Good to Go Loans Review
Find out more about the variety of loan options available from Good to Go Loans, along with their terms, fees and more, with Savvy today.
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Good to Go Loans is a lender based in Sydney which provides small loan solutions, as well as personal lines of credit and car and business finance. Before choosing Good to Go Loans, understanding its loan options, fees, terms, and more is vital. Fortunately, you can explore these details with Savvy. Delve into our analysis of its offerings and discover potential alternatives with us today!
Rates and product information are correct as of 12 February, 2024.
How do Good to Go Loans' small loans work?
With Good to Go Loans, borrowers have access to loans ranging from $500 to $2,000. These loans are categorised as Small Amount Credit Contracts (SACCs) and are governed by specific regulations regarding fee structures. Additionally, it offers Medium Amount Credit Contracts (MACCs) starting at $2,001 and capped at $5,000. Loan terms range from four weeks to two years, with SACC loans capped at 12 months. Borrowers can choose their repayment frequency (either weekly, fortnightly or monthly) and won’t incur additional charges for early repayments for either loan type.
The application process for Good to Go Loans is online from start to finish. Upon submission, applicants can receive a prompt decision, and if approved, funds can be released as soon as the same day.
What will the cost of a small loan through Good to Go Loans be?
Good to Go Loans offers small loans with the following price breakdown:
Loans from $500 to $2,000:
- Establishment fee: 20% of your loan amount
- Monthly fee: 4% of your loan amount
- Cost example: a $1,000 small loan repaid monthly over three months would come with a $200 establishment fee and a $40 monthly fee, resulting in a total loan cost of $1,320.
Loans from $2,100 to $5,000:
- Interest rate: up to 48% p.a.
- Establishment fee: $400
- Cost example: for a $3,000 small loan repaid monthly over 12 months with a 48% p.a. rate, you’d be charged a $400 establishment fee and interest of $947, resulting in a total loan cost of $4,347.
Can I qualify for a small loan with Good to Go Loans if I have bad credit or receive Centrelink payments?
Good to Go Loans is willing to consider applicants for funding even if they have a less-than-ideal credit score or receive Centrelink benefits. While they conduct credit checks in line with Australian responsible lending laws, Good to Go Loans focuses more on an applicant's current financial situation and assesses various factors to determine eligibility. This means those who have struggled with credit in the past may still have an avenue to explore.
For those receiving Centrelink payments, as long as applicants meet the qualification criteria regarding minimum income, they can apply for a loan while receiving Centrelink payments. Specifically, the Centrelink income in question must be regular and ongoing, potentially including those who are unemployed such as single mothers and those receiving veteran payments and age pensions.
What are the potential alternatives to a small loan with Good to Go Loans?
As an alternative to a loan through Good to Go Loans, you can explore applying for a small loan through Savvy. Through our simple online process and trusted lending partners, we can help facilitate the swift acquisition of the funds you need.
Here's the straightforward process of applying for a small loan through Savvy:
- Complete our application form, providing pertinent information such as your credit score, income, employment details, and preferred loan amount, which ranges from $2,050 to $5,000.
- Submit your application and promptly receive an instant automated decision from one of our partnered lenders.
- Upon conditional approval, your application will undergo assessment by your designated lender, which may necessitate additional documentation.
- Following lender approval, you'll be furnished with formal approval and loan documents delineating your loan terms, fees, repayment schedule, and other pertinent details.
- Upon signing and returning the documents, your funds will be swiftly transferred to your designated bank account, which may be as soon as the same day.
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Disclaimer:
The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.
For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.
Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.