Fair Go Finance Loans Review

Company Outline

fair go finance

Fair Go Finance offers small loans up to $2,000 and personal loans up to $10,000. The business was established in 2008, and its headquarters are in Perth, Western Australia. The business is open Monday through Friday from 6:30 AM to 4:30 PM AWST and on Saturday from 8 AM to 12 PM. With credit licence number 387995, Fair Go Finance’s ACN is 134369574.

Small Amount Loans

Medium Amount Loans

Large Amount Loans

How to Apply for Fair Go Finance Loans

All Fair Go Finance loans have an online application process. The online application should only take five minutes to complete, after which you will receive a preliminary assessment. All you have to give is your bank account details, basic identification, and information about your income and expenses. When you click the submit button, your preliminary evaluation result will show up on your screen right away.

To qualify, you have to fulfil the following requirements:

  • You are eighteen years old.
  • You are in Australia as a citizen, permanent resident, employee, or under the sponsorship of another person.
  • You make more than $500 a week.
  • You work as a full-time, part-time, or casual employee; you are not on probation.

Through the application procedure, you will need to submit the following personal information and the necessary paperwork:

Identity documents: Data from your driver’s licence or Medicare card.
Address Proof: a rent stub or utility statement that attests to your address.
Details regarding your internet banking: Your financial data for the last three months will be available to Fair Go Finance in read-only format.
Information on finances and employment: Details about your earnings, possessions, responsibilities, and employment status, including paystubs

You do not need to provide any paper copies of your documentation because the loan application process is completed fully online.

Key Features of the Fair Go Finance Loans

The swift application process and preliminary evaluation turnaround time are two noteworthy aspects of all Fair Go Finance Loans. Based on the data you submitted through the website, the company offers a 5–6 minute initial assessment to help you manage your expectations. The loan’s final outcomes are likewise disclosed in a matter of one to two business days, and the proceeds are credited in real time (provided that the borrower’s designated bank is able to utilise Split Payments technology).

You set up a direct debit agreement with your bank to make repayments. Every step of the application process is done online, and special SMS codes are used to sign documents. You might be required to provide Fair Go Finance with your online banking credentials as part of this direct debit process.

The organisation offers many solutions for loan repayment to borrowers who are having trouble making their loan payments.

Both good and bad credit applicants can receive funds. If you have a poor credit history and have not filed for bankruptcy in the last 12 months, you are still eligible to apply.

Last but not least, Fair Go offers its loyal customers a “Mates Rates” programme that increases the loanable amount on their second loan by up to $453.

Pros of Fair Go Finance Personal loans

  • Quick loan approval and application processes lead to satisfied customers.
  • Application that is entirely online, paperless, and uses SMS code signatures
  • The extra amount that can be lent to first-time borrowers
  • Set up an auto-debit account for regular payments

 

Factor In Costs

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

16 days (minimum)

12 months (maximum)

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Loan amount

$2,100 - $4,600

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.

Example

Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

47.8% Comparison Rate p.a.

Example

Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04.

This is an estimate only and the comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit.The maximum interest rate for a Personal Loan is 47.8%. Comparison Rate 47.8% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.