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Personal Loans versus Credit Cards : What to compare and consider

If you’re trying to decide between a personal loan or a credit card, cost and time to pay off are two of the most important factors to consider.

When it comes to the total interest you could pay, the below graphic helps compare the two overall costs if you pay the minimum payment on your credit card for $5000.

And as for time to repay, did you know it could potentially take 18 years to repay a $5000 credit card debt compared to less than 2 years for a personal loan from Fair Go Finance?

See below – the numbers don’t lie!

And when it comes to choosing a personal loan lender, Fair Go Finance stands out from our competitors because we can offer:

  • A loyalty rewards program –  We offer rate and fee discounts every time you return for a new loan.
  • Personalised rates  –  We reward you with even lower costs if you have a decent credit profile or a good repayment history with us.
  • Comprehensive Credit Reporting (CCR)- By repaying a loan on time with Fair Go Finance, you can actively boost and increase your credit score which can then lead you to being offered better products and rates. Read our blog “What is CCR” to find out more.

Go forward with a Fair Go Finance personal loan today.

Are you eligible to apply?

  • I am 18 years or older
  • I have not entered into bankruptcy or part 9 agreement within the last 12 months
  • I am willing to provide my Bank Statements online

Please note: Bank statements can only be submitted via our secure online service.

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.