Where To Get A Personal Loan Fast?

Cash Loan - Cigno Loans

A personal loan is one of the best loans to get in a wide range of circumstances. Unlike mortgages and car loans, which are restrictive by name, a personal loan can be used for just about anything – whether that’s to cover an unexpected bill or a much-needed holiday. But where is the best place […]

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 […]

Ways To Cool Down Your House And Save Using The Air Con

Ways To Cool Down Your House And Save Using The Air Con - Cigno Loans Australia

The temperature in Australia can easily hit 30°C during the long summers. Thanks to air conditioning, you can retreat to a cool home. There’s a downside, though. As your AC unit works hard to quench the heat, your electric bill could spike. Now, there are simple and effective ways to cool down your home without […]

Ways To Save This Christmas

Ways To Save This Christmas - Cigno Loans Australia

The Christmas season usually leaves you spent, both physically and financially. Instead, you should be relaxing with family and friends during the holiday, not battling the crowd and breaking the bank. Simplify things this year with these quick and easy tips to help you save and enjoy the holiday season. Pre-Christmas clean up “One person’s […]

3 Steps of the Mortgage Loan Process

Are you looking to find out more about the mortgage loan process? Are you wondering how to get a mortgage loan? No worries. If you’ve never applied for a mortgage before, it can seem a little daunting. Let’s breakdown the process step-by-step, so you know exactly what to expect when it’s go-time. Step 1: Preliminary […]

The Best Loan Options for Your Home Improvements

Your home is one of the most significant investments you’ll make in your lifetime. Upgrades and renovations are a fantastic way to boost your quality of living and add value to your property. But what is the best home improvement loan? There is no one-size-fits-all answer to this question. Let’s examine a few of your […]

Self-Managed Super Fund: Managing Your Superannuation

elderly man

Thinking about managing your own super? It can be a rewarding process to manage your super fund, and not just in a financial sense. The most important aspect is you are in control. You make all the decisions, which means the fund will directly reflect your individual needs. Self-managed super funds (SMSF) A self-managed super […]

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