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Online Lender: Fair Go Finance

fairngo-logo

Product Highlights

  • Loans from $500 to $10,000
  • Over 3 months to 2 years

Company Brief

Fair Go Finance provides small loans of up to $2,000 and personal loans of up to $10,000. The company was founded in 2008 and is located in Perth, Western Australia. The company’s office hours are from Monday to Friday, 6:30 AM to 4:30 PM AWST, and Saturday, 8 AM to 12 PM. Fair Go Finance’s ACN is 134369574 with credit license number 387995.

Small Amount Loans: $500 – $2,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Small Loan $15-$80, with the rate calculated using risk-based pricing, and depending on credit rating Fixed Monthly + Fixed Establishment Fee of $60 to $400 $500 $2,000 24-48 hours 3 months

12 months

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

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Minimum Loan Term Maximum Loan Term
Medium Loans $10-$14, with the rate calculated using risk-based pricing, and depending on credit rating Fixed Monthly + Fixed Establishment Fee of $437 to $771 $2,050 $5,000 24-48 hours 7 months

19 months

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

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Minimum Loan Term Maximum Loan Term
Large Loans $9-$14, with the rate calculated using risk-based pricing, and depending on credit rating Fixed Monthly + Fixed Establishment Fee of $546 to $795 $5,050 $10,000 24-48 hours 14 months

24 months

 

Other fees associated with Fair Go Finance loans

  • Small Loans APR – not provided on Fair Go Finance website
  • Medium Loans APR – 23.31% to 29.90%
  • Large Loans APR – 21.90% to 25.90%
  • No early repayment fees
  • No specific information states on Fair Go Finance for default fees or dishonour fees

Note: The information found here on Friendly Finance is accurate and in line with the data on Fair Go Finance website as of November 2023.

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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: Fair Go Finance

fairngo-logo

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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