If you are receiving payments from Centrelink, you may be eligible for a personal loan from traditional lenders such as banks and credit unions. To qualify, you must meet the lender's general lending criteria and demonstrate that you can make regular payments without incurring financial hardship. You may also be able to get a hardship loan from Centrelink, or a payday loan from certain lenders who accept Centrelink as income. Payday loans are short-term loans with low loan amounts, but they usually come with higher interest rates.
If you have an asset such as a vehicle, you may be able to get a higher loan amount by using it as collateral. These types of loans are often referred to as retiree loans, disability income loans, caregiver loans, job seeker loans, and fast cash loans for individuals at Centrelink. You can also contact the Department of Human Services to find out if you are eligible for an advance on your Centrelink benefits for a personal loan with the lowest interest rate. Some payday loan lenders may also be willing to approve centrelink loans for single parents.
It is important to remember that applying for multiple loans at once can damage your credit history and make it more difficult to get approved for loans in the future. We always check Centrelink's assistance options before you apply for a loan, and to improve your personal monthly budget.