Monzi Personal Loans
6+ years in business
Cigno Loans Review 2026
Cigno Loans, previously recognised for providing quick cash loans through a model involving third-party billing, is no longer operational in Australia. The company, which operated under Cigno Pty Ltd and BSF Solutions Pty Ltd, collectively known as Cigno Australia and BSF, came under regulatory scrutiny for charging high fees and providing credit without a proper licence.
Disclaimer: Monzi is not affiliated with Cigno Australia, BSF Solutions, or the ‘No Upfront Charge Loan Model’. We do not provide or promote any loans associated with Cigno. The information on this page is intended for educational and comparison purposes only. As of May 2024, the Federal Court of Australia has permanently barred Cigno Australia from carrying out any credit activity without holding an Australian Credit Licence.
What You Need to Know in 2026
In May 2024, The Federal Court of Australia issued permanent injunctions against these entities, stopping them from engaging in any credit activity unless they obtain a valid Australian Credit Licence. This decision followed findings of unlawful credit practices that affected more than 100,000 Australians.
Cigno Loans became known for high fees and controversial lending practices. Many borrowers reported becoming trapped in debt cycles due to the Cigno Loans model. Even so, some consumers turned to Cigno Loans for quick access to small loans due to the minimal hurdles in the application process.
The Consumer Action Law Centre has been actively assisting affected consumers to challenge unaffordable and potentially unlawful debts linked to ‘Cigno Loans’ practices.
Why Did Cigno Loans Stop Operating?
The Consumer Action Law Centre has been actively assisting affected consumers to challenge unaffordable and potentially unlawful debts linked to ‘Cigno Loans’ practices.
Key issues included:
- Engaging in unlicensed credit activity through the Cigno Loans model
- Charging excessive and prohibited fees
- Using a business structure that exploited legal loopholes
- Collecting over $70 million in fees
- Issuing more than $34 million in loans
- Being subject to enforcement action by ASIC to protect consumers
As a result, Cigno Loans is no longer permitted to offer loans in Australia under its previous structure.
Are Cigno Loans-Style Loans Still Available?
The lending model previously used by Cigno Loans is now legally prohibited. However, Australians may still explore personal loans and short-term loans from licensed credit providers who operate within ASIC’s responsible lending framework.
If you are looking to avoid excessive fees or legal concerns, our lender-finder service may help you compare offers from lenders that are properly licensed and follow relevant Australian credit regulations.
How We Help You Find Licensed Lenders Instead of Cigno Loans?
We are a lender-finder service, not a credit provider. We may help connect you with licensed lenders who may offer loan products that align with consumer credit law and include clear, upfront fees.
Key features include:
- Soft credit checks, which may not affect your credit score
- Secure bank statement analysis via Illion Open Banking
- No upfront fees or hidden charges
- Fast pre-qualification outcomes in real-time
- Options including payday loans, fast cash loans, and other short-term loan types
We may only work with lenders that hold an Australian Credit Licence, unlike the former Cigno Loans operation.
Alternatives to Cigno Loans in Australia
If you’re searching for Cigno Loans alternatives, licensed credit providers may offer:
- Small personal loans with flexible loan amounts
- Emergency cash loans
- Bad credit loan options
- Same-day loan processing, subject to eligibility and assessment
Each lender has their own criteria, loan limits, and may carry out a credit check during their decision process.