Your independent loan comparison!
Your independent loan comparison
Low income loans
If you are a low income earner needing money to make ends meet, there are plenty of affordable, easily available options for you to utilise.
Fast information
Properties of this loan
- Online loans up to $1 900
- Term 3 - 12 months
Loan requirements
- You must be over 18 years old
- An Australian citizen or Australian permanent resident and have a regular income
- You will also need your own email address and mobile phone number
About company
More information about the company Ferratum Australia Pty Ltd.
Fast information
Properties of this loan
- Online loans up to $10 000
- Term 1 - 36 months
Loan requirements
- Be a Permanent Resident
- Be aged 18 years or over
- Be employed and get paid into your bank account
- Have a reasonable credit history
- Earn at least $600 a month
About company
More information about the company IPF Digital Australia Pty Ltd.
Fast information
Properties of this loan
- Online loans up to $12 000
- Term 12 - 24 months
- Easy online application
Loan requirements
- Be Over 18 Years Old
- Take Home Income( with benefits) over $400 a Week
- Be an Australian Resident
- Get Your Income Paid into Your Account
About company
More information about the company Money3 Corp. Ltd.
Fast information
Properties of this loan
- Online loans up to $15 000
- Term 1 - 5 years
Loan requirements
- At ClearLoans, we do not judge you based on your credit score.
- All we require is that our borrowers are Australian residents aged 18-75
- Not on an active bankruptcy, not on an active or terminated Part IX Debt Agreement (or equivalent)
- Be able to comfortably afford the repayments
- You will also need a friend or family member who trusts you to be your guarantor
About company
More information about the company Membo Finance Pty Ltd
Fast information
Properties of this loan
- Online loans up to $2 000
- Term 1 - 3 months
- Easy online application
Loan requirements
- You need to be at least 18 years old to apply for a loan
- Valid mobile number and email address
About company
More information about the company Venture 5 Group Pty Ltd
Fast information
Properties of this loan
- Online loans up to $15 000
- Term 3 - 24 months
- Easy online application
Loan requirements
- Cashify Personal Loans from $500.00 – $2,000.00: Maximum Monthly Interest Rate is 4%. Maximum Annual Percentage Rate (APR) is 48%. The Establishment Fee is 20% of the loan amount borrowed. Other fees may apply. Please refer to your loan contract for all fees, interest, and terms and conditions. Minimum loan contracts are generally 90 days with most loan contracts between 90 to 365 days. For example, a loan of $500.00 repaid over 3 months equates to a total amount payable of $702.00 comprised of $500.00 principal (amount borrowed), $100.00 Establishment Fee, $72.00 in interest and $30.00 in monthly account fees.
About company
More information about the company Cash Supply Pty Ltd
Fast information
Properties of this loan
- Online loans up to $75 000
- Term 1 - 7 years
Loan requirements
- You should be at least 18 years or older.
- You should be an Australian citizen or permanent resident.
- Be in active employment or receive a pension.
- Have no defaults (paid or unpaid) or active payday loans.
- Centrelink can be used as a secondary income with regular income.
- Not be a current or prior bankrupt or be party to a court judgement.
About company
More information about the company OurMoneyMarket Lending Pty Ltd
Fast information
Properties of this loan
- Online loans up to $30 000
- Term 6 - 60 months
Loan requirements
- Over the age of 18 years old
- Be receiving regular income
- Haven’t been bankrupt
- Be an Australian Citizen /
- Permanent Resident
About company
More information about the company Alex Bank Pty Ltd ABN
Fast information
Properties of this loan
- Online loans up to $30 000
- Term 6 - 60 months
Loan requirements
- Over the age of 18 years old
- Be receiving regular income
- Haven’t been bankrupt
- Be an Australian Citizen /
- Permanent Resident
About company
More information about the company Alex Bank Pty Ltd ABN
Fast information
Properties of this loan
- SocietyOne Debt Consolidation Personal Loans up to $70 000
- Term 2 - 5 years
Loan requirements
- Must be an Australian citizen or a Permanent Resident residing in Australia
- Must be at least 18 years of age
About company
More information about the company SocietyOne Australia Pty Limited
What loan options are available?
Centrelink Loans
This is not a loan as such, but rather an advance payment of any money you're entitled to in the future. Rather than wait for your Centrelink payments, they can be paid to you early and then repaid out of future Centrelink payments.
No Interest Loans (NILS loan)
Under the no interest loans scheme (NILS), low income earners can borrow up to $1,500 to be used on essentials. Repayments are made over 12 to 18 months and the best part is there are no credit checks, no interest and no fees or charges! This is a good option for anyone with bad credit.
To be eligible for a no interest loan you must have one of the following:
- Health Care Card, or
- Pensioner Concession Card, or
- After-tax income below $45,000
Low Interest Loans
A StepUp loan allows low income earners to borrow between $800 and $3,000 with a low interest rate which is fixed at 5.99%. There are no fees and charges which makes this quite a cheap option. The loan can be paid back weekly, fortnightly or monthly over a loan term of up to three years.
To be eligible for this loan you must:
- have a Health Care Card or a Pensioner Concession Card, or be receiving Family Tax Benefit A (and)
- have lived at your current premises for more than three months.
Short-term loans
A payday loan or small amount loan lets you borrow up to $2,000 for a period ranging from 16 days to 12 months. Payday loans come with hefty fees and charges so cheaper options should be investigated first.
Credit Cards and Small Personal Loans
Some traditional lenders offer small personal loans and credit cards to low income earners if they meet the minimum income requirements. These options are generally expensive with high interest rates, fees and charges.
How to Compare Loan Options
Factors to consider when comparing loans:
- Loan term. This is the length of time you have to pay back the loan. A longer loan term means cheaper periodic payments but could attract a higher interest cost.
- Rates. The interest rate is charged on the remaining balance of the loan and as such, a low rate is best. It will remain the same over the loan term if it's fixed or could change at the lender's discretion if it's a variable rate. The comparison rate takes into account the interest rate as well as other costs of borrowing which makes comparing loan options simpler.
- Repayments. This determines how often and how much to pay back to the lender. It is usually a fixed amount paid weekly, fortnightly or monthly. It's a good idea to check whether you can vary the repayment amount or pay the loan off earlier than the loan term specifies.
There are many different loan options available for low income earners to access with varying features. When considering your options, it's important to make sure that each aspect of the loan suits your personal circumstances before committing to anything. As a low income earner, the last thing you'll want to do is get locked into a commitment you can't afford, so be sure to have a solid understanding before rushing in.
