What is Fundo and how do its loans work?
Fundo is a cash loan provider specialising in offering fast small and medium loans to its customers. Their loans range from a minimum of $500 up to a maximum of $5,000, with terms ranging from five weeks to six months for loans up to $2,000 (small loans) and nine weeks to six months for loans above $2,000 (medium loans).
These loans are flexible in their usage, with borrowers able to put them towards expenses from car repairs to emergency medical expenses and everything in between.
What fees will I have to pay on loans like Fundo’s?
Fundo’s loan fees follow the industry standard for small and medium loans. These are:
Small loans
- Establishment fee of 20% of your loan amount
- Monthly fee of 4% of your loan amount
Medium loans
- Establishment fee of $400
- 47.80% p.a. interest rate
In terms of other payday loan providers in the market, you’ll pay essentially the same fees with LazerMoney, G’Day Loans (up to $4,600), Cash Bridge (small loans only) and Friendly Finance. Each of these lenders offers interest rates of 48.00% p.a. on their medium loans, however.
What alternatives to Fundo loans are available to me?
There are a few Fundo loan alternatives when it comes to accessing quick cash. These include:
- Another cash loan provider: you could simply choose to go with a lender who offers a similar product. As mentioned, there are plenty of providers out there who offer loans at a similar price and size to Fundo.
- Cash advances: there are also providers like Wagepay and MyPayFast who offer small cash advances, rather than lump-sum loans. These allow you to access a portion of your payslip, often up to 25%, and pay it back out of the following payslip. You may not be able to borrow as much and you’ll need to be receiving a regular payslip, but your loan term won’t be dragged out.
- No Interest Loans (NILS): Good Shepherd offers NILs to eligible borrowers for a set of approved purposes, such as rental bonds, furniture, appliances, car repairs and electronics. The maximum loan amount varies from $2,000 to $5,000 depending on your chosen purpose and no interest or fees are payable. However, as mentioned, the potential uses of the funds are more restrictive than the standard cash loan.
