Getting a Personal Loan While receiving a Centrelink Payment
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.
Getting loans for people on Centrelink is much harder than you may think.
Many people think that getting a loan when they are unemployed is impossible. Why would someone loan money to someone who doesn’t have a job? Lenders will provide loans for people on Centrelink, if they believe their money isn’t at risk. People with high credit scores and a history of long term employment do better than people with a bad history of paying off credit and an even worse history of holding down a job.
No matter your circumstance, loans for people on centrelink are out there. All you need to do is go out and find one.