Cigno Loans – Page 9 – Cigno Loans

The Truth About Payday Loans and Credit Score

Credit Report Concept on Clipboard

Let’s dispel a myth right now – payday loans don’t hurt your credit score. In fact, they can actually help you build credit. As one of the most controversial financial products available, a lot of questions swirl around the idea of payday loans and credit ratings. While payday loans can be incredibly helpful for those […]

How to Make Your Pay Day Loan Work for You

payback

Sometimes pay day doesn’t quite match up to when cash is needed. Enter pay day loans. Here’s how you can use them responsibly to work for you. Pay day loans have been a lifesaver for many Australians since the economic crash of 2008. In March over 7000 Australians went bankrupt, and many in the nation […]

Emergency Cash: No Emergency Fund? Here’s What to Do

Emergencies are unexpected, and sometimes you need emergency cash to take care of them. If you need more than what you have, this guide is for you. Knowing where to find fast emergency cash can make all the difference when an urgent need comes up. Maybe a major illness strikes. Or an accident or natural […]

CIGNO LOANS

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Financial Risk Disclaimer

Please consider your own circumstances before you use Cigno. Please make sure you read our Privacy Policy, Terms and Conditions and this Financial Risk Disclaimer.

Cigno is a business name of FTA Data Solutions Pty Ltd ABN 95 670 814 221.

FTA Data Solutions Pty Ltd is an Authorised Credit Representative (Credit Representative No. 552387) of Finance & Loans Direct Pty Ltd Australian Credit Licence No. 390166.

Cigno is not a credit provider or a credit assistance provider. When you complete the Information Form, you are not applying for credit or any other particular goods and services. The completion of our Information Form also does not guarantee that you will be provided with credit or any other goods and services through our network.

Depending on the information you provide to us in the Information Form, we endeavour to assist you by providing your information to our intermediary partners. Where we provide your information to our intermediary partners, we may receive a fee.

If the information you provided to our intermediary partners meets their requirements, they may connect you with a credit provider, goods and/or services provider and/or specific products to meet your their needs (depending on the information your input into the Information Form).

Any application you ultimately make through a particular credit provider or goods and/or services provider is subject to that provider’s eligibility criteria and terms and conditions. The loan, credit, product or service may not be available to every person. We do not endorse or recommend any particular provider, product or service that you be connected with or offered. All statement on this website are general in nature and do not constitute financial, credit or legal advice (or any other advice).

Contact

SMS: 0429 213 774
Email: enquiries@cignoau.com.au
Post: PO Box 1810, Southport BC, QLD 4215
ABN: 95 670 814 221

FTA Data Solutions Pty Ltd.

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?

The Court’s judgment ASIC v BSF Solutions Pty Ltd judgment.
You can access general information about payday loans and cheaper ways to get money at: Payday loans – Moneysmart.gov.au.

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