Cigno Loans Review: The Pros and Cons You Need to Know

Cigno Loans Review

Does the current state of your credit score appear a little off? Don’t think you’ll be approved for a conventional bank loan but need money quickly? Cigno Loans may be the ideal lender for you, so you’re in luck. We will provide you with a thorough overview of Cigno Loans Review in this post, including information on who they are, what they have to offer, and if their loans are worthwhile. So you don’t have to, we’ve read through all the fine print. Let’s get started!

What is Cigno Loans?

Cigno Loans is an online lender that focuses on providing personal loans to customers that have poor credit or no credit history. They position themselves as a more accommodating substitute for conventional banks and credit unions, which are prone to rejecting applications if your credit score isn’t high enough.

Based in Wilmington, Delaware, the company was established in 2012. They offer three to twenty-four-month unsecured personal loans with amounts between $500 and $5,000.

As a responsible direct lender that may assist borrowers in rebuilding their credit, Cigno Loans positions itself differently from certain other “predatory” lenders. Although not exorbitant, their interest rates are hefty.

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Cigno Loans’ Loan Amounts, Terms and Fees

Loan amounts:

Cigno offers $500 to $5,000 personal loans. For smaller loans for purposes like unforeseen expenses, auto repairs, or medical bills, they are therefore a good choice. But not enough for large purchases like a vehicle or house.

Loan terms:

A loan with a length of 3 to 4 months might be chosen. Longer terms result in lower interest paid over time but larger monthly payments. Longer durations feature higher total interest rates but smaller payments.

Origination fee:

An origination fee levied by Cigno ranges from 1% to 10% of the loan amount. This raises your overall expenses even though it is deducted from the loan proceeds.

Interest rates:

Cigno offers a wide range of interest rates, starting from approximately 36% to as high as 299% APR. When compared to rates offered by traditional lenders like banks or credit unions, these rates may seem rather expensive. However, it is important to note that Cigno is often willing to work with individuals who have poor credit.

Late fees:

In the event that you fail to make a payment, Cigno imposes a late fee of $15 or 5% of the outstanding amount, whichever is higher. And let me tell you, these late fines can accumulate rapidly!

Early payoff:

The good news is that if you are able to pay off your loan before the agreed-upon time, Cigno does not impose any penalties for early repayment. Isn’t that great?

It is crucial to understand that interest rates and origination fees may vary based on your eligibility criteria, income, and credit score. Therefore, before accepting a loan offer from Cigno or any other lender, it is essential to be fully aware of all the associated costs.

Cigno Loans Eligibility Criteria

Who is eligible for a Cigno Loan? Here are the essential requirements:

1. You must be a U.S. citizen or a permanent resident.
2. You need to be at least 18 years old.
3. A consistent source of income is a necessary.
4. You’ll need to provide a valid Social Security Number.
5. An open and active checking account is necessary.

It’s important to note that Cigno conducts a “soft credit check” which has no impact on your credit score. Therefore, if you apply and don’t meet the criteria, it won’t harm your credit further.

Applicants with poor credit are encouraged to apply. However, individuals with ongoing bankruptcies, foreclosures, or delinquent accounts may not be approved.

Additionally, Cigno specifies that in order to qualify for a loan renewal, your previous Cigno loan must have been fully repaid.

How to Apply for a Cigno Loan

Is Cigno Loan Legit

Applying for a personal loan with Cigno Loans is a breeze, ensuring a quick and hassle-free experience:

Step 1: Simply provide some essential personal details, including your name, contact information, income, and Social Security Number.

Step 2: Electronically sign Cigno’s comprehensive loan agreement, which clearly outlines all rates, fees, and terms.

Step 3: Once your application is approved, rest assured that your loan funds will be swiftly deposited directly into your bank account, often as soon as the following business day.

The entire process, from initial application to receiving funds, can be completed in just a matter of minutes, conveniently accessible through your computer, tablet, or mobile phone.

Cigno proudly emphasizes that they do not conduct any intrusive hard credit checks that could potentially harm your credit score. Instead, they rely on innovative “alternative data” sources to assess your ability to repay.

Experience the ease and efficiency of securing a personal loan with Cigno Loans today.

Pros of Cigno Loan

Let’s dive into the pros and cons of Cigno Loans. First, let’s explore the advantages that Cigno offers compared to other lenders who cater to individuals with bad credit:

Fast and easy applications:

Completing a Cigno loan application online takes just a few minutes. Moreover, decisions are made promptly, often instantaneously.

No early payoff penalties:

With Cigno, you have the freedom to pay off your loan ahead of schedule without incurring any penalty fees. This is a rare benefit not typically offered by personal loan providers.

Fast access to funds:

Once your loan is approved, Cigno claims to deposit the funds within one business day. This is significantly faster than the lengthy waiting periods associated with traditional banks.

Flexible terms:

Cigno allows you to choose a loan repayment term ranging from 3 to 24 months. This flexibility enables you to select a monthly payment that fits comfortably within your budget.

No hard credit check:

Cigno conducts a soft credit check that does not affect your credit score. Consequently, you can explore loan options without accumulating hard inquiries that may negatively impact your creditworthiness.

May help rebuild credit:

By consistently making timely payments on your Cigno installment loan, you may gradually improve your credit history and score over time.

In summary, Cigno Loans offers a range of advantages for individuals with bad credit. The application process is quick and easy, with decisions made promptly. Early repayment is penalty-free, and funds can be accessed within one business day. The flexibility of repayment terms allows for affordable monthly payments. Additionally, Cigno’s soft credit check ensures that your credit score remains unaffected. Lastly, by responsibly managing your Cigno loan, you may have the opportunity to rebuild your credit over time.

Cons of Cigno Loan

Now, let’s take a closer look at the less favorable aspects of Cigno personal loans:

Very high interest rates:

Cigno’s Annual Percentage Rates (APRs) typically range from 36% to a staggering 299%. This means you’ll end up paying a significant amount of money in interest payments.

Origination fees:

On top of the interest rates, Cigno charges an origination fee of 1% to 10% of the loan amount. This extra expense might go up quite rapidly.

Low maximum loan amount:

Cigno only approves loans up to a maximum of $5,000. If you require a larger sum of money, Cigno may not be the most suitable option for you.

Short repayment terms:

The longest loan term offered by Cigno is just 24 months. This means that if you borrow a larger amount, you’ll be faced with substantial monthly payments.

Late fees are high:

A single late payment on a Cigno loan can result in fees of $15 or 5% of the loan amount. Accumulating multiple late fees can become a significant financial burden.

Credit reporting is unclear:

It remains uncertain whether Cigno reports loan payment information to credit bureaus. This lack of clarity reduces the potential benefits of improving your credit score through timely loan repayments.

No co-signers allowed:

Cigno does not allow applicants to apply with a co-signer who may have better credit. This means that you cannot leverage someone else’s creditworthiness to potentially secure more favorable loan terms.

As you can see, obtaining quick cash from Cigno comes with significant tradeoffs, particularly if you have bad credit. It is crucial to carefully review the fine print before making any decisions.

What Loan Products Does Cigno Offer?

Cigno Loans specializes exclusively in unsecured personal installment loans. They do not provide other types of loans:

  • Mortgages
  • Auto loans
  • Payday loans
  • Title loans
  • Business loans
  • Student loans
  • Debt consolidation loans

Therefore, if you are seeking assistance with major purchases or educational expenses, Cigno is not the suitable lender for you. Their focus lies solely on offering smaller personal loans, with amounts up to $5,000, tailored for individuals with less-than-ideal credit scores.

What is Cigno’s Trustpilot Score?

Independent consumer reviews can offer valuable insights into the reputation and customer service of a lending company. In the case of Cigno Loans, their Trustpilot score currently stands at a disappointing 1 out of 5 stars, based on 119 reviews.

Upon analyzing the feedback on Trustpilot, several common complaints about Cigno include:

  • Misleading low-interest rates advertised that turned out much higher
  • Very aggressive debt-collection tactics
  • Unexpected fees tacked on
  • Difficulty getting a hold of customer service
  • Loans in amounts much lower than requested

While a handful of positive reviews have mentioned the prompt disbursement of funds and reasonable interest rates, the overwhelmingly negative feedback raises concerns.

It is crucial to exercise extreme caution when considering Cigno as a lender, given their abysmal Trustpilot score. It is advisable to conduct thorough research and carefully scrutinize the terms and conditions before proceeding with any financial agreement.

Cigno Loans Review: The Verdict

Let’s review the main advantages and disadvantages of Cigno Loans:


1. Quick online application process and immediate access to funds.
2. No penalties for early repayment.
3. Fixed rates and terms for better financial planning.
4. Soft credit checks that do not negatively impact your credit score.
5. Potential assistance in establishing a credit history.


1. Exorbitant interest rates that may be significantly high.
2. Numerous additional fees that can add up.
3. Limited maximum loan amounts available.
4. Very short repayment terms, which may pose challenges for some borrowers.
5. Negative customer reviews, indicating potential issues with the service.
6. Unclear reporting to credit bureaus, making it difficult to assess the impact on credit history.

Overall, Cigno Loans appears to be an excessively costly method of borrowing money, given the exorbitant triple-digit interest rates and numerous fees. Although they offer prompt access to funds, the amount you will ultimately repay in interest charges far exceeds the initial loan amount.

For individuals with poor credit and limited options, a Cigno loan may serve as a last resort. However, it is crucial to ensure that you only borrow an amount that you can feasibly repay and have a well-defined plan to settle the debt as soon as possible. It is imperative not to allow the accumulation of fees and interest charges to spiral out of control.

In conclusion, we recommend exploring alternative options if feasible and meticulously reviewing every aspect of the loan agreement before accepting funds from Cigno. Proceed with caution!

FAQs about Cigno Loans Review

Are you still unsure about Cigno Loans Review? Allow us to address some frequently asked questions:

Does Cigno perform hard or soft credit checks?

Cigno claims to conduct only a soft credit inquiry, which does not impact your credit score. However, there have been customer complaints alleging that Cigno performed hard credit checks without obtaining consent.

How quickly can I get loan funds deposited?

Once approved, Cigno assures that they can deposit your loan within one business day through an ACH transfer.

Where is Cigno Loans located?

Cigno’s corporate headquarters is located in Wilmington, Delaware. They operate online and provide loans in numerous states across the country.

Can I apply for a Cigno loan with bad credit?

Indeed, Cigno advertises loans specifically designed for borrowers with bad credit. They emphasize that they consider other factors beyond credit scores.

Is there a minimum credit score needed?

Cigno does not disclose a minimum credit score requirement. They assert that they evaluate your entire financial profile, meaning even individuals with very low credit scores may still be approved.

Can I get a bigger loan amount?

Unfortunately, Cigno only offers personal loans up to a maximum of $5,000. If you require a larger loan amount, you will need to explore other bad credit lenders.

Does Cigno allow co-signers on loans?

No, Cigno does not allow co-signers or co-borrowers. Each applicant must apply individually and meet the eligibility criteria.

How long do I have to repay a Cigno loan?

You have the flexibility to choose repayment terms ranging from 3 months to 24 months. Opting for longer terms will result in lower monthly payments, but higher interest costs.

Can I pay off my Cigno loan early?

Fortunately, Cigno permits early repayment of the entire loan balance without any prepayment penalties. This can help you save money on interest.

I hope this comprehensive review of Cigno Loans has provided you with all the necessary information to determine whether their personal loans are a suitable option for you. Please feel free to reach out if you have any further inquiries.

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