Cigno Short Term Loan

Find out exactly how a Cigno loan works and how much you will be charged.

Cigno provides a type of short term financing with amounts of up to $1,000 available. Cigno acts as an agent to connect you to Gold Silver Standard Finance, which will provide you with financing. This page will guide you through how this loan works and how much you might be charged with this loan.

How does a Cigno loan work?

You can apply for a Cigno loan online and you're able to apply for up to $1,000. When you submit your application, the last three months of your bank statements will be reviewed to help determine your eligibility. If you're approved you will be required to pay a fee of 5% of your loan amount on the day you receive your funds. This is usually the day after you're approved.

The entire loan needs to be repaid within 62 days and the first repayment is due within 20 days. You'll receive your repayment schedule when you are approved.

What features does Cigno offer?

Here are some of the features of a loan from Cigno:

• Loan amount. You can apply to borrow up to $1,000.
• Fast loan approval. Once you are approved for a loan, you can expect to receive your funds the following day.
• Borrow for a range of purposes. Apply for a loan to cover a range of unexpected expenses.

Fees charged on a Cigno loan

Cigno is not regulated under the National Consumer Credit Protection Act 2009. The fees it charges are as follows and depend on how many payments you make towards your loan.

• 1-payment loan: 35% of your loan amount
• 2-payment loan: 45% of your loan amount
• 3-payment loan: 60% of your loan amount
• 4-payment loan: 74% of your loan amount

Ongoing fees

• Account-keeping fee: $5.95

Default fees

The following fees may apply in the case of a default or rescheduled payment.

• Same day deposit fee: $16
• Priority transfer fee: $16
• Extension of first payment fee: $20
• Change of payment date and amount fee: $20
• Payment reschedule fee: $30
• Collections phone contact fee: $8.80
• Collections tracking fee: $50
• Investigator/handover fee: $175 + legal fees
• First dishonour letter fee: $30
• Second dishonour letter fee: $50
• Third dishonour letter fee: $50
• Dishonoured payment fee: $49

Eligibility criteria for a Cigno loan

To be eligible for a loan, you need to supply certain information so Cigno can check whether you can afford the loan. This information includes:

• Your personal details, such as your address and your name
• Your contact information
• Bank statements for the past 90 days that demonstrate a regular income
• Identification such as your passport number, driver’s licence, proof of age card or birth certificate

Your credit details are obtained through Credit Sense, which is an external company that uses your online banking information to provide Cigno with the required details.

How you can apply

You can apply for a Cigno loan online via its website. Keep the following in mind:

• You can choose either to go through Cigno or deal with GSSF directly. However, dealing with GSSF is a longer and more time-consuming process and the funds are deposited via a cheque in the mail instead of with an electronic funds transfer (EFT).
• Have your personal details and bank statements ready.
• You can expect to receive your funds the same day, or on the next business day if you file your application after 2.40pm AEST.