17Sep2020

Pros and Cons of Getting a Personal Loan | Cigno Loans

Pros and Cons of Personal Loans

September 17, 2020

A personal loan can sometimes be the ideal solution for covering bills, affording a holiday, or making a purchase that’s currently just out of reach. However, as with most things in life, there are both pros and cons of personal loans.

And as with most decisions in life, you’ll typically make the right call when you’ve done the appropriate research to fully inform yourself. To help you do just that, we’ve put together a list of the pros and cons of getting a personal loan.

Personal Loan Advantages and Disadvantages

Pro: They’re flexible.

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A home loan can help you buy a home. A car loan gets you some new wheels. But you can use a personal loan for pretty much anything you need or want. This means it’s suitable for just about any circumstances and can come in handy for any unexpected expenses or essential purchases.

Con: It’s only a temporary fix.

Personal loans aren’t going to get you out of debt. If used wisely, they can be a good short-term solution between paydays. But you need to make sure you never borrow more than you need or more than you can afford to pay back. Otherwise, your personal loan could lead into a cycle of debt.

Pro: Approval and transfer are quick.

The cash from a personal loan can land in your account in days or even hours – great for when your bills or purchases can’t wait. With Cigno, you’ll usually enjoy same-day approval and receive your funds either that day or the next morning.

Con: Interest rates are reasonably high.

Compared to other types of loans, personal loans tend to carry a higher interest rate. Before committing, make sure you understand what rate to expect and do the maths to check that your repayments will be within your budget.

Pro: Bad credit isn’t necessarily an obstacle.

Getting a mortgage or other large loan can be difficult if you’ve got a couple of strikes against your name. Personal loans are typically more forgiving for people with blemished credit histories. Just keep in mind that poor credit can still restrict your options and might lead to a higher interest rate (depending on the lender).

Con: They need to be paid back quickly.

Personal loans are quick – and so are their repayments. You’ll have a limited window to repay the loan before additional fees come into play, so plan your finances accordingly to avoid paying extra.

Pro: No assets are needed.

Many personal loans can be unsecured, which means you don’t need to put your home or vehicle up as collateral.

Weighing Up the Pros and Cons of Personal Loans

Weighing Up Pros and Cons | Cigno Loans

A loan isn’t something to apply for on impulse. It’s an important financial decision you should only make after understanding the pros and cons of getting a personal loan – as well as considering available alternatives.

Compare the personal loan advantages and disadvantages listed above, and think about how relevant each one is to your current situation. This will help you decide if a personal loan is the most suitable step forward for your finances.

If you’ve determined that a short-term cash loan is the appropriate solution for you, you can apply today.

18Sep2019

Top Tips To Help You Save Fuel

September 18, 2019

Henry Mabana

unsecured loans, unsecured loans australia, unsecured loans online Unsecured Personal Loans

These top and simple tips can help to make your car go further between refills.

Economical driving

Use less fuel around town:

Maintain a steady speed and drive smoothly.
Ease back on the accelerator once the car has gained speed when you drive an automatic.
Change car gears and use the gearbox rationally.
Avoid engine idling for too long.
Avoid heavy traffic and peak hour.

Use less fuel on the freeway:

Take 20 km/h off your speed to reduce fuel consumption by as much as 25%.
Use cruise control.
Lessen the use of your car’s AC. If you don’t have AC and travelling over about 50 km/h, keep the windows up and use the practical ventilation.
Use the economy mode to ensure the transmission up-shifts earlier if your car’s transmission has power and economy modes.

Note: All of the above is also for reducing wear and tear on your car’s tyres, brakes, and other mechanical parts — you’ll save on running costs too.

Use your car less

Using your car less is one of the best ways to cut fuel costs. You have other options, such as car pooling, public transport, riding a bike, or walking.

Combine smaller trips into one when you use your car. Several shorter trips will use more fuel than one longer trip.

Note: A cold engine is less fuel-efficient and emits more pollutants than a warm engine.

Car care

Regular car service keeps running costs down and helps save on fuel. Car care best practices include:

Correctly tuned engine
Keeping the fuel and ignition systems in good working order
Keeping filters in good condition
Regular engine oil change using the correct grade as recommended by the manufacturer.

Top Tips To Help You Save Fuel

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Correct tyres inflation

When your tyres are still cold, check the tyre pressure once a week.

Keep your tyres inflated to a pressure slightly higher than that stated in the vehicle handbook.

Setting the tyre pressure slightly higher will aid in fuel economy and safer handling.

Note: Suggested tyre pressure can be found on the tyre placard, inside the glove box, on the fuel filler flap, or on the driver’s door.

Wheel alignment

Make sure the wheel alignment is correctly set and the brakes aren’t dragging. Both of these can increase rolling resistance and use up more fuel.

Reduce weight

Hold on! We’re not body shaming you. This means reduce the amount of unnecessary weight in your car. Toolboxes, golf clubs, etc. add weight that increase fuel consumption.

External attachments (e.g. roof racks) will increase wind resistance and fuel use so, if possible, remove them when not in use. If used, load them carefully to minimise wind resistance.

Unsecured loans in Australia

Are you in need of quick loans? Does it have to be approved urgently — with no long wait times or paperwork?

Tell Cigno Loans how much you want to borrow. By analysing your bank statement, they’ll figure out what kind of loan is best suited to you (i.e. unsecured loans).

You will need to provide your bank statements for at least the last 90 days before you apply online.

Note: For a secure, quick, and easy process, use Credit Sense to upload your statement.

2Sep2019

Worried roommates reading a bank notification

8 Signs of a Personal Loan Scam

September 2, 2019

Pivotal SEO

Unsecured Personal Loans

With technology becoming increasingly more advanced, it’s becoming easier and easier to fall victim to personal loan scams. When you’re in financial stress and desperately need a loan, it can become even harder to see the signs of a loan scam.

By being aware of some common telltale signs of a possible personal loan scam you can protect yourself from potential losses. Let’s have a look at some of the most common signs of a loan scam.

1. They’re not a registered financial services provider

Before you sign a contract or even inquire about a loan, you should always check that the lender you’re contacting is legitimate. To conduct business as a financial services provider in Australia, companies need to register for an Australian Financial Services (AFS) licence. If they don’t have a licence, don’t deal with them. Also, even if they do provide you with an AFS licence number, you should check the Australian Securities and Investment Commission (ASIC) Professional Register list to be sure that the number is legitimate. You can also check the list of known fake regulators to make sure they don’t appear there.

2. They contact you first

It may seem like serendipity, but if someone contacts you first, there’s a good chance they aren’t legit. Whether they contact you over the phone, through the post or by email, always consider that it may be a scam. Trustworthy companies don’t cold-call potential borrowers. If you already have a service with a bank, for example, they may contact you about their other services but if it’s someone who you haven’t dealt with before, be very wary and conduct proper checks.

3. The rate or terms seems ‘too good to be true’

As the saying goes “If it seems too good to be true, it probably is”. Lending is a competitive market and businesses are constantly competing with each other and adjusting their rates, but if the rate is very low compared to everyone else, there’s a good chance it’s a loan scam.

4. The website isn’t secure

When dealing with financial transactions, you want your lender to be concerned about internet security. Look for the padlock symbol located next to the website address bar to confirm that the site is using a secure SSL connection. This may sound complicated, but essentially if they aren’t a secured website then your confidential information is at risk. If a lender doesn’t have a secure website, then they aren’t concerned about your security and that is a big red flag that they may be a personal loan scammer.

5. You can’t find any address or contact details

If you can’t find any way to get in touch with the lender, don’t continue with your enquiry. You need to be able to see contact information, and even better, a physical address. A legitimate lender should provide licence, address and contact details and if contacted, should provide decent customer support.

If a lender was to scam you, it would be difficult to get in touch with them if they don’t freely provide that information. Therefore, most scammers are likely to hide their contact information so that they can’t easily be found.

6. The loan is guaranteed

While it sounds nice, no loan is 100% guaranteed. If a lender guarantees that you’ll be approved without even knowing your personal circumstances or credit score, then they may be fraudulent. They offer these guarantees to lure you in and take upfront deposits or fees before disappearing.

7. The loan offer is vague or incomplete

If a lender is hiding some of the information you usually expect in a loan such as full terms and conditions, early exit fees, balloon payment fees or interest rates, then do your checks before you consider their offer. If the offer lacks this detail or there are consistent spelling and grammar mistakes, or something doesn’t seem right then it could be a scam.

8. They don’t run a credit check

Credit licensees must comply with the responsible lending conduct obligations under the National Consumer Credit Protection Act 2009 (NCCP). This means that licensees must not enter into a contract with a customer if the suggested contract could be deemed ‘unsuitable’ for that customer. This means that the licensee must run appropriate checks to ensure you have the ability to service the loan. If a lender doesn’t run a check on your credit or doesn’t ask information about your financial situation, then they are not complying with the NCCP and could very likely be a loan scammer.

I think I’ve been scammed. What should I do now?

If you think you’ve been scammed, contact your bank immediately. They may be able to stop any fraudulent transactions from going through your account. If you sent money through another company or service, contact them as well.

You should also report the incident to the Australian Securities and Investments Commission (ASIC) as well as your local police station.

Unfortunately, there may not be much that can be done about getting your money back from any initial fees you paid but you can stop yourself from getting into further trouble by contacting someone if you suspect something isn’t right.

Some other things that you can do include:

Keep any email contact from the scammer as proof.
Check your bank accounts regularly for suspicious transactions.
Request a freeze on your account.
Request new cards from your bank.
Scan your computer for viruses.
Get a copy of your credit report to see who may have recently checked your credit history.
Warn family and friends.

11Jul2019

10 Easily Forgotten Monthly Expenses - Cigno Loans

10 Easily Forgotten Expenses

July 11, 2019

Henry Mabana

emergency loans, quick loans, unsecured loans, unsecured loans australia Unsecured Personal Loans

According to a study, it appears most Australians can’t tell the exact amount they spend on expenses. As a result, they usually forget to include some into their budget. The following are the easily forgotten expenses on a regular basis.

1. Annual physical

We are supposed to have an annual physical and go to the dentist 2x a year for checkups and regular cleanings. There are other regular tests or preventative screenings you should also get, depending on your age.

2. Medication

The medication cost can really use up your budget if your family use a lot of medicines. The government has programs, such as the Pharmaceutical Benefits Scheme (PBS) and Medical Safety Nets, for help.

3. Haircuts

Men’s haircuts are way cheaper than women’s and can be had for $10-$20. Unless they’re maintaining a short hairstyle, women tend to pay more for a simple wash and trim. How much more depends on the style and extras.

4. Babysitter

You need a break from looking after your kids time and again. Babysitters are lifesavers that can keep you sane.

Typically, when you hire a babysitter, you want to treat them well as you’d like them to come back and sit for you repeatedly. You’re putting them in charge of your kid’s safety, so paying the right price for their service is essential.

5. Pet Care

Australia has one of the highest rates of pet ownership in the world. About 62% of Australian households own pets. There are an estimated 24 million, or more, pets in Australia.

Australians spend the most on:

dogs — estimated $1,475 each, annually
cats — estimated $1,029 each, annually.

This is on average, where some pets will cost more than others.

6. Car insurance & registration

All registered vehicles, except trailers, in Australia is required by law to a minimum insurance — the compulsory third party personal injury (CTP Greenslip) insurance. Every car with a current registration sticker has this insurance as vehicles cannot be registered without this certificate.

CTP insurance covers everyone involved in a motor vehicle accident for medical and disability costs that result from the accident — except the driver who caused the accident.

10 Easily Forgotten Expenses

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7. Oil change

Along with regular car inspection, do not forget to include oil change in your budget calendar. Before an oil change, most cars today can go much farther than 5,000 kilometres (or every 3 months). Usually, it’s between 8,000 and 12,000 kilometres, or up to 16,000 kilometres.

Some newer vehicles have oil monitoring systems to remind you when it’s time to change your oil. You can check your car’s owners manual for recommendation from the manufacturer.

8. HVAC maintenance

Maintaining your heating, ventilation, and air conditioning (HVAC) should be a regular thing. With extreme temperatures these days, a preventative maintenance schedule is essential for all HVAC equipment. Work this into your budget in spring or fall.

9. Pest prevention

Pest prevention is easier than cure. Controlling pests and preventing their return needs knowledge as well as great products. Look for professional solutions for your pest control or search for DIY tips and guides online.

10. Taxes

Don’t let taxes sneak up on you, whether you’re a business owner or a freelancer. Always set aside for your taxes from your salary each month. Use a registered tax agent when lodging your tax return and skip the stress.

Unsecured loans in Australia

Are you in need of quick loans? Does it have to be approved urgently — with no long wait times or paperwork?

Tell Cigno Loans how much you want to borrow. By analysing your bank statement, they’ll figure out what kind of loan is best suited to you (i.e. unsecured loans, or emergency loans).

You will need to provide your bank statements for at least the last 90 days before you apply online.

Note: Use Credit Sense to upload your statement. It’s secure, quick, and easy!

10May2019

Cheap Holidays and Where To Find Them

May 10, 2019

Henry Mabana

easy loans online, fast cash loans, unsecured loans Unsecured Personal Loans

Need a break from work, school, or household chores? You might feel like you’re stuck in a rut in your daily grind. If you’re yearning for something exciting and different, why not go on a holiday?

Exploring another place will give you a fresh appreciation and perspective on life. Traveling is also a special way to deepen relationships and meet new friends.

Now, where would you wanna go? You can search online for a range of cheap holiday packages near you or somewhere faraway that you may fancy.

Check out the following travel apps and discover where to go with great deals that won’t hurt your pocket. This extremely economical holiday destinations will definitely give you a much needed break!

TripAdvisor

With the all-new TripAdvisor, you’ll discover helpful travel recommendations and advice from the people you follow and easily save and share ideas to plan and book your perfect getaway. There are millions of traveler reviews and photos, bookable tours and attractions, and recommended restaurants — it’s everything you need to know and go better, every time.

TripAdvisor app

The TripAdvisor mobile app for iOS or Android is free and easy to use:

Discover what’s near your current location.
Find great deals and compare airfares.
Search and book amazing tours and attractions.
Find the best hotel for you, including Travelers’ Choice award winners.
See the lowest hotel prices from over 200 booking sites.
Explore restaurants and reserve tables online.
Access over 700 million traveler reviews and opinions.
Discover great travel ideas from the videos, trip guides, articles, and reviews in your personal travel feed.
Follow friends and travel influencers to get helpful advice and recommendations.
Visit the TripAdvisor forums and get answers to your specific questions from other travelers.
Save and organise your travel ideas in one place to plan and book easily.
Add your own reviews and photos.

Note: TripAdvisor app is optimized to conserve battery power and only use GPS where necessary. Although continued use of GPS running in the background can dramatically decrease battery life.

TripAdvisor app uses your location to notify you on personalized hotel, attraction and vacation rental recommendations, restaurant, as well as remember the places you visited via Travel Timeline feature. These locations are collected even if the app is in the background.

Airbnb

With Airbnb, you can now start your unforgettable travel experiences. Find travel adventures and new places to go near or far, and access vacation home rentals, places to visit all around the world, and new experiences.

Airbnb app

Book everything for your trip, or start earning money as a host. Download the Airbnb app for iOS or Android.

Travel experiences — Go on local experiences led by native experts, whether it’s for multiple days or just an afternoon. Explore Seoul’s underground music scene, hunt for truffles in a Tuscan forest, or give back to the community with a social impact experience.

Vacation homes — Choose from over 4 million vacation home rentals across 191+ countries. Search by price, neighborhood, amenities, and more.

Popular destinations — Experience the beautiful sights and find local guides for the perfect vacation:
- Barcelona – Discover the cities beauty with guided walking tours.
- Paris – Find your fill in some of the best culinary tours and museums.
- Rio – Explore the birthplace of Samba or Hand Glide over the sights.

For travelers:

Search for last minute travel accommodations or long term rentals.
Save your favorite rental homes, experiences, and places—and invite friends and family to plan the trip with you.
Book vacation home rentals and travel experiences for your next solo journey, family vacation, or business trip.
Add experiences and events to your itinerary.
Message your host and get directions to your home.

For hosts:

Share your extra space or lead experiences that showcase what makes your city great.
Update your listing and calendar availability.
Share what’s special about your neighborhood with a host guidebook.
Message guests and manage their reservations.

Cheap Holidays and Where To Find Them

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Trivago — compare hotels & save

Get savings when you hotel search with Trivago! Discover the great deals, compare hotel prices, and save money on your next holiday or trip.

Find hotels for your holiday or business trip, discover a last minute city break, or a winter sun weekend deal. With more than a million hotels to choose from and hundreds of worldwide booking sites to compare, plan your next trip stress-free!

Trivago app

Download the Trivago app for iOS or Android.

Discover travel discounts, deals, and savings from hotels worldwide so you can travel cheaply.
Compare and find hotels, motels, or B&B’s from hundreds of bookings sites worldwide including: Expedia, Hotels.com, Holidaycheck, ebookers, AlphaRooms, LateRooms, Travelrepublic, Amoma.com, Booking.com, Priceline, HotelTonight, and more.
Keep your hotel search within budget, search by both location and price, and easily compare.
Hotel search with the Trivago Rating Index® – see the combined online ratings of all available hotel review scores so you feel confident before you book.
Set a trip itinerary for that last minute getaway.
Save money on vacation and travel sites so you can book your ideal hotel at your convenience.
Trivago’s massive workforce will always find the great deals on hotel prices to make your next vacation stress-free.
The Guardian lists Trivago among the “10 best money-saving apps.”
Lifehacker lists Trivago among the “best price-comparison apps you need to download.”
Tech Times calls Trivago one of the “must have apps for frequent travelers.”

Skyscanner — book cheap flights, hotels, car hire

Whether you’re booking holiday, a city break, or a romantic trip, Skyscanner is the best travel planner for booking cheap flights, hotels, and car hire.

Travel smarter with Skyscanner’s slick all-in-one travel app. Instantly search, compare and book cheap flight tickets, hotels, and car hire deals anytime, anywhere for your next trip.

Independent, unbiased and completely free — Skyscanner simply find you the best holiday deals out there in seconds. Book your next trip with the award-winning, simple to use travel planner brought to you by the world’s travel search engine. Available in over 30 languages.

Search over 1,200 travel sites at once to instantly get the best deal. Skyscanner includes deals from:

Expedia
Wotif
Virgin Australia
Jetstar
Tigerair
Emirates
Air New Zealand
AirAsia
Scoot
Booking.com
Hotels.com
Accor
Avis
Budget
Enterprise Car Rental and more!

Skyscanner app

Compare and book them all in the one app. Download the Skyscanner app for iOS or Android.

No booking fees or hidden charges
Get notified of any price changes with Skyscanner Price Alerts push notifications. Never miss a price drop and make sure you get the cheapest flight.
Easily find and compare the cheapest days and months to fly with a colour-coded calendar and chart view.
For holiday inspiration, select ‘Everywhere’ in the destination box and cheap flight prices to the best destinations around the world will brighten up your day.
Filter results by airline, flight length, stopovers, cabin class, departure and arrival times. Book your perfect trip.
With the new Trips feature, you can keep track of your journeys and all your bookings in the one place. You no longer have to search your old emails to know your flight number or departure time. Find it in two taps of your Skyscanner app. Be kept updated on gate changes and flight updates.
Book your whole holiday with Skyscanner. Compare cheap hotel deals from hundreds of thousands of hotels, resorts, bed and breakfasts, apartments, and hostels. Find rooms near your current location. Even search last minute hotels for tonight. Just looking for inspiration? Search for hotels in all your top destinations and dig out some great hotel deals.
Search the world’s car hire deals in seconds. Choose from 30,000 car hire airport or city locations, then filter by vehicle type, auto, or manual and features to find just the car rental you want at just the right price. What’s more, the Fair Fuel Policy flag makes sure you don’t get ripped off on fuel when you rent a car on holidays.
Skyscanner team is contactable 24/7. Accessible via the Skyscanner Help Centre.
Access recent flight searches from your app home screen and quickly pick up where you left off.
Log in to sync your flight searches and price alerts across all your devices- phone, tablet and desktop.
Earn frequent flyer points when you search for and book cheap flights.

Holiday loans from Cigno

Holiday or travel loans are unsecured loans that allow you to finance your trip using the funds. Typically, you can spend the money on any worthwhile purchase or expense — this includes holidays and any other trips.

Some loan providers offer fast cash loans that are tailored for traveling, even if you have bad credit. You may be able to spread payments of a tour or travel package out over the few months before you leave or you could be given interest-free terms on a travel loan.

Cigno are specialists in facilitating and managing cash advances. With these easy loans online, you can borrow up to $1,000 with a maximum term of 62 days. Extra fees and charges are applicable if you choose to use Cigno’s services.

Cigno offers a 24/7 online platform, so apply anywhere, anytime! Even on weekends!

Grab the chance to have a break this travel season and come back relaxed and recharged with new travel anecdotes to tell!