It’s OK! You are not alone! Millions of Aussies have, at some stage in their life, got themselves into financial despair and not known how a bad credit loan could help. Let’s not get bogged down with why it happened; instead let us get focused on four tips towards fixing it once and for all!

Tip 1 – Get a copy of your credit report

First you should get a current copy of your credit report to understand exactly what has been listed. You can get this for free. Go to Equifax’s website where you can arrange a free copy. Please be patient and do it! You do have to answer a number of questions, as they must ensure you are the correct person before releasing the credit report. Consider it a challenge! In approximately 10 days you will have your report and you should feel empowered when you open it, because you are taking control. If you have defaults, writs etc, these are what can actually stop you from getting a traditional bank loan and why a bad credit loan may be your next option.

Tip 2 – Make a commitment

It may sound easy, but you need to confirm to yourself ” From today on I will do everything I can to prevent anymore defaults being listed on my credit file.” The good news is that anything that has been listed on your Australian credit report file has an expiry date. For example, if you have had a payment default listed on your file, it will only stay for 5 years. So review your credit report, write down the dates any bad listings were recorded, and you will now know when your report will become clear again as long as you stick to your commitment.

Tip 3 – Make contact with those that have recorded something against you

Contact them. Yes, it’s time to really take control. If you owe money to someone, or a business, tell them you want to resolve it. Ask them what they would be prepared to accept to finalise the debt and therefore have the default updated to say it is paid. Most will be fair and you hopefully will be prepared to pay what they have advised. Remind yourself that you don’t like it when someone doesn’t repay you what he or she has borrowed. Some may not be fair. If you really can’t see eye to eye just take a breath and ask yourself this: Am I prepared to wait five years for this to eventually fall off my record? Your answer should determine whether you continue to negotiate or close the book and mark your calendar for five years time.

Tip 4 – Obtain a bad credit loan

The reality is you probably don’t have the cash to pay back your creditors, so add up how much you need and apply for a Fair Go Finance “bad credit loan” to pay everyone back you can. Fair Go Finance provides these specialized loans and has helped many genuine Aussie battlers who have unfortunately got themselves into a tight position. We always take into consideration your income and ensure you can afford the repayments, so you don’t get into the same situation again. So why not take control of your life and contact us if you want to rid yourself of your bad credit issues once and for all! If you would like the direct link to obtain a free copy of your credit report from Equifax please click here.

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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.