A. Between $1000 and $3000 depending on your circumstances.
Q. If I have had defaults and they are now paid am I eligible for loan?
A. Household annual net income thresholds of $50,000 (no dependants) $60,000 (1 or more dependants), poor credit history accepted (up to two unpaid defaults totalling no more than $600). Paid Defaults and discharged bankruptcies accepted.
Q. If I have unpaid defaults am I eligible for loan?
A. Yes, if you have up to two unpaid defaults totalling no more than $600.
Q. What do you need to provide to be approved for a loan?
A. Bank Statements for the last three months. Once these have been received our Assessments team will contact you via email if they require further information and we will endeavour to get back to you within 48 hours with a decision on your loan application.
Q. Do I have to pay any additional fees or hidden costs?
A. There is an initial establishment fee of $2.20 and each transaction will incur an Transaction Fee of $1.10. These fees do not get paid to Fair Loans and are automatically paid to EziPayment Systems which is a cost of electronic payments.
Q.Are my payments interest only, or principal and interest?
A.Your repayments will be principal and interest. All our loans are principal reducing, so that ALL the money you owe is repaid within the term of the loan.
Do I need any security for my loan?
A.You don’t need to have any security for your loan.. However if you have a motor vehicle that we can secure it may help in getting your loan approved.
Q.I am unemployed. Can I still get a loan?
A.Yes, every application is assessed on its merits and customers in receipt of Government benefits are most welcome. The maximum loan for these customers is $1000
Q.How much can I borrow?
A.This will depend on your circumstances. We tailor your borrowing requirements to suit your lifestyle and available money to make repayments.
Q.How long will it take to process my loan?
A.You will receive a conditional approval within 5 minutes of applying online. Once we have received all documents we will endeavour to get back to you via email within 48 hours with an Approval, Decline or request for further information.
Q.If my application is successful, when can I get my money?
A.If your application is successful funds will be provided to you the same day. Availability of funds directly deposited into your bank account will be subject to your bank's operating procedures and processing times.
Q.What if I cannot repay on the due date?
A.If you think you will not have sufficient funds in your bank account, contact us immediately to suspend the direct debit. You must contact us at least one business day prior to the direct debit date. If you do not contact us and your repayment fails, the direct debit is declined by your bank resulting in a $13 dishonour fee (plus a dishonour fee from your bank)*
Q.How do I know if this loan is suitable for me?
A.The National Consumer Credit Protection Act states that a loan will be not unsuitable if:
- it meets the consumer’s requirements and objectives, and
- the consumer has the capacity to repay the loan without experiencing substantial hardship.