Who is a debt consolidation loan suited for?
Before apply for the Fair Go Loan, it’s essential to understand which financial profile it suits. Debt consolidation is, in short, the process of bringing together multiple debts – such as credit card balances, overdue instalments and personal loans.
The idea is to replace all of that with a single loan: one interest rate, one due date and one repayment amount. The goal is to simplify financial management and, in most cases, reduce the total cost of interest – since late payments across multiple commitments can quickly add up in penalties.
How to apply the smart way
Before taking out a debt consolidation loan, list all your existing debts with their balances, interest rates and minimum repayments. Calculate your current total cost and compare it against the total cost of the consolidated loan. Only proceed if the new contract is more advantageous in the long run.
If the new loan’s rate is lower than the average across your existing debts, consolidation makes financial sense – and that’s exactly the point to look at when considering the Fair Go Loan.
Can I apply for the Fair Go Loan with a low credit score?
Fair Go Finance serves Australian citizens and permanent residents with a regular, verifiable income. Your credit history doesn’t need to be perfect – the lender also assesses applications from those with a compromised credit record. Loans between $500 and $10,000 are available, with terms from 3 months to 3 years.
Our advice to you
If you’re considering apply for the Fair Go Loan, we recommend checking the comparison rate first, as it includes interest and additional fees and reflects the true cost of the loan. Understanding the total cost upfront is essential before you commit.
We also suggest using the loan calculator available on the Fair Go Finance website to model the conditions based on the amount you need. As we mentioned earlier, compare that figure against what you’re currently paying across your separate debts – that’s the clearest way to assess whether the Fair Go Loan, or any debt consolidation product, is genuinely worth it for your situation.
I want to apply for the Fair Go Loan!
Ready to bring your debts together into a single repayment? The application takes less than six minutes online and checking your eligibility won’t affect your credit score. Visit the official website and take the first step.
Utua is not a financial institution and does not grant loans. Our role is to analyse credit products available in the Australian market to help you make a more informed and confident decision. Any application is made directly with the financial institution of your choice.
