Christmas Loans for Unemployed
Unemployed but need a loan for Christmas? Apply today.
- Borrow up to $5,000
- Outcome in 60 seconds
- Flexible repayments
- 100% online
Fact checked
Fact checked
Christmas can be the most wonderful time of the year, with plenty of gifts, food, and cheer to go around. However, the costs can be a burden if you’re one of the almost 500,000 Australians who are currently unemployed. If you’re between jobs, though, Savvy can help you get a Christmas loan to take the stress out of seasonal spending.
We partner with flexible lenders to find you a loan best suited to your financial circumstances. Get plenty of choice over your repayments, term and loan amount and make your Christmas a merry one by applying with Savvy today.
How do I get a Christmas loan if I’m unemployed?
You can get a loan to cover the cost of Christmas-related expenses if you’re unemployed provided you’re earning a form of fixed income. You’ll also need to meet your lender’s eligibility requirements and show you can afford the repayments on a loan between $2,050 and $5,000.
Most lenders in Australia will let you factor several forms of income towards your loan if you’re unemployed. These can include income from fixed Centrelink benefits. Eligible Centrelink benefits include:
- Aged pension
- Carer payment
- Child care benefit
- Disability support pension
- Family Tax Benefit Part A or B
- Mobility allowance
- Single and partnered parenting payments
- Veterans’ pension
JobSeeker can be factored in if you receive it alongside a Family Tax Benefit or use it as a low-income supplement. Youth Allowance, ABSTUDY and Austudy can’t be factored towards your loan, nor can JobSeeker on its own.
Lenders have a set of eligibility criteria which you’ll be required to meet before starting your application. While these may vary slightly, you’ll generally need to be:
- Over 18 years old
- A permanent Australian resident
- Earning a steady income for the past three months
- Able to provide a working mobile number and email
- Able to access 90 days’ worth of internet banking statements
Once you’ve ticked all the boxes, you can apply. Lenders will ask for some basic personal details (age, residential and employment status and income) as part of this initial application. If you receive a positive instant outcome, your lender will run formal checks of your credit and online banking statements to make sure you earn enough to repay your loan.
Don’t fret too much about a credit check if you have bad credit, though. Even a very bad credit score is unlikely to significantly impact your chances of approval, as lenders tend to look at your broader borrowing history and your ability to repay your loan in the here and now.
How long can I take to repay my Christmas loan?
Depending on how much money you borrow with a fast cash loan in Australia, you can take up to two years to pay it back. However, if you wish to have your loan paid off quickly, you can opt for a loan term as short as 16 days.
The longer you choose to take to repay your instant cash payday loan, the less you’ll pay in regular repayments. However, while choosing a short term will mean paying more on your loan each pay period, you’ll save money on your monthly fees. Loans come with two types of fees:
- Establishment fee: one-off charge of up to $400, built into your repayments.
- Monthly fees: charged on an ongoing basis with each repayment, capped at no more than 48% of your loan amount each year.
For example, if you reduced the term on a $2,500 loan by four months, you’d save about $400 in monthly fees. The added bonus of repaying these types of loans early is that payday lenders don’t charge early repayment of exit fees when you wrap up your finance sooner than scheduled, so there won’t be any disincentive for you to pay it out sooner.
What can I use my Christmas loan for?
You can use one Christmas loan to cover multiple costs, such as presents, food, travel or even decorations for your home. However, you can also use your payday loan cash for a range of non-Christmas-related expenses.
When you choose how much you want to borrow, you get the choice of a few spending options. These include:
- General living expenses
- Child-related costs
- Medical or veterinary bills
- Repairs to your home or general maintenance
- Vehicle-related expenses
- New furniture or white goods
- Travel-related expenses
- Debt consolidation
You can also cover costs associated with other seasonal holidays with loans for Easter and Valentine’s Day. The only things you won’t be able to spend your loan on are gambling or repaying similar debt.
Why apply for a small loan with Savvy?
Apply online, 24/7
No matter the time of day or week, you can complete your small loan application with us online.
Instant outcomes and same-day money
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
Trusted lender panel
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Got a Christmas loan question? We’ve got the answers
Small loans to suit your circumstances
Helpful small loan guides
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.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
