s 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 information about other options for managing bills and debts, call 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:

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


I don’t have any credit history can I get a loan?

If you have no credit history and you are looking for a loan it’s not impossible!

It may be a little trickier but generally if you can prove you can meet the repayments and have a steady income for a consistent amount of time you will find a lender who will come to the party.

So how do you go about getting a loan with no credit history?

There are a few things that you may not have considered when you are trying to get a loan and have no credit history.

You can ask your landlord to give you a report to prove you pay your rent on time.

If this doesn’t satisfy their requirements you may have more luck with a smaller lender or credit union.

If you are unable to get your landlord to come to the party with the history report you can check with the three credit reporting agencies and see if you can get a copy of your rental payment history.

The three reporting agencies are:

Experian, Dun and Bradstreet, Equifax

You can also use your student loan repayment history if you have one, this will show the lender your history of repaying a loan and improve your chances of getting a loan.

Making timely repayments for at least six months can help build a positive credit report.

Due to the changes in how the credit reporting companies are collecting data to form their scores, it is making it much more manageable for those with no credit history to get their loans approved. The reporting agencies are now recording positive credit habits rather than just the negative ones.

no credit history

What is positive credit reporting?

Positive credit reporting also known as CCR ‘Comprehensive Credit Reporting’ is a new initiative to help lenders and customers benefit from being able to identify customers who are doing the right thing and paying their bills on time.

Your credit score will now reflect repayment history of credit accounts such as home loans, credit cards and personal loans.

Your repayment history is stored for two years and is only accessible from licence holders of an Australian credit licence can record or view your credit file.

What can you do to get a positive credit report?

  • Pay your bills on time.
  • Try not to switch credit lenders too often.
  • Ensure you always notify lenders and billers when you change addresses.
  • Only apply for credit when you actually need it.

If you need your credit history improved quickly or you don’t think your credit report is correct you can use a credit repair company to help fix or remove entries on your behalf.

However, be aware that they do charge for these services and you should always read the fine print before signing anything and ask for a written quote before going ahead with your report request.

What if I have had bad credit loans previously?

Can I still get a loan if I have had bad credit loans before?

Yes, you may have to expand your horizons when it comes to choosing a lender but you can definitely get around bad credit issues as long as they are only minor.

You can also now with the new changes to positive credit reporting show lenders how you have improved your credit habits by paying your bills on time and use the new system to your advantage.

Therefore, when you are searching for a loan and don’t have a credit history if you can prove a positive credit history in some regards you will more than likely have success when it comes to finding a suitable loan. Don’t forget shop around and ask what lenders can offer you your still a valuable customer!