Cigno Loans Review
Cigno Review in Numbers: 2020 Updated
|Loan Amount||Up to $10,000|
|ABN||43 612 373 734|
|Credit License||612 373 734|
|Easy to Apply?||Yes|
|Response Time||In most cases, processes your application, approves loan and transfers funds in 2 hours.|
|Minimal Interest Rates||$15 fixed fee taken on the day the loan is provided to you + interest rate based on your individual circumstances|
|General Feedback from Clients Online and Media||Feedback online all relates to Cigno’s consumer loan offering – Cigno Loans, but for those the TrustPilot ranking is 4.5/5 out of 1,000+ reviews. With that, there are multiple media articles describing predatory lending.|
|Awards and Recognition:||None|
What products do Cigno Business Solutions offer?
In line with its simple microfinancing approach, Cigno offers straightforward unsecured business loans up to $10,000. Although we can’t get a feel for how long Cigno are willing to lend money for they usually look to schedule biweekly repayments.
Cigno is unique in that it only offers unsecured business loans. Whilst all of the loan providers we review on smallbusinessloansaustralia.com provide unsecured loans it’s possible they may ask for security in certain circumstances. If you’re taking a loan with Cigno and are accepted, it will always be on an unsecured basis.
The simple rate structure offered by Cigno/BHF Solutions doesn’t include any hidden fees or sneaky charges. Once the loan is finalised customers have a one-off fixed charge of $15 + the interest which is payable on the loan.
Credibility & Company Story
Cigno Business Solutions, based in Queensland, has been operating since May 2016. It is the commercial loan division of Cigno Loans that launched in 2007 and provides consumer loans throughout Australia.
As we touched on before, Cigno Business Solutions is not an online lender in itself. Cigno simply facilitates a more streamlined application process for an online loan from BHF solutions, often reviewing applications and disbursing funds into the applicants account within 2 hours.
BHF Solutions is a firm that provides Financial Advisory, Business Consulting and Business and Consumer Finance Options. According to ASIC, BHF solutions only came into existence in 2019 which would suggest Cigno have recently changed their underlying loan provider in which to offer their facilitation expertise.
That does not establish a sense of credibility, to us.
Additionally, Cigno’s new lending product was banned by ASIC, which also tells a part of the story. More info: https://consumeraction.org.au/20190912-asic-pip-cigno/.
Cigno Business Solutions Client Reviews on Google
– No Reviews for Cigno Business Solutions to be found anywhere online
– 1,300+ Reviews for Cigno Loans on TrustPilot Australia (Cigno’s Consumer Loan Offering) – Rated 4.7 / 5 TrustScore – 85% Excellent, 11% Great, 2% Average, 2% Bad
– 3,100+ Reviews for Cigno Loans on Productreview.com – 4.3 / 5
As there are no Cigno Business Solutions Reviews to be found online we have detailed just a couple of the Cigno Loans reviews so we can get an understanding of their company behaviour and key features.
There is a very common theme to the bad TrustPilot reviews – Cigno approved the loan in no time but there was a delay in releasing the funds to the client account. In most cases the client is expecting money to be received the same day and Cigno have not been able to deliver until the next working day.
The bad reviews for Cigno Loans on productreview.com complain at the excessive interest rates with users having to pay back much more than the initial sum received, similarly to ABC’s article that calls them “predatory”.
Analysis of Client Reviews on TrustPilot and Product Review:
Cigno Loans is set up in a very similar way to Cigno Business Solutions – the whole application process is online and Cigno aim for a 2 hour workaround time to fund its clients urgently. So whilst there are no Cigno Business Solutions Reviews to be found online, we can get a picture of how they are likely to operate as a business too.
On the whole, consumers have said getting a loan through Cigno has been simple. The application is easy, takes very little time and funds are almost always received instantly. Cigno Loans are regularly praised for providing a loan when no other provider will.
In some cases Cigno Loans have not funded their clients on the same day and given the nature of emergency private loans, clients have been left frustrated as they may have had personal bills to pay. That being said, this is by no means in the majority of cases and only a small handful of the thousands of clients reviews mention this. The issue could perhaps relate to the fact BHF solutions provides the underlying loan and occasionally there may be issues between the BHF and Cigno system capabilities or it could be that the loan has been approved after 5pm. To provide the best chance of same day funding, it is
Cigno Business Solutions Compatibility
- Startup: Yes, Cigno Business Solutions will finance start-up businesses. In fact, their 3 month business statement criteria is one of the most accessible in the industry.
- Bad credit: Yes, Cigno Business Solutions does not operate a credit check – simply check the performance of your business over the last 3 months.
- Sole trader: Yes, Cigno will finance sole traders.
- Minimum Monthly Turnover: Cigno doesn’t set a minimum monthly turnover.
- Established Business: Yes, Cigno will finance established businesses
- Business Purchase: Not recommended, maximum loan is $10,000
- Maximum Loan Amount: $10,000
Having specialised in microfinancing, Cigno Business Solutions is one of the most accessible online lenders in Australia. It has the lowest acceptance criteria of all the providers and its unsecured business loans can be used for a whole variety of factors. Businesses seeking over $10,000 however will not be eligible and would be better suited applying to one of the larger known providers such as GetCapital.
Cigno Business Solutions Review Summary
Credibility - 70%
Website - 88%
Compatibility - 99%
Client Reviews - 79%
Cigno have been in operation since 2007 with Cigno Business Solutions operating since 2016. With a long track record in providing consumer loans, Cigno have looked to capitalise on the lower end of the small business loans sector too.
They are definitely unique, in the fact they won’t check your credit score and only require that you have three months of bank statements. If you’re in need of a small business loan under $10,000 then Cigno are worth reaching out to. The process is simple and in most cases funds are received within just a couple of hours.
Users should be aware the loan is actually provided by BHF Solutions and interest rates are likely to be high and should be avoided if there are other possible means.