Benefits Of Payday Cash Loans While on Bad Credit

Piggy bank in dindy

There aren’t too many options available to you when your credit score is low and you need a fast cash loan to cover urgent expenses. In this post, we’re looking at the main advantages of instant cash loans for borrowers with bad credit history. If you’re on the hunt for an instant injection of cash […]

The Advantages Of Cash Loans For Centrelink Customers With Bad Credit

debt graphic

If you’re a Centrelink customer, you’ll be well aware of how difficult it can be to make ends meet on a low budget. In this post, we’re gonna go over the key advantages of cash loans for Centrelink customers with bad credit. Think you might be a bit stuck for cash this month and have […]

4 Ways To Get A Fast Cash Advance

fast cash advances online loans

This just in: Australian household debt is at a record high. The report also mentioned that 30% of Australian households are in some sort of financial stress and that the country is going to go through a debt hangover according to the Financial Counselling Australia. To say that it’s not looking good for a lot […]

The Most Important Things To Avoid When Getting A Small Loan

small loans cigno loans

When you only need a little bit of extra cash to make it through the month, a small loan can often become one of your most attractive options. In this article we’ll look at some of the things you need to look out for when weighing up your loan options. Have read through these pointers […]

The Advantages of Fast Cash Advances

fast cash advances

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 situation. Rapid same-day […]

Why No Fuss Payday Loans Are Rising In Popularity

keyboard online application payday loan

The “payday loan” is almost certainly something you’ve heard others talk about before. Whether they’re warning you away or letting you in on how one of these quick loans has saved their bacon more than a handful of times, one thing is clear, payday loans are on the rise. In this piece, we’re going to […]

The Best Quick And Easy Loans Online

gentleman at laptop

The internet has made borrowing easier and more accessible than ever before. But the range of options on offer does make research and comparison increasingly important for anyone looking to land the best loan deals. In this article we’re going to be looking at the best ways to find quick and easy loans online. Follow […]

How To Get Cash Loans Fast Without A Bank

bank document approval

Need cash right away but don’t want to deal with a bank? We don’t blame you! At Cigno Loans, we know just how frustrating it can be when you’re trying to get a standard loan or overdraft in a hurry. In this article, we’re highlighting the best reasons to consider a payday loan when you’re […]

5 Reasons You Might Need A Quick Cash Loan Today

car accident

It’s never a bad idea to keep a healthy stash of cash kept safe for a rainy day. Haven’t quite managed to build a bad day fund yet? Then you’ll need a good idea of what you’ll do if something very unlucky pops up. In this article, we’ll be looking at 5 reasons you might […]

The Best Options When Looking For A Fast Money Loan

When you need a bit of extra cash to cover your costs for the month, a fast online cash loan is one of the most feasible and reliable ways of accessing funds right away. In this post, we’ll be taking a look at the most popular methods that people are turning to when they need […]

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