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Fast, flexible and fair finance for those with poor credit, Fair Go Finance specialises in small loans up to $10,000 with same-day funding. You can use the opportunity to boost your credit score with on-time repayments, but keep an eye on those high interest rates.
Verdict
Fair Go Finance is a practical solution if you need a same-day small loan or have imperfect credit. It caters to those with poor credit history, giving you the opportunity to improve your credit scores through responsible repayment. It offers competitive interest rates, but be mindful that the rates are still higher than other forms of credit.
Fast, flexible and fair finance for those with poor credit, Fair Go Finance specialises in small loans up to $10,000 with same-day funding. You can use the opportunity to boost your credit score with on-time repayments, but keep an eye on those high interest rates.
Key features
- Fast approval: Online application is quick. The transfer of funds often occurs same-day (depending on approval).
- No early repayment fee: You won’t be charged a penalty for paying off your loan early.
- Flexible repayments: Choose your payment frequency: weekly, fortnightly or monthly.
- Bad credit considered: A real person checks your credit score and finances to determine your ability to repay the loan.
- Small to large loans: Loans as small as $500 up to $10,000.
- Accessible customer support: Australian-based support that you can call on the phone or contact online.
How Fair Go Finance works
Fair Go Finance is a Perth-based lender with a name that reflects its “give Aussie’s a fair go” philosophy. It provides quick, customisable personal loans for people who need cash the same day or don’t have a high enough credit rating for a traditional loan or credit card. For example, you might need a quick loan if you:
- Can’t wait for lender or credit card approval
- Have a regular income but less-than-perfect credit
- Want a small and highly flexible injection of cash
The fees and interest rates are tiered, making them one of the most flexible and competitive non-bank lenders on the market. Small personal loans can help you cover emergencies, medical care, education and travel costs, rental bonds and other unexpected expenses.
Applying with Fair Go Finance
Fair Go Finance keeps it incredibly simple compared to other lenders. You’ll need to have identifying documents, bank statements and details of other debts ready.
The application process looks like this:
- Apply online in six minutes
- Accept the Fair Go Finance loan terms via SMS
- Funds are transferred to your account the same day (if you’re approved)
Just remember that Fair Go Finance is a lender and will perform a credit check. Checks are recorded on your credit report and too many can affect your overall score. Make sure you’ve checked the eligibility criteria before you apply.
Are you eligible for a Fair Go Finance loan?
If you’ve been rejected by banks before, you might be a bit shy about personal loans. Fair Go Finance has pretty good eligibility criteria with the bonus being a “good” or “fair” credit rating, rather than the higher rating standards set by big lenders.
To qualify, you must:
- Be at least 18 years old
- Be a permanent Australian resident on a working visa or on a sponsorship visa
- Earn at least 50% of your income from casual, part-time or full-time employment (not Centrelink or other government benefits)
- Not have declared bankruptcy in the past 12 months
As well, Fair Go Finance will do a due diligence check on the last 90 days of your bank statements to determine that you have consistent income and can handle the repayments. If your application isn’t immediately approved, Fair Go Finance says a further check is performed by a real person rather than a computer system (which is pretty amazing in today’s AI world).
What if you have bad credit?
Bad credit can feel like a difficult pit to climb out of. Major lenders tend to avoid credit ratings below 650, but Fair Go Finance at least attempts to work something out for you. It’s possible you’ll be offered a smaller loan amount to suit your repayment ability if you have a “bad” credit score.
How Fair Go Finance tackles credit ratings:
| Credit rating | Action by Fair Go Finance |
|---|---|
| Over 650 (Good) | Eligibility is high and there will likely be a number of options for you. |
| Between 450 and 650 (Average) | Depending on your financial situation, you may have a couple of loan options. |
| Less than 450 (Below Average) | Your bank statements and a willingness to improve your credit score will be vital and will help determine whether Fair Go Finance can responsibly offer you a loan. |
Fair Go Finance encourages its customers to use personal loans as a way to build up a credit score. Even if your loan is small, regular repayments will show up as good activity on your credit report.
Fair Go Finance Small, Medium and Large loans
Here is a guide for the rates and fees per loan type. One of Fair Go Finance’s strengths is customisation, so the full features and costs of your loan will be clearer after your application is checked.
| Rates and fees | Small loans | Medium loans | Large loans |
|---|---|---|---|
| Loan amounts | $500 – $2000 | $2050 to $5000 | $5050 to $10,000 |
| Terms available | 3 to 12 months | 6 to 15 months | 14 to 24 months |
| Establishment fee | $60 to $400 | $400 | $546 to $795 |
| Monthly fee | $25 to $80 | $0 to $18 | $9 to $14 |
| Interest rate (p.a) | N/A | 29.9% to 47% | 21.9% to 25.9% |
We said earlier that Fair Go Finance is competitively priced, but all personal loans have quite high interest rates. If you do need a loan, make a plan to pay it back as quickly as possible to keep your overall costs down.
Note: If you are late on your repayments, a $35 arrears fee may apply.
Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger.
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