Fair Go Finance Personal Loans
Fair Go Finance is an online financial institution with no physical branches that focuses mostly on personal loans for Australians who have bad credit.
Fair Go Finance does not provide any other banking options other than loans from $500 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. The call centre can be reached Monday – Friday 6.30am to 4:30pm (AWST), and Saturday 8:00am to 12:00pm (AWST).
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 years of age
- Living in Australia (citizen, permanent resident, on a working visa or sponsorship visa)
- Employed and earning at least $500 per week (Centrelink income can’t be your only source)
- Have not declared bankruptcy in the last 12 months
How to apply for a Fair Go Finance personal loan?
Here is how you can make an application for a Fair Go Finance personal loan:
- Choose your loan amount and term.
- Complete the online application form. It should take about 5 minutes.
- Submit the application and you’ll receive your preliminary assessment outcome.
- Fair Go Finance will get in touch and let you know the outcome.
- If approved, you will receive your funds overnight.
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, due to the high rates and fees.
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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If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.
Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.
If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.
If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.
Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.
It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult as well as expensive than for borrowers with a good credit history.
Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.
Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.