A Beginner’s Guide to Applying for a Loan

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Applying for a loan is something most of us will do in our lives, but the first time applying for a loan can feel daunting. What paperwork do you need for a loan? Are there requirements? Do you need someone else to co-sign a loan? These are all normal questions we all think of when […]

Short Term Loans vs Credit Card — Which is Better?

Short Term Loans vs Credit Card - Which is Better - Cigno Loans

If you need quick cash, there’s a couple of things you can do — get a short term loan or use a credit card. With a short term loan, just complete the application process and the funds will be transferred to your account on the same day, sometimes within the hour. With a credit card, go […]

Common Myths People Believe About Short-Term Loans

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Think you’ve heard everything you need to know about short-term loans? In this quick article, we’re busting down some of the most common misconceptions about these kinds of short-term cash solutions (also known as payday loans). Have a quick read through and see if any of these less-known truths tells you something you didn’t know. […]

3 Big Threats To Avoid When Looking For An Online Loan

Online Loans Australia Cigno

The rise of the internet has made a lot of things easier. When you’re short on cash, one of the first things you’ll likely do is have a quick search for an online loan using your phone of any other device. The thing is, the internet is full of options, both good and bad. In […]

4 Things You’ve Heard About Fast Loans That Are Unfounded

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When you’re finding your usual monthly budget isn’t quite going as far as it needs to, a fast payday loan could be the best way to get you to your next payment from work. You’ve probably heard a whole bunch of things about these kinds of fast payout loans from friends or family and wondered […]

Where To Get Online Loans With Instant Approval In Australia

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When you’re looking for a loan that’s paid out as quickly as possible, you’re options can be pretty limited. In this piece, we’re pointing out the most ideal places to try and get an online loan with instant approval in Australia. Have a read through and see if any of these options sounds right for […]

The Most Important Things To Avoid When Getting A Small Loan

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When you only need a little bit of extra cash to make it through the month, a small loan can often become one of your most attractive options. In this article we’ll look at some of the things you need to look out for when weighing up your loan options. Have read through these pointers […]

The Advantages of Fast Cash Advances

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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 situation. Rapid same-day […]

How To Get Cash Loans Fast Without A Bank

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Need cash right away but don’t want to deal with a bank? We don’t blame you! At Cigno Loans, we know just how frustrating it can be when you’re trying to get a standard loan or overdraft in a hurry. In this article, we’re highlighting the best reasons to consider a payday loan when you’re […]

5 Reasons You Might Need A Quick Cash Loan Today

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It’s never a bad idea to keep a healthy stash of cash kept safe for a rainy day. Haven’t quite managed to build a bad day fund yet? Then you’ll need a good idea of what you’ll do if something very unlucky pops up. In this article, we’ll be looking at 5 reasons you might […]

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