Boat Loan Finance Online :: News
SHARE

Share this news item!

Cigno Australia and BSF Solutions Penalised for Unlawful Payday Lending Practices

Federal Court Imposes $7 Million Fine for Credit Law Violations

Cigno Australia and BSF Solutions Penalised for Unlawful Payday Lending Practices?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The Federal Court has imposed a $7 million fine on Cigno Australia and BSF Solutions for operating an illegal payday lending scheme that contravened Australian credit laws.
Each company received a $3 million penalty, while their respective directors, Mark Swanepoel and Brenton Harrison, were fined $500,000 each.

The Australian Securities and Investments Commission (ASIC) initiated legal action against these entities, highlighting that their lending practices generated over $91 million in fees and charges, adversely affecting numerous consumers. Despite seeking legal advice from a reputable law firm, the court determined that the companies' operations breached established credit regulations.

Justice Ian Jackman noted the severity of the violations and the substantial harm caused to consumers. He emphasised that the penalties aim to deter similar misconduct in the future. This case underscores the importance of compliance with credit laws and the potential consequences of non-compliance.

For consumers, this ruling serves as a reminder to exercise caution when engaging with payday lenders. It's crucial to thoroughly research and understand the terms and conditions of any loan agreement. Utilising resources like ASIC's MoneySmart website can provide valuable guidance on making informed financial decisions.

In light of this development, individuals seeking personal loans should consider reputable lenders who adhere to Australian credit laws. Exploring options with transparent terms and competitive rates can help avoid the pitfalls associated with predatory lending practices.

Published:Saturday, 9th May 2026
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Finance News

Cigno Australia and BSF Solutions Penalised for Unlawful Payday Lending Practices
Cigno Australia and BSF Solutions Penalised for Unlawful Payday Lending Practices
09 May 2026: Paige Estritori
The Federal Court has imposed a $7 million fine on Cigno Australia and BSF Solutions for operating an illegal payday lending scheme that contravened Australian credit laws. Each company received a $3 million penalty, while their respective directors, Mark Swanepoel and Brenton Harrison, were fined $500,000 each. - read more
OnDeck Enhances Lightning Loan Offering for Small Businesses
OnDeck Enhances Lightning Loan Offering for Small Businesses
09 May 2026: Paige Estritori
OnDeck, a prominent non-bank lender, has announced an increase in the maximum loan amount for its Lightning Loan product, raising the cap from $175,000 to $200,000. This enhancement is designed to meet the growing demand from small and medium-sized enterprises (SMEs) seeking swift access to capital. - read more
CFMOTO's 1000MT-X Adventure Bike Hits Australian Shores
CFMOTO's 1000MT-X Adventure Bike Hits Australian Shores
09 May 2026: Paige Estritori
CFMOTO has officially introduced its flagship adventure motorcycle, the 1000MT-X, to the Australian market. Priced at $18,990 ride away, this model aims to deliver high performance and value to adventure enthusiasts. - read more
Harley-Davidson Launches 'Harley Legend' Finance Program in Australia
Harley-Davidson Launches 'Harley Legend' Finance Program in Australia
09 May 2026: Paige Estritori
Harley-Davidson Australia has unveiled the 'Harley Legend' finance program, a first-of-its-kind offering in the Australian motorcycle industry. This program introduces a Guaranteed Future Minimum Value (GFMV) for Harley-Davidson motorcycles, providing riders with flexible financing options. - read more


Bike Loans Articles

Creating a Boat Budget: What You Need to Know Before You Buy
Creating a Boat Budget: What You Need to Know Before You Buy
Buying a boat is a thrilling venture, promising days of sunshine on the waves and the freedom to explore open waters. However, it's crucial to recognise the financial commitment that boat ownership entails. Without careful planning, costs can quickly escalate, leading to financial strain. Budgeting is not just about affordability; it's about ensuring a smooth voyage into boat ownership. - read more
Planning Your Boat Maintenance Budget
Planning Your Boat Maintenance Budget
Planning your boat maintenance budget is a crucial step for any boat owner. It ensures that you can keep your vessel in excellent condition without facing unexpected financial burdens. A well-thought-out budget helps manage costs for regular upkeep, repairs, and potential emergencies. - read more
New vs. Used Boats: A Financial Perspective
New vs. Used Boats: A Financial Perspective
When it comes to buying a boat, choosing between a new and a used one is a significant decision that can impact your finances in multiple ways. A boat is not just a pleasure craft; it's also a considerable investment that requires careful thought and planning. - read more
Understanding Boat Financing: What You Need to Know Before Buying
Understanding Boat Financing: What You Need to Know Before Buying
Buying a boat is a significant investment, and understanding your financing options is crucial to making an informed decision. Whether you're eyeing a shiny new vessel or considering a seaworthy pre-owned one, each choice comes with its own set of financial implications. Choosing between a new and used boat involves more than just preference; it can significantly impact your financial plan. - read more


Free Assessment

Loan Amount:
Postcode:

All quotes are provided obligation-free by a participating broker from our national referral partner network. We respect your Privacy.


Knowledgebase
Return on Investment (ROI):
A measure used to evaluate the efficiency of an investment or compare the efficiency of several different investments.