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Frequently asked questions

What is Fico's current loan interest rate?
Our rates vary considerably depending on the security you can offer for your loan and the circumstances.Personal Loans begin at 12.95% Business Loans start from 11.95%, while our highest Loan rate is 19.95%. But do talk to us at Fico and we'll honestly try to deliver the best rate possible for your situation.
How much can I borrow?
We can generally lend between $2,000 and $500,000, depending on your security and situation. Our Personal Loans are between $1,000 and $250,000, while Business Loans are traditionally between $5,000 and $450,000.
Can someone who is under 18 years old borrow money from Fico Finance?
If you are 18 years old and you want to borrow money from Fico Finance then you must have someone who is prepared to act as a guarantor for your loan. As the name suggests, a guarantor is someone who will guarantee to repay the loan if you are unable to. The guarantor must be either your father or mother, or your brother or sister. They must have a good credit rating and be at least 25 years old.
If you ask someone to act as a guarantor for your loan, make sure you explain to that person that he/she is equally responsible for the loan and will be called upon to make payments if the loan goes into default.
What is the difference between Fico Finance and a traditional bank?
We'd like to think it's a friendlier and much quicker service - you won't wait 6 weeks for your money to be approved at Fico Finance. Once we have your completed application form we can approve your loan in minutes and have money in your bank within 24 hours usually.
At Fico you always deal with the decision maker, your loan application and circumstances are carefully considered during the application process, paperwork is kept to a legal minimum amount, and we are always available to talk if needed.
Can I pay my loan back early?
Yes, you can pay your loan back at any time.
Do Fico offer bridging finance or short term loans?
Yes, and we also offer mortgage finance. We will look at any borrowing situation on its merit, so please give us a call to discuss your needs and see if we can assist you.
Do you do unsecured loans?
No, we require security for all Fico Finance loans.
What do I do if I have a complaint?
If you have any complaints, we would welcome the opportunity to discuss them with you. Please give us a call and ask to talk to Scott Dodd.
Fico Finance is also a member of FSCL - Financial Services Complaints Ltd, which is an independent dispute resolution scheme approved by the Minister for Consumer Affairs under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. FSCL provides dispute resolution services to participating financial service providers (FSPs) and their clients. Click on the FSCL link for more information.
Can I borrow money from Fico Finance if I have a bad credit rating?
Yes, it's possible because we'll look at the all the circumstances around why you may have a bad credit rating, and make an assessment based on your current situation.
Do I have to be working to borrow from Fico?
No, as long as you can prove that you can afford the repayments.