3Jul2019

How to Consolidate Debt

July 3, 2019

Drowning in debt? There are solutions.

If you are looking for a way to manage your debt more effectively with lower repayments, lower interest rates, or a shorter term loan, debt consolidation may be the right choice for you.

In this article, we’ll discuss how to consolidate debt in a way the benefits you now – and in the future. Let’s get started.

What is debt consolidation?

Debt consolidation is the process of rolling all of your current debts into one single loan. People use a debt consolidation loan to achieve a variety of financial goals, such as increasing cash flow or paying off debt faster.

For the most part, this debt management strategy can be incredibly beneficial, especially if you are dealing with high-interest debt, such as credit card debt. It’s essential, however, to remember that some debt consolidation loans can make your situation worse. For example, if your new loan has a higher interest rate than your existing debts.

How to consolidate debt in three steps

Here’s our three-step guide to consolidating your debt. Follow this to determine which – if any – debt consolidation solution is right for you.

Step 1: Get a clear picture of all existing debt

Managing your debt effectively starts with gaining a clear picture of your existing debts. You’ll want to uncover the following information about each of your debts:

How much do you currently owe?
What interest rate are you paying?
What are the monthly repayments?
Are there any break fees? If so, how much do they cost?

Step 2: Determine how much can you afford to pay each month

Now, it’s time to work out just how much you can realistically afford to put toward your debt each month. This may be less or more than you are currently paying – either way, be honest with yourself.

You can use this information – as well as any other financial goals – to decide what you’d like to achieve from consolidating your debt.

If you can afford more than you are currently allocating to debt repayments, your aim may be to rid yourself of debt sooner. If you are struggling to meet your repayments, your aim will more likely be to reduce repayments with either a lower interest rate or longer-term loan.

How to Consolidate Debt

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Step 3: Explore debt consolidation loans

At this point, you should have a solid understanding of how much you owe, how much you can put toward your debt repayments each month, and what you hope to achieve by consolidating your debt. It’s time to explore debt consolidation loans.

A personal loan is a great option to consolidate debt for many individuals. Personal loans have fixed terms, meaning that repayments are calculated to ensure that all outstanding debt is cleared at the end of the loan period.

Opting for one, easy-to-manage personal loan may deliver the following benefits:

Lower interest rates
Fewer fees
Streamlined banking experience

Consolidate your debt today

Now that you know how to consolidate debt explore how our personal loans can help you achieve financial freedom. You can even apply online today – we promise it only takes a few minutes!

30Jun2019

The Best Loan Options for Your Home Improvements

June 30, 2019

CignoBlog

Easy Loans

Your home is one of the most significant investments you’ll make in your lifetime. Upgrades and renovations are a fantastic way to boost your quality of living and add value to your property. But what is the best home improvement loan?

There is no one-size-fits-all answer to this question. Let’s examine a few of your best options.

Option 1: Take out a personal loan

For most small- to medium-sized home improvement projects, taking out a personal loan is a top option to consider. This is especially true if the upgrades you are making are solely cosmetic.

Here are a few reasons personal loans are one of the best loans for home improvements:

Personal loans are cheap, fast, and easy. Closing costs for personal loans are usually quite low. The application process is quick – in some cases, you can expect to be approved on the same day as you lodge your application.
Personal loans are paid back fast. If you decide to refinance your property (more on that below) to fund home improvements, you’ll most likely be paying for those improvements for the next 15 to 30 years. Stretching out repayments will lead to a higher lifetime interest cost.

Do keep in mind, however, that personal loans typically come with higher interest rates than home loans. Personal loans’ lifetime interest cost will probably be less despite the higher rate.

Option 2: Refinance your home loan

If the interest rate on your home loan is higher than current rates, you may benefit from refinancing. This could lower your monthly repayments, all the while freeing up cash for your home improvement project.

You might also consider a cash-out refinance. Some lenders will allow you to borrow up to 80 per cent of your home’s value – that means cold, hard cash that you can use to renovate your property.

If you do decide to take this route of financing, do keep in mind that you are putting your home up as collateral for a bigger loan than you already have. You’ll be paying for costs with a long-term loan, adding the expenses of interest and other fees to the overall cost of your renovations.

The Best Loan Options for Your Home Improvements

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Option 3: Use a credit card

If you don’t have the cash up-front, you could use a credit card to make home improvements. Just be 100 percent sure you can pay off your balance within a short period of time – credit cards usually boast interest rates higher than any other type of financing.

Option 4: Save up and pay with cash

Patience is a virtue, right? If you are in a position to put away a portion of your income each week, and the improvements you plan to make are not urgent, saving up could be the best option.

Find out more about home improvement financing

Decided that personal loans are one of the best loan options for your upcoming home improvements? Find out more about our personal loans, or apply online right now.

25Jun2019

3 Ways to Save Interest on Your Loans

June 25, 2019

CignoBlog

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.

25Jan2019

Obtain an installment loan with bad credit

Obtain An Instalment Loan With Poor Credit

January 25, 2019

CignoBlog

Bad Credit Loans

Getting a bad credit score marks you as a risk and can be a significant issue, particularly when you are hoping to take out a loan later on. Being a risk will goad the lenders to lessen it by charging you higher interest rates or rejecting your application.

Bad credit loans are intended for individuals with poor credit files and credit histories. They are also offered to first-time buyers and self-employed, who loan specialists view as higher-risk borrowers.

Lenders specialising with bad credit loans usually have a reputation because of high-interest rates associated with it. You can apply for a loan at a bank, however, they have stricter criteria which may result in the application to be rejected. Rejected loan applications can do more harm to your credit rating, which can influence your future loan applications. Missing or defaulting on your loan reimbursements can also harm your credit score.

Here are 5 pointers to remember when taking out a bad credit loan to refrain from hurting your credit score:

Estimate a loan amount you can acquire by using a loan calculator.
Make sure you can afford the repayments by factoring in the loan amount to your weekly budget.
If you have doubts about your repayment capabilities, think twice if a bad credit loan is the best option.
The lender of your choice should be chosen wisely.
Set aside and save some funds to tide you through a crisis, so you can get around defaulting on your loan.

Other loans for borrowers with bad credit:

Secured loans — Using your home or car to secure your loan can enable you to meet all requirements.

Guarantor — Some lenders approve borrowers with bad credit or access to funds that are guaranteed by family or friends. Whether you can’t pay back the loan, it’s the guarantor’s responsibility to take care of the cost.

Payday loans — For smaller loan amounts, some lenders are less worried about your credit history and your finances. Keep in mind that payday loans frequently have substantial fees if your payments are late.

Bad credit rating

Your credit score is assessed through various factors. Outstanding debts or late repayments, previous loan applications, and lenders the type of loans you have applied for are factors to be considered when applying for bad credit loans.

Practices that harm a credit rating are:

Making multiple credit applications at once
Missing payments
Being careless about your bills
Making late payments
Exceeding card limits
Skipping payments

To avoid being black-marked, it is advisable to be responsible for your payments. If you have no credit history (have not applied for a loan previously), it can be considered a bad credit and can cause for a denied application.

Credit Bureau

There are Australians agencies that keep track of borrowers’ history and give credit scores that lenders use to evaluate loan applications. These credit bureaus are:

Get in touch with at least one of the agencies for a copy of your credit history (free copy per year + incurring fees). A free copy can also be requested after denied application in the past 90 days.

Enhancing a bad credit rating:

Pay bills on time
Keep a consistent job and home address
Grow your savings
Clear and avoid debts
Fix errors on your credit file (contact the credit bureau)
Minimise credit applications

Direct debit for bills payment

It’s useful for your credit score when you pay your lease, telephone, web, water, power, and other bills on time. Direct debit can make the procedure less demanding. By setting up an auto-payment system, you don’t need to make payments manually or via phone call.

*Caution: Ensure there are funds in your account to cover the direct debit, in light of the fact that a missed payment will harm your credit score.

@Cigno Loans

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Comprehensive Credit Reporting

The Australian credit system started to report credit history more comprehensively since March 2014. Before, a positive repayment history won’t wash out any extraneous bad credit history. These were all recorded in your credit file.

Nowadays, comprehensive credit reporting casts a more positive perspective of your past record. This has a good effect on individuals with not so perfect score who may have defaulted on a loan, yet made repayments periodically. It is the same with new borrowers without a credit history.

23Jan2019

Tips on what to do when paying off bad credit loans

What To Do After Paying Off Bad Credit Loans?

January 23, 2019

CignoBlog

Bad Credit Loans 1

Does your basic credit instinct tell you to get a loan? How good or bad is your credit score? There are bad credit loans available in the market in case your score turned out low.

Your credit score is an important factor when applying for a loan. It reflects the borrower’s credentials in paying back the funds and the potential risk of default. A good credit score ranges between 800 and 1,200. The credit score system varies depending on the credit bureau (i.e. Equifax, Experian, etc.).

A credit bureau is an agency that collects and researches individual credit information which lenders use to make a decision on granting loans. The borrower may request a free copy of the credit file from credit reporting bodies in Australia.

If there are incorrect information in your credit report, you must inform the corresponding credit bureau at once as this could affect your chances of loan approval.

The information listed below takes into account in your credit score calculation:

Previous credit applications
Previous unpaid loans
Previous loan defaults
Bankruptcy history

You would like your credit score to be at least above average to influence the credit institution’s decision in lending you the funds. Your credit score also affects the loan amount (and interest rates) they will allow you to borrow.

Banks and traditional lenders set criteria and generally won’t give access to funds to people with bad credit scores. Higher interest rates should also be expected with this type of loan since it could be unsecured, where no collateral is involved.

How to be approved for bad credit loans?

No need to be apprehensive if you find out that you have bad credit. What’s more important is the reason why you are getting a bad credit loan. Is it really imperative? Can you afford and pay it back on time and in full?

There are specialist lenders who are considerate and willing to help regardless of low credit scores. Although approval is not guaranteed, there are ways to better your chances for bad credit loans.

Check the eligibility — Lenders set the criteria for eligibility so they are open for calls from borrowers to discuss their financial situation and carve out want they can offer.

Order credit report — You can request your credit report directly from the credit bureaus such as Equifax and Experian. Within 10 days, the agencies are required to give a copy of your credit report. There must be assurance that the credit information is correct, updated, and relevant as these are vital to assess your creditworthiness. The information that can be gathered is personal details, consumer credit information, defaults, public record, and commercial credit information.

Bad credit loan options comparison — Since your applications will show up on the credit file, comparison of your loan options beforehand is advisable. Examine the convenience of application; the ways they credit check; interest rates and fees; and repayment terms.

Improving your credit score

Here are ultra practical ways to improve your credit score for future loan needs:

Debt consolidation — You can take out a new loan to pay off debts and liabilities in debt consolidation. The multiple debts are combined into a single piece of debt for more consumer-friendly payoff terms: lower monthly payment, lower interest rate, or both.

On-time payments — Listed on your credit report is the last 2 years of your repayment history. It’s important to show that you are responsible for your repayments and if you have lates, make sure to pay the succeeding ones on time. This also demonstrates your repayment behaviors with your utility bills such as electricity, internet, and mobile plans.

Stable job — A stable job, hence a steady source of income, proves you can pay back what you owe.

Homeownership and rental — Your capabilities to pay rental and the own a home establish to lenders that you will be accountable and responsible in handling your loans.

Avoid multiple loan applications at once — Whether it’s approved or not, each loan application will be listed on your credit report. Multiple applications are frowned upon and have a negative effect on your credit score. Until your score improves, wait before applying for the next one.

Always see to it that you are in a better financial situation possible to acquire and make the loan repayments. Do not make any commission if you’ve just changed job, changed address, or simply do not have the means to pay off the loan. If you think you can manage a bad credit loan, take the step and apply here.

9Jan2019

Determine What Your Chances Are To Get A Loan

January 9, 2019

CignoBlog

bad bredit, bad credit loans Bad Credit Loans 9

Say you need cash at hand because you are going through a financial emergency. Say you are planning to get a loan but have a bad credit. We know that trying to acquire a loan with bad credit can be a challenge, especially when it shows on your credit file. There are different loan options you can still consider. This is where bad credit loans can be applied.

Can I be approved of bad credit loans?

There is no sure way to get approved. Although there are a few pointers you can use for a better chance at bad credit loans.

You can check where you stand by examining your credit score. The higher the score is, the lesser the risk of defaulting. Your credit score can be checked in your credit report for free by using the national credit reporting bodies (CRBs) / credit bureaus listed on the Australian government website. Information such as loans acquired and applied for, as well as personal information (name, address, etc.) are also detailed in the credit report. *Note: your credit score differs depending on the credit bureau.

Bankruptcy, Part IX debt agreements, and defaults are indicators that will place you in the bad credit category. Lenders can also look at late loan repayments, late bill payments, exceeding credit card limits, and multiple loan applications as warning signs that you have bad credit. How bad your credit depends on the lender so make sure to make some enquiries or call their hotline to find out.

If you have applied for a loan before, you are well aware that multiple applications at once is frowned upon. Lenders view it as a red flag and might cause refusal to accredit future access to funds. If this is the case, wait for a while before making another application.

Use a loan calculator to ensure that you’re not applying for a loan that you can’t afford. Most lenders have their own calculator on their websites, set the loan amount and term to have an idea of how much you are going to repay.

Find the right lender for your bad credit 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 your research — Make sure your specialist lender is dependable and have a good reputation because they will access your bank account details, among other personal information. Visit the lender’s website to learn about the terms and policies. Do not hesitate to make enquiries and ask about details you deem important.

Rates and fees — For faster access to funds and special features from non-traditional lenders, expect to have higher interest rates and fees that come with bad credit loans. Lenders can charge up to 24% of the principal loan amount as monthly fee for a loan less than $2,000, as monitored by The Australian Securities and Investments Commission (ASIC).

Turnaround time — Assuming you need the cash urgently, it is better to look for a lender that can make fast decision and credit the the funds directly to your account within 1 to 24 hours. Cigno Loans offers products that won’t make you wait for days or weeks. Check it’s website to learn about your options.

Loan extensions — This may include extra fees, but some specialist lenders can extend your loan term up to 90 days. Make sure to enquire on details in the event of a default. Ask about hidden and 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.

Determine what your chances are to get a loan

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Although lenders can tailor-made it’s services to help you, it is wise to only get a loan when you really need them. If you already made a list of possible lenders to choose from, make sure to call them up and make enquiries to assess the right one for you. Remember to apply for a bad credit loan only when you are positive that you will be approved as every application will show up in your credit file.

Read the terms and conditions thoroughly to know the commitment you will lock yourself into. It is also advisable to work towards making your credit score better for future loans.

2Jan2019

Ways To Solve Your Bad Credit Problem

January 2, 2019

CignoBlog

bad credit, bad credit loans, no credit check Bad Credit Loans 1

When you have a bad credit history generally you are not qualified for a loan from banks or traditional lenders. Not many know, but there are bad credit loan alternatives available and they are very accessible. You’ll simply need to demonstrate that you can repay the loan by giving proof of a regular income, whether it comes from your employment or Centrelink.

What bad credit loans are like?

Bad credit loans are similar to standard personal loans, except for their fee and interest rate structure. Bad credit loans are more expensive because the companies run a higher risk of lending to those with bad credit histories. The good news is that these companies give everyone a fair chance to be considered for a loan.

Want to see if you qualify for bad credit loans? Get more information here.

Do I have bad credit?

If you have things such as bankruptcies on your credit file, you can assume that you have bad credit — The degrees of bad credit vary. Another way to see if you have bad credit is to have a look at your credit report and credit score.

Also be mindful of what can cause bad credit and try to avoid it, click here for more tips. Your credit score is also a good indication of your chance of approval. Consider a credit score that ranges between 0 and 1,000. If your credit score is 800-1000, it is excellent. If it’s 0-549, it is weak and below average. The lower your credit score, the more likely it is that you have bad credit.

Be careful with excessive credit applications in a short period of time, as this can cause you to fall into the bad credit category — be informed when it comes to credit card use.

Bad credit loans and the chances of approval

There is no absolute way to guarantee you will get approved for a quick cash loan. Keep these pointers in mind, when your credit history isn’t perfect and you’re considering to get a loan:

Check your eligibility — Lenders have set eligibility criteria which the borrower needs to meet. Make sure to visit the lender’s website or call them to learn if you meet their criteria and to discuss your situation. The following criteria are the most common eligibility requirements: an Australian citizen or permanent resident; at least 18 years old; has a regular income through employment or Centrelink benefits.

Get a free copy of your credit file — Your credit file is your financial history record, this is what the lender will evaluate to estimate your creditworthiness. Credit reporting agencies in Australia can provide you a copy of your credit file.

Compare bad credit loan options — Make sure you compare your options before you apply for a loan to minimise the number of applications you make. This is helpful and a good practice because every application you make shows up on your credit file.

Factors to consider when comparing bad credit loans

Before you resort to this form of borrowing, let’s look at some things to keep in mind when applying for a loan with bad credit.

Online application — You can save time with the convenience of applying online. It is also much easier to compare a range of credit providers online which will help you make the best choice. If you are interested in getting a loan go to Cigno Loans and simply fill in their easy application form.

Minimal to no credit checks — It is common practice for lenders to do a credit check. It’s a challenge to be approved for a personal loan from most credit providers when you have a bad credit history. You might want to consider a no credit check loan if you have credit problems.

Repayment terms — Most lenders will give borrowers different options on how to make their loan repayments. The most common way is through direct debit, which can be set up and broken down to eliminate the time spent making monthly payments. There is also robust security technology in place to increase the borrower’s confidence in the automated process.

Fees and interest rates — Although you can expect higher fees and interest rates due to the risk of these type of loan, rest assured that the fees are capped by The Australian Securities and Investments Commission (ASIC).

Don’t fret, you are not stuck with a bad credit

You should know that having bad credit doesn’t have to be a permanent thing. Late payments, foreclosures, and even bankruptcies will fall off your reports after a certain amount of time. This means that even if you file for bankruptcy, it’s still possible for you to work toward better credit.

The bottom line is it’s still possible to find lenders who will work with you and your bad credit. Just work towards improving your credit score and learn to handle your finances responsibly.

21Dec2018

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

December 21, 2018

CignoBlog

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.

11May2018

calculator on table financial cost - instant payday loans

How Instant Payday Loans Can Get You Out Of A Financial Bind

May 11, 2018

CignoBlog

instant payday loans Payday Loans

If you haven’t used Cigno before, you might be wondering how a payday loan can help get you out of that financial quicksand. But before we go any further, it is important to remember that a payday loan should only be used as needed, when you know you can afford the repayments.

Our loans at Cigno have helped Australians far and wide with financial assistance.

At the end of the day, we are only here to help in times you need it most. The following blog post will outline how this type of loan works and whether or not it is the right product for you.

Below you will find some commonly asked questions about instant payday loans. And if there is still something you would like answered, you can always refer to our FAQs page, or, feel free to call our friendly customer service team.

What is an instant payday loan?

This type of loan has been called every name under the sun. From instant payday loans, to small, short-term and same-day loans, it doesn’t matter what they are called. What matters, is how and why they can help you.

They get their name (whichever one you choose) based on lots of things. Firstly, let’s talk speed. Instant, fast, or same-day loans, yep, you guessed it, generally appear in your chosen bank account within hours of approval. Why?

Because when you are in a financial emergency, you need cash fast.

The term ‘payday’ is perhaps the most commonly used. That’s because this type of loan was designed as an interim solution until you are paid by your respective employer. It is a small amount of money, deposited into your account to tide you over until payday.

What are the associated fees?

The legislation in our industry continuously changes. But the industry standard for a loan of this type includes the following:

A one-off establishment fee which is 20% of the amount loaned
A monthly fee which is 4% of the principal loan amount
Any applicable government fees or charges
Fees or charges if you default on the loan

Cigno, through Gold-Silver Standard Finance, charges a flat fee of 5% of the amount that you borrow, which is charged the day your loan is approved and accepted, and is then repayable as part of you repayment schedule.

The real difference is in comparison to other types of loans, including home loans and credit cards. These charge interest annually whereas instant payday loans charge monthly, which is important to be aware of.

When can I get an instant payday loan?

The answer is in the question! Well, actually it’s not instant. Cigno generally pays into your account within hours, however, if approved late in the afternoon, you should receive the cash by 11:00am the very next day.

Learn more in this article on Finder: Payday Loan FAQs

What if I have bad credit? Am I still eligible for an instant payday loan?

As mentioned above, because they are ‘payday’ loans, they are ideally repaid when your next payday arrives. This is why the criteria of eligibility is more flexible than big-ticket loans for mortgages etc. Often credit history isn’t the major concern, it is the ability to repay. This is why we require identification and a bank statement in the assessment of your eligibility for an instant payday loan.

Borrowing responsibly

We advocate responsible borrowing as much as we practice responsible lending. Although we endeavour to help you in time of financial crisis by considering all applications, we will not loan money we believe can’t be repaid. All applications submitted to Cigno are assessed on the ability to repay the loan, and this is why we don’t approve amounts that can’t. Where possible, instead of disapproval, we will try and reach a conclusion that can still assist your financial need while being repayable.

Remember: borrow what you need.

How Instant Payday Loans Can Get You Out Of A Financial Bind

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Got any questions?

Not only do we have a FAQ page with a bunch of helpful questions and answers, but we also have a Member Portal. For registered members, this service allows you to log in get to know your loan. The Portal allows you to view repayment amounts and even postpone if necessary. If you have any further questions, you can always call, SMS or email.

No Catches. No Hidden Fees. No Worries.

Learn everything there is to know about the costs associated with a Cigno instant payday loan here and here.

Cigno is a reputable payday lender. We have always been transparent about our products and services. For more information, please don’t hesitate to contact us.

You can continue your loan education in our previous blog post: Understanding Different Types of Small Loans

10Apr2018

Calculating your student loans, A golden piggy bank with a grad hat on a calculator with word loans over a distressed wood background

How a Cash Advance Can Help You After a Disaster

April 10, 2018

CignoBlog

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In 2017, the Australian Bureau of Statistics released a statement claiming that that nearly 1 out of every 3 Australian households was over-indebted.

That number that has grown by 8% from 2003 – 2016.

Being in debt is difficult on its own, but imagine being in debt when a natural disaster strikes.

Earthquakes, floods, destructive winds, road closures, and sickness are all things that can damage lives, cripple businesses and create an incredible financial need.

An advance can be a helpful solution when disasters strike and during other times of uncertainty.

Cash advances provide immediate financial relief to people looking to get past difficult times. At Cigno Loans, we’re proud to offer fast personal loan and cash advance services to Australians when they’re faced with disaster.

You can’t control Mother Nature. When disaster strikes, a cash advance can put you on your feet again. Here’s why.

How Can A Cash Advance Help You After a Disaster?

Medical Expenses

Natural disasters can embody a wide array of hardships including increased occurrences of sickness like the flu.

Even if the natural disaster you’re facing is not related to sickness, things like floods and earthquakes can cause injury and illness. This can mean paying for medication, treatment, and may even result in needing time off work.

When an unexpected disaster puts the burden of medical-related expenses on you or a family member, a cash advance can help.

Cash advances give you the financial support you need to give your body the resources and time it needs to make a full recovery.

Home Repairs

Home repairs are the most common hardship associated with natural disasters and for good reason.

Harsh winds, rains, floods, and earthquakes can cause severe damage to the place you live. This can exacerbate the already unpredictable costs of home ownership.

Pipes can sustain damage and roofing might tear. Trees on your property may even present an environmental hazard which means you need to pay to get them cut. These are just a few examples of what you might encounter.

Some disaster expenses are non-urgent but problems caused to your home may need immediate attention. Living in a damaged environment can at best, be uncomfortable for you and your family, or at worst, present danger.

A cash advance can help bridge your income. This will ensure that the quality and comfort of where you live does not need to be on hold until you receive your next paycheck.

Car Repairs

Australian research firm IBIS World estimates the car repair industry’s revenue at 16 billion dollars a year as of 2018.

That’s good news for them but that revenue comes at the expense of car owners who are generally caught off guard by vehicle damage and breakdowns.

Natural disasters only increase the risk of unexpected car repairs.

Flooding can ruin engines and severely damage car interiors. Accidents caused during earthquakes, high-winds or severe rains can lead to tremendous body repair costs. They may even mean needing to replace your vehicle altogether.

If you use your vehicle to get to work or drop off family members at school, getting your vehicle repaired in a timely manner may be of even greater importance.

If you find yourself in need of financial help to make emergency car repairs when a disaster strikes, a cash advance can be the solution you are looking for.

Cash advances can provide you with the financial lifeline you need to ensure your car is in working condition and safe so an unplanned disaster doesn’t put you out of service.

Work Gaps

City workers, electricians, and disaster relief personnel are just some examples of people who probably won’t need to worry about having work when natural disasters strike.

But what about a supplier whose restaurant closes during disaster-related repairs?

Or how about an online freelancer whose internet is down? It could take weeks for his or her internet provider to repair their connection and get them back to work.

Natural disasters can lead to uncertainty in regards to when you’ll see your next paycheck and unfortunately when work pauses your bills don’t.

A cash advance can help get you past a lull in your work routine so you don’t have to worry about how you’ll get yourself through the rest of the month.

Dips in Business

Small business owners, particularly those who run brick-and-mortar establishments, may get hit the hardest when disaster strikes.

Disasters can result in road closures which can make it impossible for customers to access your goods and services. Your business may have been damaged and you might have to close your doors until it meets safety standards again.

And even if the damage is not an issue for your establishment, customers are less likely to go out and spend their disposable income after a disaster due to fear and uncertainty.

No matter how it happens, when natural disasters hurt you and your business’ bottom line, you may find yourself worried about mounting expenses and your lack of income.

A cash advance can help.

When your business is built for the long-term success, a cash advance can make sure you are not hurt by short-term financial hardships.

In Summary

Natural disasters are unpredictable and can cause financial hardship to hard-working everyday people.

When repairs need to be made, medical expenses need to be paid, and income needs to be bridged to get through difficult times, getting a cash advance can be the solution you need to ensure that your life is disrupted as little as possible.

How a Cash Advance Can Help You After a Disaster

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How We Can Help

At Cigno Loans, we are proud to offer cash advances up to $1000 to Australians who need assistance getting through hard times in their life.

We believe in giving everyone fair consideration when applying for our loans. We offer a quick, non-invasive application process that aims to get you the money you need.

We also believe in responsible lending and borrowing. That means we will help you get a loan amount that best fits your financial situation and sets you up for success.

If you’re interested in a cash advance, apply for a loan today. For more information about the types of loans we offer or other financial advice, read more on our blog.

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