Cigno Loans is a very popular lending company in Australia that gives short-term loans to people who need money quickly. In this article, I will be reviewing the key characteristics of Cigno Loans, how it works, how to apply for a Cigno loan, other aklternative loans like Cigno and how these loan categories are helping Australian customers achive financial inclusion and independence.
Cigno Loans is known for its expertise in offering short-term loans tailored to meet the needs of individuals confronted with sudden and unforeseen financial crises. Whether it’s unexpected bills, urgent expenses, or other financial challenges, Cigno Loans provides a reliable and efficient solution. These short-term loans are designed to be repaid within a relatively short period, typically spanning a few weeks or months. This flexibility, coupled with their commitment to responsible lending, has made Cigno Loans a trusted choice for many Australians in times of financial need.
What is Cigno loans?
Cigno Loans is a short-term lender that offers small cash loans commonly called payday loans to Australians as little as $50 and up to $1,000 to help cover unexpected expenses until their next payday. While Cigno isn’t a direct lender, it acts as a loan broker connecting borrowers to Gold Silver Standard Finance, which provides the financing.
Typically when you are borrowing from Cigno, you’ll have to pay 5% of the loan amount on the day you receive your funds. The loan term is short, giving you 56 days to repay your loan. Your first repayment will be due within 20 days. Your repayments will also vary every repayment cycle, from 35% of your loan amount for the first repayment, to 45%, 60% and finally 74% of your total loan amount. Once approved for a loan, customers can expect to receive your funds within the next business day.
Cigno offers loans up to $1,000. People can apply online and when the application is submitted, Cigno will review the last three months of their bank statements to help determine their eligibility. If approved, customers are required to pay a fee of 5% of the loan amount on the day they receive your funds. This is usually the day after they’re approved. The entire loan needs to be repaid within 56 days and the first repayment is due within 20 days. Customers will receive their repayment schedule when they’re approved.
How does Cigno loans work?
Cigno offers loans of up to $1,000, and you can apply for these loans online. When you apply, they check your bank statements from the last three months to decide if they can lend you the money. If they say yes, you’ll need to pay a fee of 5% of the loan amount on the day they give you the money. This fee helps them cover their costs for processing the loan and is something you should know about before you borrow from them.
Interest and Fees charged by Cigno Loans
Cigno is not regulated under the National Consumer Credit Protection Act 2009. The fees it charges are as follows and depend on how many payments you make towards your loan.
- 1-payment loan: 35% of your loan amount
- 2-payment loan: 45% of your loan amount
- 3-payment loan: 60% of your loan amount
- 4-payment loan: 74% of your loan amount
- Account-keeping fee: $5.95
The following fees may apply in the case of a default or rescheduled payment:
- Same day deposit fee: $16
- Priority transfer fee: $16
- Extension of first payment fee: $22
- Change of payment date and amount fee: $22
- Payment reschedule fee: $30
- Collections phone contact fee: $8.80
- Collections tracking fee: $50
- Investigator/handover fee: $175 + legal fees
- First dishonour letter fee: $30
- Second dishonour letter fee: $50
- Third dishonour letter fee: $50
- Dishonoured payment fee: $79
How do I apply for Cigno loans?
The application process with Cigno Loans is known for its speed and simplicity. You have the flexibility to apply either online or by phone, and the platform basically requests for basic details like your name, contact information, and employment background.
When completing the application, you’ll need to provide the following information:
- Your personal details, such as your address and your name
- Your contact information
- Bank statements for the past 90 days that demonstrate a regular income
- Identification such as your passport number, driver’s licence, proof of age card or birth certificate
Your credit details are obtained through Credit Sense, which is an external company that uses your online banking information to provide Cigno with the required details.
If approved, you can expect to receive your funds the same day, or on the next business day if you file your application after 2.40pm AEST.
However, it’s crucial to emphasize that maintaining a positive credit history is important to safeguard against falling into a damaging cycle of debt or encountering potential legal consequences, as certain actions could result in severe financial consequences and legal repercussions in federal court. Therefore, borrowers should exercise responsible borrowing practices to avoid adverse financial outcomes and legal issues.
Types Of Loans Offered by Cigno Loans
Cigno Loans offer a range of different personal loans, from short-term cash advances to long-term personal loans. Whether you need a loan for a car, home, or debt consolidation, Cigno Loans can help.
1. Payday Loans
Payday loans are a type of short-term loan designed to help you tide over until your next payday. They are typically for smaller amounts of money and have a higher interest rate than other personal loans.
2. Personal Loans
Personal loans are a type of unsecured loan, which means they’re not secured against any asset such as your home or car. They can be used for various purposes, from debt consolidation to funding a holiday. Interest rates on personal loans vary depending on the payday lenders but are typically lower than those on credit cards.
3. Home Loans
Home loans are a type of loan used to finance the purchase of a property. They typically have a longer repayment period than other personal loans, and the interest rate is usually lower.
4. Car Loans
Car loans are a type of small loans used to finance the purchase of a car. They typically have a shorter repayment period than other personal loans, and the interest rate is usually higher.
5. Debt Consolidation Loans
Debt consolidation loans are a type of loan used to consolidate your debts into one monthly payment. They can be used for various purposes, from debt consolidation to funding a holiday. Interest rates on debt consolidation loans vary depending on the lender but are typically lower than those on credit cards.
6. Cash Advance Loans
Cash advance loans are a type of same-day cash loans designed to help you tide over until your next payday. They are typically for smaller amounts of money and have a higher interest rate than other personal loans.
7. Business Loans
Business loans are a type of loan used to finance the purchase of a business. They typically have a longer repayment period than other personal loans, and the interest rate is usually lower.
Cigno Loans can help you find the right loan for your needs. Visit their website today to learn more about their products and services.
Cigno Loans Repayment
Cigno Loans ensure you can meet your repayment obligations without putting undue financial stress on you or your family. The repayment options are designed to be flexible and affordable, so you can choose the option that best suits your needs.
How do I cancel my Cigno Loan?
Canceling Cigno loan involves a straightforward process to ensure borrowers have control over their financial decisions. If you find yourself in a situation where you no longer require the loan or wish to cancel it, it’s advisable to act promptly. The first step is to reach out to Cigno Loans’ customer support, who are readily available to assist you. They can guide you through the necessary steps and provide the specific instructions for loan cancellation.
It’s important to note that certain terms and conditions may apply, and you should carefully review the loan agreement to understand any associated fees or requirements for cancellation. By contacting their customer care team, you can navigate the process smoothly and make informed decisions regarding your loan.
Cigno Loans Login
Accessing your Cigno Loans account is very easy, and we’ve outlined a simple step-by-step guide to make it even easier:
- Open Your Web Browser: Begin by launching your preferred web browser on your computer or mobile device.
- Visit the Cigno Loans Website: You can simply click here to be directed to the website.
- Locate the “Log In” Button: Once you’re on the Cigno Loans website’s homepage, look for the “Log In” or “Sign In” button. This is typically found in the top-right corner of the page.
- Click on “Log In”: Give that button a click, and it will take you to the login page.
- Enter Your Credentials: On the login page, you’ll need to enter your registered email address and password. Make sure to double-check for accuracy.
- Click “Log In” Again: After inputting your credentials, click the “Log In” button once more.
- Access Your Account: Congratulations! You’ve successfully logged in to your Cigno Loans account. Now, you can explore and enjoy all the benefits and features that Cigno Loans has to offer.
Cigno Loans customer care
Cigno Loans is dedicated to providing top-notch customer care and offers multiple channels of communication to ensure your queries and concerns are promptly addressed. Here are the various ways you can reach out to them:
- Email Support: Their responsive email support team is available at your service. Feel free to send them an email at email@example.com. Whether you have questions, need assistance, or want to provide feedback, they’re always happy to help.
- Mailing Address: For those who prefer traditional mail, you can write to them at their postal address:PO Box 3362 AUSTRALIA FAIR SOUTHPORT, QLD 4215
- Fax Communication: If fax is your preferred mode of contact, you can reach Cigno loans at 1300 66 14 15. Their fax line is available for any documentation or inquiries you might need assistance with.
- Australian Business Number (ABN): Their ABN is 41 648 971 626, which is a valuable reference for any business-related communication or inquiries.
Best 5 Loans Like Cigno
There are several loans like Cigno in Australia that share similarities with the application. The best Cigno alternative is Fundo which provides short-term loans of up to $2,000 with flexible repayment option. CashNGo, Cash Train, Perfect Payday and Nimble are lending platforms that work similar to Cigno and offer quick loans with transparent application process and fast cash advances. These platforms give access to small to medium loans with quick approval.
Cigno loans and loans like Cigno come with different loan options and competitive but affordable interest rates. Borrowers should meet certain eligibility criteria, including age, residency, income source, and bank account requirements. These lenders provide quick and accessible financial solutions to meet diverse needs.
Fundo is an Australian-owned company that offers short-term loans like Cigno ranging from $300 to $2000, to assist borrowers’ cash emergencies. The platform assesses individual customer circumstances rather than relying solely on credit scores. With Fundo, you can get quick approval, with funds often available on the same day.
CashnGo is another short-term online lender that works similar to Cigno and extends loans to borrowers with a steady income source. Their straightforward application process and loan calculator make it easy to understand the borrowed amount, associated fees, and total repayment.
3. Cash Train
Cash Train is also a reliable short-term lender in Australia, offering cash advances up to $2,000 and personal loans up to $10,000, that are similar to those offered by Cigno loans. Their application comes with fast processing and consideration for various financial situations, including poor credit.
Nimble is one of the best loans like Cigno in that it provides financial accessibility and flexibility with small cash loans ranging from $300 to $2,000. The platform considers individual circumstances and ensure borrowers can comfortably repay their loans.
5. Perfect Payday
Perfect PayDay is the last pick on our list of reputable loans like Cigno. The platform runs a lending brokerage service that connects borrowers with a network of payday lenders in Australia. They offer small, short-term loans from $300 to $2000 and streamline the application process to save borrowers time.
Where is Cigno loans based?
Cigno Loans, based in Australia, focuses on providing short-term loans to those confronted with sudden financial emergencies like unexpected bills or urgent expenses. These loans are intended for swift repayment, often within a matter of weeks or months, making them an attractive solution for individuals requiring immediate funds to address unexpected financial hardships.
Is Cigno loans still operating?
Yes! Cigno Loans remains fully operational and continues to provide its invaluable services to the Australian community. For those individuals who find themselves in a temporary financial bind and require swift and reliable assistance, you can confidently turn to Cigno Loans. This platform’s comprehensive range of loan products and services remains readily accessible, ensuring that you have a trusted financial partner by your side during challenging times. Rest assured, Cigno Loans is here to support you with your short-term financial needs.
Who owns Cigno loans?
Swan Group Holdings, the esteemed parent company overseeing the operations of both Cigno and Cigno Australia, has taken a proactive stance towards regulatory compliance. This commitment to transparency and adherence to legal guidelines was further underscored with the release of their 2022 financial accounts. These accounts serve as a testament to their unwavering dedication to conducting business responsibly and ethically.
In light of communications received from the Australian Securities and Investments Commission (ASIC), Cigno Australia promptly took the initiative to seek legal counsel. Partnering with the reputable Business Services Firm (BSF), they embarked on a comprehensive journey to align their business model meticulously with all relevant legal requirements.
How long does Cigno loans take to approve?
Upon the successful approval of your application, the disbursement of funds typically proceeds swiftly, offering you the potential to receive the much-needed financial support on the very same day. This expedited process is designed to address your urgent financial requirements promptly.
However, it’s imperative to take into account the timing of your application submission. Should you submit your application after the clock strikes 2:40 pm AEST, please be aware that the funds’ processing and subsequent transfer might be scheduled for the following business day. This ensures a smooth and efficient funding procedure, optimizing the speed and reliability of your financial assistance.
Is Cigno loans legit?
Yes. Cigno Loans stands as a trustworthy and entirely legitimate and safe company. Their legitimacy is firmly established by their status as a registered business in Australia, emphasizing their compliance with all relevant legal and operational requirements within the country. This official recognition reaffirms their commitment to providing secure and reliable financial services to their clients while adhering to the stringent regulations and standards set forth by Australian authorities.
Does Cignoloans Provide Online Loans for Bad Credit
Yes. A financial crisis can happen to anyone. Whether you have been bankrupt, foreclosed, or have a bad credit rating due to past financial hardships, Cignoloans can help provide you with a fast online credit where other traditional banks fail.
Cignoloans believes in a fair go for everyone. If you engage them, they will act as your agent to assist you to apply for a safe loan online for bad credit for an amount up to $1,000. Once approved the funds will typically clear into your account on the same day!
Online Cignoloans with No Credit Check
If you need to borrow money online with no credit check, Cignoloans can help.
Cignoloans can act as your agent to assist you to lodge an application with a lender who does not require a credit check. We typically will only require some personal information and your most recent bank statement to get started. You can get in contact with Cigno loans today to find out how they can help you – whatever circumstances have led you to need an online cash loan with no credit check.
Cignoloans Fast Cash Loans Online
Sometimes expenses and purchases cannot always wait until your next payday. When life throws you a curveball that you cannot afford right now, fast cash loans could be the answer. Fast cash loans provide temporary solutions for immediate costs, allowing you to cover urgent expenses now and pay back the money when you have got the funds to do so.
Cignoloans can act as your agent to assist you to apply to a lender who offers instant payday loans online and once approved, these loans will typically clear into your account on the same day!
What are real customers of Cigno loans saying?
The following are feedback and reviews from real customers of Cigno Loans.
Cigno Loans is unlicensed, unregulated and under investigation Avoid them…. Minela (WA)
At present Cigno are unlicensed and unregulated which means if you are provided a service by them and as a result of this service your life is impacted negatively, you are not protected by law, because technically they are not breaking it. But, they are currently being investigated by ASIC due to so many consumer complaints about their experiences with Cigno.
Cigno Loans are always ready to help…David Treharne
Cigno Loans are always ready to help out in financial hard spots. Their application process is made so that there is hardly any trouble filing an application. I highly recommend Cigno Loans. Regards,
Cigno Loans is Easy ….Steven Stark
Cigno so easy to get money off.Simple no hassles to apply and fast response.Momey straight in my account when approval was finalised.Repayments easy to organise direct debited from my bank.Ill definately be back already had 4 loans from cigno.
Cigno have been extremely helpful….Miranda Bowman
Cigno have been extremely helpful with providing a small loan to help through things. I have had a few loans with Cigno, I would recommend them because they have gone far beyond with helping in providing a short term loan to me. Thank you so much for your help and compassion in understanding.
Cigno Loans Review
Cigno Loans though a well-established short-term loan provider in Australia, offering quick financial support to those facing unforeseen money troubles, the class action against them called Cigno Pay Day Loans is still under investigation. We will talk more on this in the next subheading.
Notwithstanding, their efficient application process, though straightforward, includes a 5% fee upon loan approval. It’s reassuring to note that Cigno Loans is a legitimate and registered company in Australia.
Moreover, similar loan options are available in the country, such as Fundo, CashnGo, Cash Train, Nimble, and Perfect Payday, offering a variety of financial solutions. Swan Group Holdings owns Cigno Loans, and the company has taken proactive measures to ensure regulatory compliance. Typically, approved applicants can expect same-day fund disbursement, although later applications may receive funds on the next business day.
Cigno Pay Day Loans Refund
In April 2020, Slater & Gordon Lawyers announced that they are investigating a class action against Cigno Loans. It was revealed that the payday lenders relied on predatory loan practices and charged exorbitant fees and interests. These payday loans might start off small, but they include many fees, charges, and high interest rates, which made them incredibly difficult to repay.
In some cases, the interest bills were more than 990%. Worst of all, these loans targeted the most vulnerable groups in our society – those with the least ability to protect themselves against massive interest charges. It’s also incredibly important to point out that the Australian Securities and Investments Commission (ASIC) has banned these unethical lending practices and loan products in 2019.
Who Is Eligible for a Cigno Loan Refund?
The class action against Cigno Pay Day Loans is still under investigation by Slater and Gordon Lawyers and has not yet been filed. The Get My Refund team is monitoring developments carefully. When the law firm in charge of the class action makes the allegation official, we’ll update the eligibility requirements accordingly. If you have ever entered into a loan with Cigno Loans, you might be eligible for a refund in the future.
In a nutshell, Cigno Loans is a trusted financial ally for Australians in need of speedy financial solutions. With a straightforward application process and a commitment to compliance, they provide short-term assistance when it’s needed most. And if Cigno Loans doesn’t quite fit your needs, there are other reliable options out there to explore. So, whether it’s Cigno or its counterparts, there’s help available to navigate those unexpected financial needs.