:30am to 4.30pm, Monday to Friday).

If you need someone to talk to, contact:

  • Lifeline on 13 11 14 (24 hours) or their crisis support online chat or
  • Beyond Blue on 1300 22 46 36 (24 hours) or their webchat