4 Things You Should Never Do With A Cash Loan

Couple reviewing their accounts with a digital tablet

More and more of us are spending too much and saving too little. There are now loads of ways for people to run short on money month-to-month. Whether you have a family household to look after or you live in your own place, when money is tight, a fast cash loan could be your best […]

How To Get Cash Loans Fast Without A Bank

bank document approval

Need cash right away but don’t want to deal with a bank? We don’t blame you! At Cigno Loans, we know just how frustrating it can be when you’re trying to get a standard loan or overdraft in a hurry. In this article, we’re highlighting the best reasons to consider a payday loan when you’re […]

Save on Flights for Your Next Holiday

cocktail hat camera and sunglasses on table

Planning a family holiday on a budget? Before you do, take a look at the below blog post for some helpful hints on how to squeeze every penny. We can’t always afford holidays, but we certainly need the relaxation. Whether you are trying to fly locally or abroad, there’s a bunch of clever ways you […]

4 Financial Issues That Can Throw Your Budget Out Of Whack

Broken down car cartoon

Do you want the secret to staying out of debt? It’s all about budgeting. You need to make sure that you are constantly keeping control of your spending and that you have a check on how much money you have for various different purchases and bills. Unfortunately, this is easier said than done because there […]

8 Reasons for a Rainy Day Emergency Fund

ambulance #1

As the saying goes, “Life happens.” Even if everything is going well, there are unfortunate situations that may arise. When calamity strikes, you want to be prepared. One of the best ways to do this is to have an emergency savings fund. It can be the difference between a disaster and just a bump in […]

How to Save on Moving Costs

couple with moving boxes on their heads unhappy

Moving can be a very stressful and difficult time.  is one of the most difficult things you’ll ever do reduce your stress during a move and make sure that you have planned for the costs involved Finding a new home can be challenging, let alone having to think about packing, moving and unpacking. However, new research from […]

Cash vs. Credit: Knowing Which to Choose

Online Loans Australia Cigno

Do you have a car time deciding when to choose cash or credit? Here is the information you need to choose with financial certainty. When you’re about to make a purchase, do you struggle to make a decision whether to pay with cash vs. credit? If you do, no worries. Deciding between the two is actually […]

4 Situations That Actually Warrant An Emergency Cash Loan

fast cash advance

[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]Are you strapped for cash but you need it now? You may be wondering if it’s time to take out […]

The Truth About Payday Loans and Credit Score

Credit Report Concept on Clipboard

Let’s dispel a myth right now – payday loans don’t hurt your credit score. In fact, they can actually help you build credit. As one of the most controversial financial products available, a lot of questions swirl around the idea of payday loans and credit ratings. While payday loans can be incredibly helpful for those […]

Emergency Cash: No Emergency Fund? Here’s What to Do

Emergencies are unexpected, and sometimes you need emergency cash to take care of them. If you need more than what you have, this guide is for you. Knowing where to find fast emergency cash can make all the difference when an urgent need comes up. Maybe a major illness strikes. Or an accident or natural […]

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