Benefits Of Payday Cash Loans While on Bad Credit

There aren’t too many options available to you when your credit score is low and you need a fast cash loan to cover urgent expenses. In this post, we’re looking at the main advantages of instant cash loans for borrowers with bad credit history. If you’re on the hunt for an instant injection of cash to sort out your immediate money worries, have a read through this post to see if a payday loan sounds like the right move for your situation. We’ll start with:

The application process involves no credit check

At Cigno Loans, we offer fast payout cash loans for up to $500. We don’t include a credit check in our process so that we can offer payouts within 24 hours. This kind of speed is impossible to achieve if you’re relying on credit agencies to process reports as part of the application process. We understand that in times of need, speed is key. This is exactly why we prioritise income as an indicator of an applicant’s eligibility for one of our short-term loans.

You might have a really poor credit rating, but as long as we can see that you’re currently earning a steady income, we’ll be able to help you out with a fast payday loan straight to your account. All we need from you in the application is proof of your current salary in the form of your most recent bank statements, and your government issue ID. That’s all it takes! Once we have assessed your financial situation, we’ll send you an offer for the amount we’re happy to lend you and process payout as soon as we can if you accept our terms.  

Due to this level of simplicity, we’re able to help those who’ve been let down by credit card issuers or banks. We don’t think your credit score is the only factor that truly reflects your ability to borrow responsibly, so we like to give chances to those that would be rejected elsewhere.

It’s a chance for you to prove your ability to pay back credit

The vast majority of borrowers that apply to us with bad credit, have a damaged rating because they’ve failed to make repayments as agreed for other loans and personal credit. When you take one of our short-term loans, it’s a great opportunity to actually show that you’re now a far more responsible borrower. This is often one of the best benefits of cash loans for bad credit customers.

The worst thing you can do to damage your credit report is to borrow money and fail to pay it back on time. Likewise, the best thing you can do improve your standing is successfully take credit from a regulated source and pay it back exactly as agreed.   

We tend to be more understanding than other forms of credit

Like any other form of lending that is offered to people with bad credit history, not paying in time can have some serious consequences. Unlike other sources of funding, at Cigno we have a deeper understanding of our customers and appreciate how important it is to work with you when things go wrong. Saving money in modern society is not always possible, and we know how easy it is to become a little short in a mix up.

When you mess up repayments on a credit card, you’ll have the major fees to deal without question. With us, as long as you contact us as soon as you think you’ll have trouble paying, we’ll do everything we can to try and amend your repayment schedule to suit your needs better. We don’t see you as just another number. It’s in our best interest for you to pay back what you owe smoothly, so we’re always on your side to help make this happen without harsh consequences.        

These are the key benefits to using a cash loan for bad credit customers. When you’re in a pinch with cash, it’s hard to find the exact amount you need made available within hours. With a payday loan, you can specify the precise level of funding you require to make it through to your next payment from work. We hope this quick overview has helped!

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Read more about bad credit loans here, or in our previous blog post: Why No Credit Check Loans are Your Solution to Unexpected Expenses

Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.


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 –

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