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Why No Fuss Payday Loans Are Rising In Popularity

The “payday loan” is almost certainly something you’ve heard others talk about before. Whether they’re warning you away or letting you in on how one of these quick loans has saved their bacon more than a handful of times, one thing is clear, payday loans are on the rise.

In this piece, we’re going to highlighting the core advantages that make payday loans no fuss, no hassle, and one of your easiest options when you’re short on cash for the month. Have a read through and find out why more and more people are relying on these quick payout short-term solutions.  

Flexible amounts

At Cigno Loans, we offer a wide range of payday loan amounts. Part of the application process involves specifying exactly how much you need to solve your particular situation. We always recommend you only take what you absolutely need, because these loans are designed to be paid back as soon as you get your next payday.

You can borrow anything from $100 to $2000. This level of flexibility means you don’t have to think twice like you would if we only offered set amounts like credit cards do. With a payday loan, you can take as little as you need safe in the knowledge that you know you’ll be able to comfortably pay back everything you owe when your next payday comes around.

Your approval for a payday loan does not depend on you credit score  

When you apply for a normal personal loan, the bank or broker will almost certainly check out your credit history. If your history is not ideal, they’ll likely refuse your loan or offer you far less attractive terms that’ll make the loan far more expensive for you overall. If you’re refused completely, this can damage your credit report even further, as it will be noted that your last application for credit was turned down.

With a far less fussy payday loan, your credit score is not so important. The most important thing we need to see is that you’re in gainful employment and will be able to pay back what you owe within the coming weeks. All we need to verify this is your ID and most recent bank statements. When all other means of borrowing are refusing you due to your credit history, a payday loan could prove to be one of the last means for you to borrow from a professional and regulated source.

The speed of payout is a huge attraction

A lot of people that take payday loans are doing it because they’ve run into emergency situations that they just don’t have the cash to pay for right away. As you can imagine, in these kinds of circumstances, speed is everything. It’s for this reason that we design our payday loans to be paid to your account within hours of your application being approved.

A payday loan is not recommended for private purchases or investments. It’s mainly a means to access funds when you need them most. If need cash to pay for an urgent cost today, the application process for our payday loans can be completed within minutes and the money is paid out to your account the same day.

The other advantage to operating these loans online is 24 hour service. You can apply for a loan first thing in the morning or really late at night from your computer or smartphone. This level of convenience is one of the most important factors that makes these kinds of no fuss payday loans so easy to access.

As more and more people find themselves falling short each month, the popularity of payday loans will soar. If you’re not happy about taking a loan purely over the internet, our friendly team is ready to welcome your application by telephone.

We don’t have the same strict attitudes towards our services like many banks do. We’re open minded and show far more understanding for those in trouble that need a quick and practical solution. We’ll work with you to assess the correct amount, the schedule of your payments, and we’ll keep you informed throughout the process with a handy volume of helpful notifications. We’re here to help, and it’s in our best interest to ensure your experience with us goes as smoothly as possible.  

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For more information regarding our payday loan products, please don’t hesitate to contact us.

You can also read more about payday loans in our previous blog post: How Instant Payday Loans Can Get You Out Of A Financial Bind

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.

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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).

Contact

SMS: 0429 213 774
Email: [email protected]
Post: PO Box 1810, Southport BC, QLD 4215
ABN: 95 670 814 221

FTA Data Solutions Pty Ltd.

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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