15 Inexpensive Things To Do With Friends

friends having a picnic with their dog

We obviously stress the importance of being financially savvy, enough so to achieve your objectives, but you still have to have fun right? A same day loan isn’t meant for a night out clubbing with your friends, but hopefully you have put away a little nest egg which you can dip into from time to […]

When Budgeting Less Is More

spilled coins from piggy bank

Money management is an art form, one that, some say, can only be learned through self-discipline. While that is true, we are still going to offer our two cents on clever and unique ways to budget. Once you have the knowledge at your disposal, you can then apply some self-discipline. Are you putting those spare […]

Australia’s Best Money Management Apps

man holding phone with applications - same day loans

How do you manage your money? Do you manage your money at all? From writing down your expenses to setting up Excel spreadsheets, there are countless ways to stay on top of savings and spendings. But, we are in the digital age now. Everything is at our fingertips. More and more Australians are using money […]

How a Cash Advance Can Help You After a Disaster

Calculating your student loans, A golden piggy bank with a grad hat on a calculator with word loans over a distressed wood background

In 2017, the Australian Bureau of Statistics released a statement claiming that that nearly 1 out of every 3 Australian households was over-indebted. That number that has grown by 8% from 2003 – 2016. Being in debt is difficult on its own, but imagine being in debt when a natural disaster strikes. Earthquakes, floods, destructive winds, road […]

Common Requirements for Fast Cash Loans

Business people hand working with document chart for Mortgage loans concept

With more Australians than ever currently in debt, chances are that there have been a few times in your life when you just wish you could get your paycheck early. Maybe you need to make an important purchase. Perhaps you’ve been faced with unexpected medical challenges, are currently unable to work, or just need a little help […]

Where To Get A Personal Loan Fast?

hand gesturing to receive money

Where else but Cigno Loans? Cigno is an industry leader in responsible lending, providing various personal loan products designed to suit the needs of various people. There is no one loan fits all approach. We offer short-term cash advances of up to $1000. You may be wondering why you need to get a personal loan? The […]

Understanding Different Types Of Small Loans

coins on a table

Small loans are used everywhere in the world in a number of applications. Find out more about what Cigno Quick & Fast Cash Loans can do for you. There’s some really helpful information on our website if you’re thinking about applying for a Loan. When money drama strikes, sometimes the only way to adhere to […]

The Top 5 Considerations When You Need Short Term Cash

money in hand

Perhaps your rent is a few days late, you have an emergency health bill to settle, or your car just broke down. To make things worse, your rainy day fund is dry and your current bank account is, well, the less we talk about it the better! You could wait for pay day, but it won’t come […]

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