Single Parent Personal Loans

If you're a single parent looking for financing, you can find and compare from a range of options right here with Savvy today.

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, updated on October 5th, 2023       

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The benefits of personal loans for single parents

Flexible usage

Your personal loan can be utilised in any way you like, from consolidating your debts, covering unexpected medical expenses or even taking your kids for a holiday.

Funds transferred in 24 hours

Once you submit your personal loan application, you can receive an outcome in just 60 seconds and have your lender transfer your funds within 24 hours if successful.

Diverse employment types

You can get approved for a personal loan regardless of whether you hold a full-time, part-time or casual position or run your own business (or a combination of more than one).

Centrelink income accepted

Even if you’re a single mother on Centrelink, you can count single parent, carers’, veterans’ or disability benefits and the Child Care Subsidy towards your total income on your application.

Choose your schedule

You can decide on whether to pay on a monthly, fortnightly or weekly basis, enabling you to tailor the frequency of your repayments to align with your income schedule.

Bad credit options

Even if you’ve struggled with credit in the past, there are plenty of specialist lenders who can help you get approved for a bad credit personal loan to give you the boost you need

Types of personal loan

Why compare personal loans through Savvy?

How to increase your approval chances as a single parent

Applying for your personal loan as a single parent

Our Process

Find your lender with Savvy

Analyse your potential options from Savvy’s lender panel and choose a product you’re eligible for and best suits your needs.

Prepare all of your documentation and apply

Gather your photo ID, payslips, Centrelink income statements (if applicable), details on your assets and liabilities and any other required documents.

Receive your outcome and funds

Find out whether your application was successful immediately after applying and have your funds sent directly to your account within one business day.

Common personal loan queries from single parents

Will a quick quote affect my credit score?

Not necessarily – many of our lenders offer borrowers the chance to obtain a quick quote to find out their potential interest rate without impacting their credit score. This can be beneficial for you as borrower, as you won’t be locked into a situation where you end up needing to back out of a deal due to the fact that the offered interest rate is greater than you expected and end up with a mark on your credit file.

How much can I borrow?

In general, unsecured personal loans are available from $2,000 to $75,000 and secured loans $15,000 to $100,000. However, what you’re approved for will be entirely dependant on your profile as a borrower, namely your credit score, nature of employment and stability of income. Single parents who have a high disposable income and job stability, as well as a proven record of servicing debt, are more likely to be approved for loans on the higher end of the scale.

How long can I take to repay my personal loan?

Similarly, while personal loans can vary in length between one and seven years, the term you’re approved for will depend on the risk you present as a borrower. For example, a high income-earning single mother with a great credit rating will, in most cases, be able to stretch her loan repayments out to seven years. However, because loans for single mothers with bad credit are considered a greater risk, you’ll likely only be able to borrow over a maximum term of two to three years.

Can I include JobSeeker or Youth Allowance in my overall income?

No – because JobSeeker and Youth Allowance are both conditional payments based on your age, employment and study status, you can’t include them in your loan application. It’s important to note, though, that JobSeeker can be included as a supplement to either a family tax benefit or a low income, but not on its own.

What if I’ve just started a new job before applying?

Yes – depending on the nature of your employment, you can be approved for financing straight after starting a new job. This is generally limited to borrowers who are moving between full-time jobs on similar salaries, as these are the most stable employment type. Some lenders may also accept permanent part-time employees in this position. However, you’ll likely require at least six months under your belt with stable hours and income if you’re a casual employee and a minimum of one to two years of trading experience as a self-employed worker.

What fees can apply to my personal loan?

The fees that most commonly apply to loans are application, ongoing and late fees, while some lenders also charge for early repayments. However, most lenders won’t include any fees for paying out your loan ahead of schedule, while others don’t charge any at all (aside from late fees). Each of these can vary in cost as follows:

  • Ongoing fees: $0 to $10 per month
  • Establishment fee: $0 to $595
  • Early repayment fee: dependant on time left to run on loan (starting from $0)
  • Late payment fee: $15 to $35

Helpful personal loan guides

Still looking for the right personal loan?

Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.