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Last updated on April 20th, 2022 at 01:57 pm by Thomas Perrotta

Compare personal loans for casual workers

Even if you’re working casually, there are still plenty of options for you when it comes to personal financing. Fortunately, you can find out more about borrowing as a casual worker right here with Savvy and compare offers from our panel of reputable lending partners right here.

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site-logos Wisr Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments
 
site-logos 8.20%
fixed up to 17.95% p.a.
9.04% 
fixed up to 18.87% p.a. based on $30,000 over 5 years
3 to 7
Years
$5,000 to
$64,000
$611.17
over 60 months
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Borrow between $5,000 and $64,000 with great low rates for excellent credit. Get a personalised rate estimate in 2 minutes that won't impact your credit score.

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site-logos Plenti Unsecured Personal Loan (Excellent Credit)
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments
 
site-logos 7.39%
fixed up to 8.79% p.a.
7.39% 
fixed up to 9.91% p.a. based on $10,000 over 3 years
3 to 5
Years
$5,000 to
$50,000
$599.57
over 60 months
Go to site

Apply for an unsecured personal loan and enjoy low rates for excellent credit. With no early repayment or exit fees, there’s a lot to love about this loan.

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site-logos OurMoneyMarket Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments
 
site-logos 5.85%
fixed up to 20.99% p.a.
6.48% 
fixed up to 23.83% p.a. based on $30,000 over 5 years
1 to 7
Years
$2,000 to
$75,000
$577.89
over 60 months
Go to site

Apply for an unsecured personal loan between $2001 to $75,000 for a variety of loan purposes. Get a personalised rate estimate in minutes without impact your credit score.

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site-logos Harmoney Unsecured Personal Loan
  Advertised Rate from (p.a.) Comparison Rate from (p.a.) Loan Term Min-Max Loan Amount Monthly
Repayments
 
site-logos 5.35%
fixed up to 19.09% p.a.
6.14% 
fixed up to 19.99% p.a. based on $30,000 over 5 years
3 to 7
Years
$2,000 to
$70,000
$570.96
over 60 months
Go to site

Borrow up to $70,000 with personalised rates and repay over 3,5 or 7 years loan terms.

More details

Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the 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.

What do you need to qualify for a personal loan as a casual worker?

Top tips for getting personal loans for casual workers

Find our your credit score before you apply

You can find out your credit score for free from credit reporting agencies like Experian, Equifax and illion. If you need to improve it, start paying all your bills on time before you apply for your personal finance.

Find out the comparison rate

It includes the interest rate plus the cost of any lender fees and charges. If you have a choice between different loans, choose the one with the lowest comparison rate to save money.

Use a loan calculator to work out affordability

Use our repayment calculator to find out your repayments for different borrowing amounts, terms interest rates and repayment frequencies.

Think carefully about your term

Personal loan terms in Australia usually range from one to seven years. To save money on your personal loan in the long-term, you should always look towards shorter loan repayment periods wherever possible.

What else you need to know about personal loans for casual workers

What can you use personal loans for casual workers for?

You can take out a personal loan for a variety of purposes. For example, to buy a car, go on a holiday or to renovate your home.  You can also take one out to consolidate any multiple, high-interest debts you might have (like credit card debt).

Why does an unsecured loan have a higher interest rate?

An unsecured personal loan doesn’t require you to provide any assets as security for your lender like a secured loan does. They are therefore higher risk for lenders and a higher interest rate is charged on unsecured loans.

How is a casual worker different from a part-time worker?

A part-time worker has regular, guaranteed working hours of less than 38 hours per week. Casual workers on the other hand have no guaranteed, regular working hours. They make work a lot of hours one week, and very few (or even none) the next.

Part-time workers also get both holiday pay and sick pay. That’s another reason why they are perceived as being less risky for lenders.

Part-time workers also cannot have their employment terminated without notice like casual workers can. Their income is therefore more secure than casual workers. Casual workers can instantly lose their job and their income.

Can you get a personal loan if you have a bad credit score?

Yes – bad credit loans are available to borrowers across Australia who find themselves in this position. However, these come with stricter terms and conditions. For example, you’re likely to receive a markedly higher interest rate and lower borrowing range (maximum of $12,00). It’s also important to understand that your chances of having your bad credit loan application declined are also higher.

Which documents will I need to submit if I’m a casual worker applying for a personal loan?

The documents you’ll need as part of your personal loan application include:

  • Your last two payslips
  • Photo ID (such as your driver’s licence and/or passport)
  • Information on current assets and liabilities
  • 90 days of bank statements and employment contracts may be required

 

You’ll have to first prove who you are with identification documents, then supply evidence of your income and finances through payslips, employment contract, tax returns, and bank and credit card statements.

Can I apply for multiple personal loans if I’m unsure about which lender to go with?

No – applying for multiple loans will show up on your credit report, which may put lenders off you as a potential customer. Always only apply to one lender at a time, so choose carefully.

Is there any way I can show my lender that my casual employment is stable and safe?

Yes – getting your place of employment to write a letter reaffirming that your position is safe and unlikely to end any time soon could help your application, as it shows to your lender that your ability to repay the funds is unlikely to be hampered in the longer term.