Borrowing Responsibly

Looking for a loan today? Before you borrow any money or even before you use Cigno to assist you to find a solution with our network, it is important that you consider the serious nature of borrowing and your own personal circumstances.

Alternative Options before Taking out a Loan

• Contact a free financial counsellor, particularly if the reason you need a loan is due to an unexpected bill or just an overload on current debts. The number you can call from anywhere in Australia is 1800 007 007
• Discuss a payment plan with your provider, you don’t need to pay these off in one lump sum. Money owing to phone, electricity or gas providers can be repaid by going on a more suitable payment arrangement that caters around your financial position.
• If you are receiving Centrelink, contact in regards to an advance on your upcoming payment. The number to call is 13 17 94

A great place to look into tips on managing your money, financial advice and maximising your budgeting potential is:

https://www.moneysmart.gov.au/

Borrow as Little as Possible

If you do apply for a loan with someone in our network, consider the amount that you actually need to get through your current situation. Although you may be approved by someone in our network for an amount larger than you need, consider the additional costs to borrowing that extra amount.

Understand Your Loan

If you are approved, before entering into any agreements, make sure you have a good understanding of the financial commitment you are making. Make sure you understand all fees and charges that you will or may incur and you understand all your obligations under the contract. If you are uncertain about any of the obligations in a contract you should consider getting legal or financial advice to ensure it is the right option for your circumstances.