Main points to consider about the Fair Go Finance Small Loan
The Fair Go Finance Small Loan offers borrowing amounts between $2,000. No assets are required as security for the loan and no interest is charged on the amount borrowed. However, this loan charges an establishment fee and a monthly fee. The Fair Go Finance Small Loan offers fixed repayments in accordance with the frequency of your income.
Features of the Fair Go Finance Small Loan
If you take out a small personal loan from Fair Go Finance, you can take advantage of the following features:
Loans from $500 to $2,000. Customers can apply for loan amounts up to $2,000.
No security required. This is an unsecured loan, which means that borrowers are not required to offer any assets as collateral for the loan.
Terms from 3 months to 12 months. The Fair Go Finance Small Loan is available with repayment terms ranging from 3-12 months.
Fixed repayments. The Fair Go Finance Small Loan offers a fixed repayment schedule based on the frequency of the borrower's income. So if you're paid fortnightly, you'll be required to make the payment every two weeks.
Early repayment allowed. Borrowers won't be charged any additional fees if they pay off their loan early.
Bad-credit borrowers accepted. As long as they meet the other eligibility requirements and can demonstrate their ability to repay, Fair Go Finance considers applications from people with bad credit.
Fees and charges
The establishment fee. An establishment fee of 10% of loan amount applies when you first get the loan.
An ongoing monthly fee. Borrowers will be charged 2% each month.
The amount you will be charged for these fees varies depending on the amount you borrow. For example, borrowing $2,000 for a 6-month term means you will have an establishment fee of $200 and a monthly fee of $40. Meanwhile, borrowing $500 for the same period results in a $50 establishment fee and a monthly fee of $10.
The cost of your loan will be outlined in your loan contract when you apply, so read this closely to determine whether this loan is affordable for you.
How to apply for a Fair Go Finance Small Loan
If you’ve compared your finance options and decided that the Fair Go Finance Small Loan is your preferred option, you can apply online. Before you get started, check if you meet the eligibility criteria and have the necessary information to complete the application:
You may only apply if you're:
- 18 years of age or older
- A permanent Australian resident
- In regular paid employment (not including Centrelink)
Details and documents to provide
Applicants must provide the following information:
- Proof of ID, for example, your driver’s licence
- Three months’ worth of bank statements
- A recent payslip
Applicants can track their application through the customer portal. If your application is approved, the funds can be transferred to you within 30 minutes.
A Fair Go Finance Small Loan is well worth a look if you need funds to overcome a short-term financial problem. However, make sure you carefully consider your borrowing needs and compare a range of loan options before deciding whether it’s right for you.
⚠️ 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.
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.