The Complete Guide to Avoiding Payday Loan Scams

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 tell-tale signs of a possible personal loan scam […]

How to Get More Value From Your Paycheck Advance

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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 […]

Simple Credit Card Debt Solutions

Couple reviewing their accounts with a digital tablet

Being in debt sucks, plain and simple. Australia alone has a substantially shocking margin of household debt nearing the highest worldwide. Your credit, financial opportunities, and general financial standing take a big hit when you fall into debt – and it is very easy to do. You have a huge amount of credit card debt, […]

When You Shouldn’t Apply for Same Day Payday Loans

Applying for a Payday Loan Approved

Same day payday loans, as well as payday loans in general, tend to have a lot of stigma around them. However, payday loans can be an excellent alternative with emergency financial situations arise. But when are same day payday loans a good idea, and when are they more hassle than beneficial? We put together a guide […]

You Can Get Out of Debt with These Money-Saving Tips

Jars of coins

So you want to get a jump start on figuring out how to get out of debt? It turns out that the Australians have around $1 trillion left in debt. This huge amount usually comes from student loans, mortgages, and credit cards. If you find yourself being one of those thousands of Australians dealing with debt, […]

Are Instant Payday Loans Instant Solutions?

male hand pressing payday loan key button

If you’re wondering about whether an instant payday loan is the choice for you, check this out – we’re sharing everything you need to know about this tool. Let’s face it – we’ve all been in situations where an extra $100, $300 or even $500 could have done us a world of good, and gotten […]

Need Cash Now? 7 Ideas to Get You Through

Concept Make Money message on wood boards. Macaroons and glass Tea on table. Vintage tone.

If you need cash now, you’re probably wondering the easiest ways to get there. No worries. Here are 7 ways you can get cash fast and get back on your feet. We’ve all been in a bind when it comes to needing cash ASAP, but if you’re there now, we may have the answer for […]

Is a Paycheck Advance What You Need Now?

payday loan sign

 Things come up, and you may find yourself needing a little extra to make it through the coming weeks. Is a paycheck advance right for you? We’ll tell you here. An emergency doctor visit. The car engine blows out and needs to be completely replaced. The roof springs a leak, flooding your bedroom. These events […]

4 Situations That Actually Warrant An Emergency Cash Loan

fast cash advance

[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]Are you strapped for cash but you need it now? You may be wondering if it’s time to take out […]

The Complete Guide to Finding the Right Lender

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If you’re considering taking out a short term loan, you need to find the right lender. Here’s our guide on how to protect yourself and your interests. Short term loans can really help you get out of a tight spot. However, it’s vital that you choose the right short term lender. Otherwise, you’ll wind up […]

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