Fair Go Finance

Fair Go Finance, online personal loans from Australia

Fair Go Finance is an Australian lender that operates exclusively online and focuses on personal loans. The company presents itself as an alternative to providers with physical branches: as it does not maintain commercial offices, it devotes its resources to the customer experience and to a service it describes as approachable and free of financial jargon. Its proposition is based on interest rates tailored to each applicant's situation and a fully digital contracting process.

Financing products by loan purpose

The entity's catalogue organises personal loans by purpose. Most modalities allow applications for up to AUD 10,000, and the company states that the amount and conditions are adjusted to each profile. Among the lines it details are:

• Emergency loans for unexpected expenses.
• Wedding loans, to spread the costs of the celebration.
• Education loans.
• Travel loans.
• Bond loans, with a 21-day interest-free period.
• Car repair loans.
• Household bill loans.
• Vet loans.
• Cosmetic surgery loans.
• Medium loans, between $2,050 and $5,000.
• Large loans, up to $10,000.

In addition, the site lists other categories such as loans for people with damaged credit history, quick loans, same-day loans, secured loans, unsecured loans, short-term loans and lines of credit, along with car finance.

Repayment simulation and conditions of the published example

The website includes a calculator that allows you to enter the amount, term and payment frequency (weekly, fortnightly or monthly) to estimate the repayment. The example shown on the site started from $3,000 over 12 months with weekly payments: a nominal interest rate of 29.90% per annum, a comparison rate of 54.30% per annum, a minimum weekly repayment of $81.01 and a total amount payable of $4,212.51. The entity warns that the comparison rate is only valid for the amount and term of the example, that it is calculated on an unsecured personal loan of $2,500 over two years and that other amounts or terms may result in a different comparison rate. The amounts are indicative and applications are subject to assessment, with applicable fees and charges.

Application and disbursement process

The procedure described by the company is structured in four steps. The applicant completes an online application that, according to the entity, takes about six minutes. They then receive the loan terms and accept them via a secure SMS code. Disbursement is made in real time, with the aim of making the funds available in the account the same day. Finally, the company supports the customer during repayment, resolves queries and offers tools to improve their credit history. Before starting the application, the interested party can check their eligibility and rate without the query affecting their credit history.

Customer service and credit history improvement

Fair Go Finance emphasises that its team responds directly and without technicalities, and that the price of the loan is defined after learning the applicant's specific situation. The entity states that timely repayments on a first, manageable loan help improve the customer's credit score. In this regard, it publishes the case of a customer from New South Wales who raised their score by 193 points in six months, within an initiative that periodically recognises users who improve their credit history.

Background and corporate structure

The company was founded in 2008 and its first office was established in Mandurah, Western Australia. In 2010 it raised one million dollars in capital from family and friends, which allowed it to open that first office. In 2013 it obtained $9.5 million in funding from AFM and, a year later, it accessed capital from institutional investors and high-net-worth individuals. In 2015 it opened an office in central Perth. The firm MyBucks invested in the company in 2017 and, in 2018, Fair Go Finance acquired the credit entity CapFin. In 2019 SkyCredit Group was created as the parent company that integrated Fair Go Finance, and in 2020 the company came under the control of Skybound Capital, a global wealth manager. The company presents itself as a winner of the 2020 Australian Small Business Champion Awards in the financial services category.

Coverage and regulatory framework

Fair Go Finance serves customers in Melbourne, Brisbane, Sydney, Adelaide and Perth, and its commercial communication is aimed at the whole country. The entity operates with an Australian credit licence and publishes documentation on responsible lending, hardship management, complaints procedure and product guides, including the target market determinations (TMD) for its various credit modalities. It also warns that all personal loan applications are subject to approval and are assessed according to the applicant's individual circumstances.

Location and contact

PO Box Z5302, St Georges Terrace, WA 6831 · Phone: 1300 324 746 · Email: info@fairgofinance.com.au