Ways To Pay Down Your Holiday Debt

woman holding file

Have you overindulged over the holiday period? It’s hard to start the year when you have post-holiday debt to deal with. It’s time to get back into your normal spending routine after spending more on events and parties during the holidays. Take control of your finances now before it snowballs into a debt crisis all […]

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 […]

How To Improve Your Credit Score

Credit Score on laptop

How To Improve Your Credit Score It’s hard to overstate the value of having great credit. Like a master key, it opens the door to a wide range of opportunities! Everything from mortgages to car loans become easier to acquire. Ultimately, thanks to the financial savings on interest you encounter, an awesome credit rating is […]

Credit Score Myths BUSTED!

Credit Score Myths BUSTED - Cigno Loans

Lenders look at your credit score to evaluate the potential risk of loaning you money — or simply put, your creditworthiness. Rumour has it that the higher your score, the more financially trustworthy you are. Now, this has a probability to be true, but what about the other data we’re not so sure of. You […]

New Rules On Your Payment Summary (Group Certificate)

New Rules About Your Payment Summary (Group Certificate) - Cigno Loans

Employers have to give employees a summary of their income for the past year at the end of each financial year (EOFY). This is ‘payment summary’, also known as ‘group certificate’ or ‘pay as you go (PAYG) payment summary’. Payment summaries are required by the Australian Taxation Office (ATO) for record-keeping. for employer for employees […]

Emergency Savings Fund! How Much Is Enough?

Emergency Savings! How Much Is Enough - Cigno Loans

“Those who prepared for all the emergencies of life beforehand may equip themselves at the expense of joy.” — E. M. Forster No matter how good things are, it can always go bad. It could be a family emergency, a medical exigency, or a car breakdown. You could weather these storms with an emergency savings […]

Managing Your Centrelink Income

How To Manage Your Centrelink Income - Cigno Loans

One of the many benefits of living in Australia is our country’s welfare system, Centrelink. Although it provides a financial safety net when you’re underemployed or unemployed, living purely on Centrelink income can be tough, but not impossible with careful budgeting. If all else fails in the short term, we do offer loans for those […]

Short Term Loans vs Credit Card — Which is Better?

Short Term Loans vs Credit Card - Which is Better - Cigno Loans

If you need quick cash, there’s a couple of things you can do — get a short term loan or use a credit card. With a short term loan, just complete the application process and the funds will be transferred to your account on the same day, sometimes within the hour. With a credit card, go […]

Determine What Your Chances Are To Get A Loan

Determine what your chances are to get a loan

Say you need cash at hand because you are going through a financial emergency. Say you are planning to get a loan but have a bad credit. We know that trying to acquire a loan with bad credit can be a challenge, especially when it shows on your credit file. There are different loan options […]

Ways To Solve Your Bad Credit Problem

Cigno - bad credit

When you have a bad credit history generally you are not qualified for a loan from banks or traditional lenders. Not many know, but there are bad credit loan alternatives available and they are very accessible. You’ll simply need to demonstrate that you can repay the loan by giving proof of a regular income, whether […]

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