Low Income Personal Loans

Get approved for the loan you need, even on a low income, by considering your options with Savvy.

Apply in less than 10 minutes.

Last updated on April 8th, 2022 at 02:00 pm by Thomas Perrotta

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.

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Low income personal loan features

Flexible accepted income

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.

Borrow from $2,000

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.

Select your repayment schedule

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.

Repay over one to three years

Additionally, you can choose the period over which the loan itself is repaid, which gives you the ability to make your repayments more affordable.

Handy loan features

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.

Non-strict eligibility criteria

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.

Single parents accepted

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.

Apply with your partner

 If you can’t quite manage a personal loan on your own, you can submit a joint application with a partner to maximise its affordability for you both.

Why you can trust Savvy for your personal loan needs

How to maximise your chances of fast personal loan approval

Common low income personal loan questions

How much can I borrow?

The amount that you’re able to borrow is contingent on your income. As a general rule, borrowers on a low income will face greater restrictions when it comes to loan amounts, as their wages can’t support larger sums. If you’re unsure about the ballpark loan amount you can be approved for, you can use a borrowing power calculator to determine a rough estimate for you.

Are all forms of Centrelink payments accepted as income?

No – acceptable Centrelink payments are restricted to those which are stable and secure. This means that sources such as JobSeeker, which is conditional on you looking for employment and is no longer applied when you find one, aren’t acceptable as Centrelink income. This is the same with Youth Allowance, Abstudy and Austudy. An important distinction is that JobSeeker payments can be accepted as income if alongside parenting payments, but otherwise it isn’t applicable.

What if I need money now and can’t wait for 24 hours?

If you’re in this position, or if you can’t afford (or don’t want) a $2,000 loan, you can apply for a small cash loan between $300 and $5,000 through Savvy and receive your funds on the same day, or as little as one hour. These don’t come with the prerequisite of preferencing good credit: lenders are more concerned with your ability to repay the loan in the here and now. You can choose repayment terms from 16 days up to one (up to $2,000) or two years (over $2,000) and have consistent repayments with fixed fees and no interest.

What will my interest rate be on my personal loan?

Each interest rate is different depending on the borrower and their situation. A variety of factors affect your interest rate: your income, your credit score, your past borrowing and your loan amount can all have an impact. Some of our partnered lenders will allow you to view your personalised rate before submitting your formal application, so you can compare your options if you wish to do this.

Do I have any other alternatives to a low-income personal loan?

Yes – potential borrowers can receive advances on their Centrelink payments if they’re looking for more funds up front. A Centrelink advance payment can be useful for more urgent requirements, such as unexpected medical, vehicle or bill expenses. This amount will most likely be taken out of your future payments until the advance is repaid.

Will I be approved for a low-income personal loan if I have bad credit?

It can be more difficult for your application to be approved if your credit score isn’t great in conjunction with your low income. There are options available for bad credit loans, though, so it’s a good idea to enquire about whether your lender accepts low-income personal loans with bad credit scores or if they have any other loans on offer. Bad credit scores can come about due to several different factors, such as defaults, late repayments or high credit limits.

Can I apply for a personal loan if I’m an ex-bankrupt?

Yes – however, you may have to wait up to five years before applying following this bankruptcy. This is so that it can be removed from your credit file, from which point our lenders will be willing and able to work with your application.

Will I need to supply any assets as security for my loan?

No – all of our lenders offer unsecured personal loans, which forego the requirement for asset security and focus on your own personal finances. These loans are faster to process also, as secured personal loans require your lender to assess the suitability of your asset as collateral prior to signing off on the loan.