Save Interest on Loans - Cigno Loans AU

3 Ways to Save Interest on Your Loans

June 25, 2019
Budgeting

If you take out a loan – however big – you will pay interest. There’s just no getting around it.

The good news is, current interest rates are relatively low. There are still, however, a few ways you can make further savings on interest.

In this article, we’ll examine three ways you can cut your loan interest rates and enjoy more cash in your pocket. Let’s get started.

 

1. Make extra repayments on your loan

The more money you currently owe, the more interest you will pay over your loan period. Remember, you’ll even be paying interest on your interest. With that in mind, one of the best ways to save is to reduce the life of your loan. How? By making extra repayments whenever you can.

If this is a strategy you can afford, start by making extra repayments on loans with the highest interest rates. This usually includes credit cards and smaller loans. Once they are under wraps, you can move on to your larger, longer-term loans, such as your home loan.

It’s worth noting that under some loan agreements, you cannot make extra repayments without incurring a fee.

 

2. Consolidate high-interest debt

If you are looking to save, interest rates are a top priority. The lower they are, the more cash you can hide away for a rainy day.

If you are grappling with numerous high-interest debts, a consolidation loan may be the solution you’ve been looking for. Put simply, consolidating your debt means taking out a larger, lower-interest-rate loan and using it to pay off your higher-interest debt. You’ll be left with one monthly repayment instead of two, three, or more; a lower interest rate; and a suitable loan term, depending on your financial goals.

3 Ways to Save Interest on Your Loans

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3. Improve your credit score

Your credit score has a significant impact on the loan products you are and are not eligible for. And if you have a poor credit score, you may be forced to take out a bad credit loan, which typically comes with higher interest rates.

So, if you are looking to save on your loan interest rates, improving your credit score can help. Here are a few ways you can make that happen:

  • Pay your bills on time. Utility, phone, and internet providers report to credit bureaus, too, so be sure to always pay your bill before the due date.
  • Keep your credit card balances low or at zero. Avoid maxing out your credit allowance.
  • Avoid applying for too many loans at once. When a lender assesses your credit report, they make a note on it. If there are a significant number of these notes left on your credit report, your score can be impacted.

Once your credit score improves, you’ll have access to a broader range of financial products and services – including those with lower loan interest rates.

child with money

School Holiday Ideas That Won’t Cost The Earth

September 27, 2018
Budgeting, Payday Loans

Hooray! The kids are out of school and your days seem to be filled with more shouting, playing, and laughing than any other time of year. In this post, we’re letting you in on some our favourite holiday ideas that’ll keep the children busy and your wallet safe from destruction.

In recent years, our team at Cigno have seen a spike in the amount of school holiday loans we’ve had to help people with, so we know all about the financial pressure that a lot of parents will be feeling over the coming weeks. Have a look through these quick ideas to keep things under control. If you are experiencing financial need, feel free to apply for a school holiday loan.    

 

Community events

Check out your local community calendar (often put up by your local council) and take the gang to the nearest community days being held. These kinds of events can include sports days, festivals, and interesting one-offs, all of which should be free to join. When money is tight, the last thing you’re going to feel like doing is going out on a spending spree with your credit cards and cash in hand. Community days are vibrant, all-day events that usually contribute to some form of great cause.

 

Check out new podcasts for kids

Don’t fancy going out? Save money by staying in instead! Podcasts are great because there are loads of publishers releasing great child friendly entries that are free to listen to. They’ll be kept calm and peaceful for hours while safe and potentially learning from a wealth of valuable content.

Podcasts are usually always either filled with easily digestible lessons or are wildly entertaining. This one’s a life saver if you’ve had enough of hysteria and want a solid hour or two to unwind.   

One of the best ways to save on your monthly costs is to cut back on pricey groceries. Take the kids out and they’ll likely be harassing you every time you pass something sweet looking. Keep them in for some great listening and you’ll steer clear of tempting treats.

 

Bake something

Of all the constructive things you could do in the house, baking is perhaps one of the easiest to control in terms of spending limits. Bake bread and you’ll be pleasantly surprised with how affordable all the ingredients are. You could even save youself a pretty penny by baking a large batch and freezing the excess for future meals. Things might get messy, but that’s half the fun!

 

Make a homemade movie

If you’ve already got a camera or a smartphone, why not play hollywood and get the gang to create a fun stab at a homemade movie. It’s absorbing, free if you already have the camera, and can serve as a great creative project. You don’t have to take out a personal loan to fund a production value masterpiece. Get the kids to write a script, cut out any overly elaborate parts, and get filming. Before you know it, the day will be spent and you’ll have a piece of film to tuck away in your album collection.  

 

Museum trips!

Not only are museums great if you’re low on cash, they’re educational too! Most large museums are free to enter and include collections large enough to keep your little learners occupied for most of the day. Bring a packed lunch to land extra savings!

Most indoor activities will cost you a small fortune for the whole family, so a museums a great option if you think you might struggle to make it to your next payday.   

That’s it! These are the main ways you can avoid falling into mountains of debt while keeping the kids well and truly entertained during this school break. The most important thing is to pick activities that are both easy to economise and give the kids something to be excited about. Even if it’s free, simple games you can play in an open field will only last so long.

At this time of year, it can seem hard to keep on top of your finances. At Cigno, we do all we can to provide school holiday loans that fit your budget and individual circumstances. You can apply online, pick the exact school holiday loan amount amount you need, and have the funds paid to your account within hours of your approval. 

School Holiday Ideas That Won’t Cost The Earth

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Read more about our school holiday loan products here, or in our previous blog post: Where To Get Online Loans With Instant Approval In Australia

fast cash advance

The Best Advantages Of Fast Cash Advances And How To Use Them

August 31, 2018
Budgeting

Quick cash loans are a growing market in Australia. In this post, we want to highlight some of the key advantages of these short-term cash loans, especially for those in desperate need of finance immediately. Have a look through this list to see if a fast payout cash advance is an ideal solution for your situation.

Rapid same day payouts

One of the key reasons everyone is jumping on these loans is because they’re so quick. Modern technology is put to very good use to ensure the application process can be completed easily online and if accepted, your funds could be available in your bank account within 24 hours.

This kind of speed makes these payday cash advance loans perfectly suited to those in very urgent financial difficulty. Has something gone wrong in the house or have you run out of money for the month? There’s no delay in delivery with a payday loan, so it’s a supremely effective quick fix to your problem. You get the money you need right now and you’ll pay it back as soon as you get your next payment from work.

You can have any amount you need

At Cigno Loans, we offer any amount up to $1000. This flexibility means you can apply to borrow exactly what you need, and don’t have to worry about fitting into any precise brackets. Get the amount you need, as soon as you need it, that’s what we aim to deliver to each and every applicant that is accepted.  

We remind you when it’s time for a repayment

When your next repayment is coming up, we like to remind our customers via text. It’s little helpful additions like this that help to ensure the service runs smoothly and so that you can keep a very good handle on what’s going in and out of your account. One of the best ways to achieve a simpler form of living with better control over your monthly costs is to remain as organised as possible. We encourage this openly and want to help in any way we can.

You can get a payday loan with a bad credit score

Have a poor credit history? It’s not the end of the road! We care more about your current employment and level of income than we do about credit reports. We use a service called Credit Sense that gives us access to your account details with your permission. With this system, we can make a decision on how much we are able to lend you within minutes. Typically, a loan involves waiting days or weeks for a response. We don’t want you to wait that long and understand that every day is precious when you’re in a pinch.

Apply online 24/7

You can apply for a cash advance from Cigno Loans online 24/7. Whether you’re at work, or away from home for a trip, as long as you have access to our website, you can have a loan sent straight to your account within a day. Most conventional loan providers often need you to show up to a meeting to submit your application. Fast short-terms loans are far more convenient and accessible than they have ever been before.

Your loan limit can increase over time

This may not be the case with everyone in the market, but at Cigno, we like to reward responsible borrowers. If everything goes well with your first loan and you make all payments on time just as agreed, this can go a long way in ensuring you can borrow from us in future. We might also be able to offer you higher than our standard $500 loans if you ever need a larger amount.

There are always going to be a huge list of benefits to taking up effective money management techniques. One of the best ways to stop increasing the amount you owe is to stop spending on things you don’t need, so that you can effectively make repayments. We work closely with customers that are experiencing difficulty and do what we can to find helpful resolutions to different circumstances. The best thing to do when you think you might miss payments is to get in touch with us as soon as you can. The sooner you let us know your situation, the more we’ll be able to help.

The Best Advantages Of Fast Cash Advances And How To Use Them

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Read more about fast cash advances here, or in our previous blog post: 4 Ways To Get A Fast Cash Advance

friends having a picnic with their dog

15 Inexpensive Things To Do With Friends

June 21, 2018
Budgeting, Short Term Loans 1

We obviously stress the importance of being financially savvy, enough so to achieve your objectives, but you still have to have fun right? A same day loan isn’t meant for a night out clubbing with your friends, but hopefully you have put away a little nest egg which you can dip into from time to time.

Luckily there are ways in which you can have fun, but still keep your wallet in your pocket! Continue reading to learn more frugal ways to socialise.

Socialising is essential for our wellbeing. We’re social animals, after all. But while hanging out with friends can be great for our happiness, it can also be brutal on the budget. Catch up for coffee. Drinks after work. See a band. Cover charge at the pub. Dinner at a restaurant. Fun stuff. But sheesh, does it add up.

What is the real aim of going out? Catching up with friends, being entertained, getting out of the house and meeting new people. All of this can be done on a budget.

Here are 15 ideas for things to do with little or no expense.

 

IDEAS FOR STAYING IN

1. Potluck dinners

Staying in and having friends over for dinner has come back in vogue over the last few years. But you don’t have to do all the work. Try American idea of the potluck dinner, where everyone brings a dish to share. Or you could organise who brings what so you have nibbles, dinner and dessert covered.

The other alternative is to take turns entertaining amongst friends.

2. Game evenings

I think that games tend to be thought of as a little daggy, but I love board game evenings. An evening of Pictionary or Balderdash and a couple of bottles of wine can be absolutely hilarious.

But you don’t need to have board games. Improv games like charades can also be a lot of fun. We used to play a variation of charades when we were at Uni (grog free too!) that left us rolling around in stitches. If you’re interested, leave a comment and I’ll post the rules. Do a Google search for after dinner games and improv games for some ideas, or for something a little more adult only, try some drinking games.

3. Movie night

Hire a DVD (or stream a movie) or binge on Netflix together – entertainment at home is a lot cheaper than going to the cinema. And you don’t have to sit still or be as quiet.

For a free version, local libraries often hire movies for free, or raid your friend’s DVD collection and swap. For something interesting make it a theme night by watching all Hitchcock movies or all black and white classics, or musicals. Make some popcorn, dim the lights and bring out the pillows.

4. Cocktail evening

Drinking cocktails out can be very expensive, but you can have a cocktail party at home for a fraction of the price. Before hand, decide on a few cocktail recipes and ask everyone to bring one bottle and some nibbles and whatever extras you might need for cocktails. Tell people what to bring so that you are sure to have all the right ingredients.

5. Have high tea

High teas came back into vogue because there’s something sumptuous about fancy china and little cakes. Bring back a little yesteryear with a high tea.

6. Throw a barbeque

Bangers and mozzies is a wonderful way to while away a warm Sunday afternoon, maybe with a little cricket and a lot of chit chat.

 

GETTING OUTDOORS

7. Go on a picnic

A picnic is a wonderful way to enjoy the outdoors. It can be as simple as throwing your dinner in a container to eat out (risotto is one of our favourite easy dinners on the beach) or taking a simple sandwich and eating in the park.

If you want to be more elaborate, share the burden of preparing food for a picnic by taking turns or everyone bringing something to share. Some parks offer BBQ facilities so plan ahead and check out what’s available.

8. Go hiking or biking

Explore the great outdoors for free with friends, and maybe throw in a swim or a picnic. You can often find free or low cost local guided tours that will show you the local or historical attractions of your town or point out key flora and fauna in your local national park.

9. Play a sport

Play some backyard cricket or shoot some hoops with your friends. No backyard? Take the Frisbee down to the local park or beach, it can be a great way to meet new people.

10. Go camping

Camping is fun, but camping is even more fun with a group of friends. Borrow, scrounge and share tents and other camping bits and bobs and enjoy some toasted marshmallows and ghost stories.

11. Go on an exercise date

A couple of years ago, my friend and I got motivated and met every week for a walk and talk. Exercising with a buddy or two takes away the boredom of exercise and you can motivate each other to get fit, all while catching up.

 

BE ENTERTAINED FOR LESS

12. Free attractions

Museums, art galleries, zoos, markets can often be free or have free sections for the general unpaying public. It can be a good way to pass a leisurely afternoon. Public parks and beaches are also free.

Some non-free attractions may have free open days. For example, some paying museums have a free Saturday every month.

Don’t forget to check out your local library for free classes, author talks and other events too.

13. Support local bands

Going to see a local band can be a fraction of the cost of more popular band tickets. Pubs and cafe’s often have bands playing where you only pay the cost of a drink or two.

14. Learn to dance

You often get two for one at social dance lessons held at local community halls etc – the lesson first then a social dance afterwards.

15. Volunteer

This may seem like a strange entertainment suggestion, but if your wanting to get out and meet new, like-minded people, then one way to do so is to volunteer. And the benefits usually don’t stop there. Volunteer at a festival, concert, play or other entertainment event and you usually get free entry to the event as recompense.

Entertainment and socialising with friends doesn’t have to break the budget, but you can have just as much fun (or more fun) by adopting a few frugal entertainment ideas.

What frugal things do you like to do with friends?
15 Inexpensive Things To Do With Friends

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If you are experiencing financial difficulty, don’t hesitate to get in touch with Cigno who might be able to offer a solution.

Receive up to $1,000 in your account with our same day loans with manageable repayment options. All you need to do to apply is complete our quick and easy online application and then send us your bank statement. For details, contact us.

Read the original source article here.

Read more about same day loans in our previous blog post: Where To Get A Personal Loan Fast?

spilled coins from piggy bank

Less Is More When It Comes To Budgeting (NOT SAVING)

June 7, 2018
Budgeting, Short Term Loans

Money management is an art form, one that, some say, can only be learned through self-discipline. While that is true, we are still going to offer our two cents on clever and unique ways to budget. Once you have the knowledge at your disposal, you can then apply some self-discipline.

Are you putting those spare coins into your piggy bank? Have you got a convoluted spreadsheet and automatic payment system? However you budget, and however good you are at budgeting, there’s always new and unique ways that can be of use. What we’ve found is, the less structure you have around your budgeting process, the more likely you are to stick to it.

Stay on top of your spendings, and savings.

Continue reading to learn more about some money management techniques.

Automate everything

Making decisions is exhausting. For real – psychological research shows people make worse decisions when their willpower has been tested. It’s a phenomenon known as decision fatigue, and it could be undermining your savings goals.

The fix? Automation. Decide how much money you’re going to save, and set up a direct deposit on the day you get paid. That way, you don’t have to make any decisions or make any mental calculations. You’ll save without even thinking about it.

Use the 60-20-20 rule

This one might involve a little bit of maths, but stick with us: it’ll be a moment of effort with years of pay off.

If you’ve got no idea how much you should be saving or spending, this one helps by giving you a solid framework. 60 percent of your pay should go towards daily expenses – like rent, bills and groceries. 20 percent goes to savings. And 20 percent is for fun stuff – like nights out and new outfits and spontaneous road trips with your mates.

The genius of this budget hack is that you have a still have money to play with, so it doesn’t feel onerous.

Level up this hack by incorporating the one above: set up direct deposits so you keep our fun money separate from your savings and your everyday spending.

Set goals

This might not seem like a “hack” but its effectiveness has been proven: UK government research found people with a specific savings goal save faster and more effectively, putting aside an average of $1000 more over a year.

It doesn’t matter what the goal is – just that you have one. Or several! Perhaps you’ve got a long-term goal of saving for a house deposit, and a short-term goal of going to Bali next August. It doesn’t need to be an either/or thing.

Have an emergency fund

Perhaps the most boring of the hacks, but super important. Having a safety net of a few months’ living expenses will ensure you are taken care of should the worst happen – like your car breaking down, or losing your job.

Keeping this money separate from your day-to-day transaction account and savings accounts means an emergency won’t derail your budget. Don’t skip this one!

Get a bank account that makes it easy

Gee, if only there was a bank account that could help you automate your budget and work towards your savings goals… wait a second, there is!

The Westpac Life savings account allows you to do just that – you can set up to 6 goals and track your progress towards them via the Westpac App. You can save for several goals without the hassle of having more than one account – and you’ll earn a competitive 2.30% p.a. variable interest rate which includes bonus interest every month your balance grows.

Westpac Life is a flexible savings account that could help you stay on track to meet your savings goals. Open now in less than three minutes.

To open a Westpac Life account, you must be registered for Online Banking and hold a Westpac everyday account in the same name. Fees and charges may apply on the everyday account. Any recommendation made in this communication does not take your objectives, financial situation or needs into account. Read the terms and conditions at westpac.com.au before making a decision and consider whether the products are appropriate for you. © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.

This information is intended to be general in nature and should not be relied upon for personal financial use.

Less Is More When It Comes To Budgeting (NOT SAVING)

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Remember, if you are experiencing financial difficulty, Cigno can be a source of assistance. We offer same-day loans to those in need, regardless of the situation you find yourself in. Got a bad credit rating? No problem. We have a quick and painless application process, as well as a high approval rate for all borrowers. Everyone needs a hand from time to time, and we are here to help you land on your feet. Apply for a same-day loan today!

Reach out to us today to get the same-day loan you need in your bank deposit as soon as this afternoon!

Read original source article here.

You can read more about same-day loans in our previous blog post: How a Cash Advance Can Help You After a Disaster

blue credit card - budgeting - payday loans

How To Avoid Unnecessary Spending

May 31, 2018
, Budgeting, Payday Loans

What measures do you have in place to curb your unnecessary spending? And more importantly, what are you spending unnecessarily on? These are questions you need to be asking yourself if you intend on saving money, regardless of what you are saving money for?

Whether you are building a nest egg for a rainy day, saving for that friend’s overseas wedding or the much desired house deposit, unnecessary spending will put a dent in your plans.

Continue reading to learn more about ways in which you can avoid those impulse purchases, and focus on your financial goals.

Impulse buying is extremely difficult to avoid. Even in the current financial climate the temptation to go shopping can be difficult to avoid and can lead to unnecessary purchasing habits. Fortunately there are ways to limit yourself from spending your money on unnecessary purchases.

Make a list

Make sure you write a list before you enter a shop. It’s very easy to convince yourself you need something that you actually only want. By writing a list you can hold yourself to it and will therefore be less likely to stray. You never know, maybe a list will be the thing which helps you save enough money to start investing, for example in commodities like Gold at BullionVault, shares on the stock market or even international currencies on the Forex markets.

Give yourself a budget

Draw up a budget to follow for every week throughout the year, and make sure you stick to it. Your budget should consist of all of your necessary purchases like rent, bills and food shopping. The rest should be stored away in case of emergency repairs. Budgets are a great way to keep track of your spending and prevent surprise bills in the future.

Don’t justify them

Don’t talk yourself into buying useless junk by justifying it to yourself. If you didn’t need it in your life before, then it is highly likely that you don’t need it now and therefore can avoid buying it. Excuses people often use include: ‘Just this once’, ‘It’s half off’, ‘I deserve a treat’, and ‘What harm can it do?’ To your bank account? As it turns out – quite a lot if you do this kind of thing often.

Ignore deals

I know how tempting it is when you spot a ‘great deal’ in a store. Unfortunately even though there may be money off an item, you still have to pay for it. It might be a reduced amount, but it’s money you could be saving in an emergency fund for accidents, holidays, or adding to your weekly mortgage repayments. Also, a lot of the time these supposed ‘deals’ actually don’t save you money at all. Get savvy and walk past them if you don’t need the item.

How To Avoid Unnecessary Spending

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Avoiding unnecessary spending is a great way to save money. However, it requires an investment in time and discipline. If financial hardship is affecting you and you need a payday loan, Cigno might be able to assist.

To apply, complete our quick and easy online loan application and send us your bank statement. Receive up to $1,000 in your account with our payday loans with manageable repayment options. For details, contact us.

Read the original source article here.

You can read more about this topic in our previous blog post: What Are Payday Loans? Your Guide To Understanding Payday Loans

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Australia’s Best Money Management Apps

May 15, 2018
Budgeting, Short Term Loans 5

How do you manage your money? Do you manage your money at all? From writing down your expenses to setting up Excel spreadsheets, there are countless ways to stay on top of savings and spendings.

But, we are in the digital age now. Everything is at our fingertips.

More and more Australians are using money management apps for their convenience of use and accessibility.

Continue reading to learn more about these money management apps, designed specifically for Australians.

Let’s take a look at the 10 best money management apps for Australians

1. Your bank’s app

Cost: Free

Availability: Android and iOs

Manage your money, check your balance and pay your bills on the go and more with your bank’s app.

2. Pocketbook

Cost: Free

Availability: Android and iOS

Pocketbook is an Australian budgeting app that allows you to track your expenses to work out your monthly spend. You can set spending limits to help you stick to your budget.

The best feature of this app is that it connects to your bank so that you can track income and expenses automatically.

3. TrackMyGoals

Cost: Free

Availability: Android and iOS

The Money Smart’s TrackMyGoals app allows you to set, plan, track and manage your savings goals and visualise your progress.

4. TrackMySpend

Cost: Free

Availability: Android and iOS

Another ASIC Money Smart App, TrackMySpend is a basic budgeting app that, funnily enough, helps you track what you spend.

You can categorise expenses, set regular expenses as favourites and flag expenses as needs or wants. You can also download the data to a spreadsheet for further analysis or to import into other accounting software.

Check out Money Smart’s other apps here.

5. Australian Taxation Office

Cost: Free

Availability: Android, iOS and Windows Phone

The ATO’s is for individual tax payers, small business owners and self managed superfund trustees. It allows you to access their online services, lodge and track your income tax return, record and manage tax deductions, calculate tax to withhold, work out key tax dates, access tools and calculators, to name just a few functions.

6. Acorns AU

Cost: App is free but there is a monthly fee ( $1.25 per month for balances under $5,000 at time of writing)

Availability: Android and iOS

Now available in Australia, Acorns is an investment app that links to your bank account. When you spend, Acorns rounds up your transaction to the nearest dollar and invests that change for you in a diversified portfolio (EFT) at your chosen level of risk.

As this is an investment portfolio, it is subject to market fluctuations. You will also need to pay tax on all realised capital gains. Check out the website for more information.

7. Splitwise

Cost: Free

Availability: Android and iOS

Splitwise isn’t Australian, but still useful for those people who need to split expenses. Great for flatmates who need to keep track of who owes what.

Splitwise keeps a running total of how much is owed and it also emails reminders when expenses like the rent are due or when you forget to pay someone back.

8. ATM Hunter

Cost: Free

Availability: Android and iOS

Mastercard ATM Locator app helps you find the closest ATM no matter where in the world you are. You can search for your specific bank’s ATM to avoid fees. Provides you with distance and directions to ATM.

9. Expensify

Cost: Free

Availability: Android and iOS

Expensify allows you to scan receipts and track time or mileage for tax deductions. What’s cool about Expensify is that it pulls information from the receipts including date, time, amount and merchant and puts it all into a CSV file ready for your accountant at tax time.

10. Good Budget

Cost: Free

Availability: Android and iOS

This app uses a virtual version of the old-fashioned envelope system to help you budget your money. Track expenses, monitor savings goals, sync with your partner, monitor cash flow and analyse spending patterns. While this app isn’t Australia specific, Australians can still use it and one of the most popular budgeting apps on the web.

Managing your budget has never been easier with the proliferation of apps and mobile tools available.

Australia’s Best Money Management Apps

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Which app is right for you? While all are great, some have various options that may better maximise your ability to save. The best part is, most of these apps are free, so it’s as simple as downloading one and trying it out.

Remember, if experiencing financial difficulty, Cigno can be a source of assistance. We offer same-day loans to those in need, regardless of the situation you find yourself in. Got a bad credit rating? No problem. We have a quick and painless application process, a swell as a high approval rate for all borrowers. Everyone needs a hand from time to time, and we are here to help you land on your feet. Apply for a same-day loan today!

Reach out to us today to get the same-day loan you need in your bank deposit as soon as this afternoon!

Read original source article here.

You can read more about same-day loans in our previous blog post: Understanding Different Types of Small Loans

piled coins accounting budget - payday loans

Budgeting… Why Bother? Here’s Why!

April 30, 2018
, , Budgeting, Payday Loans 3

A lot of people often ask, why bother budgeting? There are plenty of reasons! Budget setting can be a very powerful tool in saving money and achieving financial independence.

This blog post will outline some of the most effective ways to budget, in order to reach your monetary goals.

We will get into the nitty gritty of budgeting eventually, but first, let’s look at the basics.

Cigno is here to help in times of need. If you are experiencing financial difficulty, get in contact with us today and apply for a payday loan to assist until your wages or salary is paid.

What’s the ultimate purpose of budgeting?

Is it to make sure that you’re not spending too much money on shoes versus cat food versus toilet paper? Of course not.

The point of budgeting is to make sure that at the end of the month, you still have money left over.

The Real Point of Budgeting

The purpose of budgeting, in other words, is to make sure that you’re living below your means, rather than living at or above your means.

Some people use a budget as a tool to make sure that they don’t live payday to payday.

How Budgeting Can Help

One of my good friends used to move money into his savings account at the start of each month. He’d pat himself on the back, thinking that he was saving money.

At the end of the month, in order to pay his bills, he’d transfer money from savings back to his checking account. His savings account wasn’t growing – he was just playing the transfer game.

He fooled himself into thinking that he was saving. He didn’t recognise this fact until he made a budget and began tracking his expenses.

Monitoring his net worth, he says, also helped him recognise the effects of his money habits.

Don’t be like my friend. (Or, if you’re already like him, act like his new, reformed self.) If at the end of the month you’re breaking even and you don’t have any margin of error left over, you’re living for the next payday, and that isn’t a position you want to be in.

Budgeting Basics

A budget is one possible tool that could get you out of that bind. Strictly speaking, a detailed line item budget isn’t necessary.

You don’t need to track or care about how much money you’re spending on restaurants versus clothes, particularly if you’re already debt-free and saving a significant portion of every payday.

How Much Should You Be Saving?

At a minimum, everyone should try and save at least 20% of their income. That divides out as 10 to 15% into retirement accounts, and 5 to 10% into other savings goals.

That 20% figure is just a starting point. There’s no harm in saving more, and there’s even a growing movement of people who promote the notion of saving half.

A detailed line item budget is simply a tool that helps you get there. It’s not the solution to your problems; it’s just a mechanism that you can use to help you save more.

Different Kinds of Savings

By the way, when I talk about savings, I’m referring to any activity that ultimately boosts your net worth. I don’t literally just mean money that you stuff into a savings account.

I’m referring broadly to money that you might put into retirement accounts, a health savings account, flat spending accounts, or that you might use as additional payments on a debt.

For example, say your mortgage is $1,500 per month, but you pay $2,000 per month.

That marks the extra $500 as an additional principal payment, so the $500 counts as savings.

Sure, it’s not literal savings in a bank account, but it’s money that directly boosts your net worth. It’s savings nonetheless.

Budgeting… Why Bother? Here’s Why!

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Are you inspired to go and save?

If you find luck just isn’t on your side when it comes to money, Cigno may be able to lend a hand.

Try our loan calculator to decide whether or not the Cigno service is right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. If you prefer give us a call on 1300 88 23 24 and one of our friendly staff will be happy to help.

All applications are considered and we do our very best to find a suitable solution to your needs.

Read the original source article here.

You can also read more about payday loans in our previous blog post: What Are Payday Loans? Your Guide to Understanding Payday Loans

 

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Planning A Vacation? Read This First & Save On Flights

April 16, 2018
, Budgeting, Emergency Loans 1

Planning a family holiday on a budget? Before you do, take a look at the below blog post for some helpful hints on how to squeeze every penny.

We can’t always afford holidays, but we certainly need the relaxation. Whether you are trying to fly locally or abroad, there’s a bunch of clever ways you can get the best for your buck while budgeting for travel.

This will keep more money in your pocket to spend while on holiday!

 

Finding a cheap flight is easier than ever before. You don’t have to be a seasoned traveler, or have an inside track. Just use these tips to determine when flights are the cheapest, so you’ll have more money for food and fun.

 

Fly Unpopular Days & Times

Avoid crowded airports, and overpriced airfare, by flying at off-peak times. Wednesday and Saturday are usually the slowest days of the week, while early morning, meal times and late night, are the slowest times of the day to fly. Since planes are difficult to fill during these times, you can usually find plenty of cheap seats. The airlines would rather offer them up at a discount than have them go empty, and that’s great news, if you can be flexible with your travel plans.

 

Watch Social Media For Fare Blasts

Sometimes airlines do fare blasts on Facebook and Twitter when they have a limited number of seats to unload. These tickets often sell out in hours, or sometimes even minutes, but if you’re paying attention, you can grab an unbelievable deal.

Follow all the major airlines in your area and in any area that you plan to visit soon, so you’ll be among the first to know, when they run a flash sale.

 

Set an Alarm for Tuesday at 3pm

Airlines look to see how many seats they have available at the beginning of the week; then, decide which seats need to be discounted further. As a result, cheaper fares start to appear Monday. But if you want to get the best deal possible, wait until Tuesday at 3 p.m. to book your fare. By then, all the airlines have adjusted their prices to match their competitor’s new prices.

This isn’t the only time you’ll find a good deal on airfare, but from a historical standpoint, it’s the most reliable.

 

Book Early or Late

Airlines usually offer a small number of discount seats early on. Then, make more available later, when they don’t sell out. This means, there are excellent deals to be had for both early birds and procrastinators.

Farecompare.com recommends shopping for flights as far out as 3 to 3 and a half months before your trip and as close in as three to four weeks. For flights to Europe, this window stretches to 5 to 5 and a half months and as few as 30 days before your trip.

 

Search Incognito

If an airline knows you’re interested in booking a particular flight, they may show you a slightly higher fare every time you check prices, to make you feel like you need to book right now. Don’t let them fool you with this artificial inflation. Start all of your trip searches in an incognito browser window (i.e. private browser), so they can’t use your search history against you.

 

Trust the Experts

Price comparison sites, like Kayak and Google Flights do a lot more than compare one airline’s prices to another’s; they also compare current prices to historical data to determine, if you should buy now, wait a bit or consider tweaking your plans by a day or two to save more. You can even set up price alerts, so you receive a notification when prices drop, rather than having to continually check back. Much less stalker-ish and way more effective.

 

Travel Off-Season

Most tourist destinations have a peak season and an off-peak season. Plan your trip during an off time, and you’ll save on everything from airfare to hotel accommodations. Farecompare.com lists these as some of the cheapest times to fly.

 

Planning A Vacation? Read This First & Save On Flights

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Buy Direct

While shopping through price comparison sites, like Skyscanner will usually help you track down the cheapest airfare, that isn’t always the case. That’s because some airlines don’t allow their ticket prices to appear on comparison sites, and may even host private sales on their website, that you can only take advantage of, if you go through them. So, before you pull the trigger on any deal, be sure to check the prices on the airline’s website first.

Save Even More: Pair your cheap airfare with one of these free vacation ideas.

Finding a cheap flight is easier than ever before. You don’t have to be a seasoned traveler, or have an inside track. Just use these tips to determine when flights are the cheapest, so you’ll have more money for food and fun.

 

See original source article here.

 

If you are experiencing financial difficulty, you may be able to apply for a loan through Cigno. We offer emergency cash loans.

To apply, complete our quick and easy online application and send us your bank statement. Receive up to $1,000 in your account with our emergency cash loans with manageable repayment options. For details, contact us.

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How to Lower Small Loan Interest Rates

March 26, 2018
, Budgeting 1

There’s nothing wrong with having to take out a loan. In fact, it can be a great way for entrepreneurs to acquire the money they need to get their business off the ground.

However, people tend to run into problems when they don’t properly budget for paying back the money they borrow. Sometimes, though, it’s not always entirely the borrower’s fault.

No matter how solid their repayment plan is, some people who take out a loan are crippled by sky-high interest rates.

This isn’t only true about large loans, either. Small loans can be as difficult to pay off as bigger loans if the interest rate is high enough.

Luckily, there is plenty that you can do in order to lower your interest rate. Let’s take a look.

Is paying off your small loans becoming too expensive? Use this guide to lower your interest rate.

Borrow for a Shorter Term

When you borrow money for a shorter period, the lender has to spend less time monitoring your payments and making sure you’re on track to repay all of your debt.

The lender will also get their money back (plus interest) earlier. Thus, they may be inclined to offer you a lower interest rate if you sign an agreement to pay back your small loan over six months as opposed to two years.

If you know that you may have difficulty paying off loans, a shorter loan term can help keep the total interest that you incur as low as possible.

Improve Your Credit Score

One of the factors that lenders use to decide the interest rate of a loan is how reliable the borrower seems.

If a potential borrower has a stellar credit score and a solid history of making payments on time, then there is no need to give them a high interest rate.

Conversely, people with low credit scores and spotty repayment history will find themselves with higher rates than their more responsible financial peers.

But, there’s good news! If your credit score is poor or on the lower end of the average range, you can work to improve it before seeking out a loan. This will ensure you pay a smaller total amount than you would otherwise.

It’s still possible to get a loan with bad credit, but it’s unlikely. Even if you do, you’re not going to like the interest rate that comes with it.

Choose a Variable Interest Rate

Most lenders offer borrowers the option to choose between either a fixed interest rate or a variable interest rate. As both names suggest, the titles have to do with whether or not the interest will change during the repayment period.

A fixed rate will remain the same for the entire duration that the borrower repays the loan. But, this type of interest rate tends to be on the higher side.

On the other hand, a fixed interest rate could potentially result in you paying less when all is said and done.

Inflation, supply and demand, and government regulation are all factors that influence standard interest rates.

By doing a bit of research, you’ll be able to determine whether interest rates are going to rise or fall in the near future with a fair bit of accuracy.

If interest rates appear to be on a downward trend, choosing a variable interest rate is the better of the two options because the rate is unlikely to rise throughout the duration of your loan repayment.

Browse Different Lenders

It’s very unlikely that you’ll ever have only one lender to choose from. Similar to dealing with any other professional service, you have the capability to shop around for a lender that’s right for you.

Even if two lenders are in close proximity to each other, the loan terms and interest rates can be drastically different.

Thus, you should always take the time to browse if you feel as though the interest rate a lender offers you will be an issue.

Sometimes, however, you may have to compromise. Lenders who offer lower interest rates may not offer the right small loans options for you. Be wary of this during your search.

Offer Collateral

As previously mentioned, one of the ways lenders determine interest rates is by assessing how much risk they’re taking by giving money to a specific borrower.

If a lender is not confident in your ability to repay the loan during the specified time period, you may want to offer collateral in order to sway their decision.

Collateral could include a wide range of assets that you have, such as your home, your car, or even investments that you have. Should you fail to repay your loan, the lender would have the legal right to take your collateral as a form of payment.

Due to this, you should never offer anything for collateral that you’re not prepared to lose.

If you do choose to put up something vital like a car or house, you need to be absolutely sure you can repay the loan.

Have a Friend or Family Member Cosign

If you’re having trouble managing your small loans due to the interest rates, consider having a friend or loved one cosign the loan agreement with you.

This process is similar to collateral in that it can cause a lender to have more trust in you if they were on the fence about whether or not you would be suitable for a loan.

However, you should understand that failure to repay the loan under the given terms can have detrimental effects on your cosigner. Credit score penalties, late fees, and even wage garnishment are all possible.

For the sake of the other individual and your relationship with them, never have someone cosign a loan (even small loans) if you are not prepared to pay them back in full plus interest.

How to Lower Small Loan Interest Rates

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Even Small Loans Can Be Difficult to Manage

But, reducing your interest rate as much as possible with the above tips will make sure they are easier to handle. And, you’ll keep your family and friends out of trouble, too.

Small loans can sometimes be a necessary part of life, but you should only take them out if you can repay them. Want to learn more about managing your finances? Check out our blog.

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