FAQs about Cash Loans
 

Do I need to consent to a credit check to get a cash loan?

In many cases, unless we tell you otherwise, you don’t need a credit check to access a small or medium cash loan from Fundo. You can borrow anywhere between $500 to $5,000 without consenting to a formal check of your credit history. Fundo uses its own criteria and credit scoring to figure out if a small loan is suitable for you and your situation.
 

Is a cash loan the same as a personal loan?

In some fundamental ways - as we as a lender give you cash upfront to be paid back with interest - yes. But in other ways, such as big loan amounts and long loan terms (5 or more years) as well as being backed by a security or collateral, they aren’t the same. A personal loan may take days or weeks to get approval, as well as require a formal credit check. A small cash loan by Fundo can be approved within three minutes, with the cash hitting your account within sixty seconds. 
 

I have bad credit. Can I get a cash loan?

Yes, we think that everyone has an opportunity to get a second chance at finance through Fundo. That also includes folks with lower credit scores. We look at your current finances and income; we don't penalise you for what you may or may not have done in the past. 

But don't panic if you have a default on your file; we may still be able to assist you, depending on the circumstances. We may authorise loans for some candidates with black marks on their credit history, depending on the cause for the mark and when it occurred. As a responsible lender, we consider more than just your formal credit history when evaluating applications. Fundo uses its own scoring algorithm to determine whether you qualify for a fast cash loan.

However, there are still situations where requests are denied. If you are bankrupt, have a Part IX debt arrangement or a Part X personal insolvency agreement, have defaulted on short-term loans, or have a very negative credit history, it’s more likely than not your application will be rejected.
 

How does the Fundo dashboard work?

The Fundo dashboard is an easy to use dashboard to apply for loans, check on your repayment progress, and to see your Fundo credit score. All you have to do is enter your basic personal information, banking details, and any other financial data we might ask for, such as evidence of income or employment. You can access your secure dashboard 24/7 - and if you ever need help email us at hello@fundo.com.au or call us on 1800 161 391 between 9am - 6pm Monday to Friday, 9am-5pm on Saturdays or 9am-1pm on Sundays (AEST.)
 

When you say I need income, what qualifies as income for a cash loan?

Most traditional lenders will only consider income as that from formal employment. Fundo views income as any source of funds from an external source, being self-employment, Centrelink, pensions, superannuation, Veterans’ Affairs, etc. If you can prove you gain $500 per week through some means, you are usually eligible for a cash loan. If you’re unsure, email us or call us during our office hours.
 

How do I ensure the payout from the cash loan approval is immediate?

We use the latest financial technology to evaluate eligibility for a loan. Once you have understood the terms and agree to the loan agreement, we can have your funds transferred to your account within sixty seconds. You will need to have a PayID (also known as Osko) account enabled - but most major and even minor banking institutions such as credit unions in Australia use PayID as a matter of course.
 

What are the fees, interest, and charges associated with a cash loan?

Depending on your circumstances, repayment plan, and amount borrowed, interest, fees, and charges may vary. Interest rates can also be affected by the Reserve Bank official cash rate, which is set every month. Be sure to check our latest rates and charges on our home page to get a general idea of what you may be paying back.
 

What can I use a cash loan for?

You can use a cash loan for anything that requires immediate and unavoidable payment. This could be a mechanic’s bill, car body repair work, emergency surgery or dental work, urgent travel expenses, PC or Mac repair, whitegood repair or replacement, paediatric expenses, insurance excesses, rental bonds, sureties, and pretty much anything you like - the cash is yours to use as you see fit. 
 

Can I repay my loan early?

Yes - fast cash loans may be repaid at any moment without incurring additional costs. This is an excellent strategy to save money on monthly fees and stay on top of your loan payments if you are able to pay more each month. If you pay off your loan early, you will have to pay the whole establishment fee. Not only does this save you bundles in interest, it also improves your Fundo credit score, which grants you heaps of perks and incentives for being a responsible borrower!
 

Is there an advantage to a shorter cash loan term

Yes - and that’s paying less in interest. A shorter loan term means your payments are spread out across fewer instalments, which attracts less interest than spreading them out across more instalments. However, you’ll still have to pay the establishment fee across all installments, and monthly fees are capped at a proportion of the entire loan, usually 48%. Since you are paying fewer instalments, the dollar amount will be higher. Ensure you can keep up with these repayment terms, as you will be penalised for late or missed repayments.