At Fair Go Finance, we get asked all kinds of questions, so we thought we would put them all in one place.

That’s why we have listed below, the most commonly asked questions in...

Getting a Fair Go Finance Loan

Do I have to live in the city to get a loan?

No, Fair Go Finance has thousands of clients living across the country from Weipa to Albany and Broome to Hobart. Loan applications are approved on their individual merits.

Can I get a loan if I have bad credit?

Depending on your level of bad credit, you may be able to successfully apply for a loan with us. As part of our lending criteria we look at the number enquires ( last 7 years), number & status of recent defaults and other adverse items on your credit file. Call us on 1300 324 746 for more information.

What is the term of my loan?

The duration of a loan with Fair Go Finance can vary from one month to one year and is determined by the amount you borrow, and your capacity to repay and your credit history.

How long must I have been in my job for to be eligible for a loan with Fair Go Finance?

Full-Time/Part-Time: Any length of time however you cannot be on probation UNLESS you have previously worked more than 12 months in the same trade or it requires a formal qualification. Proof will be required.
Casual: Cannot be less than 6 months
Contract: Cannot be less than 6 months
Self-Employed: Cannot be less than 12 months and must provide a recent Notice of Assessment
Unemployed: We cannot provide a loan to you if you are unemployed.
Please note we cannot approve a loan if you are on maternity leave or are due to go on maternity leave, your employment has been terminated or your contract is ending and you cannot prove it will be renewed.

Why does Fair Go Finance lend to people with bad credit?

At Fair Go Finance we understand there are genuine reasons why people have bad credit. Although we can’t help every customer with bad credit, we can assist certain levels of bad credit. Providing a bad credit loan can help those customers develop a positive credit rating so they can access money quickly and easily from us when they need it in the future.

About our Bank Statement Service

When using bankstatments.com.au to provide bank statements, why do I input my internet banking details?

By inputting your details allows us to view your bank account history. This helps us make our lending decisions quickly, and assess what types of loans are affordable and sustainable for you. As a responsible lender, it is important for us to verify your incomings and outgoings. Ultimately, this will help us ensure that the loan is not unsuitable for you and you can make the repayments due under the loan. We may use future transaction information to quickly assess your future loan applications. MoneyBuddy Data Pty Ltd (trading as BankStatements.com.au ABN 89166277845) are only permitted a read-only access to your current account, so will only ever be able to view the recent transactions on your account. Your bank details are encrypted in transit and stored securely by MoneyBuddy Data Pty Ltd. We do not have the ability to change any of your banking details, set up direct debits or to manage your account in any other way. All data is securely handled in accordance with the Privacy Act (1988) (Cth) and our privacy policy and MoneyBuddy Data Pty Ltd’s privacy policy which can be accessed here https://www.bankstatements.com.au/about/privacy

 

When using bankstatements.com.au to provide bank statements, who sees my internet banking log-in details?

No person can access your Internet banking details. When you enter your banking credentials on our website they are immediately encrypted. MoneyBuddy Pty Ltd (trading as bankstatments.com.au, ABN 89166277845) then stores the encrypted details. They are stored in a highly secure data centre which has a single use, which is to generate a read-only data-feed which we will use to assess the affordability of the loan.

When using bankstatements.com.au to provide bank statements, what happens to my internet banking details after I input them on your website?

As an organisation, security of data and prevention of fraud are fundamental to us. We are committed to using practices to ensure that our services are provided within a secure environment. Your Internet banking details are encrypted and held securely by our professional service providers. Our partner, MoneyBuddy Pty Ltd (trading as bank statements.com.au, ABN 89166277845) and us, are permitted read-only access to your current account, so will only ever be able to view your account. We do not have the ability to change any of your banking details or set up standing orders/direct debits. All data is securely handled.

When using bankstatements.com.au to provide bank statements, what happens to the bank statements you obtain?

They will be used to make lending decisions about you and stored by us as long as necessary to assist us in managing your credit and assessing future applications for credit. MoneyBuddy Pty Ltd (trading as bank statements.com.au, ABN 89166277845) will store your bank statements. MoneyBuddy Pty Ltd may use, disclose, sell, license, reproduce or distribute your data and transaction Information in statistical and aggregate form that does not contain Personal Information.

When using bankstatements.com.au to provide bank statements, what will my bank say about me inputting my log-in details into your website?

We would recommend that you review the Terms and Conditions of your Internet banking provider. Before you decide to submit your baking credentials, we would stress that security is of paramount importance and especially mention that:
▪ Your data is encrypted in transit;
▪ We do not have any functionality over your bank account; and
▪ We only have access to a read only service
However, you understand that allowing MoneyBuddy Pty Ltd (trading as bank statements.com.au, ABN 89166277845) to access your Transaction History is at your sole risk. As a result of you providing your internet banking details to a third party account aggregation service such as MoneyBuddy Pty Ltd, you may become liable under your bank’s rules for any subsequent unauthorised transaction that occurs to your bank account.

If I don’t use bankstatements.com.au to provide bank statements, can I provide them another way?

Yes, you may provide us with a paper copy, or PDF of your bank statements instead. This will take longer for us to receive, so we cannot process your loan as quickly. You will also need to provide us with updated bank statements next time you apply for a loan.

When using bankstatements.com.au to provide bank statements, whom should I speak to if I have more questions?

If you have questions or concerns, please call us at Fair Go Finance 1300 324 746 or send us an email to info@fairgofinance.net.au. Alternatively, you may contact MoneyBuddy Pty Ltd (trading as bankstatements.com.au, ABN 89166277845) in South Australia on (08) 7122 9452.

Application/How does it work

What is E-signing?

To electronically sign a contract online by using a SMS code.

If I do not have access to a fax machine or computer, how do I get the documents to Fair Go Finance?

You can fax or scan and email documents from most Australia Post offices, newsagents, libraries, or Internet cafés.
Fax supporting documentation for your loan to 1800 324 746 or email apply@fairgofinance.com.au.

How does Fair Go Finance assess a loan?

Fair Go Finance’s loan approval process matches your needs and situation – income, expenses and credit history – to a specific loan amount. This ensures an approved sum that’s both beneficial to your circumstances and also can be comfortably repaid.
Under our Responsible Lending charter, we need to understand your individual situation in order to match the right cash loan to your needs. This helps us make personal loans available for people on a range of income levels while providing a repayment schedule amenable to your lifestyle.

Repayments and Fees

If I want to pay the loan back sooner, can I?

Yes, the terms of our loans mean that there is no penalty or charge for paying out early and you save a considerable amount of money by doing so.

Does Fair Go Finance charge any monthly fees?

Monthly fees vary from $5.00 to $80.00 per month.

What are flexible repayments?

Fair Go Finance can structure your direct debit payments from your bank account to occur either weekly, fortnightly or monthly. We also confirm with you what day is most suitable for the debit to occur, to help you best manage your cash flow.

Does Fair Go Finance charge an early exit fee?

No. If you can payout your loan early, Fair Go Finance will not penalize you. We are happy for you to repay the loan early, and it will also save you paying the full amount of interest that was estimated in your loan contract.

How do I make my loan repayments to Fair Go Finance?

All loan repayments are made via Direct Debit from your nominated bank account.

Can I make extra repayments on my loan?

Yes, additional repayments can be made by simply calling Fair Go Finance on 1300 324 746 and our staff will provide you with the additional payment options.

What happens if I can’t make a repayment?

All you have to do is contact Fair Go Finance as soon as you know that the payment cannot be made so alternative arrangements can be discussed.

How will I know when all my repayments have been made and my loan is paid out in full?

An account manager will contact you prior to the end of your loan to confirm the date of your final repayment. Once your loan has been paid out in full, you will receive a letter from Fair Go Finance confirming the closing of the loan, and your eligibility for future finance.

Approval Process

Why was I offered a different amount to what I applied for?

As a responsible lender, your application is assessed by referring to your individual circumstances. Part of this assessment involves ensuring you can comfortably afford the repayments. There are times where we may offer you a different loan amount because of this, as long as the loan will still assist you with the loan purpose you indicated.

Are there income types you do not consider?

While Fair Go Finance attempts to give each applicant a fair go when applying for a loan, we do have some criteria that prevent us from lending to some segments.

Our criteria requires
1. You must earn a minimum weekly income of $500. This can be entirely from a wage/salary or a combination of a wage/salary plus an acceptable Centrelink payment listed below.
2. The three Centrelink payments we CAN ACCEPT to form part of the minimum $500 weekly income are:
• Single Parent
• Family Tax Benefit
• Carers Allowance
For example: Applicant has a wage $200.00 per week
Plus receives a Carer’s allowance $350.00 per week
TOTAL INCOME (must be > $500) = $550.00 per week YES – ELIGIBLE
3. We CANNOT ACCEPT any of the following Centrelink payments as acceptable income.
• Newstart/Youth Allowance
• Austudy/Abstudy
• Aged Pension
• Disability Support Pension
4. If you are self-employed, we require that you have been self-employed for a minimum of 12 months AND you must be able to provide a recent Notice of Assessment.

What is the interest rate on the larger loans you can organise?

The interest rates vary depending on the lender we submit the application to. Currently the rates start from 11.99% however we will confirm the applicable rate when we are processing the application.

About Fair Go Finance

What is a Fair Go Finance Loan?

It’s a fixed loan between $500 and $5000. The interest rate ranges from 0% to 29.9%. It has a monthly fee and no early repayment fee. Other changes can be made during the loan, for a specified fee.

What loan amounts can you provide?

Fair Go Finance provides and funds loans from $500 to $5,000.

We also can source loans over $5000 by acting as a Broker for our customers. We have a dedicated FGF team to process these larger loans – where we act as a Broker and have a panel of lenders available.

What is the interest rate on a loan funded by Fair Go Finance?

Interest rates vary from 0% pa to 29.9% pa. The interest rate on the loan will stay fixed for the life of the loan while repayments are made (there is a default interest rate that may be applied if the loan goes into default).

What do you mean by “personalised service”?

At Fair Go Finance we understand every person’s situation is different. Every conditionally approved loan at Fair Go Finance is individually assessed and a trained staff member, not a computer, will personally handle your application.

Does Fair Go Finance lend to residents in NSW?

Yes, Fair Go Finance is an Australia wide provider of consumer finance.

How long must I have been in my job for to be eligible for a loan with Fair Go Finance?

Full-Time/Part-Time: Any length of time however you cannot be on probation UNLESS you have previously worked more than 12 months in the same trade or it requires a formal qualification. Proof will be required.
Casual: Cannot be less than 6 months
Contract: Cannot be less than 6 months
Self-Employed: Cannot be less than 12 months and must provide a recent Notice of Assessment
Unemployed: We cannot provide a loan to you if you are unemployed.
Please note we cannot approve a loan if you are on maternity leave or are due to go on maternity leave, your employment has been terminated or your contract is ending and you cannot prove it will be renewed.

How do I update my information with Fair Go Finance?

Updating your personal information is easy – simply contact our office on 1300 324 746 to advise us of any changes in your circumstances.

Managing Repayments and Hardship

If I start paying the loan back and need to reduce my payments, can I?

Yes, you will be able to reduce your repayments subject to consideration, and there will be a one off fee to do so. Obviously the longer the loan runs, the more interest you pay. We encourage all our customers to call us if their situation changes during the life of a loan so the repayments can be adjusted if appropriate.

What else do I pay other than interest?

Consumers should understand the Total Cost of Credit prior to taking a loan. The total cost of credit is the combination of the interest rate, establishment fee and any other “ascertainable fees”. The total cost is not just the stated interest rate, but the stated interest rate plus any compulsory fees. On the range of personal loan sizes offered by Fair Go Finance, the loan establishment fee and interest rate varies depending on the loan amount you borrow and your Credit Consultant is happy to discuss this with you prior to finalising your loan approval. If you are unsure about the total cost of credit please discuss this with your Credit Consultant.

Why would I pay the loan back early?

▪ Pay less interest – you only have to repay the interest charged to your account up until the day you pay out the loan.

What are flexible repayments?

Fair Go Finance can structure your direct debit payments from your bank account to occur either weekly, fortnightly or monthly. We also confirm with you what day is most suitable for the debit to occur, to help you best manage your cash flow.

How do I make my loan repayments to Fair Go Finance?

All loan repayments are made via Direct Debit from your nominated bank account.

Can I make extra repayments on my loan?

Yes, additional repayments can be made by simply calling Fair Go Finance on 1300 324 746 and our staff will provide you with the additional payment options.

What happens if I can’t make a repayment?

All you have to do is contact Fair Go Finance as soon as you know that the payment cannot be made so alternative arrangements can be discussed.

Contact Us

How can I contact Fair Go Finance outside business hours?

If you need to contact us outside business hours, you can choose from two ways.

  1. You can e-mail us at apply@fairgofinance.com.au and we will respond the next business day. Please include your full name, contact number and reference number if you have one.
  2. You can leave a voice message on our after hours messaging service provided on our 1300 324 746 number. Please ensure you provide us with a return number so we can call you back on the next business day.
  3. You can fax us on 1800 324 746. Please include your full name contact number and reference number if you have one.