Fair Go Finance
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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Pros and cons
- 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
Fair Go Finance personal loans rates
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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.
Learn more about Fair Go Finance
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
How much can you borrow with a bad credit personal loan?
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 and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
What are the pros and cons of personal loans?
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.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
Should I get a fixed or variable personal loan?
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.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
Can unemployed single parents get personal loans?
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.
What do single parents need for a personal loan application?
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
What is the average interest rate on personal loans for single parents?
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.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.
What is a personal loan?
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 typically 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.
Can I get a $4000 personal loan if I’m unemployed or on Centrelink?
Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.
If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying to find out whether they accept borrowers on Centrelink.
What are the pros and cons of bad credit personal loans?
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.
However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.