Cigno Loans Reviews 2024: The Pros and Cons You Need to Know

Cigno Loans Review

Is your credit score looking a little rough these days? Need some cash fast but don’t think you’ll qualify for a traditional bank loan? Well, you’re in luck, because Cigno Loans just might be the perfect lender for you. In this post, we’ll give you the complete lowdown on Cigno Loans Reviews – who they are, what they offer, and whether or not their loans are worth it. We have dug into all the fine print so you don’t have to. Let’s dive in!

What is Cigno Loans?

Cigno Loans is an online lending company that specializes in personal loans for borrowers with bad credit or no credit history. They market themselves as a more flexible alternative to traditional banks and credit unions that are likely to turn you down if your credit score isn’t up to snuff.

The company was founded in 2012 and is based in Wilmington, Delaware. They provide unsecured personal loans ranging from $500 to $10,000 for anywhere from 3 to 24 months.

Unlike some “predatory” lenders, Cigno Loans markets itself as a responsible direct lender that can help people rebuild their credit. Their interest rates are high but not astronomical.

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Cigno Loans’ Loan Amounts, Terms and Fees

Loan amounts:
Cigno provides personal loans from $500 to $10,000. This makes them a decent option if you need a smaller loan for things like medical bills, car repairs, or unexpected expenses. But it’s not enough for major purchases like a home or car.

Loan terms:
You can choose loan terms from 3 to 24 months. Shorter terms mean higher monthly payments but less interest paid over time. Longer terms have lower payments but more interest overall.

Origination fee:
Cigno charges an origination fee of 1% to 10% of your loan amount. This is taken out of the loan proceeds but adds to your overall costs.

Interest rates:
Interest rates at Cigno range from about 36% to 299% APR. This is quite high compared to rates from mainstream lenders like banks or credit unions. But it’s not unusual for a lender to serve borrowers with bad credit.

Late fees:
If you miss a payment, Cigno charges a late fee of $15 or 5% of the unpaid installment, whichever is greater. And trust me, late fees add up quickly!

Early payoff:
Luckily, Cigno doesn’t charge any prepayment penalties if you manage to pay off your loan early. Whew!

Origination fees and interest rates will vary based on your credit score, income, and other eligibility factors. Make sure you understand the full cost of the loan before accepting an offer from Cigno or any lender.

Cigno Loans Eligibility Criteria

So who can qualify for a Cigno Loan? Here are the basic eligibility requirements:

  • You must be a U.S. citizen or permanent resident
  • You need to be at least 18 years old
  • You must have a regular source of income
  • You’ll need to provide a valid Social Security Number
  • An open and active checking account is required

Importantly, Cigno states that they will perform a “soft credit check” that does not affect your score. So if you apply and don’t qualify, it won’t further damage your credit.

Applicants with bad credit are welcome to apply. However, borrowers with active bankruptcies, foreclosures, or delinquent accounts may not be approved.

Cigno also notes that to qualify for a loan renewal, your previous Cigno loan must have been paid in full.

How to Apply for a Cigno Loan

Cigno Loans Review

Applying for a personal loan through Cigno Loans is quick and easy:

Step 1: Provide some basic personal information like your name, contact details, income, and Social Security Number.

Step 2: E-sign Cigno’s loan agreement which outlines all rates, fees, and terms.

Step 3: Once approved, your loan funds will be deposited directly into your bank account as soon as the next business day.

The entire process from application to funding takes just a few minutes and can be done on your computer, tablet, or mobile phone.

Cigno states that they do not perform any hard credit checks that could lower your credit score further. They claim to rely on “alternative data” sources to evaluate your ability to repay.

Pros of Cigno Loans

Alright, let’s get into the good, the bad, and the ugly of Cigno Loans! First, here are some of the advantages Cigno offers compared to other bad credit lenders:

Fast and easy applications:
It only takes a few minutes to complete a Cigno loan application online. Decisions are quick too – often instant.

No early payoff penalties:
You’re free to pay off your Cigno loan early without penalty fees. This isn’t always the case with personal loans so it’s a nice perk.

Fast access to funds:
Once approved, Cigno claims it can deposit your loan within one business day. This is much faster than waiting weeks for a traditional bank.

Flexible terms:
You can choose a loan repayment term from 3 to 24 months. This allows you to select an affordable monthly payment.

No hard credit check:
Cigno says they do a soft check that doesn’t affect your credit score. This means you can shop for loans without accumulating hard inquiries.

May help rebuild credit:
If you make your payments on time, an installment loan from Cigno could help boost your credit history and score over time.

Cons of Cigno Loans

Now, for the not-so-hot aspects of Cigno personal loans:

Very high-interest rates:
Cigno’s APRs typically range from 36% to 299%. Ouch! That’s a lot of money on interest payments.

Origination fees:
You’ll pay an origination fee of 1% to 10% of the loan amount. Just another cost that gets tacked on.

Low maximum loan amount:
Borrowers can only get approved for a $10,000 maximum. If you need more cash, Cigno isn’t the best option.

Short repayment terms:
The longest loan term is only 24 months. This results in hefty monthly payments if you borrow a larger amount.

Late fees are high:
A single late payment can trigger fees of $15 or 5% on Cigno loans. Multiple late fees add up fast.

Credit reporting is unclear:
It’s uncertain whether Cigno reports loan payment information to credit bureaus. This reduces the potential credit-boosting benefits.

No co-signers allowed:
You can’t apply with a cosigner who has better credit to potentially improve your loan terms with Cigno.

As you can see, there are some big tradeoffs to getting quick cash from Cigno if you have bad credit. Make sure to read the fine print!

What Loan Products Does Cigno Offer?

Cigno Loans specializes in just one type of financial product – unsecured personal installment loans. They do not offer other loan varieties like:

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

So if you’re looking to finance a major purchase like a house or need help paying tuition, Cigno isn’t the lender for you. They strictly stick to smaller personal loans up to $10,000 for borrowers with less-than-great credit.

What is Cigno’s Trustpilot Score?

Independent consumer reviews can provide helpful insight into a lending company’s reputation and customer service. Cigno Loans currently has a Trustpilot score of 1 out of 5 stars based on 119 reviews.

The most common complaints about Cigno on Trustpilot 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

However, a few positive Cigno loan reviews mentioned receiving funds quickly with reasonable interest rates. Still, the overwhelmingly negative feedback is concerning.

Cigno’s bottom-tier Trustpilot score signals you should proceed with extreme caution if considering this lender. Do your due diligence upfront and read the fine print!

Cigno Loans Review: The Verdict

Cigno Loans Review from real customers

Let’s recap the key pros and cons of Cigno Loans:


  • Fast online applications and access to cash
  • No prepayment penalties
  • Fixed rates and terms
  • A soft credit check won’t hurt your score
  • Could help build a credit history


  • Sky-high interest rates
  • Lots of extra fees
  • Low maximum loan amounts
  • Very short repayment terms
  • Poor customer reviews
  • Unclear credit bureau reporting

Overall, Cigno Loan seems like a very expensive way to borrow money considering the triple-digit interest rates and a heap of fees. While they provide quick access to funds, you’ll end up repaying far more than you borrowed in interest charges.

For borrowers with bad credit and few alternatives, a Cigno loan could make sense as a last resort. Just make sure you only borrow what you can afford to repay and have a plan to pay it off ASAP. Don’t let the fees and interest charges snowball on you!

Our final verdict? We suggest looking for alternatives if possible and reading every detail of the loan agreement before accepting funds from Cigno. Proceed with caution!

FAQs about Cigno Loans Review

Still, have some questions about Cigno Loans Review? Here are answers to some frequently asked questions:

Does Cigno perform hard or soft credit checks?

Cigno claims they only do a soft credit inquiry that doesn’t affect your score. However, some customer complaints allege that Cigno ran hard checks without consent.

How quickly can I get loan funds deposited?

If approved, Cigno states they can deposit your loan within one business day. Funds arrive via ACH transfer.

Where is Cigno Loans located?

Their corporate headquarters is in Wilmington, Delaware. Cigno operates online and provides loans in many states nationwide.

Can I apply for a Cigno loan with bad credit?

Yes, Cigno advertises loans specifically for borrowers with bad credit. They say they’ll look at other factors beyond your credit scores.

Is there a minimum credit score needed?

Cigno doesn’t disclose a minimum credit score. They claim to evaluate your entire financial profile. Even borrowers with very low scores may be approved.

Can I get a bigger loan amount?

Unfortunately no – Cigno only offers personal loans up to a maximum of $10,000. For larger loan amounts, you’ll need to look at other bad credit lenders.

Does Cigno allow co-signers on loans?

No, Cigno does not permit co-signers or co-borrowers. You must apply individually and meet the eligibility criteria.

How long do I have to repay a Cigno loan?

You can choose repayment terms from 3 months up to 24 months. Longer terms have lower monthly payments but higher interest costs.

Can I pay off my Cigno loan early?

Yes, Cigno allows you to pay off the full loan balance early without charging prepayment penalties. This can save you money on interest.

Well, I hope this jam-packed Cigno Loans review gave you the full scoop on whether or not their personal loans are a smart choice for you! Let me know if you have any other questions.

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I'm Ellie, a freelance writer with years of experience in the loan industry. Based in the United States, I founded, a loan finance blog providing expert advice and insights. I specialize in creating high-quality content promoting financial literacy and consumer rights to ensure fair and transparent lending access.

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