Fair Go Finance Loan Review

Explore Fair Go Finance's financial solutions, including their products and terms, with Savvy today.

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, updated on February 12th, 2024       

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Fair Go Finance is a lender based in Perth which provides various small loan products to meet customers' needs, as well as larger personal loans. Before considering Fair Go Finance for your cash needs, understanding its loan options, fees, terms, and more is crucial. Fortunately, you can explore these details with Savvy. Delve into our review of its products and learn about the other options which may be open to you with us today!

Rates and product information are correct as of 12 February, 2024.

Fair Go Finance Loan Review

How do Fair Go Finance's small loans work?

For Fair Go Finance, borrowers have access to loans ranging from $500 to $2,000, with repayment terms between three and 12 months available. These loans are categorised as Small Amount Credit Contracts (SACCs) and are governed by specific regulations regarding fee structures. Additionally, Fair Go Finance offers Medium Amount Credit Contracts (MACCs) starting at $2,050 and capped at $5,000 with terms from seven to 19 months, and personal loans from $5,050 to $10,000 with terms from 14 to 24 months. Borrowers can choose their repayment frequency (either weekly, fortnightly or monthly) without incurring additional charges for early repayments for either loan type.

The application process for Fair Go Finance is online. Applicants must provide personal identification, contact information and bank details to apply. Upon submission, applicants receive a prompt decision, and if approved, funds can be sent as soon as the same day, subject to meeting the eligibility criteria.

What will the cost of a small loan through Fair Go Finance be?

Fair Go Finance provides 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 $2,050 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, 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 Fair Go Finance if I have bad credit or receive Centrelink payments?

Fair Go Finance can offer funding to applicants even if they have a less-than-perfect credit score or receive Centrelink benefits. While it conducts credit checks in line with Australian responsible lending laws, Fair Go Finance focuses more on the applicant's current financial situation and considers various factors to determine eligibility. However, individuals who have declared bankruptcy within the last 12 months won’t be approved.

Regarding Centrelink payments, you won’t be able to apply for a loan if you solely or primarily rely on income from government benefits, as Fair Go Finance requires that applicants earn at least 50% of their income from casual, part-time or full-time employment. This means that single mothers and veteran payment or age pension recipients without a job won’t be approved.

What are the potential alternatives to a small loan with Fair Go Finance?

A quick and easy alternative to a Fair Go Finance loan is applying for a small loan through Savvy. Through our simple online process and trusted lending partners, we can help borrowers access the funds they need fast.

Follow these simple steps to apply for your small loan through Savvy today:

  1. 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.
  2. Submit your application and promptly receive an instant automated decision from one of our partnered lenders.
  3. Upon conditional approval, your application will undergo assessment by your designated lender, which may necessitate additional documentation.
  4. Following lender approval, you'll be furnished with formal approval and loan documents delineating your loan terms, fees, repayment schedule, and other pertinent details.
  5. Upon signing and returning the documents, your funds will be swiftly transferred to your designated bank account. Depending on the time you apply, this can happen as soon as the same day.
Apply now

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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.