How Much Does It Cost to Have a Baby?

Baby Budget - Cigno Loans

Bringing a new life into the world is a wonderful thing to do. But it isn’t cheap. For both expectant parents and couples planning to begin a family, we’ve outlined the essential costs associated with having a baby so you can build your own pregnancy budget. From medical expenses during the pregnancy to the costs […]

Handy Tips to Save Money on Groceries

Saving Money on Groceries - Cigno Loans

Apart from rent, groceries are likely the most regular expense on your budget. So, if you can save money on groceries – even just a little bit every time you visit the supermarket – those savings could really add up. Having a few dollars leftover after each trip to the grocery store could go a […]

Top 9 Cheap Weekend Ideas

Couple Roller Skating - Cigno Loans

Some weekends are good for catching up on chores and doing adult things. Other weekends are reserved for special functions (weddings, birthdays, baby showers, and so on). But, every now and then, you get treated to a free weekend – the perfect opportunity for some proper relaxation and fun with your partner, your family, your […]

7 Cheap Date Ideas for Valentine’s Day

Couple Doing Arts and Crafts at Home - Cigno Loans

Romance doesn’t have to be expensive. In this article, we discover cheap dates that won’t break any budgets OR hearts. So, Valentine’s Day is just around the corner, but you don’t quite have the dough for a bottle of chardonnay, an extravagant bouquet, or breakfast in a hot-air balloon. That’s OK! There are plenty of […]

Best Paying Jobs with No Experience Required

Retail Workers High-Fiving - Cigno Loans

[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]Looking for a quick and easy source of income? Australia offers several casual jobs that’ll give your bank account a […]

How to Get a Loan with Bad Credit

Bad Credit graphic

A blemish on your credit history can make it more difficult to get approved for a loan, but you do have options. If you need a financial solution that won’t rule you out based on past mistakes, the good news is there are lenders who will still consider your application. In this article, we look […]

Australia’s Top Money-Making Apps

Happy Woman on Sofa - Cigno Loans

[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]We could all do with a little extra income, whether it’s to stay on top of the bills or fund […]

Top Cars to Buy on a Budget

coins and car figure

Shopping for new wheels on a modest budget? The good news is you can get quite a decent ride without breaking the bank – you just need to know which mid-range cars provide the best value for money. Let’s take a look at some of the best budget cars to help you hit the road […]

The Truth About Interest-Free Purchases

Hidden Fees Below Interest Free Purchase | Cigno Loans

We all know what they say: If it seems too good to be true, it probably is. But is this the case for interest-free purchases? Unfortunately, yes. In many cases, an interest-free purchase isn’t really the retail miracle it looks like. Join us as we reveal the darker side of no-interest offers and how they […]

What Is a Payday Loan

Man Wondering About Payday Loans

Has a friend or family member suggested a payday loan to you after you told them you were short on cash? If so, you may be wondering what a payday loan is and what exactly it entails. Understanding payday loans can help you decide if this financial solution is suitable for your circumstances and go […]

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