Get approved for a personal loan with a low income
If you’re considering your finance options as a low income-earner, Savvy has you covered. We partner with a diverse range of flexible lenders who can accommodate the needs of low income-earning borrowers with their personal loans by accepting different sources of income (including some Centrelink payments).
You’ll be able to borrow as little as $2,000, with repayment terms up to around three years in length on a schedule that fits around your income. The application process is simple and it takes just a few minutes to fill out your form, from which point you can receive an outcome within just 60 seconds. Start your application now and receive your money fast.
Low income personal loan features
In addition to any money you make from full-time, part-time, casual or self-employed work, you can count disability, veteran’s or carer’s pensions and family tax benefits as part of your income.
Personal loans are useful for a wide range of purposes, with financing available from $2,000 up to your maximum borrowing power as a low income-earner.
You can have a say in how your personal loan is repaid, either on a weekly, fortnightly or monthly basis to ensure that each instalment fits around your income.
Additionally, you can choose the period over which the loan itself is repaid, which gives you the ability to make your repayments more affordable.
We can connect you with lenders who allow you to make free additional repayments to cut down on the cost of your loan, as well as not charging early repayment fees.
As long as you’re earning a minimum total of $26,000 annually, are an Australian citizen or permanent resident and are 18 years or older, you can apply.
Even if you have plenty on your plate supporting your family, we can help you get approved for your personal loan as a single parent with bills to pay.
Why you can trust Savvy for your personal loan needs
How to maximise your chances of fast personal loan approval
Don’t ask for too much
If you need your funds quickly, it’s important that you understand your borrowing capacity before applying for your personal loan. Asking for more than you can feasibly afford will prevent you from moving further with the application until your amount is lowered to one that your income can handle.
Fortunately, however, because of the speed of personal loan application processing by your Savvy-partnered lender, you’ll know within a minute whether it was successful and can try again. Be careful, though: too many rejected applications in quick succession will show up on your credit file and potentially make it more difficult to secure financing.