A Beginner’s Guide to Applying for a Loan

June 30, 2020
Budgeting, Payday Loans, Short Term Loans, Small Loans

Applying for a loan is something most of us will do in our lives, but the first time applying for a loan can feel daunting.

What paperwork do you need for a loan? Are there requirements? Do you need someone else to co-sign a loan? These are all normal questions we all think of when first wondering how to apply for a loan.

That’s why we put together this handy guide to loans to make it all a little simpler.

 

Why You Might Apply for a Loan

The most common reason to apply for a loan is so you can make an investment now that will help you in the long run, but you don’t have the cash in hand. This could be anything from vehicle repairs, to home renovation, to covering education expenses.

You might also consider applying for a loan if you find yourself in a tricky position and you need some extra cash to keep afloat. For example, our Centrelink Loans and Loans for Unemployment are an option for anyone who has recently lost their job.

There are lots of different types of loans, so be sure you’re choosing the right one for your situation and your needs.

 

What You Need When Applying for a Loan

The first time applying for a loan can be confusing, especially if you can’t lean on someone else who has received a loan and can help you through it. Fortunately, all you need to get started with a Cigno Loan is:

  • Your name
  • Contact details
  • How much you want to borrow
  • What you’ll use the funds for
  • A recent bank statement.

If you ever need more help, just reach out to our Customer Service team.

Bigger loans with bigger banks will require a lot more from you when you apply with them and will likely require in-person meetings before you’re approved for a loan. In those cases, you’ll want to be prepared. Be ready to print off proof of your income (statements from your employer), bank statements, personal identification to prove you are who you claim to be (a driver’s licence, passport etc.), credit card statements, tax returns (if self-employed), current rent or mortgage statements, and an estimation of your current expenses. If you’re prepared with all that before you start applying, the application and approval process should go a lot faster.

It’s possible that the lender you speak to won’t need all this information, but being ready with it just in case will show your commitment and responsibility.

 

Paying Back a Loan

Most loans will let you pay back the lent amount with automatic payments. Some people may not like this, as they may forget the repayments are occurring and be surprised when the amount in their bank account is lower than expected.

However, automatic repayments are a good idea, because a lot of lenders will charge extra fees if you miss a repayment, so forgetfulness can be a big problem. Cigno will notify and remind you of your scheduled repayments, so you’ll never be caught off guard. Do your best to stay aware of your finances as you repay your loan. Make a budget and include the repayments in your budget to stay on top of your finances going forward.

Man Wondering About Payday Loans | Cigno Loans

What Is a Payday Loan

December 13, 2019
Payday Loans

Has a friend or family member suggested a payday loan to you after you told them you were short on cash? If so, you may be wondering what a payday loan is and what exactly it entails.

Understanding payday loans can help you decide if this financial solution is suitable for your circumstances and go into an agreement prepared. So here we’ve broken down what a payday loan is and how it works.

If you’d rather speak to a friendly expert to learn more about payday loans, feel free to contact our team directly.

First things first:

 

What does payday mean?

Payday is exactly what it sounds like: it’s the day that your salary or wages arrive in your bank account. Whether you’re paid weekly, fortnightly or monthly, your payday is the first day that your new income is available for you to spend.

Payday | Cigno Loans

What is a payday loan?

A payday loan is a small and fast cash loan (usually under $2,000*) that is paid back quickly compared to other types of loans (the term is usually between 16 days and 1 year).

*Cigno Loans can help you borrow amounts up to $1,000.

Payday loans are designed to be repaid on your next payday, which can make them suitable for covering unexpected expenses you can’t afford until your next payslip arrives.

You may have heard other people refer to payday loans as:

  • Quick loans
  • Same-day loans
  • Cash advance loans
  • Payday advances
  • Small-amount loans (this is the formal title for payday loans).

 

What is payday lender?

A payday lender is simply any lender that offers this type of loan. Just like all credit providers, payday lenders are legally required to lend money responsibly. This means doing adequate checks to ensure the loan they provide is suitable for you.

Quick note: Cigno is not a payday lender. We’re a team of short-term finance specialists who work with payday lenders to find you the right product. We always encourage our customers to only borrow when they need to and only amounts that they can afford to repay.

 

Are payday loans “bad”?

A payday loan isn’t always an appropriate financial solution. However, there are plenty of circumstances where a small cash loan is a valid and effective way of meeting immediate expenses.

While some payday lenders in the past have acted unscrupulously and tarnished the industry, payday loans remain a legitimate solution for people who need small amounts of money quickly and are in the position to comfortably repay the loan in the near future.

 

Where can I learn more about payday loans?

ASIC’s MoneySmart website has a thorough resource on payday loans that can help you determine whether this is a suitable option for you, and you’re always welcome to contact our specialists to find out more and discuss your options.

How a Cash Advance Works

How Does a Cash Advance Work?

December 7, 2019
Cash Loans, Payday Loans

Even in today’s almost-cashless economy, there are still situations where you might find you need “real” money. From strolling through market stalls to picking up some furniture from a local on Gumtree, there are times when physical cash creeps its way back into circulation.

But what can you do when you typically tap or click “BUY NOW” for every purchase?

Well, taking out a cash advance with your credit card might seem like the obvious answer. Join us as we explain how to get a cash advance and explore whether it’s a viable solution for getting quick cash.

 

How does a cash advance work with a credit card?

You can think of a cash advance as using your credit card to buy cash instead of items. Just like any product you purchase on your credit card, the cash you withdraw will be placed onto your credit line to be repaid – and it’ll continuously accrue interest until you pay it all back.

 

How to Get a Cash Advance

Getting a Cash Advance at ATM

Does your credit card have a PIN? If so, you can likely get a cash advance from an ATM.

If not, head to a bank that accepts your type of credit card. Make sure to bring photo ID.

 

The Downsides of Cash Advances

A credit card cash advance is certainly an easy way to get money quickly, but it comes at a price.

To begin with, the ATM or bank you use to get your cash advance will likely charge you a transaction fee. Then you have the cash advance fee charged by the credit card company itself (either a flat fee or a percentage of the cash amount).

It’s also worth noting that the interest on cash advances is often significantly higher than the interest charged on actual purchases. Plus, you’ll likely begin accruing interest on your cash advance immediately (no grace period).

 

Alternatives to Cash Advances

Breaking Piggy Bank

As you may have guessed already, a cash advance is rarely the ideal path to getting money.

Instead, you might want to consider:

  • Overdrawing on your savings. Sure, you’ll cop a fee, but at least you won’t get slammed by interest.
  • Borrowing from a family member or friend. While not always possible and potentially a little embarrassing, this option is worth taking if it’s available to you.
  • Breaking open the piggy bank. If it’s literally a “need cash but only got plastic” situation, it might be best to dip into that piggy bank that’s been collecting dust on your kitchen counter.
  • Asking for an advance at work. If you can stomach the awkward conversation with your boss, you could potentially save hundreds in fees and interest.
  • Taking out a personal loan. A short-term cash loan may work out better than a cash advance. And whereas most credit cards will cut you off at a couple of hundred dollars, Cigno can help you borrow up to $1,000. You can also apply online from the comfort of your home or while out and about – no need to trek down to the bank or search for your nearest ATM.

For more information about how a small cash loan compares to a credit card cash advance, contact our team of short-term financial specialists.

fix bad credit score

The Possibility To Acquire Payday Loans With A Bad Credit

March 15, 2019
Bad Credit Loans, Payday Loans 2

There are times when you need payday loans to get through a financial situation. Taking out a payday loan when you have a bad credit score is possible. We know that trying to acquire a loan with a bad credit can be a challenge, especially when it shows on your credit file. Some lenders can have your loan application under soft search (informal enquiry) which is a better evaluation option because it won’t go on your credit file. Otherwise, this will make your score worst.

Getting approval is not guaranteed. However, there are a few tips you can use for a better chance at bad credit payday loans.

Improve your credit score

Improving your credit score is hard work. A bad credit score can stop you from getting a loan, among others. One of the benefits of having a good credit score is to help you out during emergencies. Here are some tips to better your score and keep it looking good.

  • Monitoring — Credit bureaus like Experian can help you monitor by providing your credit report for free. Your credit report can show all your direct debits and the positive or negative factors that contribute to your score. It gives you all the information you need, hence, allows you to make it better. *Note: your credit score differs depending on the credit bureau.
  • Consolidation loan — Sometimes, consolidation is good if you have multiple debts. This way, you just have one loan to worry about. The faster the principal could be paid off, the quicker you have to deal with the balance — his helps to boost your credit score. Aside from improving your score, there’s a tax break too. There are companies willing to give you a consolidation loan. They can really help you out with your debts, but keep in mind to only take one out if really necessary.
  • Don’t change residence — Changing your residence too much would affect your score negatively because it’d be harder for the lender to track you down. You should stay in the same place for a few months if you plan to make a loan application.

Requirements for Payday Loans

Your latest 3-month bank account statement is a usual requirement. This account is where your salary is directly credited to. If your salary is paid into more than 1 account, you will need to prepare and supply the bank statements separately.

Printouts from online banking may be accepted as long as you can give other supporting details to prove that you are the account holder. The data will help the lender in assessing your payday loan application.

Lenders may also ask for original documents or copies of:

  • Payslips
  • Utility bills
  • Centrelink statements
  • Other statement of accounts
  • Other loan contracts
  • Lease statement showing if your paying your rent on time

Data in your bank account statements, your credit file, and whether you are a first time borrower may indicate the type of documents you will need to submit.

If you already have possible lenders in mind to choose from, make sure to call them up and make enquiries to assess the right one for you.

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Find the right lender for your bad credit payday loan

Nowadays, there are many specialist lenders to choose from. You may not know where to look first, but it’s very important to do your research and find the right one that suits your financial situation. Here are the following things to consider:

  • Do some research — Make sure your specialist lender have a good reputation and dependable because they can access your bank account details and other personal information. Go to the lender’s website to learn about the terms and policies. Do not hesitate to make enquiries on important details.
  • Consider rates and fees — Expect to have higher interest rates and fees included in the loan with faster access to funds and special features from non-traditional lenders. They can charge up to 24% (monthly fee) of the principal loan amount for a loan less than $2,000, as monitored by The Australian Securities and Investments Commission (ASIC).
  • Loan extensions — Some specialist lenders can extend your loan term up to 90 days, which may include extra fees. Make sure to enquire about details in the event of a default. Ask about hidden and other extra fees you may need to pay in your loan terms. Try to avoid any extensions if you want to pay off your loan quickly.
  • Turnaround time — It is wise to look for a lender that can make fast decision and credit the funds directly to your account within a day. Cigno Loans offers products that won’t make you wait for days or weeks. Apply here.

The money from payday loans can be directly credited into your account on the same day. If you’ve made your decision and you want to acquire a bad credit payday loan, make sure to check first before signing the agreement. Learn about the loan terms and what happens when you default.

The Possibility To Acquire Payday Loans With A Bad Credit

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Although lenders can tailor-made it’s services for you, it is better to only get a loan if you are confident that you will make the repayments on time. Use a loan calculator to ensure that you don’t get a loan you cannot afford. Set the loan amount and term to have an idea of how much you are going to repay. Most lenders have their own calculator on their websites.

Cigno Loans - Payday Loans AU

Ways To Lower The Interest Rate On Your Payday Loan In Australia

February 28, 2019
Payday Loans 2

There are days when you are unavoidably short of money. Spending for an emergency, paying bills, and buying groceries can take a toll on your finances. These can all pile up until you don’t have enough money for the rest of your expenses. At these times, you look to your family and friends for extra cash. They may not be able to give the amount you need, though. This makes payday loans a convenient way to get financial aid.

There are many lenders that can loan you money for your emergency needs. These financial institutions generally accept everyone as long as they have the capacity to pay back the loan. This opens opportunities even if you happen to have a bad credit history. With payday loans in Australia, you can obtain funds for your needs and obligations.

The risks of borrowing

Being dependent on payday loans might cause you to fall into debt, however. For example, you borrow $500 from a lender and then they ask for a $100 fee in exchange for the loan amount. It’s alright if you are able to pay back on or before the due date of the loan. But what if you fail to do so? Your debt will roll over. You’ll be required to pay the fee for every period you aren’t able to pay back on time. This amount can accumulate until it turns out that you paid more interest than the original amount.

To avoid this problem, check the times when you’ve applied for a payday loan. Are your expenditures really urgent or can they wait until you have enough money to pay for them? Analysing your financial needs this way lets you determine if you should cut back on your expenses.

Cigno - Payday Loans AU

Lower the interest rate on your loan

Whether you are opting for payday loans or any other type of loan, interest rate is one aspect that is not in your hands entirely. There are ways to have it lowered to a level which would suit your repayment. Get your interest rates reduced by doing the following:

  • Compare different options — The most basic and must-follow rule when applying for a loan is to research properly and compare different lenders to find a deal that is most suitable to meet your needs. It is not just about the interest rates, but all the conditions and terms of the loan that you should take into account before choosing one lender.
  • Variable interest rate — This is more suitable if you are opting for payday (short-term) loans and if the lender is offering you option of variable rates. Usually fixed rates are on the higher side in comparison to variable rates when you apply for a loan. For loans with shorter term chances are less that the figures will change much. But make sure to do your homework fully considering the near-future market predictions and analysis. If variable rates are high when you apply for the loan, then stick with the fixed.
  • Offer an asset as collateral — Loans can be secure and unsecured, depending on the type of loan, lender, and some other conditions (credit history). Usually the secured loans have lower interest rates because lenders get the cover in the form of collateral. If you think that you can provide collateral to the lender to reduce your interest rate, then you can discuss this with the lender. But make sure that you have a strong repayment plan.
  • Better your credit score — Credit score is a big parameter that lenders consider when checking the loan applications. A good credit score definitely helps the seeker to get favourable deals with low interest rates. However, if you have a poor credit history, then you must start improving it today so that when you are in need of loans in the future you can secure fitting deals. Even if you are applying for a loan in urgency and find your credit history not good, you can get a loan at high interest rates. Keep improving your credit score and after sometime negotiate with the lender on reducing the rates based on your improved credit score.
Ways To Lower The Interest Rate On Your Payday Loan In Australia

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Finding a reputable lender

Some payday loan institutions use questionable means to get more money from their clients. One way they do this is through a continuous increase on the interest if the debt wasn’t paid on time. Be sure to check other companies and explore your options. Get to know the Australian laws on payday loans and cash advances. This way, you can report any inconsistencies with the way loans are given.

Check out companies that provide loans, such as Cigno Loans. Find out more about the payday loans they offer, so you can see if the terms are fair and reasonable enough.

Cigno Loans - Payday Loans AU

Are Payday Loans A Good Idea?

February 12, 2019
Payday Loans 3

There will come a time when you must take out a loan for your home, bills, or your family. If you need payday loans to get you through a financial emergency, it is essential that you do examine and choose the suitable one for you.

Payday loans have been popular and indispensable for quite sometime now. You can look at it in a positive light as these loans helped people who faced shortage of financial resources. But a few loan specialists can be evasive in their methods and this can leave you with a huge debt. You can use some tips that are applicable in eluding the traps of acquiring a loan.

The lender will have you go through an evaluation to ensure that your credit score will suffice and that you are creditworthy. In case of rejection, it will be recorded on your credit file and this black mark will be visible to future lenders.

Some lenders allow a soft search (informal enquiry) which is a better option without it going on your credit record.

Taking out a Payday loan

There are conditions to meet before obtaining a payday loan. Lenders can establish a lot of terms when issuing the loan. It is always good practice to negotiate the best terms possible with the lenders to avoid intricacies on reimbursements.

People with bad credit can qualify for payday loans as the lenders tend to overlook the history of creditworthiness with this type of loan. There are several important aspects which most borrowers need to know before they get involved in the payday loans application. It is good to try to figure out how to make the repayments early on and if it’s feasible.

It is crucial to ask the lenders for a full disclosure regarding the terms and conditions of the loan. Subsequently, consider the payday loans repayment amount and period and see if it works for you.

Cigno - Payday Loans AU

Payday loans cost

Cost is one of the main concerns borrowers have with payday loans. What are the interest rates? How much will be charged? What if I can’t handle the repayments? Many lenders are transparent with their fee structures, outlining what you will and might be charged for when you make a deal with them. One of these lenders is Cigno Loans. The data below can give a clear idea of cost you might agree on.

Through loan application, Cigno can help you customise where exact costs can be given.

Once approved, Cigno can send you a service agreement with multiple options (you have a choice for the easiest option) on how you can make the repayments. There is no obligation to take the loan if you think it’s doesn’t fit.

Nothing is hidden, no surprises, no catches, no worries!

The costs are broken down into 2 components:

  • The lender, Gold-Silver Standard Finance Pty Ltd’s (GSSF), cost.

  • Cigno’s charges as a service provider.

Gold-Silver Standard Finance Fees

Fee is calculated as a fixed, one-off non-interest charge equal to 5% of the loan amount.

Cigno Fees:

Financial Supply Fee:

  • 1 payment loan – 35% of loan amount

  • 2 payment loan – 45% of loan amount

  • 3 payment loan – 60% of loan amount

  • 4 payment loan – 75% of loan amount

Account Keeping Fee — $5.95 per week

Same Day Deposit Fee – $16.00 (Optional)

Priority Transfer Fee – $16.00 (Optional)

Additional Fees — In the event of your loan deviating from its original contract, additional fees and charges may apply. For more information, please refer to Disclosures and Authorisations.

Are Payday Loans A Good Idea?

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Extra charges and interest rates

For each type of a lender, you will get different terms and rates of interest. Some loan conditions in your agreement can cost you extra charges aside from your principal and interest. Administration fees and early repayment charges can be included in your contract so it is expedient to read all of the small print shown to you. Early repayment is always ideal so find a lender who won’t charge you for it.

Loan companies always advertise and market the interest rates in a representative way. Representative means that most borrowers are paying this rate, there is no low-rate guarantee to qualify for. Be aware of falling into this when looking for a loan.

Cigno - Payday Loans AU

Can I Get A Loan The Same Day?

February 5, 2019
Payday Loans

You can take out a payday loan (short-term loan or cash loan) and get an access to funds on the same day if you’re running out of cash. Payday loans in Australia are like short-term loans which offer small loan amount, usually up to $2,000 and must be reimbursed between 16 days and 1 year. The distinction between short-term loans and payday loans is the number of payments you make.

Disbursing a payday loan can be done through direct debit from your bank account or can be deducted from your salary. Your reimbursements will normally be deducted on the day you get your paycheck, so ensure there is sufficient money in your bank account to avoid defaulting and to cover this and other costs.

Who is qualified for payday loans?

Responsible lending is mandated by law and lenders are required to abide by it and it’s regulations. Encompassed in this is for the lender not to loan cash to borrowers who cannot handle the repayments.

Other conditions where lender won’t approve your loan application are:

  • If you have another payday loans in the last 3 months.
  • If you defaulted (failure to repay a loan according to the agreement) another payday loan.
  • If all of your money are being used up for repayments and not much is left for other expenses.

If 50% of your income is from Centrelink, the reimbursement on all your existing loans ( loan currently applied for included) should not exceed your income by 20%. In this case, there’s a minuscule chance for the loan.

Fees and charges vary depending on the lender, so it’s best practice to compare your options to get the best payday loan deal.

Requirements for Payday Loans

Bank account statements

Your current 3-month bank account statement will be required by the lender. This account is where your salary is directly credited to. If your salary is paid into more than 1 account, you will need to prepare and supply the bank statements separately.

Printouts from online banking may be accepted as long as you can give other supporting details to prove that you are the account holder. The data will help the lender in assessing your payday loan application.

Additional documents

Lenders may also ask for original documents or copies of:

  • Payslips
  • Centrelink statements
  • Utility bills
  • Other loan contracts
  • Other statement of accounts
  • Lease statement showing if your paying your rent on time

Data in your bank account statements, your credit file, and whether you are a first time borrower may indicate the type of documents you will need to submit.

Cigno - Payday Loans AU

Payday loan cost and charge limits

Charges and fees on payday loans are capped by the Australian government. Generally, the fees included in a payday loan are: establishment fee (20% of the loan amount); monthly account keeping fee (4% of the loan amount); government charge; default fee; and enforcement expenses. Lenders are not permitted to charge interest on the loan.

Since the 1st of February 2017, permission to charge direct debit fees on payday loans has been revoked. Prior to this, all direct debit charges are applied for the life of the loan. Banks, credit unions, building societies, or other Authorised Deposit-taking Institutions (ADI) are excluded from this cap on fees.

To have a better idea on charges and fees, check Cigno’s payday loan product and the Disclosures and Authorisations.

Access to funds from payday loans may come on the same day and with different cost. If you’ve made your decision and you want to acquire this type of loan, be sure to check the contract first before signing. Find out the loan terms and what happens when you default and only get the loan you can repay.

Payday loan alternatives

If you require cash, there might be other options for you at a lesser cost. Consulting with your utility suppliers is a good start. If you’re experiencing difficulty in paying your bills on water usage, electricity, or gas you should talk to your utility suppliers. They have hardship officers who can make an arrangement on how to pay your bills — it can be that you can pay in portions or apply for utility allowance.

Can I Get A Loan The Same Day?

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You can also look for and get a low or no interest loan. There’s a better chance in qualifying for this if your salary is low, particularly if you use the money for paying the essentials (household expenses, hospital bills, and other regular invoices).

Another option for payday loans is Centrelink advance payment. If you are qualified, you’ll probably get an advance payment, in which you won’t be charged. There are other forms of emergency relief, income support, and social services that the government provides. To search for relief providers near you, use the Department of Social Services Grants Service Directory.

Is A No Credit Check Loan The Right Solution For You?

December 21, 2018
Payday Loans

If you are stressed about your credit history and worried that you might not be approved for a loan, there are lenders now that offer no credit check loans. Instead of analysing your credit history, these lenders look at your bank statement, income, and employment before they decide if they can provide you access to funds.

Their focus is whether you can handle the repayments of the loan amount, based on what you can afford.

Read more about no credit check loans here.

“No credit check”? What does it really mean?

Basically, lenders will not ask your credit report from any credit bureau to look at your borrowing history. They will rather review your income and expenses through your latest 3-months bank statement to see if your account is in financial stress or not.

You also have to provide evidence of your employment to prove that you can afford the loan. If the income is from Centrelink benefits or pension and other sources, lenders might still consider the application for no credit check loans and eventually correlates the amount of what can be borrowed. If you are eligible and interested in getting a no credit check loan visit Cigno Loans to apply.

Although the lenders won’t check your credit report, your loan details will be listed on your credit file once your loan application commences.

Comparing No Credit Check Loans

Keep in mind the following pointers when comparing no credit check loans from lenders:

  • Loan amounts — Loan amount can be from a minimum amount of $100 up to the maximum amount of $1,000. The amount you can borrow will be determined by your financial situation. You will also need to consider your spending habits and any existing financial commitments.
  • Loan terms — Carefully go through the loan agreement to identify the loan’s characteristics. It is important to determine the loan terms because it will affect your monthly payment and your total interest costs. Look for repayment terms that best suit your financial situation.
  • Fees — The loan amount and features determine the different fees. You may also be asked to pay fees for settling the loan ahead of the loan period or for missed payments. An example of these fees is the loan origination fee. The lender may charge a loan origination fee for preparing and evaluating your loan. It may also cover the lender’s attorney fees, document preparation, and notary fees. You may want to check this to have an idea.
  • Processing time — Lenders know the urgent need of borrowers to access funds that’s why they now process loan application faster. Online application and read-only access to bank statements are now common so that lenders can evaluate the borrowers’ situation immediately, hence quick approval. It will be better if the lender you will choose credits funds directly to the borrower’s account within one business day.

Reminders on getting No Credit Check Loans

Make sure the lender you will deal with has a credit license and follows the Australian Securities and Investments Commission (ASIC) rules and regulations. Lenders which are considerate will make sure that borrowers won’t struggle to make repayments as this will reflect back to them. You should also choose a lender which can be contacted any time and respond swiftly and responsibly to your inquiries.

You might also be wondering about applying for multiple loans. It is usually not a smart idea to apply for more than one loan at a time in a short period. Every application will appear on your credit report and can be seen by the financial institutions you do business with. Lenders may see this as a bad negotiation practice on your part. Learn more about payday loans.

Check these criteria for eligibility:

  • The borrower must be at least 18 years old.
  • The borrower must have a regular income.
  • If the borrower receives benefits from Centrelink, half of the income must at least be from other sources.
  • The borrower can provide read-only access to the 3-months bank statement for faster turnaround time. This will show if the borrower has any outstanding loans or expenses such as credit card payments.

Lend responsibly and only get a no credit check loan when you really need it. Be mindful of the loan amount, repayment term, and additional fees that come with this type of loan. Always consider the commitment you’re making when applying for a small loan. For more guidance, you can click here.

Credit card in hand

Crucial Reasons To Get Your Cash Advance Online

December 10, 2018
, , Emergency Loans, Payday Loans, Short Term Loans 1

There are plenty of ways you can get a cash advance these days. In this article, we’re going to explain the top reasons why we think it’s best to get yours online. Whether you need the money to buy groceries or pay for crucial repairs around the the house, online loans promise speed and convenience above all else. Take a look through these definitive facts to see if getting your advance online seems like the right way to go. Let’s start with:

 

Online advances can be paid in hours

One of the most popular types of cash advance is a payday loan. This is the kind of short-term finance we offer at Cigno Loans. When you apply for one of these loans online, you can expect delivery of the money right into your account within 24 hours of your application being approved. In most cases, we can pay out the same day! This kind of speed can be essential when you’re in a tough situation, and being able to apply through our website makes the process so much easier.

 

Doing it online means no meetings or waiting lines

One of the worst things about going to the bank or a pawn shop, is having to wait in a line. When you apply online, there’s no such hassle. You can select the exact amount of money you need and get in touch with our dedicated customer service team if you have any questions at all. Instead of being an all day process, your application for an online cash advance can be addressed within minutes. In some cases, we can have the money reach you within hours.

When you try and get a loan or overdraft from the bank, you’ll no doubt have to set a meeting with whoever handles assessments and this can be a real time sapper. Payday loans are designed to be as fast and convenient as possible saving you from all the conventional horrors of getting a cash advance from a physical establishment.

Shopping for a good credit deal is never easy. Most banks and loan providers will almost certainly run you through a credit check as part of their application process. We don’t like the hassle of credit checks and we understand that a lot of people feel the same way, so we never use them as a form of assessment in our short-term loan process. We look at your current income instead as we know this is a much better way to check if you can definitely afford the amount you’re looking to borrow.  

 

Apply at night if needed

Most of us still work a 9-5 routine. That means showing up for meetings or taking lengthy calls during the day to get your loan can be a pain. With our online applications, you can get started on your loan application at any time. Whether you want to get on with it just before hitting the sack or really early in the morning, the option is there for you. Our team does work typical office hours, but we promise to jump on all applications as soon as we get in the next day!  

 

You can compare options easier online

One of the most crucial but also the most tedious facts about borrowing is having to weigh up options. When you get your cash advance online, you can weigh up your options with just a few clicks and page swaps. We’ve been in this business for quite some time now, so we know what separates the best providers from those that don’t survive. The best thing to look for is a solid company profile including a real business address, great customer reputation, and a very dedicated customer service team. Without these necessities, an unknown short-term loan provider could prove very risky to work with down the line.

 

Cut costs by doing it online

You’re probably in need of a cash advance because you’re already facing costs you can’t manage. Paying bills is often more expensive and harder now than it ever has been before. If you’re in a jam with money, the last thing you want is to have to spend more getting yourself from A to B. When you get your cash advance online, there’s no need to spend money on tickets, gas or parking, because you’re doing it all from the safety of your couch. The exact amount of money you need, paid to your account while you’re relaxing wherever you want to be – that’s exactly how it should be!

Crucial Reasons To Get Your Cash Advance Online

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Read more about cash loans with no credit check here, or in our previous blog post: Why So Many People Prefer Loans With No Credit Check

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4 Situations That Actually Warrant An Emergency Cash Loan

December 3, 2018
, Emergency Loans, Payday Loans 2

At Cigno Loans, we receive applications everyday from people who are in desperate need of financial support. We also receive quite a few applications from people who should think twice about taking a short-term loan for their intentions. As a responsible emergency cash loan provider, it’s in our best interest to only offer loans to people that really need them.

In this article, we’re looking at 4 situations where your need for such support is fully justified. The next time you’re in one of these situations and you’re short on cash to pay for the costs, we’ll be happy to help! Here they are:

 

  1. Need a new cooker or fridge

These are items that most families can’t live without. When the cooker or fridge goes bust while you’re short on cash, you’ll have no choice but to find the means to buy a new one as quickly as possible. Our loans are available within 24 hours of your approval, so they are perfect for situations where the money is required the same day.

How do we make the loans so fast? We don’t waste time with credit checks or an overly complicated process. We understand how important it is for the service to be as efficient as possible, so we’ve designed every step of our product to be smooth and super sharp.

 

  1.  Your car’s broken down

Your car is vital for many things, but the most important reasons you probably have it is for safety and transport to work. If it’s a sports car you keep locked up in the garage, then the repair can probably wait until you can afford to spend you own money on it. But if you use your car for everyday essentials, you won’t be able to live without it.   

Find yourself struggling quite often? There’s bound to be loads of ways you can save if you really put your mind to it. Whether you work full time for a salary or currently rely on welfare like Centrelink for your living, we’re prepared to consider anyone with a steady income they can work with.  

To make the process as practical as possible, we pay the emergency cash straight to your personal bank account. This means not having to hold the lump sum at any point if you don’t want to, not having to head out to pick it up, and an electronic transfer that takes seconds to arrive in most cases.  

 

  1. A big leak in the roof

This isn’t something anyone should have to tolerate even when money is tight. Leaving the situation to worsen could be a safety risk. Our loans for first time borrowers has a limit of $500. This should be enough to help people get through the most urgent situations while controlling the max amount that is accessible.

A lot of people see payday loans as a means to fund activities that we wouldn’t consider safe. So to remain as responsible as we can be, we have to be careful with how much we offer to new customers. We don’t condone gambling and never think it’s a good idea to borrow using a short-term loan in order to buy luxury or unnecessary items.

Holidays are the other major temptation. There are plenty of ways to plan a budget holiday without having to max out your credit cards or seeking an excessive personal loan. Looking to take a trip that’s absolutely vital for personal reasons? Then that’s a very different issue and one we’d certainly be prepared to help with.

 

  1. You need groceries for the coming weeks

It’s easy nowadays to get your finances mixed up and to spend more than you usually do. Lose track too quickly and you could find yourself lacking the cash to buy basic essentials for the month. When payday is just a few weeks away, a few hundred dollars would be more than enough to get you there.  

Our entire application process can be completed online through our website which means you can effectively send the form through 24/7. As soon as we get your application, we’ll get back to you with an offer as soon as we can. If you agree to the terms that are clearly presented in the offer, we’ll have your emergency cash paid to your account within moments.  

4 Situations That Actually Warrant An Emergency Cash Loan

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Read more about quick cash loans here, or in our previous blog post: The Best Advantages Of Fast Cash Advances And How To Use Them

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