Fair Go Finance is an Australian lender offering small personal loans from $500 to $10,000. If you're needing some extra funds and are after a loan of up to $5,000, it's worth getting across how their products work and what they'll cost before you apply. Here, we cover their small and medium loan products only.
How do Fair Go Finance's loans work?
Fair Go Finance’s products up to the $5,000 threshold are split into two categories:
- Small loans: these are available between $500 and $2,000. They’re structured around fees rather than an interest rate, with an average term of three to nine months according to Fair Go Finance.
- Medium loans: these are available between $2,050 and $5,000. They carry an interest rate from 29.90% p.a., with a fixed establishment fee and, in some cases, a small monthly fee. Average terms run from six to 24 months.
If approved, Fair Go Finance states that funds are transferred on the same day via real-time payment. You can choose to repay weekly, fortnightly or monthly.
How much do Fair Go Finance loans cost?
The fee structure differs between the two loan types, as you can see below:
Small loans ($500 to $2,000)
- Establishment fee: $60 to $400
- Monthly fee: $15 to $80
Medium loans ($2,050 to $5,000)
- Establishment fee: $400
- Monthly fee: $0 to $18
- Interest rate: 29.90% p.a. to 47.00% p.a.
Here's what each loan type could cost based on representative examples:
| Small loan example | Medium loan example | |
|---|---|---|
| Loan amount | $1,000 | $3,000 |
| Term | 6 months | 12 months |
| Establishment fee | $200 | $400 |
| Monthly fee/interest | $240 | $514 |
| Total repayable | $1,440 | $3,949 |
| Fortnightly repayment | $111 | $152 |
| Calculations are for illustrative purposes only. Medium loan example uses Fair Go Finance's lowest advertised rate of 29.90% p.a. Your actual rate and costs will depend on your personal circumstances. | ||
Am I eligible for a Fair Go Finance loan?
To qualify for a personal loan with Fair Go Finance, you'll need to meet the following requirements:
- You must be at least 18 years old
- You must be living in Australia as a citizen, permanent resident, or holder of a valid working or sponsorship visa
- You must not have declared bankruptcy in the past 12 months
- At least 50% of your income must come from casual, part-time or full-time employment
Can I apply with bad credit?
Yes, Fair Go Finance considers applicants across a range of credit scores. Your credit score will affect the maximum amount you may be able to borrow and the interest rate you're offered (in the case of medium loans), but a low score doesn't automatically rule you out.
What are the alternatives to a small loan with Fair Go Finance?
If you need to borrow between $500 and $5,000, Savvy can help you out. When you apply with us, your application is run past our panel of lending partners so you can be automatically directed to one whose criteria you meet. All applications remain subject to lender approval.
If you're on a low income, a No Interest Loan (NIL) may also be worth a look. Administered by Good Shepherd Australia through a network of community organisations, you can borrow up to $3,000 for essential goods and services such as whitegoods, medical expenses and car repairs, or up to $5,000 specifically for the purchase of a vehicle. NILs carry no interest, no fees and no credit checks for non-vehicle loans. Funds are paid directly to the supplier rather than deposited as cash.
