Sometimes you may need around $1,000 to manage an unexpected expense such as a car repair, medical cost or short-term cash flow gap.

At Fundo, our Small Amount Credit Contract (SACC) is designed for smaller loan amounts like this. If your needs are larger, we also offer Medium Amount Credit Contracts (MACC) up to $5,000 and Personal Loans from $5,000 to $10,000.

Loans are subject to credit assessment, eligibility criteria and approval.

What type of loan is $1,000?

A $1,000 loan generally falls under a Small Amount Credit Contract (SACC) in Australia.

SACC (Small Amount Credit Contract)

• Loan amounts: $500 to $2,000
• Loan terms: 5 to 39 weeks
• Cost: establishment fee plus monthly fee
• No interest is charged

If you require more than $2,000, you may be assessed for:

MACC (Medium Amount Credit Contract)

• $2,001 to $5,000
• 9 to 39 weeks
• Establishment fee plus interest

Personal Loans

• $5,000 to $10,000
• 9 to 24 month terms
• Structured repayments over a longer period
• Establishment fee plus interest

All Fundo loans are unsecured, which means you do not need to provide an asset as security.

When people consider a $1,000 loan

A $1,000 loan may be considered for one-off, necessary expenses such as:

• Urgent car repairs
• Medical or dental costs
• Essential household items
• Short-term cash flow gaps
• Emergency travel

These loans are designed for temporary needs rather than ongoing financial commitments.

How the application process works

Applications are completed online.

As part of our assessment, we review:

• Your income (including employment and eligible government benefits)
• Your regular expenses
• Existing financial commitments
• Recent bank transaction history

You will need to provide access to your bank statements for assessment.

If approved and you accept your contract, funds are transferred to your nominated bank account as soon as reasonably possible.

Processing times vary depending on verification requirements and bank systems.

Who can apply

To apply, you generally need to:

• Be at least 18 years old
• Be living in Australia
• Receive regular income of at least $1,000 per fortnight
• Demonstrate ability to meet repayments without substantial financial hardship
• Have an active Australian bank account

Each application is assessed individually.

If Centrelink is your sole source of income, the maximum amount that may be approved is $500, subject to assessment.

What a $1,000 loan may cost

Understanding the total repayment amount is important before deciding to proceed.

Example (SACC)

$1,000 borrowed over 20 weeks

• Establishment fee: $200
• Monthly fees: $200
• Total repayable: $1,400
• Weekly repayment: $70

SACC loans do not charge interest. Fees are capped and disclosed in your contract.

These examples are illustrative only. Actual costs depend on loan amount, term and whether repayments are made on time.

Repayments

Repayments are set out in your loan contract and must be made as scheduled.

Depending on your circumstances, repayment frequency options may be available, such as weekly, fortnightly or monthly.

Choosing the right amount

Before applying, consider whether $1,000 is the right amount for your situation.

Borrowing less than you need may leave you short, while borrowing more than necessary increases the total cost. It is important to balance affordability with your actual requirement.

When a loan may not be suitable

A $1,000 loan may not be appropriate if:

• You are covering ongoing living expenses
• You are already struggling with repayments
• You are relying on credit regularly
• Complying with repayments would cause substantial financial hardship

Alternatives to consider

Before applying, you may wish to explore:

• Payment plans with service providers
• Using available savings
• Government assistance or Centrelink advances
• Free financial counselling

You can contact the National Debt Helpline on 1800 007 007 for free, independent support.

About Fundo

Fundo Loans Pty Ltd holds an Australian Credit Licence 491418.

We are required to assess all applications to ensure loans are suitable and do not place customers under substantial financial hardship.