If you need a loan but have had bad credit, here is some very useful information to help you understand if you will be successful or not.

TIP ONE- Bankruptcy:

If you have ever been unfortunate enough to have declared bankruptcy you need to be prepared for continual knock backs. Fair Go Finance will consider lending to you if you have entered into bankruptcy more than 12 months ago. Find out the exact date you declared bankruptcy (this can be done by obtaining a copy of your credit report through Equifax Australia) and make note of when it will be a full year.Only then should you considered applying for a bad credit loan and obviously you must have made many changes to the way you handle money/finance. You could contact us just prior to the anniversary purely to find out what our policies are surrounding a declared bankrupt. This way you can start getting organised for what you will need to provide us, and you must be prepared to be highly transparent and forthcoming with all information.

TIP TWO- Security:

“Security” is what you intend to provide to secure your bad credit loan. Fair Go Finance will insist on security (being the car you are trying to buy) if you apply for more than $3,000. If you already own a car and are just looking to get a bad credit loan you must understand that if you already have a loan secured by your car, you cannot use the car again for a second loan. This is important – you can only have ONE loan against any ONE car. If you are applying for less than $3,000 Fair Go Finance may not insist you provide the car as security but just be aware that by offering the car as security will generally strengthen your chance of having the loan approved.

TIP THREE- Income:

You must be earning a minimum of $400 per week to be eligible for a bad credit loan with Fair Go Finance If your only source of income is from the any of the following government hand outs then there is no point applying for a loan with Fair Go Finance as we will not accept these:

• Newstart or youth allowance

• Aged pension

• Disability support pension

• Austudy

TIP FOUR- Bank Statements:

You will need to have a bank account to be able to get a bad credit loan. Generally you will be asked to provide 8 weeks worth of your most recent bank statements.
Now go and pull out these statements and look at them as though you were a lender. If you were a lender you would want to see things such as:

• The account is getting a regular pay deposited

• Any loans you have mentioned on your application match the debits on your statements

If you were a lender you would not want to see such things as:

• Daily withdrawals from gambling organisations

• Obvious direct debits from a lender that you have not stated on your application

• The account getting constantly overdrawn and being charged overdrawn fees

TIP FIVE- Do “look” around but don’t “apply”:

Don’t fall into the trap of filling in an application form on every bad credit lender website you can find, thinking that hopefully you will at least get one approval. This will definitely backfire on you. This is because each lender will do a credit check on you, so your credit report will show a handful of enquiries all close together, and this often rings warning bells to lenders. They see this as meaning you are applying, getting declined, applying again, getting declined again etc, etc. By applying once, with Fair Go Finance, you will get an Instant pre-Approval. 

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Are you eligible to apply?

WARNING - DO YOU REALLY NEED A LOAN TODAY?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:
For more information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.

Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
If you are on government benefits, ask if you can receive an advance from Centrelink.
www.humanservices.gov.au/advancerepayments

The Australian Government’s MoneySmart Website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.