There are a lot of lenders include banks, credit institutions offer loans for low-income earners. However, each lender has different features and advantages meet with a different need. So if you want to get these loans, you should consider before.
You are understood properly about a lot of personal loans in Australia, bad credit loans in Australia, payday loans in Australia in many previous posts of us. If you are interested in these loans, please click on the links: Payday loans in Australia, Personal loans at Australia, Bad credit loans in Australia. Now, let’s see “What are the loans for low-income earners in Australia? How to get them?”
LOANS FOR LOW-INCOME EARNERS
Like a lot of articles about the personal loans in Australia, this post includes three parts, they are “Some options for the loans for low-income earners”, “Some things the loans for low-income earners should avoid” and “Some questions about the loans for low-income earners”.
1. Some options about the loans for low-income earners
- The personal loans with small amounts. A lot of lenders and traditional financial institutions offer personal loans to low-income applicants as long as the required amount is small.
- Short-term loans. Other lenders offer small short-term loans to people with bad credit and have low-income. People may be eligible to receive up to $ 2,000 with these loans. Often, the term for these ranges anywhere from 2 to 6 months.
- The Centrelink withdraws cash. If people receive payments from the Centrelink, you may be eligible for advances for these payments. Keep in mind that most eligibility criteria will be around the time you receive your Centrelink payments and how much you have received. Also, keep in mind that you usually only qualify for a Centrelink cash advance each year.
- Low-interest credit card. A lot of lenders offer low-income credit cards if people can prove to meet the minimum income requirements, usually at least $ 15,000 per annum. Low-income cards offer many benefits including lower-interest rates, lower fees and even unprofitable days.
- Alternative loan options. There are many alternative credit options if you have low income. There are short-term loans even for people with bad credit and low income. There are also interest-free loans from Good Shepherd Microfinance as part of their No-Interest Loan Scheme (NILS) program. Here, you can qualify for anywhere from $300 to $1,200 and are solely responsible for paying back the loan amount, meaning no interest or fee.
2. Some things the loans for low-income earners should avoid
- Falling into too much debt. Make sure people avoid a situation where people get into too much debt. That means people must carefully consider the future monthly income with the monthly repayment on any loan people commit. Also, be sure to avoid applying for more than the amount you really need.
- Apply for too many credit products. The lender can know exactly how many times customers have applied for a loan. If they see that customers have registered multiple loans in a short period of time, they may consider customers an irresponsible borrower and refuse the application. Doing this can also adversely affect the credit score.
3. Some questions about the loans for low-income earners
What if people receive Centrelink payments?
There are a variety of credit options available if everyone receives Centrelink payments. Customers can get an advance payment for Centrelink payments and they can qualify for a personal loan that allows a certain percentage of the income to come from Centrelink payments. Customers can also qualify for no-interest loans. See our guide to Centrelink credit options to find out more.
What if you are unemployed?
People still may be eligible for certain types of credit if they can show that they receive some type of income, whether from Centrelink payments, self-employed income or regular remittances differently to the bank account like a shared payment. Find out if the lender will consider people for a loan if people are unemployed.
How much can people apply for?
This depends on the particular lender and the type of loan you are applying. Please note that applying as a low-income borrower may mean that you qualify for a lower amount than a regular-income borrower.
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