Fair Go Finance is an online financial institution that focuses mostly on personal loans for Australians who have bad credit.
Fair Go Finance does not offer any other banking options other than loans up to $10,000. You will not find everyday bank accounts, savings accounts or credit cards on offer from this institution.
Fair Go Finance also offers payday loans to borrowers in Australia. As is typical for payday lenders, its loans come with very high fees.
Fair Go Finance personal loan repayment calculator
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Fair Go Finance personal loans rates
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- Loans available for bad credit
- Quick loans are possible
- Customer service available by phone or online
- High interest rates
- High upfront fees
- No branches to visit
Features of a Fair Go Finance personal loan
Unlike its payday loans, personal loans from Fair Go Finance come with interest rates in addition to fees. Fair Go Finance personal loans are unsecured.
Fair Go Finance charges a high upfront fee for new customers when establishing their first loan. It is recommended that any potential borrowers compare this fee to other banking institutions before applying for a loan with Fair Go Finance.
Additionally, Fair Go also charges an ongoing monthly fee on its loans. While this is not uncommon, there are many lenders that do not charge this fee.
Fair Go Finance personal loan rates are high when compared to the rest of the personal loans market.
Fair Go Finance personal loans - customer service
Fair Go Finance is an online institution, so there are no branches for borrowers to visit in Australia.
Customer service is offered to Australians through phone, email or online correspondence.
Who is eligible for a Fair Go Finance personal loan?
Meeting the following criteria will assist applicants in securing a personal loan from Fair Go Finance:
- Be at least 18
- Be a permanent resident of Australia
- Be employed
How to apply for a Fair Go Finance personal loan?
Applications for a Fair Go personal loan can be processed by the following methods:
- Over the phone
- By applying online
- By faxing in an application form
Fair Go Finance personal loans review
Much like its payday lending services, a Fair Go Finance personal loan is a lending option for those with bad credit who have no other options.
There is a high upfront fee associated with Fair Go Finance personal loans. Ongoing monthly fees also apply. Additionally, current personal loan interest rates from Fair Go Finance are high when compared to loans from other financial institutions.
As such, most potential borrowers are likely to find a more cost-effective loan with more reasonable terms from other personal lenders in Australia.
Generally speaking, a Fair Go personal loan should not be sought for unnecessary personal items. The fees and rates associated with these loans are some of the highest in the personal loans market.
Use RateCity to compare personal loan interest rates and find the best personal loan rates available for your specific requirements and financial situation.
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Your credit score will improve if you demonstrate that you’ve become more credit-worthy. You can do that by minimising credit applications, clearing up defaults and paying bills on time.
Another tip is to get the one free credit report you’re entitled to each year – that way, you’ll be able to identify and fix any errors.
If you want to fix an error, the first thing you should do is speak with the credit reporting body, which make take of the problem or contact credit providers on your behalf.
The next step would be to contact your credit provider. If that doesn’t work, you can refer the matter to the credit provider’s independent dispute resolution scheme, which would be the Australian Financial Complaints Authority (AFCA).
AFCA provides consumers and small businesses with fair, free and independent dispute resolution for financial complaints.
If that doesn’t work, your final options are to contact the Privacy Commissioner and then the Office of the Information Commissioner.
Most lenders will need to you provide the following information in your application for a fast loan:
- Proof of identity
- Proof of residence
- Proof of income
- Details of any assets you own (e.g. car, home etc.)
- Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
- How much you want to borrow
- How long you want to pay it back
- Purpose of your loan
You can get a bad credit personal loan by applying directly to a lender, by going through a mortgage broker or by using a comparison website like RateCity.
The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.
One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
Credit ratings/scores are calculated by credit reporting bodies such as Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service. These are separate organisations, so they use different systems.
Equifax gives scores between 0 and 1,200:
- 833 to 1,200 = Excellent
- 726 to 823 = Very good
- 622 to 725 = Good
- 510 to 621 = Average
- 509 or less = Below average
Dun & Bradstreet (through the Credit Simple service) gives scores between 0 and 1,000:
- 800 to 1,000 = High end
- 700 to 799 = Great
- 500 to 699 = Average
- 300 to 499 = Room to improve
- 299 or less = Low
Experian gives scores between 0 and 999:
- 961 to 999 = Excellent
- 881 to 960 = Good
- 721 to 880 = Fair
- 561 to 720 = Poor
- 0 to 560 = Very poor
The Tasmanian Collection Service doesn’t give scores. Instead, it prepares credit reports for credit providers and then lets those providers make their own assessment.
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes usually range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.