Fair Go Finance Small Loan
You can get an unsecured small loan from $300 to $2,000. Establishment fees can apply, depending on your credit score.
Fair Go Finance offers small loan amounts ranging from $300 up to $2,000. Customers can also pay off the loan early without penalty. The loan terms range from 1 month up to 12 months, and repayments are scheduled based on your income. This loan accepts bad credit borrowers, but you may not be able to get a waiver on your establishment fees. While you may not have to pay an establishment fee if your credit score is good, this loan is expensive. Apart from an establishment fee of 20% the borrowed amount ($18 to $400), you will also be charged a monthly fee of 4%. Payday loans are not a long-term financial solution and can lead to further debt. You should only apply for a payday loan in case of an emergency.
Maximum loan amount
24 to 48 hours
for $1,500 loan
1 to 12 months
Term of loan
Are you struggling financially?
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.
⚠️ 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.
Main points to consider about the Fair Go Finance Small Loan
The Fair Go Finance Small Loan offers borrowing amounts between $300 and $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
- Loans from $300 to $2,000. Customers can apply for loan amounts up to $2,000.
- No security required. This is an unsecured personal loan, which means that borrowers are not required to offer any assets as collateral for the loan.
- Terms from 1 month to 12 months. The Fair Go Finance Small Loan is available with repayment terms ranging from 1 to 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 personal loan applications from people with bad credit.
Fees and charges
- The establishment fee. An establishment fee from 20% of loan amount applies when you first get the loan.
- An ongoing monthly fee. Borrowers will be charged from 4% 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. This is an expensive way to borrow money and there will be additional fees if you are unable to make a repayment on time. Before you take a Fair Go Finance Small Loan, always make sure that you will be able to afford each of the repayments.
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 meet the following personal loan eligibility criteria:
- 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 might help if you need funds to overcome a short-term financial problem. However, make sure you carefully consider your borrowing needs and compare personal loan options before deciding whether it’s right for you.