Are Payday Loans Bad For Credit

Are Payday Loans Bad for Credit? What You Need to Know

When unexpected expenses arise, taking out a loan can often be a practical decision. If you’re wondering are payday loans bad for credit, it’s important to look at the facts. Many lenders can complicate things, but with Fundo, you can secure a straightforward short-term loan that suits your needs without the fuss. We're dedicated to streamlining the application process, making our loans accessible to a broader audience—even those who find it challenging to apply for small loans.

At Fundo, we prioritise transparency. You won’t face hidden fees or navigate through mountains of paperwork. Our loans are built to be simple and easy to understand, allowing you to focus on what matters—getting the funds you need fast!

Why Choose Fundo?

🚀 Quick application process that can get you cash in your account within 60 seconds from contract acceptance!
💰 No complicated fine print or confusing jargon—just clear terms.
🤝 We're a people-oriented direct lender, putting your needs at the forefront.
🎯 Flexible repayment plans tailored to suit your budget and financial situation.
👍 A focus on responsible lending to help you manage repayments without stress.

If you’re considering whether are payday loans bad for credit, and pondering if they will affect your financial standing, remember that loans like those from Fundo can actually bolster your financial reputation when managed wisely. While some loans might reflect poorly on your credit history, our flexible options ensure that you manage your repayments, helping you build a positive financial trajectory.

Use Your Fundo Loan Wisely

Fundo loans are versatile and can be used for a variety of purposes such as:

🛠️ Home improvements to increase your property's value.
📅 Covering unexpected expenses like holiday costs or essential car repairs.
✨ Seizing opportunities that need quick funding, without the long wait.

Our repayment terms are designed with your financial health in mind. You can repay your loan within **up to 180 days** or pay off your loan early to reduce the overall cost and minimize any associated fees.

Understanding Your Fundo Score

If you want to improve your chances of loan approval, it’s beneficial to understand your Fundo Score. This score can improve by maintaining timely repayments, referring friends, and providing feedback on your experience with us. The better your Fundo Score, the more attractive our loan offers may become.

As a first-time borrower with Fundo, keep in mind that you need to be over 18 years old and have verified income of at least $1,000 per fortnight to qualify. We also assess your ability to repay the loan without worsening your financial status.

Ready to explore your options with Fundo? Skip the search results that leave you puzzled and reach out today! With just a few clicks, you might find the perfect short-term loan waiting for you. Discover how Fundo can be your reliable financial partner for all your cash needs!

Fundo loan example

Borrow between
$500 to $5,000

Flexible
payment terms

No hidden fees

Money within 60 secs
if NPP enabled

Small loan

Loan amount from $500 to $2000
Minimum 91+ days to maximum 6 months
20% establishment fee and a flat
4% monthly fee⁴

Example⁶

RepaymentsWeekly

Term20 weeks

Loan Amount$1,000

Establishment fee$200

Total monthly fee (over 20 weeks)$200

Total repayable$1,400

Weekly repayment$70.00

Medium loan

Loan amount from $2001 to $5000
Minimum 91+ days to maximum 2 years
$400 establishment fee, interest at
47.80% p.a. (comparison rate 66.58% p.a.)⁵

Example⁶

RepaymentsFortnightly

Term2 years

Loan Amount$2,500

Establishment fee$400

Total interest (over 2 years)$1,553

Total repayable$4,453

Fortnightly repayment$85.63

⁴ Fees are based on loan principal advanced.

⁵ The comparison rate is specific to a $2,500 loan over a two-year term with a $400 establishment fee and fortnightly repayments. Any deviation in loan amount, term, or additional fees and charges can result in a different comparison rate, and the given comparison rate only applies to the presented example.

⁶ The example assumes timely repayment as per the loan agreement, or additional fees and charges may apply.

Apply Now

Safe and Secure. 3 min application²

¹As soon as you sign your contract and if all other requirements have been met, we instantly send the funds to your nominated bank account. If your bank works with the New Payments Platform (NPP), most customers see funds in their account within 60 seconds. If your bank is not NPP enabled, or it is a weekend or a public holiday, the funds are usually received by the next business day. Fundo cannot guarantee that loan funds will be received within 60 seconds

²Applying for a loan with Fundo usually takes about 3 minutes. However, this time can change based on a few things, such as your typing speed, the device you're using, and whether you have all the necessary information ready to go.

³As the approval process is influenced by various external factors, we can't guarantee that you'll receive a decision on the same day. However, most of our customers do receive a same-day response to their application with Fundo, if they submit their loan application and all the requested supporting information by 4pm Sydney time during a regular business day.