When You Shouldn’t Apply for Same Day Payday Loans

Applying for a Payday Loan Approved

Same day payday loans, as well as payday loans in general, tend to have a lot of stigma around them. However, payday loans can be an excellent alternative with emergency financial situations arise. But when are same day payday loans a good idea, and when are they more hassle than beneficial? We put together a guide […]

You Can Get Out of Debt with These Money-Saving Tips

Jars of coins

So you want to get a jump start on figuring out how to get out of debt? It turns out that the Australians have around $1 trillion left in debt. This huge amount usually comes from student loans, mortgages, and credit cards. If you find yourself being one of those thousands of Australians dealing with debt, […]

Are Instant Payday Loans Instant Solutions?

male hand pressing payday loan key button

If you’re wondering about whether an instant payday loan is the choice for you, check this out – we’re sharing everything you need to know about this tool. Let’s face it – we’ve all been in situations where an extra $100, $300 or even $500 could have done us a world of good, and gotten […]

Need Cash Now? 7 Ideas to Get You Through

Concept Make Money message on wood boards. Macaroons and glass Tea on table. Vintage tone.

If you need cash now, you’re probably wondering the easiest ways to get there. No worries. Here are 7 ways you can get cash fast and get back on your feet. We’ve all been in a bind when it comes to needing cash ASAP, but if you’re there now, we may have the answer for […]

Is a Paycheck Advance What You Need Now?

payday loan sign

 Things come up, and you may find yourself needing a little extra to make it through the coming weeks. Is a paycheck advance right for you? We’ll tell you here. An emergency doctor visit. The car engine blows out and needs to be completely replaced. The roof springs a leak, flooding your bedroom. These events […]

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 […]

How to Make Your Pay Day Loan Work for You

payback

Sometimes pay day doesn’t quite match up to when cash is needed. Enter pay day loans. Here’s how you can use them responsibly to work for you. Pay day loans have been a lifesaver for many Australians since the economic crash of 2008. In March over 7000 Australians went bankrupt, and many in the nation […]

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