Cigno provides a type of short term financing with amounts of up to $1,000 available. While Cigno isn't a lender, it acts as an agent to connect you to Gold Silver Standard Finance, which will provide you with financing. Use this guide to learn this loan works and how much you might be charged with this loan.
How does a Cigno loan work?
Cigno offers loans up to $1,000. People can apply online and when the application is submitted, Cigno will review the last three months of their bank statements to help determine their eligibility. If approved, customers are required to pay a fee of 5% of the loan amount on the day they receive your funds. This is usually the day after they're approved.
The entire loan needs to be repaid within 62 days and the first repayment is due within 20 days. Customers will receive their repayment schedule when they're approved.
Features offered by Cigno Loans
Loan amount. Customers can apply to borrow up to $1,000.
Turnaround. Once approved for a loan, customers can expect to receive your funds within the next business day.
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
- Account-keeping fee: $5.95
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: $22
- 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: $79
How to apply
You can apply for a Cigno loan online or you can contact GSSF directly. If you apply with GSSF, the application may be longer and the funds are deposited via a cheque in the mail rather than with an electronic funds transfer (EFT). When completing the application, you'll need to provide the following information:
- 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.
If approved, 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.
⚠️ Warning about Borrowing
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.