Top Facts About Cash Loans For Bad Credit

Financial Budget sheet

You’ve run out cash and need a loan to make it to your next payday. Do you ask friends, apply for a new credit card or take a payday loan? If speed and avoiding a credit check are at the top of your priorities list, a payday loan could be your best move. In this […]

School Holiday Ideas That Won’t Cost The Earth

child with money

Hooray! The kids are out of school and your days seem to be filled with more shouting, playing, and laughing than any other time of year. In this post, we’re letting you in on some our favourite holiday ideas that’ll keep the children busy and your wallet safe from destruction. In recent years, our team […]

4 Things You’ve Heard About Fast Loans That Are Unfounded

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When you’re finding your usual monthly budget isn’t quite going as far as it needs to, a fast payday loan could be the best way to get you to your next payment from work. You’ve probably heard a whole bunch of things about these kinds of fast payout loans from friends or family and wondered […]

How To Tell If A Quick Cash Loan Offer Is Too Good To Be True

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On the hunt for the perfect quick cash loan for your situation? In this article, we’re pointing out some of the most common ways you can identify a loan offer that’s too good to be true. Have a read through these pointers to make sure you don’t go with a provider that could prove troublesome […]

Why So Many People Prefer Loans With No Credit Check

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Thinking about taking a loan anytime soon? Most loans will feature a credit check near the start of the application process. There’s a growing amount of people now that look for loan options that bypass the dreaded credit test. Here, we’re going to cover some of the most important reasons that loans with no credit […]

Top Reasons To Use The Same Payday Loan Provider For Future Loans

Businessman pressing a Payday Loan concept button. Instagram Styling Applied.

When you apply for a payday loan for the first time with a new provider, you’ll need your most recent bank statements and your ID to prove you can afford the loan. If everything goes well and you make your repayments exactly as planned, you could develop a beneficial relationship with that vendor that can […]

Can You Get A Loan While On Centrelink Benefits?

empty wallet

When it comes to lenders determining a borrower’s suitability for a loan, they usually look at various criteria such as income, expenses, and credit history. For those who receive Centrelink payments, they may be wondering if getting approved for loans for people on benefits is possible since they relatively have a low income. Can I […]

4 Things You Should Never Do With A Cash Loan

Couple reviewing their accounts with a digital tablet

More and more of us are spending too much and saving too little. There are now loads of ways for people to run short on money month-to-month. Whether you have a family household to look after or you live in your own place, when money is tight, a fast cash loan could be your best […]

Where To Get Online Loans With Instant Approval In Australia

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When you’re looking for a loan that’s paid out as quickly as possible, you’re options can be pretty limited. In this piece, we’re pointing out the most ideal places to try and get an online loan with instant approval in Australia. Have a read through and see if any of these options sounds right for […]

The Best Advantages Of Fast Cash Advances And How To Use Them

fast cash advance

Quick cash loans are a growing market in Australia. In this post, we want to highlight some of the key advantages of these short-term cash loans, especially for those in desperate need of finance immediately. Have a look through this list to see if a fast payout cash advance is an ideal solution for your […]

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