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 […]

Cheap Holidays and Where To Find Them

Cheap Holidays and Where To Find Them - Cigno Loans

Overdue for a holiday? Itching for some time away from home with the family or just your significant other? We’ve all had the feeling of needing a getaway. But when finances are tight, it can be tricky to put some time and money aside for a “proper” holiday By choosing the right place and booking […]

The Possibility To Acquire Payday Loans With A Bad Credit

fix bad credit score

There are times when you need payday loans to get through a financial situation. Taking out a payday loan when you have a bad credit score is possible. We know that trying to acquire a loan with a bad credit can be a challenge, especially when it shows on your credit file. Some lenders can […]

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 […]

4 Situations That Actually Warrant An Emergency Cash Loan

Worried roommates reading a bank notification

At Cigno Loans, we receive applications everyday from people who are in desperate need of financial support. We also receive quite a few applications from people who should think twice about taking a short-term loan for their intentions. As a responsible emergency cash loan provider, it’s in our best interest to only offer loans to […]

School Holiday Ideas That Won’t Cost The Earth

child with money

Hooray! The kids are out of school and your days seem to be filled with more shouting, playing, and laughing than any other time of year. In this post, we’re letting you in on some our favourite holiday ideas that’ll keep the children busy and your wallet safe from destruction. In recent years, our team […]

The Best Advantages Of Fast Cash Advances And How To Use Them

fast cash advance

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 […]

15 Inexpensive Things To Do With Friends

friends having a picnic with their dog

We obviously stress the importance of being financially savvy, enough so to achieve your objectives, but you still have to have fun right? A same day loan isn’t meant for a night out clubbing with your friends, but hopefully you have put away a little nest egg which you can dip into from time to […]

When Budgeting Less Is More

spilled coins from piggy bank

Money management is an art form, one that, some say, can only be learned through self-discipline. While that is true, we are still going to offer our two cents on clever and unique ways to budget. Once you have the knowledge at your disposal, you can then apply some self-discipline. Are you putting those spare […]

Australia’s Best Money Management Apps

man holding phone with applications - same day loans

How do you manage your money? Do you manage your money at all? From writing down your expenses to setting up Excel spreadsheets, there are countless ways to stay on top of savings and spendings. But, we are in the digital age now. Everything is at our fingertips. More and more Australians are using money […]

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