COVID-19 is a disease caused by the most recently discovered coronavirus (other coronaviruses in the past have caused similar diseases like SARS and MERS). Originating in Wuhan, China in December 2019, the initial outbreak rapidly developed into a global pandemic.
While the medical impact on Australia has been mild compared to harder-struck countries like Italy and the US, the economic consequences are significant and could continue for months or even years to come.
Here we’ll look at what COVID-19 might mean for your personal financial situation – and what you can do to get by during these tough times.
The lockdowns in place to prevent the spread of COVID-19 have wreaked havoc on countless businesses, large and small, across the country. As such, many people have found their working hours reduced or their jobs lost entirely.
Becoming unemployed is stressful at the best of times, let alone during a pandemic that leaves you stuck at home all day. However, there are several things you can do right away to support yourself and your family after losing your job. Learn more here.
Depending on your circumstances, you may be eligible for the Job Seeker scheme, which can help you get by while you search for a new position. Read details on the scheme and check if you’re eligible here.
The government is keenly aware of the economic impact of COVID-19. That’s why they’ve delivered multiple stimulus packages to help keep individuals and businesses afloat during the pandemic. Learn more about these packages here.
One avenue that might be available to you is accessing some of your superannuation now while times are tricky. Read more about this option here.
Social distancing encompasses a variety of measures that all Australians are being urged to take to reduce the risk of spreading the virus. It includes staying home as much as possible and keeping 1.5m away from other people when out in public. It also involves restricting non-essential gatherings to the bare minimum of people (e.g. 2).
Self-isolation is essentially quarantine – eliminating all physical contact with other people. While everyone is currently urged to self-isolate as much as possible, this is especially crucial for people who have potential symptoms or have been diagnosed with the virus.
This largely comes down to your specific employer and your personal circumstances. For example, if you’re able to work from home, you may not need to take leave at all. Speak with your employer to determine whether you can or need to take sick leave while self-isolating.
While there’s no guaranteed way to avoid COVID-19, apart from completely self-isolating, there are measures you can take to reduce the risks when you leave home for essential reasons:
By following the guidelines and respecting each other, we can all get through this pandemic and return to normal life sooner. In the meantime, if you need some financial assistance while waiting to access a government scheme, consider Cigno may be able to find you a suitable solution..
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).
SMS: 0429 213 774
Email: enquiries@cignoau.com.au
Post: PO Box 1810, Southport BC, QLD 4215
ABN: 95 670 814 221
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:
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.
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:
If you need someone to talk to, contact:
