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Starting May 24, 2024, Cigno loans will no longer be able to provide financial assistance.
For more information, you can visit the following resources:
The Court’s judgment ASIC v BSF Solutions Pty Ltd judgment.
You can access general information about payday loans and cheaper ways to get money through Friendly Finance. Check out other lender options here – Friendly Finance Payday Lenders
About Cigno Loans
Cigno Loans is an Australian lending service that provides short-term loans to consumers, often marketed as a fast and convenient alternative to traditional bank loans.
The company is known for offering small loans—typically under $1,000—with quick approval times and minimal credit checks. Its services are primarily accessed online, making it an attractive option for consumers in urgent financial need.
Alternatives to Cigno Loans
If you're looking for alternative lenders to Cigno Loans in Australia, there are several options. Here’s a breakdown of safer, regulated alternatives for short-term loans:
- Wallet Wizard's Fast Cash Loans
- MoneySpot's Cash Advance Loans
- Credit24 Personal Loans
- MoneyMe – Fast & Online Short-Term Loans
- Cash Converters Personal Loans – Regulated Small Loans
Cigno Loans is no longer providing financial assistance at this time. For borrowers interested in applying for Cigno loans, we advise you to explore other lender alternatives by doing your own research or by applying through Friendly Finance.
Wallet Wizard – Smart Loan (Revolving Line of Credit)
📌 Provider: Wallet Wizard (Part of Credit Corp Group)
📌 Loan Amount: $500 – $8,000
📌 Interest Rate: Variable (ranges up to 47.8% p.a.)
📌 Repayment Term: Flexible revolving credit (weekly, fortnightly, or monthly repayments)
📌 Best for: Borrowers who want a flexible credit line rather than a fixed-term loan
MoneySpot – Short-Term Personal Loans
📌 Provider: MoneySpot Pty Ltd
📌 Loan Amount: $200 – $5,000
📌 Interest Rate:
Small loans ($200 – $2,000): 20% establishment fee + 4% monthly fee
Medium loans ($2,001 – $5,000): 48% p.a. interest + $400 establishment fee
📌 Repayment Term: Up to 24 months
📌 Best for: Quick access to small loans for emergencies
Credit24 – Unsecured Personal Loans
📌 Provider: Credit24 (Owned by IPF Digital Australia)
📌 Loan Amount: $500 – $10,000
📌 Interest Rate:
$500 – $2,000: 20% establishment fee + 4% monthly fee
$2,001 – $10,000: Up to 48% p.a. (varies by credit score)
📌 Repayment Term: 3 to 36 months
📌 Best for: Borrowers who need a larger loan with longer repayment terms
MoneyMe – Fast & Online Short-Term Loans
📌 Provider: MoneyMe Ltd (ASX-listed company)
📌 Loan Amount: $2,100 – $50,000
📌 Interest Rate: From 6.25% p.a. (depends on credit score)
📌 Best for: People with fair to good credit who want fast loans
Cash Converters Personal Loans – Regulated Small Loans
📌 Provider: Cash Converters (licensed lender)
📌 Loan Amount: $50 – $5,000
📌 Interest Rate: Varies, but lower than payday loans
📌 Best for: People looking for regulated small loans
The Company: Cigno Loans
There are some positives and negatives for prospective borrowers to consider before using Cigno Loans as an online lender. As part of the reviewing process for this article, customer feedback and common questions answered on the company website were considered for the overall assessment.
Positives
- Quick & easy application process
- No strict credit checks
- Fast funding
Negatives
- Exorbitant fees & hidden charges
- Aggressive debt collection & harassment
- Difficulties in repayment & extra fees for extensions
- Misleading loan terms & lack of transparency
- Poor customer service & hard-to-reach support
- Official complaints & legal issues
