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Online Loans – Cigno Loans - cignoau.com.au
When life throws you a curveball that you cannot afford right now, an online loan could be the answer. Online loans can be applied for at any time on any day from the comfort of your own home and once approved will typically clear into your account on the same day!
Cigno payday loan ruled illegal in federal court - CHOICE
Payday loan providers Cigno and BHF Solutions charge exorbitant interest. In a win for consumers against predatory lending, ASIC has won a court case against Cigno. Customers are urged to seek a refund.
24-111MR ASIC wins Federal Court case against Cigno Australia …
May 24, 2024 · The Federal Court has found Cigno Australia Pty Ltd (Cigno Australia) and BSF Solutions Pty Ltd (BSF Solutions) engaged in credit activity without an Australian Credit licence and charged consumers prohibited fees.
ASIC aims to put an end to Cigno as loan provider's legacy lives on
Dec 5, 2024 · To date, a number of Cigno loan models have been banned after the regulator stepped in, including a product that charged the equivalent of 800% annual interest in fees. At a Senate estimates hearing in November, ASIC deputy chair Sarah Court described how Cigno has continually manoeuvred to stay a step ahead of the regulator.
Another predatory Cigno loan model banned for good - CHOICE
A Cigno loan called the 'continuing credit' model was banned following a court decision in July 2023, freeing customers from further payments. An earlier product called the 'short-term credit' model was banned for loans issued between 14 September 2019 and …
'Greedy and evil' payday lender Cigno's game of cat and mouse …
Jul 25, 2022 · Laura Platt desperately needed money to repair her car when she saw an advertisement for Cigno, which spruiked "fast cash loans of up to $1,000". Ms Platt uploaded a bank statement to Cigno's website and a few hours later $300 landed in her bank account. "It was approved, straightaway. And I didn't really look into the fine detail," Ms Platt said.
Time to finally end the harm done by Cigno loans
Jan 24, 2022 · For over four years, fringe lender Cigno has signed people up to short-term personal loan arrangements using two-contract lending models falling within exemptions to the national credit laws, charging consumers fees well above the maximum allowable under any form of regulated credit.
The major bank and big law ties to Cigno Australia — one of the …
Aug 10, 2024 · ASIC's records show the corporate regulator is investigating a "new model" of payday lending and fees — the latest in an almost decade-long battle between regulators and Gold Coast-based loan ventures. The ASIC officers ask Mr Swanepoel which banks his company, Cigno Australia, has used.
Cigno, Mark Swanepoel, BSF Solutions and Brenton Harrison …
May 24, 2024 · A Gold Coast payday lending scheme and the directors behind it, including a former professional rugby player, have been found to have breached credit loan laws by the Federal Court.