And right now, you’re possibly thinking “isn’t that what every business likes to say?”
But it’s true. We really are. We aren’t built like other financial lenders, deliberately. Here’s exactly what makes Fair Go Finance unique.
Our CEO, Paul Walshe, loves the idea that as a business we have the qualities of being both a human and a machine (a lot like Ironman). We start by using cutting-edge technology to give our customers their loan funds even quicker, to make their application even shorter, and to make borrowing as easy and convenient as possible.
But we also rely on our dedicated staff to assess your unique financial situation, give you genuine Aussie customer service and to always treat you with kindness and respect.
We work tirelessly to blend this mix, all to make the lives of our customers even better.
Speaking of customer service, we have an awesome Australian based customer service team. Our team genuinely want to set you up for success and work with you to find the perfect solution for your needs.
They’re a funny bunch, and behind the scenes, they are constantly brainstorming ways to help our customers even more. We focus on leading with empathy and understanding, everyone’s financial situation is incredibly unique, and we understand life can throw curve balls when we least expect it.
We genuinely want to be here for our customers for the long haul, which is why we offer a great loyalty program called Mates Rates. It’s designed to continuously benefit our loyal customers and involves such rewards as prioritising our returning customers and offering pricing benefits.
The majority of our competitors offer flat rates for every kind of loan, no matter your credit score or loyalty. But we offer tiered rates on top of our Mates Rates loyalty program. Tiered rates allow us to reward good borrowers for their good financial behaviour with cheaper pricing, while still helping those customers wanting a chance to rebuild their credit-worthiness.
You may not immediately qualify for our lowest rate on your first loan, but simply by making your repayments on time means you’ll build up a positive borrowing history which can then positively impact your credit score. This is because Fair Go Finance implemented Comprehensive Credit Reporting back in 2019 and your positive repayment history can further help you unlock better prices on future loans.
We say it a lot, but we genuinely want to see our customers succeed. For a lot of our customers, they come to us when they’ve been knocked back by mainstream lenders due to their restricted lending criteria. At Fair Go, we try to help customers who may have had a financial hiccup or two in their past but really want to get back on track. We want to help them build a positive payment history that lets them improve their financial options and change the course of their life. This is the type of customer journey we really love to be a part of.
Some of our competitors won’t miss an opportunity to squeeze an extra buck out of you. But that doesn’t make sense to us.
We want to see you succeed, so why would we ask you to pay more money than you need when you’re able to payout your personal loan earlier than expected?
There are no early payout fees on our personal loans. If you come into some cash and you’re now able to pay your personal loan off with us, we won’t discourage you. The feeling of paying off a debt is awesome and something you should be able to do without extra fees being charged.
Financial lenders should always abide by the responsible lending criteria.
And here at Fair Go Finance, we take this very seriously.
Our lending team work hard to make sure your loan is affordable and won’t leave you at risk of falling into financial hardship. If the original amount you’ve applied looks like it could put you in a tight position, we can work with you to find a figure that may suit your affordability better, whilst still meeting your loan need.
When your mission is to set customers up for success, increasing the loan amount to be as big as possible when it’s too risky is just not an option for us.
For our small loans below $2000, we offer 0% establishment fees to customers who have a good credit score. This means you only pay the monthly fee, there’s no other hidden fees or early repayment fees.
Honestly, it’s that simple.
And if you’re not quite eligible for the 0% establishment fee the first time around, the good news is by repaying your small loan successfully you will help boost your credit score and potentially be eligible for the discounted fee if you ever need another small loan with us in the future.
We aren’t going to name names, but there are some things you should look out for when switching personal loan lenders.
Comparison rates are an interest rate that includes fees and charges relating to a loan. The whole point of comparison rates is to help you compare the true cost of a loan against other loans, so you can have something fair to compare.
The Consumer Credit Code regulates how comparison rates are calculated to ensure they are accurate for you to compare.
If a lender puts their comparison rates in the tiniest fine print at the bottom of the page, make sure to compare them to other lenders.
We believe transparency is key, comparison rates are a tool for customers to use to make a decision, but not all of our competitors have the same approach.
It’s easy to get caught up in all the financial lingo that lenders use, so the key is to take the time to read and understand everything before you proceed with a loan application or loan contract.
If a lender says “no monthly fees”, double-check to see what other fees they may charge instead. Keep an eye out for any particularly misleading advertising and make sure the terms and conditions of an offer are clear and easy to understand.
If you’re thinking of borrowing money from a company that says they offer loans with no credit checks, please be wary.
Credit checks are something nearly all financial institutions and service providers use, because it’s a way for them to see how you are currently managing your repayments and bills and whether you can comfortably afford the new loan you’re applying for.
If they don’t complete a credit check, they’re not ensuring the loan will be manageable for you, which could potentially lead you to falling behind and getting trapped into a debt spiral.
We believe you should always consider using a lender who has implemented Comprehensive Credit Reporting (CCR).
We have a whole deep dive about CCR here, but essentially it is where financial lenders update your financial behaviour (repayment history) to the credit bureaus so they can update your credit score every month.
That means when you pay your loan repayments on time, your credit score will quickly reflect this positive behaviour.
Not all financial lenders do this, it’s only compulsory for deposit institutions, which makes us one of the few online personal loan lenders who do this.
Few lenders in our market do it because it does involve time and costs to set up, as well as manage and maintain it. But for us, it is definitely worth it, as it means our customers can improve their credit rating quicker and move forward into better loan rates and terms.
If the lender’s website is not completely transparent about their loan products and you can’t find the answers you really want and need to know, then straight away this should alert you that they may not be as upfront and honest with you if you go ahead with an application.
Do they have a number of ways you can contact them? Can you find a phone number/address/contact email address easily? And are they Australian based with a credit license clearly stated so you can look them up and know they are legitimate and well regulated?
Trust your gut instincts, if a website feels a little dodgy and has very little information then it’s probably something you need to really to think about before providing any of your personal information to them.
We understand our competitors will work relentlessly to try and convince you to consolidate your Fair Go debt with them. We ask that you take the time to think about it, do your research and ensure you’ve weighed up everything they offer compared to our unique differences, to make sure your decision is not only based on your needs today, but also in the future.
You deserve to work with a lender who wants to set you up for success and has transparent processes in place so everything is clear and easy to understand.
We have many things in place to reward our customers, to support them on their financial journey and to genuinely improve their financial situation. Not all competitors are built like us.
We’re unique, and we sure are proud of it.