Lender Review: Fair Go Finance

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Company Brief

Small Amount Loans: $300 – $2,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Minimum Loan Term Maximum Loan Term
Personal Loan $6-$80, with the rate calculated using risk-based pricing, and depending on credit rating Fixed Monthly + Fixed Establishment Fee of $18 to $400 $300 $2,000 24-48 hours 1 month 12 months

 

You can get a Fair Go Finance Small Amount Loan for as low as $300, up to $2,000. The repayments will include a total monthly interest of $60-$80, which depends on the risk-based pricing calculation of the lender and the borrower’s credit rating. It also includes an establishment fee of $18 to $400.

For example, if you borrow $500 for six months, you will pay a monthly fee of $10 and an establishment fee of $30. Your weekly repayment as computed by the website would be $23.08, with a total repayment amount of $600. Note that monthly charges vary according to the risk-based pricing computations by Fair Go and the credit rating of the borrower.

Medium Amount Loans: $2,050-$5,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan $8-$9, with the rate calculated using risk-based pricing, and depending on credit rating Fixed Monthly + Fixed Establishment Fee of $375 to $771 $2,050 $5,000 24-48 hours 6 months 24 months

 

The minimum amount for Medium Amount Loans is $2,050, and the maximum amount at $5,000. The monthly interest payment would amount to $8 to $9, with an establishment fee of $375 to $771.

To demonstrate, if you take out a $3,000 loan for 12 months, you will need to pay an establishment fee of $495 and a monthly interest of $9. The website calculates your weekly repayment at $70.45, with a total repayment amount of $3,663 (26.09% interest per annum).

Large Amount Loans: $5,050-$10,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan $10-$11, with the rate calculated using risk-based pricing, and depending on credit rating Fixed Monthly + Fixed Establishment Fee of $536 to $795 $5,050 $10,000 24-48 hours 9 months 36 months

 

The minimum amount for Large Amount Loans is $5,050, with the maximum amount of $10,000. The monthly interest payment would amount to $10 to $11 and an establishment fee of $536 to $795.

As an example, if you have a $6,550 loan with a 17-month term, your payments will include an establishment fee of $561 and a monthly fee of $10 (if the company computes your interest per annum at 19.14% based on risk-based pricing and credit rating). Your weekly repayment would be $99 with a total repayment amount of $7,326.

Line of Credit: $200-$3,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan Monthly interest fee of $9 Fixed Monthly + Fixed Application Fee of 3%-5% $200 $3,000 24-48 hours 12 months 24 months

 

A line of credit provides you with continuous and immediate access to a fast loan when you need it the most. It operates by loaning the funds on demand up to a predetermined maximum limit. You have the option of using the whole amount or accessing smaller amounts as needed.

The minimum amount for a Line of Credit is $200, with the maximum amount being $3,000. The monthly interest payment would amount to $9 with an application fee of 3%-5% of the loan amount.

For example, if you take out a $2,000 loan, you will pay an application fee of $150 and a monthly fee of $9. Your repayments per week would be $23 with a total repayment amount of $2,392.

Car Loan: $5,000-$20,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Secured Car Loan Monthly interest fee of $15-$28 excluding charges and commissions set by Fair Go Finance Fixed Monthly + Fixed Discharge Fee of $125 $5,000 $20,000 (for applicant below 22, maximum loanable amount is $15,000) 24-48 hours 2 years 5 years

 

You may also get a car loan from Fair Go Finance at a minimum of $5,000 and a maximum loanable amount of $20,000. Using this loan, you may purchase a new and used car, motorbike, caravan, or trailer. There is a monthly interest fee to be paid amounting to $15-$28, excluding commissions set by the lender. You will also need to pay a $550 application fee.

For example, if you borrowed $15,600 to purchase a vehicle for 42 months, your fortnightly repayment period would be $260, including an establishment fee of $550 and a monthly fee of $22. On average, the interest rate per annum is 23.49% for this loan amount.

Breakdown of all fees for each loan product

The following are the lending costs of Fair Go Finance Small Amount Loan:

  • Monthly Fee: $6 to $80 depending on the credit rating of the borrower
  • Establishment Fee: $18 to $400
  • Dishonour Fees: $35. Charged if the direct-debit arrangement with your nominated bank account has dishonoured or missed a payment. This is reversible if you can rectify missed payments within 48 hours of the incident.
  • Default Fee: $20. This is charged to your account if your loan account falls more than $150 behind in its loan repayments.
  • Variation Fee: $35. Payable if the borrower requests changes in the original loan agreement.

Meanwhile, the following are the lending costs of Fair Go Finance Medium Amount Loan:

  • Monthly Fee: $8 to $9 depending on the credit rating of the borrower
  • Establishment Fee: $375 to $771
  • Dishonour Fees: $35
  • Default Fee: $20
  • Variation Fee: $35

The following are the lending costs of Fair Go Finance Large Amount Loan:

  • Monthly Fee: $10 to $11 depending on the credit rating of the borrower
  • Establishment Fee: $536 to $795
  • Dishonour Fees: $35
  • Default Fee: $20
  • Variation Fee: $35

The lending costs of Fair Go Finance Line of Credit are as follows:

  • Application Fee: 3% to 5% of the loan amount
  • Monthly Fee: $9 (for loans amounting to $2,000 to $3,000)
  • Dishonour Fees: $35
  • Default Fee: $20

You may get a car loan for the following lending costs:

Comparison Rate: 26.69% p.a. to 36.32% p.a.

  • Application fee: $550
  • Monthly Fee: $15 to $28
  • Discharge Fee: $125. The discharge fee covers all administrative costs associated with the loan and is paid when you finish paying off the balance of the loan.

Application Process

The application process for all Fair Go Finance products is done online. It should take you no more than 5 minutes to complete the online application and receive a preliminary assessment. You only need to provide your income and expenditure information, basic identification and bank account information. Your preliminary evaluation result will immediately appear on your screen when you press the submit button.

To be eligible, you must meet the following criteria:

  • You are 18 years of age
  • You are a citizen, permanent resident, on a working visa, or on a sponsorship visa in Australia.
  • Your weekly earnings exceed $500.
  • You are not on probation and work on a casual, part-time, or full-time basis.

You will need to provide the following personal details and required documents during the application process:

  • Documents of identification: Information from your Medicare card or driver’s license.
  • A document containing your address: A utility bill or a rent stub that confirms your residence.
  • Information about your online banking: Fair Go Finance will be given read-only access to the past three months of your financial data.
  • Financial and employment information: Information about your income, assets, obligations, and job condition, including payslips

Because the loan application procedure is entirely online, you do not need to produce any paper copies of your documents. For example, the lender provides an online bank statement service called bankstatements.com.au to assist you in submitting your bank statements quickly and conveniently throughout the application process. This allows the company to safely view 90 days of your bank statements in a read-only format, ensuring that your money is protected. Because of its 256-bit data encryption, this service is quick and safe. If your loan is conditionally accepted, Fair Go will send you an SMS message with a unique code that you can input directly into the page to accept the offer.

It usually takes 24-48 business hours for the loan to be finalised and funds released. Fair Go Finance uses Real-Time Funding to have cash sent to your bank account in less than a minute. If your bank participates in the Split Payments technology, you may expect to receive your loan money within the day.

Notable Loan Product Features

One of the notable loan product features of all Fair Go Finance Loans is the quick application process and quick turnaround time for preliminary assessment. To manage your expectations, the company provides a 5-6 minute initial assessment based on the information you provided through the website. Final results of the loan are also released within 1-2 business days, with the loan proceeds credited real-time (if the borrower’s nominated bank supports Split Payments technology).

Repayments are made through a direct debit arrangement with your bank. The entire application process is 100% online, with document signing made using unique SMS codes. As part of this direct debit process, you may need to supply Fair Go Finance with your internet banking details.

The company provides alternative repayment options for individuals experiencing difficulties paying off loans.

Funds are provided to borrowers with both good and bad credit. You may apply if you have a bad credit history as long as you’ve not filed bankruptcy in the recent 12 months.

Lastly, Fair Go operates a ‘Mates Rates’ program where returning customers get up to $453 additional loanable amount on their second loan.

The Company

Positives:

  • Speedy loan application process and loan approval resulting in good customer experience.
  • 100% online and paperless application with SMS Code signatures
  • The additional loanable amount for second-time borrowers
  • Auto-debit arrangement for scheduled payments

Negatives:

  • Errors with the company website can be addressed by calling the customer service hotline directly.

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