2020 Financial Services Winner of Australian Small Business Champion Awards

More Information About Applying

How do I apply?  

We’ve kept the application process as simple as we can.  

Apply online, it takes 6 minutes to complete our smart online application form.  

We ask for information about you, your work situation, your living situation and that you securely provide your bank statements.  

If you aren’t approved straight away, your application will go to an assessor to be manually assessed which should be completed in 1 – 2 business days.  

If you are approved straight away, or approved after assessment, you can accept your offer by electronically signing with a secure SMS code that will be sent to your mobile.  

Our real-time funding will make sure your funds are transferred ASAP, so you can start using your money sooner.  

And if you need any help, we have an Australian support team ready to assist. 

How to set yourself up for a successful loan application 

There are a few things you can do to give yourself the best chance of getting a personal loan approved. Before you apply: 

Make sure you meet the lending criteria 

Every lender has certain conditions you must meet in order to qualify for a loan. Check out our basic loan eligibility as a great starting point.  

Take a look at your credit history 

Any missed payments, arrears or debt-related activities are recorded in your credit history. Lenders look at this, so it’s super important to build up a good track record of paying your bills on time to protect your credit rating. Grab a free copy of your credit report to find out what your credit score is and ways you can improve it if it’s not looking too good. 

Tidy up your bank statements 

Your bank statements reveal a lot about your spending habits. Lenders want to get a good idea of your financial situation and reviewing your bank statements is all part of it. Having a good account history by doing things like not overdrawing, putting some savings aside and reducing any credit card debt shows you’re ready to take on a personal loan. 

Work out what you can afford 

How much will you be able to pay off each month based on your current income and lifestyle? Knowing this will help you figure out how much you can realistically borrow to ensure you can comfortably manage the repayments. 

Be honest 

Honesty is the best policy when applying for a loan. Stretching the truth about your financial situation for fear of missing out will only backfire on you. Speak to a lender like Fair Go Finance if you’re worried and we’ll be able to help you determine what you can afford.   

Now you’re ready to apply with confidence! 

Can you say if I will get approved before I apply?  

It’s tough. We list our eligibility criteria to give you a quick way to see if applying is worth your time, but we can’t guarantee approval before you apply.  

During the application, we look at both your credit report and your bank statements. Whilst it is possible to look at your credit report before you apply, we don’t look at your bank statements until you submit them during the application (as this is the most secure method).  

Both are equally important, as they paint a picture of your shorter and longer-term financial history. So, we can’t give you an absolute guarantee until you apply, but we can estimate the likelihood based on your credit score.  

What happens if I apply and then I get declined?  

We have a minimum 30-day rule, so if you get declined there is a 30 day wait before you can reapply again. We do this for two reasons. 

Firstly, we want to protect your credit report from more enquiries. Every time you apply for a credit product, be it a loan or a credit card, it will impact your credit report. If you applied for back-to-back loans constantly, your score would likely decrease and further impact your chances of getting credit.  

Secondly, this gives you time to improve your bank statement conduct. We assess 90 days’ worth of bank statements, so waiting 30 days, or a third of that time, gives you a terrific opportunity to improve your conduct. This includes paying any defaults, withdrawing less of your pay cheque as cash, having less cash used for buy now pay later payments and ensuring you don’t run out of cash before each pay cheque.  

If you get declined, it can feel like we (the loan company) aren’t giving you a ‘fair go.’ But we genuinely do, because we are passionate about our responsible lending criteria, and we want to avoid our customers facing financial hardship. 

Do you always perform credit checks?  

Yes – it’s part of being a responsible lender. Running a credit check allows us to pull your credit reporting information, which includes your existing and past credit activities, previous loan applications and your credit score. Looking at this gives us an idea of how you handle credit and how much room you have to borrow. We do this with every loan application we receive to ensure a fair assessment for all. 

What do you look at when you read my credit report?  

A look into your credit report will reveal a number of things about your ability to repay a loan. Ultimately, we want to make sure the loan you’re applying for fits within your budget and the payments will be manageable. 

Things lenders look at include: 

  • Payment history – late payments, missed payments, mortgage default and bankruptcy are all red flags to lenders. 
  • Outstanding debt – do you have a lot of debt? Put simply, the less debt you have the greater your chances of getting a loan approved. 
  • Credit history – if you have a good track record of responsible credit use then this boosts your credit rating and lenders love a high credit score! On the other hand, if you suddenly open up multiple credit card accounts in a short time then lenders will question why you need so much credit and it could hurt your credit score. 
  • Credit enquires – for every application you submit – be it a personal loan, credit card, car loan or phone contract for example, the lender will run a credit report. While it’s good to compare lenders, you should only submit a loan application with the lender you want to go with. Shopping around for credit by submitting multiple applications can have a negative impact on your credit score. 
  • Credit score – we mentioned lenders like a high credit score, and while it’s not the deciding factor for approving a personal loan, having a healthy credit score does look more favourably on you.  
  • Personal information – details such as your name, address and date of birth. Why do we look at this? To ensure the information you provided matches what’s in your credit report and to verify it is definitely you who is applying for the loan. 

What do you look at when you read my bank statements? 

We look through 90 days of banking activity to see what your spending patterns are like and whether you’re capable of meeting your loan repayments based on your current lifestyle. We also use your bank statements to verify your identity and income. 

Things we consider red flags include:  

  • Withdrawing large amounts of cash from your account 
  • Accumulating lots of buy now pay later debt and missing repayments 
  • Any late charges on your credit card repayments or utility bills 
  • Withdrawing more money (overdrawing) than the balance available in your account 
  • Unusually large fluctuations in the balance of your account 
  • Regular direct debits that haven’t been declared in your application 

Learn more about why you need to provide bank statements when applying for a personal loan. 

What documents do I need to provide if I apply for a car loan?  

For a car loan application, we’ll need you to provide 90 days of bank statements and some I.D information (for example your Medicare number or driver’s license). 

If you want to purchase a vehicle from a dealership, we will need a copy of the invoice from the dealership which contains the contract of sale, details about the car and the dealership’s bank account information. 

If you are buying a vehicle from a private seller, we’ll provide a blank tax invoice for you and the seller to use. We’ll also need to see the certificate of registration from the seller and details of the bank account to transfer the funds to. This can be something as simple as a bank statement or an account summary so we can be sure that the bank account we are transferring the funds to belongs to them. 

And don’t forget, we’ll also need a certificate of insurance that shows one year of comprehensive coverage and lists us (Fair Go Finance) as the financial interest. 

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Are you eligible to apply?

  • I am 18 years or older
  • I have not entered into bankruptcy or part 9 agreement within the last 6 months
  • I am willing to provide my Bank Statements online
  • My income is not solely from Centrelink
Please note: Bank statements can only be submitted via our secure online service.