A Line of Credit is a flexible revolving limit - think of it like a credit card.
At Fair Go Finance, we offer Line of Credit limits from $200 up to $3,000.
The minimum repayment required is 5% of the limit per month, or extra payments can be made to repay it sooner.
For example, if you have a limit of $1000 approved, your minimum repayment will be $50 per month (approx. $12.50 per week) which will be set up as a direct debit for you.
If you ever want to increase your repayments, simply email firstname.lastname@example.org with your change in repayment instructions or contact our office 1300324746 and we will update your repayment amount.
Our Line of Credit product also provides an ongoing redraw option, so you can easily access any repaid funds (from $50) - offering you peace of mind if you suddenly need some extra funds. No more applications!
Or you can simply make the minimum repayments and never redraw, and it will be fully repaid in 3 years’ time.
What happens if I have a zero balance on my Line of Credit?
If your account reaches a zero balance you do not pay interest or fees. Interest and fees will only start to be charged once you redraw from your credit limit. If your account is at a zero balance, it will remain open, so that you can access funds whenever you wish to.