Getting a Personal Loan While receiving a Centrelink Payment
1. Loans for people on Centrelink
– are they possible to get?
Answer. Even if you are on a Centrelink payment you may still be eligible for a personal loan. However because you are not receiving a regular wage income you may need to apply for an unsecured personal loan, because loans for people on Centrelink payments attract higher interest rates and strict credit conditions.
2. Loans for people on Centrelink
You maybe able to get a Payday loan for people who are unemployed. These loans are the most costly, with some lenders charging an interest rate as high as 30%. Payday loans for people who are unemployed are not common and lenders may or may not approve your Payday loan application.
Getting a personal loan if you are unemployed might be the easier choice and definitely cheaper than a Payday loan. Personal loans offered to people who don’t have a job are unsecured loans and attract a higher interest rate. lenders that may offer these loans for people on Centrelink will charge a higher rate of interest. As they deem unemployed people a higher credit risk. These loans for people on Centrelink are usually approved through the large banks and they may ask you to provide more credit details than a secured personal loan.
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What can you use a personal loans for?
can be used for most any purpose you would spend money on, the choice is yours. The most common use for personal loans
is to consolidate debt that has accumulated, such as credit card debt. Individuals may find themselves scraping by each month with minimum payments, realizing the debt is going to take forever to pay off this way, as well as cost a fortune in interest.
To help loosen up some cash flow each month as well as pay off the debt in less time, personal loans can offer a great solution. Start by determining the amount of money needed to pay off each credit card and other debt you want to include. Make sure the interest rate on the personal loan will be less than the average of your credit cards and other debt. It is also important to look at the monthly payment and how long it will take you to pay off your debt this way. It is generally year’s less than paying minimum balances on a credit card.
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Getting a personal cash advance loan when you have no security.
Unsecured personal cash advance loan
are those that do not have any collateral attached to them. This type of loan is often easy to get, but know in advance you will be paying a higher interest rate on the loan. This is because there is a great risk of non-payment due to the no collateral issue. Most unsecured personal cash advance loan
are for amounts up to $15,000. You may find some loan companies that offer a higher amount, but that is a standard loan amount in the industry. If you know you will need an unsecured personal cash loan for more than $15,000 you can try to secure two or more such loans from different companies.
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What to do if you are turned down for a personal loan
Obtaining a personal loan
can be very important if you have a financial need and you have looked into other resources. It can be very upsetting if you are turned down for the cash. There are several things you can do to prevent that from happening. Since you never know when you may have to apply for a personal loan
, always keep your eye on your credit report. It can take a very long time to get any errors corrected, time most of us don’t have when we need a personal loan
. Know what your credit rating is. Be realistic about your chances of getting a personal loan
based on your credit.
It is important that you fill out the loan application correctly and accurately. Provide all required information including residence verification, income, and employment verification. If you have experienced circumstances beyond your control that may have blemished your credit report, consider attaching a letter. Keep the letter short and to the point. Explain the situation, take responsibility for your credit report, and also document how you have worked hard to make the situation better. This information can help the loan officer and underwriter with the loan decision.
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