Why Fast Easy Loans Are Increasing in Popularity

There are a whole heap of situations in modern society where a fast easy loan can save the day. In this article we’re going to explain why quick and short-term loans (often named “payday” loans” have become so popular in recent years. Unsure whether or not a fast loan is the right option for your financial circumstances?

Have a quick read through these key reasons why so many turn to these types of loans as an instant solution.

Increasingly easier online access

Decades ago, finding the right loan could take weeks or months of searching. Sometimes the best options involved securing funds from relatives and family members. That is, if they could afford to lend you the cash you need and had it on hand to give to you right away. Today the internet has made everything faster, more accessible and incredibly easy to handle within minutes or hours if need be. Many lenders now offer their services using online only methods, through apps and in some cases, with constant the chat support. It’s never been more straightforward than it is now to apply for and receive a fast easy loan.

The funds are available instantly

Unlike with personal loans, credit cards or other types of conventional borrowing, short-term loans don’t require a lengthy or overly demanding application process. In most cases, these types of loan can be paid out the same day they are accepted. This is a crucial detail that can make all the difference. Nowadays, people want things fast or even better, instantly. 

The same thing goes for emergencies. When the boiler’s broken or your car won’t start, time becomes the most important factor that shadows all else. Delays can bring further damage to the situation, so the immediacy of a payday loan becomes a huge selling point.

Highly flexible terms & amounts

With a conventional personal loan, the commitment typically spans years and this means the interest rate you get is very strictly related to your credit score as well as the amount you’re borrowing. In a lot of cases, the best interest rates are reserved for higher amounts which can be hugely off-putting for most people. In contrast, short-term loans are designed to be paid back within a month, so a lot of lenders are able to offer far more flexible terms to suit your needs. Whether you need $100 or $1000, it’s much easier to get a payday loan for the exact amount you’re looking for.

Getting the right amount is very important for a number of reasons. The main reason for taking out only what you know you need is to protect yourself from owning more than you are comfortable with. The interest rates within short-term loans are typically very high, which is designed to act as very good reason for you to only borrow what you can comfortably afford to pay back even on a bad day.

More & more people are living paycheck to paycheck

So many people today live right on the edge of what they can afford every month. If you earn just enough to pay all the bills with just enough left over to spend a little month by month, you’re not the only one! As this trend rises, so too will the need for loans that can be issued quickly and for precise sums. Living paycheck to paycheck might seem like the best way to do things, but what happens when something unforeseeable goes wrong? The plumbing breaks down or the fridge needs replacing for example. In these situations, you don’t exactly need tens of thousands of dollars, but you’ll still need a sizable amount of cash that you might not have access to in an immediate time frame.

Unpredictable emergencies are one of the leading reasons an individual or family might seek a fast easy loan. Payday loans fill this demand and will continue to do so long into the future.

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If financial hardship is affecting you and you need a payday loan, Cigno might be able to assist.

To apply, complete our quick and easy online loan application and send us your bank statement. Receive up to $1,000 in your account with our payday loans with manageable repayment options. For details, contact us.

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 – 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