The Different Types of Small Loans Explained

Different Loans Represented by Piggy Banks

Sometimes unexpected bills and purchases airs such as medical bills or car expenses. This is where taking out a loan can help. But first, you’ll need to understand the types of loans offered in the market because specific loans are suitable for certain purchases. There are many variables to consider when looking at different types […]

Dos and Don’ts – Applying for a Centrelink Loan

person writing notes

There are many benefits to getting a Centrelink loan. One of which is to use the funds in debt consolidation to pay off your existing debt. For borrowers who are currently receiving benefits from Centrelink, they may find it difficult to get a loan. We run through the ‘dos’ and ‘don’ts’ when it comes to […]

Vital Factors To Look For When Searching For Fast Loans

woman on her phone

Running low on cash? One of the most convenient things you can do is apply for a fast loan that will give you the cash you need. In this article, we want to help you understand what to look out for when searching for fast loan options so that you can keep your head above […]

How To Get An Instant Cash Loan Online

apply for loan

[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]When life throws you a curveball and you find yourself urgently needing cash, you obviously want it in your account […]

Cheap Activities To Do These Holidays

Cheap Activities To Do These Holidays - Cigno Loans Australia

Your kids will want to have fun these coming holidays, but the economy might not cooperate. Why don’t you have some fun activities to do that won’t break the bank at the same time? Here are cheap and fun activities the family will love to do these holidays. Make cards for Christmas You can make […]

How Does a Cash Advance Work?

How a Cash Advance Works

Even in today’s almost-cashless economy, there are still situations where you might find you need “real” money. From strolling through market stalls to picking up some furniture from a local on Gumtree, there are times when physical cash creeps its way back into circulation. But what can you do when you typically tap or click […]

Why Fast Easy Loans Are Increasing in Popularity

What Is A Fast Cash Loan - Cigno Loans

Once in awhile you need to catch up on your expenses, however, you don’t have an emergency fund. You might want to look into fast cash loans. What is a fast cash loan? A fast cash loan is essentially a cash advance. Based on your lender, your income, and your credit history — this type […]

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