Payday Loans And Credit Score

Understanding Payday Loans and Your Credit Score

Many people find themselves curious about payday loans and credit score as they explore quick financing options for urgent expenses. If you’ve been considering alternative funding sources while facing unexpected costs, you’re not alone. Traditional bank loans can sometimes leave you in a bind, but with Fundo’s short-term loans, you have a reliable alternative designed to meet your immediate financial needs.

Why Choose Fundo?

💨 Fast Access: With streamlined processes, we aim to get funds into your account within 60 seconds from contract acceptance.
📝 Simple Applications: No confusing legal jargons or burdensome paperwork—just straightforward terms and conditions.
🔄 Flexible Payments: Choose a repayment timeline that works for you, with loan terms of up to 180 days for our MACC loans.
✅ Transparent Costs: Enjoy no hidden fees with clear breakdowns of establishment costs.
🌟 Credit Healthy: Our loans can help you establish better financial habits, potentially boosting your Fundo Score for future borrowing.

How Does Your Credit Score Impact Loan Access?

When looking into payday loans and credit score, it’s essential to understand that while we’re here to help, a credit check may be part of your assessment process. Even if you have faced credit challenges before, our system considers your current financial situation and verified income.

At Fundo, our unique Fundo Score allows you to gauge your borrowing potential. It rewards healthy financial practices: when you repay on time or even early, you can gain points that could ease the approval process for future loans.

What Can You Use a Fundo Loan For?

Fundo loans are great for covering various unexpected situations. We can’t accommodate debt consolidation or funding existing debts, but our loans can be immensely helpful for:

🚗 Emergency Repairs: Unexpected car troubles? Get the funds you need for immediate repairs.
🏠 Home Improvements: Tackle urgent repairs or upgrades without delay.
🎉 Special Events: Whether it’s a birthday party or a holiday celebration, we’ve got you covered.
📦 Unplanned Expenses: From medical emergencies to travel costs, use your funds for what’s most important.

Applying for a Fundo Loan

Getting started is easy! To qualify for a loan with Fundo, you’ll need to:

Be ≥ 18 years of age.
Reside in Australia.
Have a verified income of at least $1,000 per fortnight, inclusive of any government benefits.
Demonstrate your ability to make repayments without facing financial strain.

Once you've checked off these criteria, simply click on 'Apply Now' on our homepage. Complete the easy online form with your contact details and desired loan amount. Returning customers can apply with just three clicks! You’ll hear back about your approval in just a few business hours. Forget scouring for 'instant cash loans' or 'bad credit loans'—Fundo has your back. Apply for your loan today and tackle those expenses head-on!

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.