Loan Rates
If you’re looking for a personal loan, we understand you’d like to know what the expected costs are, before you go forward.
We have one of the best ranges of personal loans from $500 up to $10,000. We’ve tried to keep it as clear as possible for you, so here are the basics to get started!
Rates to help you go forward
Our Personal Loan Range
| Minimum loan $500 | Maximum loan $10,000 |
| Minimum loan term 3 months | Maximum loan term 3 years |
| Minimum interest rate for new customers 17.9% p.a. (*Comparison rate 23.20% p.a.) |
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| Minimum interest rate for returning customers 15.20% p.a. (**Comparison rate 19.93% p.a.) |
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| Maximum interest rate 29.9% p.a. (***Comparison rate 53.12% p.a.) |
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*This comparison rate is based on a $10,000 loan over 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
**This comparison rate is based on a $10,000 loan over 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
***This comparison rate is based on a $2,500 loan over 2 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
How important is your credit rating?
Your credit rating (or score) influences the likelihood of you obtaining a personal loan. It also impacts the loan amount and interest rate you could be offered.
Think of it like this. The lower a person’s credit rating (or score) is, generally means that person is considered more of a risk to lend to, so they could be knocked back, or offered a smaller amount and/or a higher interest rate.
Below is a simple guide that looks at credit ratings for New Customers. It shows what you could expect in terms of interest rate and loan amount. (It is only a guide because it does not look at your affordability). For more information about our loyalty discounts check out our Mates Rates page.
| Good Credit | OK Credit | Poor Credit |
| Indicative Veda Score 600 + |
Indicative Veda Score 400 – 600 |
Indicative Veda Score 0 – 400 |
| Interest Rate From 17.9% |
Interest Rate From 23.9% |
Interest Rate From 29.9% |
| Comparison Rate 23.55% |
Comparison Rate 30.05% |
Comparison Rate 53.12% |
| Typical Personal Loan Amount Up to $10,000 |
Typical Personal Loan Amount Up to $7,000 |
Typical Personal Loan Amount Up to $5,000 |
* This comparison rate is based on a $10,000 loan over 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
** This comparison rate is based on a $2,500 loan over 2 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
To find out more about credit scores watch this video.
Now that you know how your credit rating may influence the loan amount and interest rate, let’s look at the different loan sizes we have to help you move forward! Let’s see what the expected costs will be for each, after all, that’s why you’re here!
We’ve broken them up into three groups, which are;
Small Loans
($500-$2,000)
Lender
Fair Go Finance
Minimum Loan
$500
Lender
$2,000
Average Term
5 Months
Typical Establishment Fee
From 10%
Monthly Fee
N/A
Interest Rate Per Annum
N/A
Comparison Rate
N/A
Medium Loans
($2,001-$5,000)
Lender
Fair Go Finance
Minimum Loan
$2,250
Lender
$5,000
Average Term
8 Months
Typical Establishment Fee
From $360
Monthly Fee
$5
Interest Rate Per Annum
17.9%
Comparison Rate
36.64%
Large Loans
($5,001-$10,000)
Lender
Fair Go Finance
Average Loan
$10,000
Typical Use
Holidays, car purchase, medical
Average Term
2 Years
Typical Establishment Fee
From $595
Weekly Repayment
$123
Interest Rate Per Annum
17.9%
Comparison Rate
23.55%
* The 36.64% comparison rate is based on a $2,500 loan over 2 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
* The 23.55% comparison rate is based on a $10,000 loan over 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Mates Rates Reward Program - It’s our way to say thanks for coming back!
Do you like being rewarded for loyalty? Well, our mates rates reward program does just that!
Be funded a second time (or more!) by Fair Go Finance, and you’ll be eligible for great discounts including an express service! Go forward with us again, and you will be rewarded with great benefits!
All applications are subject to approval and will be assessed separately by reference to the applicant’s individual circumstances.
Redeem Reward
Are you eligible to apply?
- I’m 18 years or older
- I’m employed (not self-employed)
- I’m paid $500 or more a week into my bank account
- My income is not solely from Centrelink
- I’ve not entered into bankruptcy or part 9 agreement within the last 12 months
WARNING - DO YOU REALLY NEED A LOAN TODAY?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
For more information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.
Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
If you are on government benefits, ask if you can receive an advance from Centrelink.
https://www.humanservices.gov.au/individuals/online-help/centrelink/apply-advance-payment-your-centrelink-online-account
The Australian Government’s MoneySmart Website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.