How a Cash Advance Can Help You After a Disaster

Calculating your student loans, A golden piggy bank with a grad hat on a calculator with word loans over a distressed wood background

In 2017, the Australian Bureau of Statistics released a statement claiming that that nearly 1 out of every 3 Australian households was over-indebted. That number that has grown by 8% from 2003 – 2016. Being in debt is difficult on its own, but imagine being in debt when a natural disaster strikes. Earthquakes, floods, destructive winds, road […]

Why No Credit Check Loans are Your Solution to Unexpected Expenses

Loan agreement on a table and dollars.

Nearly 1 out of every 5 Australians would struggle to come up with $500-$1000 to cover an emergency expense. That means when a tyre pops, an injury occurs, or a roof needs repair, almost 20% of the country is left scratching their head, wondering what to do. For many people, the solution to this problem is obtaining […]

How to Lower Small Loan Interest Rates

loan application in business folder showing financial investment concept

There’s nothing wrong with having to take out a loan. In fact, it can be a great way for entrepreneurs to acquire the money they need to get their business off the ground. However, people tend to run into problems when they don’t properly budget for paying back the money they borrow. Sometimes, though, it’s […]

Common Requirements for Fast Cash Loans

Business people hand working with document chart for Mortgage loans concept

With more Australians than ever currently in debt, chances are that there have been a few times in your life when you just wish you could get your paycheck early. Maybe you need to make an important purchase. Perhaps you’ve been faced with unexpected medical challenges, are currently unable to work, or just need a little help […]

Understanding Different Types Of Small Loans

coins on a table

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 […]

What is a Centrelink Loan

financial support gears

In a nutshell, Centrelink is a benefits program specifically fashioned for the people of Australia under the government department of Human Services. The aim of Centrelink is to offer assistance to pensioners, students, people with disabilities and those experiencing financial hardships, lower income or unemployment. Sometimes, a Centrelink loan, otherwise known as an Advance Payment, […]

8 Reasons for a Rainy Day Emergency Fund

ambulance #1

As the saying goes, “Life happens.” Even if everything is going well, there are unfortunate situations that may arise. When calamity strikes, you want to be prepared. One of the best ways to do this is to have an emergency savings fund. It can be the difference between a disaster and just a bump in […]

How to Save Money on a Tight Budget

A see through piggy bank with money coins

Has your wallet been tightening it’s belt lately? Are you looking for ways to save money so you have more to spend for the holidays? Saving money is possible and even easier than you would think. All it takes is a little planning and diligence. With the holiday season coming up, you want to know […]

How to Save While Traveling

phone app train station

The best ways to save some dollars while travelling are: opt for budget airlines, avoid travelling long distance by train, share the rides, opt for a cheap rental car or hire a car outside city limits, use a smart card for public transport and use public transport to airport. “Who claims that it’s too expensive […]

How to Save on Moving Costs

couple with moving boxes on their heads unhappy

Moving can be a very stressful and difficult time.  is one of the most difficult things you’ll ever do reduce your stress during a move and make sure that you have planned for the costs involved Finding a new home can be challenging, let alone having to think about packing, moving and unpacking. However, new research from […]

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