From time to time, we all need quick cash assistance to cover unexpected expenses – and short-term loans can be a huge lifesaver. Cigno Loans is one of the most popular lending brands in Australia to get quick and convenient cash in no time, but there are also tons of others that offer similar high standards of services according to your needs.
Let’s take a closer look at our top five Cigno alternatives!
1. WeLoans
If you want a reliable and trusted online lender like Cigno, WeLoans is one of the best. WeLoans is a tried-and-true lending brokera that offers all kinds of lending services to Australian residents who are in need of fast cash in all scenarios. Their platform boasts its fast, simple, and extremely convenient process, which you can get loans easily from any internet-connect device without leaving your house!
WeLoans is working with a network of trustable lenders, which means the platform can provide you with plenty of online lending solutions and loan offers for you to choose from. For instance, you can get short-term cash loans ranging from $100 to $2,000, with a repayment term depending on the lender’s assessment of your profile.
If you have a good credit standing or can prove your capacity to pay, you can even take out unsecured personal loans worth up to $30,000. Some partner lenders can also offer Centrelink loans of up to $10,000 to qualified borrowers.
Some of the benefits of choosing WeLoans include their instant payout cash loan services, offers with competitive interest rates and absolutely 0 service fees, making it a great choice for those who are looking for transparency in their loan agreements and those who don’t want heavy repayment pressure afterwards.
2. Cash Australia
Another great solution to your immediate financial troubles is Cash Australia, a reliable Australian lending platform that offers financial services just like Cigno.
With Cash Australia, you can access a variety of loan products that range from $500 to $20,000 and have terms ranging from 30 days to 5 years. The best part is that Cash Australia doesn't do hard credit pulls, which means you can get the funds quickly with none of the usual frills or fuss.
They also will often accept low-income borrowers and people who are receiving Centrelink payouts as well as pensions as long as the benefits are under 50% of the total income.
To be eligible for Cash Australia loans, you need to be at least 18 years of age with valid Australian citizenship or permanent residency and able to provide your bank statements, driver’s license details, most recent Medicare card, and previous two payslips to validate your repayment capacity.
One of their standout features is their promise to release your funds as fast as 24 hours after approval so that you can surely get your money right when you need it. The transactions are completely through worry-free online transfers as they're authorised and regulated by the Australian government to ensure safety and security.
3. Ferratum Money
Ferratum Money is another perfect Cigno alternative that can get you loans with flexible repayment options and competitive interest rates, which can help make your repayments more manageable.
This is an online loan broker platform that offers various loan services ranging from $500 to $1900, with terms ranging from 3 to 6 months, depending on their partner lenders’ assessment. Their variable monthly fee has a minimum of 4%, with a maximum possible rate of 48% and a maximum APR range of 126.95%.
Additionally, market research shows that their customer service is extremely reliable. The support team is always ready to answer questions or acknowledge requests, meaning that the company truly cares about their customers and the overall user experience.
4. MoneyMe
MoneyMe is another lending company that is trustworthy and convenient enough to be compared to Cigno, offering quick and easy loans to those who need larger amount loans to chase their dreams, with generous repayment terms and competitive rates.
This online loan marketplace is a modern alternative to the traditional banking system, offering loans up to $50,000 payable from 3-5 years and with variable interest rates that range from 8.70% to 24.70%, depending on your creditworthiness. With access to higher limits based on overall repayment capacity, MoneyMe gives their customers more confidence in their loan repayments and financial situation.
MoneyMe also has an on-site personal loan calculator that you can use to estimate your fees and rates, depending on how much money you’re looking to borrow. This feature can help borrowers better plan ahead during the loan application process.
5. Cash Train
If looking for additional Cigno substitutions, we have Cash Train. What sets Cash Train apart from other lending companies is its commitment to responsible lending. The company insist on ensuring that borrowers are only approved for loans that they will need and can afford to repay, which helps prevent any potential financial struggles in the future.
Cash Train wants to offer knowledge to its customers to better understand loan services and to use the lending product more responsibly. They do this by providing plenty of information about fees, loans, and more. Also, their dedicated customer service team is always available to help you with any questions or issues that may arise.
Unlike many other online-only lending platforms, Cash Train has physical branches in Australia that you can visit to talk to them better about your situation and your needs.
Understanding "Bad Credit" When Getting Bad Credit Loans Like Cigno
In Australia, credit scores are used by financial institutions to evaluate the creditworthiness of a borrower. All financial activities and behaviours will affect one’s credit profile eventually. To better understand how “bad” your credit score is, take the credit measurement system from Experian as an example.
A “bad” credit score falls between Very Poor and Excellent, with values such as:
- 0 to 549: Very poor
- 550 to 624: Fair
- 625 to 699: Good
- 700 to 799: Very good
- 800 to 1000: Excellent
To learn more information about credit score and personal finance as well as getting your free credit report online, please visit the three major credit rating agencies in Australia: Experian, Equifax, and Illion.
How to increase your credit score?
There are plenty of ways to increase your credit score, but most of them take time to see the result. However, building your credit and improving it over time in correct and efficient ways can only bring you positive outcomes, making it easier to go through background checks or easier to get approved when getting loans. Some useful methods to improve your credit situation include:
- Check your credit report regularly and spot errors if there are any
- Paying bills on or ahead of time
- Not defaulting on your monthly dues
- Regularly using and repaying your line of credit
- Keep credit card usage medium (you will still need to use it, but you should try to avoid overspend)
Actions that may lower your credit score
Credit scores are based on your financial decisions and actions. These are some of the behaviours that can damage your credit profile and generate potential problems for your financial situation.
- Failing to make payments on time or missing payments (loan defaults)
- Carrying high debt balances on your credit cards and credit accounts
- Applying for several credit accounts in a short period of time
Things To Consider When Getting Loans Like Cigno
When considering borrowing from lenders or loan providers like Cigno, it's important to take into account several factors to ensure that you make a well-informed financial decision.
These factors include the following:
- Loan Term. It’s critical to consider your loan term since it often dictates your ensuing fees and rates. Shorter loan terms incur higher monthly payments due to the risks involved. On the other hand, longer loan terms will result in higher overall interest rates but lower monthly payments.
- Overall loan cost. This is the overall cost of the loan, including the interest rates, fees, and other associated charges. Lenders in Australia can charge you establishment fees and monthly fees by law when lending money to you.
- Reliability. Before applying for a loan, it's important to research the loan provider and read reviews from other customers to ensure that it is a reputable lender or lender network. All legitimate lenders operating in Australia are required to register and regulate by the Australian Securities and Investments Commission (ASIC).
- Repayment capacity. Sufficient income is always needed for getting any loan services. You should ensure that you can easily pay the monthly amount without risking financial strain. If this is not something that you're sure of, it might be better to just look into alternative methods of borrowing money, such as getting help from family and friends or reaching out to your employer to see if you can access your pay early.
How To Check My Eligibility When Applying For Loans Like Cigno?
Short-term loans from online lenders or loan platforms like Cigno aren’t as strict when it comes to requirements compared to traditional institutions like banks, but there are still criteria that you’d have to meet. Before you apply or send in your information, check to see if you have the following conditions for a hassle-free experience.
- Age. Only individuals aged 18 and above are eligible to apply for loan services in Australia.
- Credit background. This information is important to online lenders as it helps assess risk and determine the borrower's ability to repay the loan. You can perform regular self-checks on your credit profile to better understand your situation and estimate the possibility of getting loan approval.
- Residency and address. You will need to provide proof of residency with legal documents or government-issued IDs. It’s important for lenders to know your legal address to ensure they are authorised to lend in a particular location, which can be proven by utility bills or bank statements.
- Income and employment status. A 9-5 regular job is not a necessary requirement to take out a loan, but you do need to have a source of income. Still, stable employment status and a solid source of income can help you get approved faster and easier.
- Government benefits. You can also declare government benefits such as Centrelink as they may be considered a form of income. Note that government benefits should compose less than 50% of your overall earnings, otherwise lenders may not accept your loan requests.