Glossary of Terms
We understand that some financial terms can be confusing.
We hope the following explanations are helpful.
A secured or unsecured loan typically required to cover an unexpected bill or buy something that was not planned. It’s designed to have the loan approved and repaid quickly.
Bad Credit Loan
A personal loan offered to customers with a ‘bad credit rating’.
Good Credit Loan
A personal loan offered to customers with a ‘good credit rating’.
A personal loan that can be used to pay for any/all of the following:
- A rental bond
- The first two weeks of rent
- Any expense associated with relocating.
A personal loan for which the borrower provides an asset (for example their car) that serves as security for the loan. The lender has a right to sell this asset if the borrower does not pay the loan back.
A personal loan for which the lender relies on the borrower’s signed contract as their commitment to pay it back. The borrower does not offer any asset as security.
SACC is the abbreviation for a Small Amount Credit Contract. SACC’s are personal loans equal to or less than $2000. All SACC’s have a loan term between 16 days to 1 year. 4% of the loan amount is the maximum monthly fee and 20% of the loan amount is the maximum establishment fee.
This is an unsecured personal loan.
MACC is the abbreviation for a Medium Amount Credit Contract. MACC’s are personal loans greater than $2000 and equal to or less than $5000. All MACC’s have a loan term between 16 days and 2 years. A total of $400 plus 48% of the loan amount is the maximum amount that can be charged in total for the fees, interest and charges.
Bad Credit Rating/History
This refers to information on your credit file held by a company such as Veda Advantage.
“Bad” refers to negative listings such as credit defaults, bankruptcy, excessive enquiries or having multiple credit files.
Good Credit Rating
This refers to information on your credit file held by a company such as Veda Advantage. , The information confirms you have had no negative listings and therefore you are perceived as a much lower risk and unlikely to default on a loan.
Early Exit Fee
This is a fee some lenders charge to a client for paying out a loan early. At Fair Go Finance we DON’T charge early exit fees.
Account Keeping Fee
This fee (also called monthly account fee or monthly keeping fee) is charged every month and added to your loan.
A Credit Consultant will handle every approved loan personally. You will be treated like a valued client and not just a number.
An individual or a firm that helps source and arrange finance for their customers.
A client that currently has a loan with Fair Go Finance or has had a loan with Fair Go Finance in the past.
To electronically sign a contract online by using a unique SMS code.
At Fair Go Finance we provide Fixed Loans. They can either be a SACC or a MACC, depending on the loan amount. The repayment amount is fixed and there is a monthly fee payable. Changes or variations can be made (such as payment changes and term extensions) for a fee.
The stage where your loan is currently being processed by our assessment team.
A print screen is a command that lets you take a “photograph” of whatever is showing on your screen.
Direct Debit Request
Is an instruction to debit money directly from a bank account. Direct Debit is the most common way to make loan repayments. To access Fair Go Finance Direct Debit Request Form, please click here.
What is a credit file?
It’s an overview of your credit history. It shows credit applications, records of overdue debts and bankruptcy. It’s what a bank or lender will generally look at when you apply for a credit card, personal loan or mortgage. Depending on what it reveals, will often determine if a loan is approved or declined.