Borrowing Responsibly

Looking for a loan today? Before you proceed to apply with any lender or engage Cigno to assist you, it is important that you consider the serious nature of a loan.

A Short-Term Loan can be perfect for bridging gaps between now and your next payday but are not always the answer to your financial problems. It can be expensive to borrow even just a small amount of money. Before proceeding, all other options should be heavily considered first.

Alternative Options before Taking out a Loan

  • Contact a free financial counsellor, particularly if the reason you need a loan is due to an unexpected bill or just an overload on current debts. The number you can call from anywhere in Australia is 1800 007 007
  • Discuss a payment plan with your provider, you don’t need to pay these off in one lump sum. Money owing to phone, electricity or gas providers can be repaid by going on a more suitable payment arrangement that caters around your financial position.
  • If you are receiving Centrelink, contact in regards to an advance on your upcoming payment. The number to call is 13 17 94

A great place to look into tips on managing your money, financial advice and maximising your budgeting potential is:

Borrow as Little as Possible

When completing out your application, consider the amount that you will actually need to get through your current emergency situation. Although you may be approved for more, keep into consideration the additional costs to borrowing that extra amount.

Understand Your Loan

Once you are approved, before entering in to any agreements, make sure you have a good understanding of the financial commitment you are making. Make sure you understand all fees and charges that you will or may incur and you understand all your obligations under the contract. If you are uncertain about any of the obligations in a contract you should consider getting legal or financial advice to ensure it is the right option for your circumstances.