How To Avoid Unnecessary Spending

blue credit card - budgeting - payday loans

When money is at hand, unnecessary spending can be a temptation for anyone. After all, it’s human nature. A part of your brain says save, another says spend.However, you cannot let these impulses take over and make uninformed decisions for you. If you want to improve your spending habits, here are some tips on how […]

5 Cheap Holiday Destinations & Where to Find Them

Two figures with suitcases on coin

Daydreaming about your next big holiday? As the world opens back up again, why not check out these cheap holiday destinations from Australia (so if you don’t quite have the budget for a luxurious cruise or a 5-star stay in Paris, don’t stress!). By choosing the right place and booking at the right time, you […]

Vital Factors To Look For When Searching For Fast Loans

woman on her phone

Running low on cash? One of the most convenient things you can do is apply for a fast loan that will give you the cash you need. In this article, we want to help you understand what to look out for when searching for fast loan options so that you can keep your head above […]

4 Situations That Actually Warrant An Emergency Cash Loan

Worried roommates reading a bank notification

At Cigno Loans, we receive applications everyday from people who are in desperate need of financial support. We also receive quite a few applications from people who should think twice about taking a short-term loan for their intentions. As a responsible emergency cash loan provider, it’s in our best interest to only offer loans to […]

The Difference Between Risky & Smart Loans In Australia

Happy young woman typing a message the phone after shopping

When you need a quick loan, it’s easy to jump online and find a sea of options to choose from. The thing is, there are loads of loan options out there are designed for specific circumstances. When you’re on the hunt for a smart loan in Australia, it helps to know a few of the […]

Common Myths People Believe About Short-Term Loans

Man handing over card

Think you’ve heard everything you need to know about short-term loans? In this quick article, we’re busting down some of the most common misconceptions about these kinds of short-term cash solutions (also known as payday loans). Have a quick read through and see if any of these less-known truths tells you something you didn’t know. […]

Common Barriers To Loans With No Credit Check

cutting a credit card

When you’re looking for a loan with bad credit, there are certain things you need to be aware of so that you don’t apply to the wrong places, waste your time, and damage your credit rating even further. In this post, we’re taking a look at some of the most common factors that prevent borrowers […]

3 Big Threats To Avoid When Looking For An Online Loan

Online Loans Australia Cigno

The rise of the internet has made a lot of things easier. When you’re short on cash, one of the first things you’ll likely do is have a quick search for an online loan using your phone of any other device. The thing is, the internet is full of options, both good and bad. In […]

Centrelink Loans – Where To Find Them And How To Apply

Financial Budget sheet

You don’t need to be earning a major salary to access loans anymore. Today, more and more people are turning to quick payday loans when they’re short on cash and need instant support. Even citizens receiving welfare are able to apply for fast Centrelink loans that can be paid to your account within 24 hours. […]

Cash Loans With No Credit Check – How Do They Work?

Cash loans can be very helpful in situations where you’re running low on money and need funds fast. In this article, we’re going to explain some of the factors that make cash loans with no credit check so well suited to those in desperate financial circumstances. Heard about payday loans before and want to learn […]

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