Pensioner Loans

Borrow and repay how you want with a pensioner loan with Savvy. Find all the best lenders in one place.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

$2100
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$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on September 12th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Pensioner loans – because retirement is about freedom

When something comes up and you need some extra money, it’s good to have options. Being on the age pension, disability support pension or a carer's pension doesn’t mean you don’t have access to financial services. Getting a loan can help if you want to go fishing, travel to see the grandkids, or even visit an old friend. It can also help spread the cost if you need to redecorate the house or carry out repairs. It’s essential you’re able to get a cash boost when you need one – no matter what the reason or your income type. Pensioner loans are a great way to keep doing what you want when you’re in between pension payments.

Flexible pensioner loans the Savvy way

We believe you should have convenient, unsecured finance options in retirement. That’s why at Savvy, we won’t ask you to use your home as security against your borrowing. Applying for a pensioner loan is simple and straightforward – and we’ll quickly find the best lender for your needs. You can borrow between $2,050 and $5,000 and repay over anything between two years and just sixteen days if you’re just looking to bridge a cash flow gap. Savvy only partners with reputable lenders, and fees on all shorter-term loans get capped. Get freedom, flexibility, and peace of mind when you shop for a pensioner loan through Savvy.

Pensioner Small Loan

Why apply for a small loan with Savvy?

How to apply for your pensioner loan?

Find out all you need to know about pensioner loans

What can I use a pensioner loan to pay for?

Because this is unsecured borrowing, there aren’t many limits on what loans for pensioners can do. Many retired Aussies use pensioner loans to pay for travel or visit family. Others get a pension loan if they need to spread the cost of an unexpectedly high utility company, vet’s, or medical bill.

Will the pension loan lender run a credit check?

Reputable pensioner loan lenders – and all proper finance providers – always run a credit check when you apply for any loan type. That’s because here in Australia, we’re lucky to have great financial regulators that insist on responsible lending practices. You can still get a pension loan with bad credit history, however – lenders mainly check your report to see if you’ve got other existing borrowing, so you don’t overstretch financially.

Is there a maximum age for pension loan applicants?

There isn’t. As long as your bank statements indicate you’re not borrowing more than you can afford, being a retiree or senior you’ve got a great chance of getting a yes with Savvy.

Can I get a pensioner loan from my bank?

Unfortunately, most banks generally won’t provide unsecured loans to borrowers who are not in full-time employment. Banks also tend to limit their lending to products above $5,000. If you’re looking for a smaller loan, you may have trouble finding a bank to cater for that. Savvy provides a range of personal loan options if you want to explore borrowing a higher sum over a more extended period.

Are there any alternatives to a specialist loan for people on age pension?

Personal loans are not your sole option if you need extra funds. Centrelink offers two schemes for those who’ve retired from work. Firstly, you can apply for a Centrelink Cash Advance. This scheme is not a loan – so, you’ll need to budget carefully because repayments come out of your subsequent pension payments. Your second Centrelink option is the Pension Loan Scheme. It provides a way to turn your assets into a regular form of income, and it’s a type of loan. Your borrowing gets secured against your home or real estate. It’s crucial to obtain qualified financial advice before you use your home as security against any loan.

How soon can I apply for a pensioner loan?

So long as you’ve got a device connected to the internet, you can apply today! Don’t worry if you haven’t got all your documents or information on hand; you can save and return to an application at any time.

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Disclaimer:

The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.

For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.

Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.