Pension loans available online from $2,100 to $15,000. Receive a pension? Apply for personal loans. Most outcomes within 60 minutes*. Apply!
Please note, certain ideas and products presented in this article may not be offered by Monzi nor the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, legal or other advice to check how the information and ideas presented on this website relate to your unique circumstances.
Alternatives to loans for pensioners
Please note, borrowing small amounts of money can be expensive and may not solve your financial issues. Please therefore consider the following alternatives:
Centrelink Advance Payment
You may be eligible for an advance of your regular Centrelink benefits. This advance is then repaid interest-free out of your future benefit payments. To check your eligibility, please head to the Services Australia website.
No Interest Loan Scheme
Alternatively, you may be eligibility for the No Interest Loan Scheme (NILS) if you receive a low-income. Here, you may be able to access interest-free finance of up to $1,500. NILS is available from a number of community organisations across Australia; you can check your eligibility here.
If you consider the options listed above and still wish to apply for a loan for pensioners, read on! To read more about payday loans centrelink no credit check go here.
Loans for pensioners explained
Cash loans, as you would expect, are a form of loan for people on Centrelink and receive a pension payment. This includes both the age pension and the Disability Support Pension (DSP). Moreover, it may include a number of other government benefits too. Learn more about car loans for pensioners here.
In short, these cash loans may be available for cash loans from $2,100 to $15,000 with repayment terms potentially ranging from 12 to 24 months. Not only that, they can cover almost any legitimate personal expense.
Best of all, you can apply for these loans online, whenever and from wherever you like. There’s no paperwork or meetings required. You can apply and receive an outcome all from the comfort of your own home.
If you apply with Monzi’s lender-finder service, we may be able to pair you with an understanding lender willing to offer the personal loans you need. Apply today.
Other age pension loan schemes
While you could apply for a personal loan through a lender, the Government’s Pensioner Loan Scheme Australia could be an option too.
In short, this scheme is available for older Australians to help supplement their retirement income. Moreover, it is also available for age pension recipients too. If you would like a rough idea of what you will retire with, consider using a retirement income calculator.
Unlike a typical personal loan, the cash amount is not paid in a lump sum. Instead, it is delivered in fortnightly instalments. In most cases, you will need to use home equity as security on the loan.
Obviously, as with all loans, any money that you borrow through the scheme must be repaid with interest. However, the associated interest rates are typically lower than those offered by lenders.
Can I get age pension with bad credit?
If you’re a consumer with bad credit history, then you might think your options are limited. Luckily, that may not be the case.
These days, lenders are more understanding of subpar circumstances including bad credit. As a result, you may still be able to access the bad credit loans you need.
In short, while lenders may still assess your credit, it will simply be one part of the process. They’ll look at your income and expenses too in order to determine what might be affordable for you.
If you’re in a secure financial position then you may be approved for a loan in spite of your bad credit history.
Can single parents get pensioner loans?
There may be a number of lenders willing to offer Centrelink loans for single parents. So, whether you receive the DSP or some other kind of government pension, there may be credit available to you.
In saying this, while these loans may be available, approval is not certain. You will still need to meet the lender’s qualifying criteria in order to be offered a loan. This will be based on an assessment of your credit history and financial situation.
Loans for pensioners no credit checks
If you’ve got bad credit, then no credit check loans may feel like an appealing option.
In short, with these loans, rather than checking your credit report, lenders will focus solely on your financial situation (e.g. income, expenses, etc.). From this, they can get an idea of what might be affordable for you.
However, not all lenders will offer no credit check loans. As a result, their availability may depend on the lender that you are dealing with and their individual policies.
In any case, a credit check isn’t the be-all and end-all of your application. As we’ve already discussed, lenders are now more willing than ever to consider bad credit applicants. As a result, no credit check loans aren’t the only credit option for individuals with bad credit.
Pension payday loans
Payday loans typically refer to small unsecured cash loans up to $2,000. In short, they are there to cover those minor expenses that have a habit of cropping up at the worst possible moments.
Luckily, payday lenders work fast. You can apply and potentially have an outcome in no time. In addition to this, they’re only a short-term commitment. You can get the cash you need now and have your loan repaid in just 12 months.
So, whether you need to buy a new phone or pay for some minor car repairs, payday loans Australia may be an option for you.
How long does it take to get a pension loan?
In short, times will vary. While if you apply during business hours, we may be able to pair you with an available lender in just 60 minutes, following that, we are unable to provide a definitive answer.
After all, at that point, we’re not part of the process. Having said this, typically your lender will waste no time assessing your application so you can get an outcome ASAP.
If your application is approved then your cash will be transferred to you. Access will then be determined by the associated inter-bank transfer times.
Usually,expect a waiting time of up to 24 hours given the number of factors at play. However, if everything goes to plan then same day loans may be possible.
Are loans for pensioners a bad idea?
Monzi cannot say if pension cash loans are right for you. Ultimately, it will come down to your financial situation. As a result, it’s up to you to assess your circumstances to determine if a loan is the right option for you.
As a guide, consider the following factors:
- Your income and expenses
- Your savings
- Other outstanding debts or upcoming expenses
- What repayments can you afford?
- How much do you need to borrow?
- Are there any ways you could cut costs to reduce the amount you need to borrow?
From this, you can determine if these loans are right for you. As a rule, only borrow what you can afford to repay. In addition to this, always ensure that your repayments are comfortable with your current budget.
Do loans for pensioners affect credit?
Like with any loans, pensions loans may affect your credit score. However, whether this effect is good or bad will depend on how you manage your loan.
If you fail to make your repayments on time or default on your loan then your credit score will take a hit. This is the case with any credit contract that you enter.
On the other hand, if you make your repayments on time and pay off your loan without any issues then it is possible that you could see improvements in your credit score.
However, this is just a guide. Your credit score is calculated based on a number of different factors and as a result, we are unable to say with certainty how your credit score may be affected.
Loans for pensioners financial hardship
Unfortunately, it is possible that you may suffer a major change in circumstances while repaying your loan. For instance, you may lose your job, fall ill or suffer an injury. With this, you can potentially find yourself unable to make your repayments.
If this occurs, you will need to contact your lender and apply for financial hardship. Lenders are experienced in dealing with these situations and will be able to guide you through the process.
In most cases, you will need to provide evidence that you can no longer meet your repayments (e.g. proof of termination or medical certifications) as well as an estimate of what you can now afford.
Your lender will consider this information and if your application is approved then revised repayment terms will be implemented.
The below table shows the loans potentially available through Monzi’s network of lenders:
|Small personal loan||$2,100 to $2,000||Unsecured|
|Medium personal loan||$2,100 to $4,600||Secured|
|Large personal loan||$5,000 to $15,000||Secured|
Loans for people on a pension are available. Think they’re the right choice for you? Scroll up and use Monzi’s loan slider to apply now.