Unexpected circumstances.

1 Name the cost

Get it out of your head and onto paper. Then split it into what has to be paid now and what can wait. The gap between the two is often the breathing room you need.

• What exactly needs paying, and how much is it?
• When is it due? Is that a hard deadline or a soft one?
• What happens if it’s late: a fee, a disconnection notice, or nothing much?
• Can part be paid now and the rest later?

2 Ask before you borrow

Ring the people you owe. Most would rather agree a plan than chase you, and the call costs nothing.

• A payment plan or extension. Ask what they can offer, and get it in writing.
• A hardship program. Many energy, water, phone and council providers have one. You often have to ask.
• An insurance claim or warranty. Worth checking before you pay for a repair out of your own pocket.
• A second quote. For repairs, ask for an itemised quote and see what’s urgent and what’s “while we’re at it”.

3 See what help is out there

• No Interest Loans (NILS). Small loans for essentials such as car repairs, appliances, and medical or dental costs, with no interest and no fees, for people who meet the eligibility rules. Ring 13 64 57 to check.
• Centrelink. If you already receive a payment, you may be able to get an advance. Ring 132 850.
• Community help. The Salvation Army (13 72 58) and St Vincent de Paul Society (13 18 12) can help with food, vouchers and bills.
• A free financial counsellor. The National Debt Helpline on 1800 007 007 (Monday to Friday, 9:30am to 4:30pm) is free and confidential.
• Feeling the weight of it? Lifeline is on 13 11 14, any hour.

4 Check your numbers

Before any new repayment goes on top, see what’s actually left after the essentials. Use whatever period suits you: weekly, fortnightly or monthly.

Want to go through it together? We’re happy to go over these numbers with you on the phone, so it all makes sense before you decide anything. Call us on (03) 7045 5388, choose “Phone call” when you send an enquiry, or email broker@fastestfinance.com.au.

If a new repayment would swallow most of what’s left, more credit probably isn’t the fix. Talk to someone free (see step 3) before you do anything else.

5 If finance is part of the answer

For a defined, one-off cost, borrowing can be a reasonable option. It tends to make sense when:

• the cost is one-off and you know the amount;
• the repayments fit comfortably after the essentials, including in a tighter month;
• you’ve compared the total you’d repay, not just the weekly figure;
• you understand the fees, and what happens if you miss a payment;
• nobody is rushing you.

6 Where we come in

When a cost is urgent, the hard part is finding something that fits your timeframe and your budget without signing up to a loan that causes a new problem. That’s the part we do every day.

• We listen first. What the cost is, when it’s due and what you could comfortably repay.
• We look at the options with you. Lenders differ on fees, repayments and how quickly they move. Tell us your timeframe and we’ll look at lenders that suit it. We can’t guarantee time frames, and we’ll be upfront if the timing is tight.
• We do the homework. We check the details and make sure any loan we help with isn’t unsuitable for you, so you’re not left reading the fine print alone at nine o’clock on a Sunday night.
• We explain it in plain language. The total you’d repay, the fees, and what happens if you miss a payment, before you decide.
• We’ll say so if a loan isn’t the right move. Sometimes the best help is a different path.

7 Before you sign anything

• What is the total I’ll repay, and over how long?
• What are the interest rate and the fees, including the comparison rate?
• Can I pay it out early, and does that cost anything?
• Is the loan secured against something I own?
• What happens if I miss a payment, and who do I call?