Monzi Personal Loans
6+ years in business
Cigno Loans Review
Cigno Loans has been subject to regulatory action in Australia relating to licensing and fee practices. ASIC has reported regulatory action involving Cigno Australia and BSF Solutions in relation to specific credit models.
This review outlines the regulatory background, consumer risk factors and alternative support options for Australians researching short-term lending products. The information is general only and does not assess suitability for individual circumstances.
Company Overview
Cigno Australia was associated with small short-term lending models that attracted regulatory scrutiny from ASIC. ASIC reported that the Federal Court made findings against Cigno Australia and BSF Solutions in relation to unlicensed credit activity and prohibited fees under the No Upfront Charge Loan Model.
With effect from 24 May 2024, permanent injunctions prevent Cigno Australia and BSF Solutions from demanding, receiving or accepting fees or charges, including amounts of loan principal, from consumers in relation to credit provided under that model, and from engaging in further credit activity under that model while unlicensed according to ASIC’s reporting.
Regulatory Snapshot
ASIC’s action against Cigno Australia and BSF Solutions focused on unlicensed credit activity, prohibited fees and consumer protection concerns. The regulatory history is important because Cigno-related searches often involve urgent cash, payday loans, no credit check claims or fast online borrowing.
Information to review may include licensing, disclosures, fees, repayment terms and complaint pathways. for licensing, disclosures, fees, repayment terms and complaint pathways. Current ASIC information, lender disclosures and the final credit contract remain the key reference points before any agreement is accepted.
Additional Information
What happened to Cigno Loans?
Licence Status
ASIC reported Federal Court findings that Cigno Australia and BSF Solutions engaged in credit activity without holding an Australian Credit Licence.
Fee Risk
ASIC reported Federal Court findings about prohibited fees under the No Upfront Charge Loan Model
Consumer Harm
High-cost short-term lending may affect repayment capacity where income is limited or existing debts are already difficult to manage.
Alternatives
Payment plans, financial counselling, hardship support and no-interest loans may be relevant before high-cost credit is considered.
Costs And Risks
Cigno-related lending models have been associated with serious cost and compliance concerns. ASIC’s Federal Court action found unlicensed credit activity and prohibited fees, the regulatory history is relevant for consumers reviewing the brand.
Short term credit may also involve establishment fees, monthly fees, default fees or other charges depending on the lender and credit contract. Related resources include payday loans alternative and short term loans.
What to Check Before Applying for a Loan?
Information to review before submitting application details may include:
Common checks may include:
- Australian Credit Licence or authorised representative details
- Current lender disclosures and fee schedules
- Total repayment amount before accepting any contract
- Default fees, account fees and collection processes
- External dispute resolution membership details
- Alternative support options before using high-cost credit
Searches About Cigno Loans
Australians researching Cigno commonly focus on regulatory action, banned lending models, support options, lower-cost alternatives and fee considerations.
ASIC Action
Licence Status
High Fees
Payday Loans
Complaints
Alternatives
How Does Monzi Work?
The service is a lender-finder rather than a lender. Applications submitted through the platform may be referred to lending partners for assessment.
Lenders make their own decisions and remain responsible for credit checks, contract terms, rates, fees and repayment terms. Approval, timing and funding are not controlled by us.
- Application information is submitted online
- Details may be referred to lending partners
- Lenders assess applications independently
- Any loan contract is issued by the lender
Review Other Loans
Applications submitted through the service may be referred to lending partners for assessment. Loan outcomes, rates, fees, repayment terms and contract conditions may vary.
