How do I know if I can afford a cash loan?

One of the great loan products we offer at Fair Go Finance is fast cash loans.

They range from $500 up to $10,000 and are available to customers with good or bad credit.

If you’d like to apply for a cash loan, but aren’t sure if you can comfortably afford one, here is a great way you can work it out before you apply.

Step 1. Use our online loan calculator

First, let’s work out what the expected repayments will be for the loan amount you’d like. Use our loan slider to select the loan amount and term. For example, if you’d like $2,500 over 12 months, input these into our slider and our calculator will do the rest! (For this example, a minimum weekly repayment amount of $66.24 will be displayed.) 

 

Step 2: Review your budget and bank statements

The next step before you apply for a cash loan is to determine if you can afford to repay this amount weekly. How? Start by looking at your monthly budget and bank statements. Write down your total income received in a month and then subtract all of the regular expenses/loan repayments you have in that month. Make sure you don’t leave anything out. Now, with the amount that is left, simply divide it by 4 to get a weekly figure.

Step 3: Compare your results from step 1 and step 2.

Now it's time to get a clear idea as to whether you can afford the loan you want!

If the amount you calculated in step 2 is more that step 1, then this is a good sign you should be able to afford the cash loan.

What happens if I don’t qualify for the amount I want to borrow?

We treat every loan applicant as a unique individual. This means that if you qualify for a lower amount than you originally applied for, we still may offer you a smaller cash loan if it helps with your loan purpose. All we ask is that you are totally honest when applying, and we will be honest with you about the cash loan amount you qualify for.

You’re welcome to read more about our cash loans, or if you are ready to go forward and apply with us today, simply click below!

Related Articles

"Giving me a chance when others haven't.. and great customer service."

Mark, February 2016