Short-Term Loans: Can They Be Used For A Short Break?

There’s a lot of research that suggests a short break or holiday is not only great fun but can also be very beneficial for those who feel overly stressed, tired or run down. Whatever the reason, if a short break seems appealing, the next step is to work out if it’s affordable. For those who don’t have the money already saved up, the next option could be to take out a short-term loan. A Short-term loan is a small personal loan that is taken over a short time frame, generally 12 months or less. Short-term loans can be used for any general personal need, such as a holiday, to pay bills, buy whitegoods/furniture, pay a tenant bond, cover school fees and many, many more!

What would the repayments be on a short term loan? 

This really depends on how much is being borrowed, over what length of time and what product is chosen. As a guide, please see below for a few different scenarios if applying to Fair Go Finance.

Loan Amount Loan Term Available Loan Products Secured/Unsecured Loan Weekly Repayment Fixed Loan
$500 5 months Fixed Loan Unsecured Loan $33
$1000 7 months Fixed Loan Unsecured Loan $49
$2000 9 months Fixed Loan Unsecured Loan $80
$4500 12 months Fixed Loan Secured Loan $116

As a responsible lender, the applicant’s income and current debts are taking into consideration. If a loan is offered, the amount and term will be tailored to the applicant’s affordability. It is very important that the loan meets the applicant’s needs and can be repaid. We hope this has explained what short-term loans are and what they can be used for. If you have any further questions, please contact our customer service team on 1300 324 746. If you feel you have enough information and would like to apply for a short-term loan, please apply below.   

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