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Borrowing Responsibly

Borrowing Responsibly

Looking for a loan today? Before you borrow any money or even before you use Cigno to assist you to find a solution with our network, it is important that you consider the serious nature of borrowing and your own personal circumstances.

Alternative Options before Taking out a Loan

  • Contact a free financial counsellor, particularly if the reason you need a loan is due to an unexpected bill or just an overload on current debts. The number you can call from anywhere in Australia is 1800 007 007
  • Discuss a payment plan with your provider, you don’t need to pay these off in one lump sum. Money owing to phone, electricity or gas providers can be repaid by going on a more suitable payment arrangement that caters around your financial position.
  • If you are receiving Centrelink, contact in regards to an advance on your upcoming payment. The number to call is 13 17 94

A great place to look into tips on managing your money, financial advice and maximising your budgeting potential is:

https://www.moneysmart.gov.au/

Borrow as Little as Possible

If you do apply for a loan with someone in our network, consider the amount that you actually need to get through your current situation. Although you may be approved by someone in our network for an amount larger than you need, consider the additional costs to borrowing that extra amount.

Understand Your Loan

If you are approved, before entering into any agreements, make sure you have a good understanding of the financial commitment you are making. Make sure you understand all fees and charges that you will or may incur and you understand all your obligations under the contract. If you are uncertain about any of the obligations in a contract you should consider getting legal or financial advice to ensure it is the right option for your circumstances.

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