Lender Review: Cigno Loans


Company Brief

Short-Term Loans: $50-$1,000

Type of Loan  Interest Rate  Interest Type  Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Short-Term Loan 5% Fixed Monthly depending on the lender $50 $1,000 1 business day 56 days 56 days

Cigno offers short-term loans. The minimum loan amount available on the Cigno website is $50, while the maximum loan amount is $1,000. According to the Cigno website, the repayment options and terms, and interests vary from one lender to another. The company charges a same-day deposit fee of $16, an account-keeping fee of $5.95, and a priority transfer fee of $16.

An example cost breakdown for Cigno short-term loan: a loan amounting to $300 will have a lender fee of $15 and Cigno service charges of $129.90, amounting to a total repayment of $444.90

Other Fees to Consider

The following are the lending fees associated with Cigno Loans:

  • 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
  • Account-keeping fee: $5.96

Application Process

You can apply for a Cigno loan online or directly with GSSF. If you use GSSF, the loan application process may take longer, and money is deposited via postal check rather than electronic funds transfer (EFT). You will need to supply the following information when completing the application:

  • Your personal information, such as your address and first and last names
  • Your contact details
  • Bank statements in the previous 90 days
  • Identification documents such as your passport number, driver’s license, proof of age card, or birth certificate are acceptable forms of identification.

To qualify, Cigno will collect all your publicly-available information and act as your agent for loan pre-approval. The only qualification is proof of identification, such as a Driver’s Licence or Proof of Age card. Bank accounts should also be in your name and cannot be used for Online Savings or online-only accounts. These personal details are required as part of responsible industry practice.

Cigno’s website stated that the application-to-funding process usually gets completed within the day of the application. However, applications finalised after 5 PM will have funds released the next day. The loan proceeds for your approved loan will be transferred directly into your bank account. Repayments are collected using auto-debit arrangement to your preferred banking account, or through cash payment to your Cigno account. Direct debit payments typically take two working days to deposit into Cigno’s account. However, if you pay straight into Cigno’s account with cash, it will clear the same day.

Notable Loan Product Features

One of the notable features of Cigno is that it assists you in getting a suitable product from lenders, for your specific needs and your credit profile. Funds are received the same day of the application if the application process is completed before 5 PM AEST. For applications finalised beyond the daily cutoff, funds will be received the next day. The repayments are also taken using an auto-debit arrangement through your preferred banking account, or cash payment through Cigno’s account with same-day clearing.

The Company:


  • Quick turnaround time provided that you submit the lending requirements before the daily cutoff of 2:40 PM AEST
  • Online application process
  • Good customer service experiences as the team are very helpful.
  • Credit approval to borrowers who have difficulties getting approval from other lenders


  • Delay in release of funds for applications made after daily cutoff
  • Delay in processing of loans for customers who cannot provide necessary documents.


As with any credit product, careful consideration should be given as to whether you need the money and can afford the debt repayments. To make sure that you can afford loan repayments make sure you have a weekly or monthly budget for necessary expenses. People should only enter into a loan agreement once they are sure they can afford the repayments and related fees.

If you are sure you need a payday loan then if you’re looking for a quick loan with a fast turnaround time and have all of the relevant documents ready to provide then Cigno is a good choice of a payday lender.  Provided everything is in order and you are approved, you should receive the loan on the same day as long as you made your application before 2.40 PM AEST.

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