When is a Long Term Personal Loan Right for Me?

Cheap Holidays and Where To Find Them - Cigno Loans

If you’re thinking about taking out a personal loan and know that you’ll need an extended time to pay it back, or are requesting a large amount, then a long-term loan might be the best choice for you. What is a long-term personal loan? A long-term personal loan is usually defined as a loan that […]

8 Signs of a Personal Loan Scam

Worried roommates reading a bank notification

With technology becoming increasingly more advanced, it’s becoming easier and easier to fall victim to personal loan scams. When you’re in financial stress and desperately need a loan, it can become even harder to see the signs of a loan scam. By being aware of some common telltale signs of a possible personal loan scam […]

How to Consolidate Debt

EMERGENCY cash - Cigno Loans AU

Drowning in debt? There are solutions. If you are looking for a way to manage your debt more effectively with lower repayments, lower interest rates, or a shorter term loan, debt consolidation may be the right choice for you. In this article, we’ll discuss how to consolidate debt in a way the benefits you now […]

The Best Loan Options for Your Home Improvements

Your home is one of the most significant investments you’ll make in your lifetime. Upgrades and renovations are a fantastic way to boost your quality of living and add value to your property. But what is the best home improvement loan? There is no one-size-fits-all answer to this question. Let’s examine a few of your […]

3 Ways to Save Interest on Your Loans

Piggy Bank

If you take out a loan – however big – you will pay interest. There’s just no getting around it. The good news is, current interest rates are relatively low. There are still, however, a few ways you can make further savings on interest. In this article, we’ll examine three ways you can cut your […]

Obtain An Instalment Loan With Poor Credit

Obtain an installment loan with bad credit

Getting a bad credit score marks you as a risk and can be a significant issue, particularly when you are hoping to take out a loan later on. Being a risk will goad the lenders to lessen it by charging you higher interest rates or rejecting your application. Bad credit loans are intended for individuals […]

Determine What Your Chances Are To Get A Loan

Determine what your chances are to get a loan

Say you need cash at hand because you are going through a financial emergency. Say you are planning to get a loan but have a bad credit. We know that trying to acquire a loan with bad credit can be a challenge, especially when it shows on your credit file. There are different loan options […]

Ways To Solve Your Bad Credit Problem

Cigno - bad credit

When you have a bad credit history generally you are not qualified for a loan from banks or traditional lenders. Not many know, but there are bad credit loan alternatives available and they are very accessible. You’ll simply need to demonstrate that you can repay the loan by giving proof of a regular income, whether […]

Is A No Credit Check Loan The Right Solution For You?

Person celebrating at laptop

If you are stressed about your credit history and worried that you might not be approved for a loan, there are lenders now that offer no credit check loans. Instead of analysing your credit history, these lenders look at your bank statement, income, and employment before they decide if they can provide you access to funds. […]

Are Payday Loans A Good Idea?

calculator on table financial cost - instant payday loans

If you haven’t used Cigno before, you might be wondering how a payday loan can help get you out of that financial quicksand. But before we go any further, it is important to remember that a payday loan should only be used as needed, when you know you can afford the repayments. Our loans at […]

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