Fair Go Finance Personal Loan

⚠️ Warning about Borrowing

Do you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

• For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
• Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
• If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

How does a personal loan from Fair Go Finance work?

Prospective applicants can apply for between $5,050 and $10,000, depending on what they're looking to finance and what repayments they can afford. The application takes about five minutes to complete and successful applicants could receive their loan 24 hours after approval.

Fair Go Finance will direct debit repayments automatically from the loan borrower's nominated bank account on the agreed upon dates until the loan is repaid in full. However, customers can opt to repay their loan earlier without penalty. Subsequent loans applied for as a repeat borrower qualify for a quicker application process.

What features come with a Fair Go Finance personal loan?

Taking out a small personal loan (below $10,000) with Fair Go Finance gives customers access to the following features:

• Choice of loan amount. Eligible applicants can borrow just as much as they need. Loan amounts between $5,050 and $10,000 are available. Fair Go Finance also offers larger loans up to $10,000.
• Fixed repayments. This loan comes with fixed repayments for the life of the loan. This means that people will know exactly what their repayments will be each month.
• No early repayment penalty. Customers who find that they can repay the loan early and save money over the life of the loan will be able to do so without being charged a penalty.
• Repeat borrowing facility. Applying for a second loan sees a speedier application through Fair Go Finance’s ‘Express Service’. Customers looking for repeat finance qualify for a lower application fee and reduced interest rate.

What are the risks of payday loans?

• Unaffordable repayments. Payday loans are an expensive way to borrow money and should only be used as a last resort. Check the size of each repayment and ensure you will be able to pay it on time. Unaffordable repayments can lead to late fees that will only make things worse.
• High rates and fees. Rates and fees on payday loans are high but there are rules in place so be sure to check your lender is not charging you more than ASIC allows. Also, look at what you would be charged if you are late on a payment or if you default on the loan altogether.
• Unreputable lenders. All Australian lenders should be accredited by ASIC. Check for a credit licence on the ASIC Register and ensure that the lender is easily contactable.
• Impact on credit score. Every loan application shows up on credit reports. While lenders might not consider credit history, applying for lots of loans within a short period can have a negative impact on your credit score in the future.

The costs of the loan

For loans of between $5,050 and $10,000, the following costs will apply:

• Establishment fee: Between $546 and $795
• Interest rate: from 21.9% p.a.
• Comparison rate: from 28.71% p.a.

How to apply

Prospective applicants can click "Go to Site" to get the process started. The following eligibility criteria applies:

• Age. To be over the age of 18.
• Employment. For applicants who are self-employed, they will need to have been in that position for 12 months. For casual or contractor applicants, they will need to have been employed for six months.
• Centrelink. To have over 50% of their income come from somewhere other than Centrelink payments.
• Income. To earn at least $500 per week.

All applicants must meet this criteria in order to be eligible to apply. Prospective applicants need to submit their application online. To do so, they'll need the following details:

• Identification documents such as their Medicare card or driver's licence
• Their Internet banking details so Fair Go Finance can access the last three months of their bank statements
• A recent payslip
• Their Internet banking details if they're providing your statements through Bank Vision

With Fair Go Finance customers can borrow up to $10,000 even if applicants have a bad credit history and have up to 2 years to repay it. While this is a competitive offer, it’s important to compare it with other personal loans prior to submitting an application.