Products and Prices
Typical Loan Product Information*:
- Loan Sizes : $500 - $5,000 or up to $50,000
- Loan Terms: 3 months to 1 year or up to 7 years
- Interest Rates: 6% to 19% to 29%
- Your credit history and requirements will determine your options^
|Credit Grades||Veda Score||Typical Loan Interest Rate||Typical Average Unsecured Personal Loan Amount|
(Prime or good credit)
(Near Prime credit)
|400 – 700||20-29%||$12,000|
(Sub-Prime or bad credit)
Veda is one of the major credit reporting bureau in Australia, Dunn & Bradstreet is the other, and while your score may differ between bureaus, the principles remain the same.
Fair Go Finance
We fund small and medium personal loans up to $5000, and source customer’s larger personal loans up to $50,000 where they meet a lenders criteria.
Small Loans Pricing
At Fair Go Finance we reward you with a discount on your second loan, given you will have demonstrated a positive repayment history on your first loan.
|Min Loan||Max Loan||Average Term||Typical Establishment Fee||Monthly Fee||Interest Rate per Annum||Comparison Rate|
|Small Amount Loans||A$500||$2,000||5 months||20%||4% of principal||0%||N/A|
|Medium Amount Loans||A$2,250||$5,000||8 months||$460 - $695||$5||29.9%||39.9%|
|Available Term||Repayments per week
(depends on affordability)
|Establishment Fee||Monthly Fee||Interest Rate per Annum||Comparison Rate|
|500||3 – 5 months||$33 up to $155||$100||$20||0%||N/A|
|1750||3 – 11 months||$61 up to $178||$350||$70||0%||N/A|
|2250||4 – 12 months||$62 up to $169||$460||$5||29.9%||38.1% - 44.6%|
|4500||7 – 12 months||$116 up to $188||$635||$5||29.9%||41.3% - 46.8%|
Mates Rates Discounts
Once you have demonstrated a good repayment history on your first loan we will reward you with an express service and, depending on the loan amount, a reduction on your establishment fee / interest rate. See table below.
|Loan Amount||Min Loan||Max Loan||Reduction Applied to Establishment Fee||Reduction Applied to Interest Rate||Express Service|
|Small Amount Loans||$1000||$2,000||$50||0%||YES|
|Medium Amount Loans||$2,250||$5,000||$50||5%||YES|
Larger Personal Loans
Loans where we find a lender for you:
When customers outgrow FGF or meet the lending criteria and credit grade for a larger loan, we will research larger loans for you (combination of price and features) from our panel of lenders.
Below are some examples of larger loans. This chart shows, on average, the typical establishment fee, interest rate, weekly repayment and comparison rate for that size loan. As these loans are sourced from a panel of external lenders, these examples are for general information only and may not be the exact terms you are offered. We will always discuss the features, interest rate, commission and fees with you at the time of application.
|Average Loan||Typical Use||Average Term||Typical Establishment Fee||Interest Rate||Weekly Repayment||Comparison Rate|
|A$15,000||Holiday, car purchase, medical||4 years||$395||9% p.a.||$89||12.9% p.a.|
|$40,000||Debt consolidation, home renovations||7 years||$150||13.95% p.a.||$176||14.81% p.a.|
General information about the Australian personal loan marketYour eligibility for a personal loan and the interest rate that you are charged on a personal loan is driven by the level of perceived risk and the cost of providing the service. A range of factors in an application indicate the level of risk and one of these is your credit history, which is commonly referred to as your “credit score”. In Australia, a credit score is often used by lenders to predict whether an adverse event, such as a loan default or bankruptcy, will occur in the next 12 months. It’s based on your credit history for the last 5 or 7 years. As your credit score increases, the perceived risk of an adverse event decreases, and vice versa. The higher your score, the better your chances are for obtaining finance at a lower rate.