What type of Personal Loans do Fico have?
We have a range of loan options.
We believe we have a loan that's suitable for every situation, especially yours. Below are some of our typical loan types;
Standard Personal Loans
This is the traditional loan that most people know and understand. It is the most common form of personal loan and is usually used to finance vehicles, boats, renovations, holidays and other personal items.
The loan is repaid in equal instalments, these instalments include principal and interest and are repaid over an agreed term, of up to 36 months.
Short Term Loans
Usually interest only repayments with principal payment on settlement. This principal repayment is known in the industry as a Balloon Payment.
Similar to a short term loan. Bridging finance is used most commonly to help pay for a property before you have received funds from a sale.
We have several channels of home finance available. These are at competitive rates with various repayment options, eg. interest only, deferred interest, principal and interest.
Investment Property Finance
Similar to Home Finance with a variety of flexible solutions.
This is an overview of our personal loans. If you need more information, have a question, or would like to discuss your requirements in more detail give us a call on 03 548 9932 for a chat.
What are the interest rates?
They begin at 12.95%.
Our rates do vary. This is because they depend on the security you can offer for your loan and your circumstances.
The one thing we can guarantee at Fico is that we will always try to give you the best possible rate that we can.
What sort of security do I need?
Fico Finance recognises that security mostly takes the form of vehicles and property, but we will always listen to any other options, just as long as they are reasonable and sensible.
Any security used must be in this country, insured and all vehicles registered and warranted.
Please understand, Fico Finance do not do unsecured personal loans - never, ever, ever. So please don’t bother asking for one.
How much paperwork is involved?
As little as possible, and what we do have is easy to read.
Now we know everyone hates paperwork, so we keep it to the bare (and legal) minimum. Download our Application form and you will see just how easy our form is to follow and fill out.
You just need the 4 pieces of paperwork below and we can approve your loan within 24 hours of our Application meeting. The 4 essentials are:
• Completed Fico Finance Loan Application (***DOWNLOAD PDF HERE***)
• Last 3 months of Bank Statements
• Proof of ID and Current Address
• Evidence of Current Income
*Note: Personal loans over $50,000 may require a visit. This may make the 24 hour approval impossible, but we will always do our best.
There are 2 other pieces of paperwork we require to see before placing your loan into your bank account. 1) proof that Fico Finance has been noted on all insurance policies that are associated with loan approval and 2) we need your bank account number (so we can put the money where you want it).
Are there any hidden costs or fees?
At Fico we pride ourselves on being upfront and open with you at all times.
Full details of all fees and the interest rate are clearly set out in the loan agreement we prepare once your loan has been approved. Everything is right in front of you in black and white.
Covers the cost of processing and approving your finance application. It is scaled on the amount borrowed, securities and administration involved in the process.
Fee is between $99 and $995.
Covers the administrative cost of keeping your loan active.
$9.36 per month
Security Registration on the Personal Property Security Register (PPSR)
We do not charge this separately, it is included in our Establishment Fee. Mortgages and other real estate related securities are charged at actual cost.
There is NO charge for paying your loan off early. There is just a $50 administration fee to close your loan file. Please note; there is no interest penalty for you to pay your loan off earlier than the original agreement (as interest is charged on a daily basis only).
Can I repay my loan early?
Yes, of course you can.
And the great news is there are NO penalty fees involved. There is a small administration charge of $50 that we need to finalise and close your loan file.
What happens when my loan is approved?
We will advise you of the Terms and Conditions, either by way of a phone call, meeting or a formal "Letter of Offer".
Once accepted by you, and all conditions of the loan offer met we will prepare the loan documents for signing and:
1) arrange a meeting for you to call and sign, or
2) Send them to your lawyer for signing. This is normally the case where complex mortgage security is involved.
Following the execution of the documents the funds will be distributed in accordance with the agreement.