Champion Loans Low Income Loans Review

Low Income Loans of up to $2,000 from Champion Loans

Champion Money offers secured loans to people on lower income, who can set a loan term and repayments as per their budget. Applicants need to provide a car in the form of security.

Please note: Champion Loans is the new name for Champion Money

Champion Money accepts application from people with poor credit history, and even if they have not lived at their current address for a long time. These loans don’t attract any application fees, ongoing account-keeping fees and early payout fees.

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Maximum loan amount

Next Business Day

Turnaround time

6 weeks to 1 year

Term of loan

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Product NameChampion Loans Low Income Loans
Maximum loan amount$2,000
Arrears Fee$0
Loan term6 weeks to 1 year
Turnaround timeNext Business Day
Costs20% of principal amount (establishment fee) + 4% monthly charge
RequirementsYou must be 18+, an Australian resident and have a steady source of income
Available to Centrelink Borrowers?No

Are you struggling financially?

If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here:

⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

How does a low income loan from Champion Loans work?

Loan customers can start by applying in person, over the phone or online. After completing the application they have to provide different types of supporting documents to serve as identification, income, and residential address verification.

Once someone submits an application and other required documents, a Champion Loans representative will review it. This process can take four to six hours. Upon approval, the successful applicant will be given the option to sign a loan contract. This must be signed in order to receive the approved funds. Once they sign the contract, they can access their funds by the next business day.

Compare Other Payday Loans

Whilst we don't compare Champion Loans Low Income Loans directly, here are some other loans that are similar.

Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
9-14 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.
Credit24 Short Term Loan
6-12 months
Same day - conditions apply
20% of loan amount establishment fee + 4% of loan amount monthly.
Credit24 offers this loan up to $2,000 and gives you 12 months to repay. Centrelink borrowers are considered as long as Centrelink payments are not more than 50% of income.
Nimble Short Term Loan
62 days to 9 months
1 hour - conditions apply
20% of loan amount + 4% of loan amount each month
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Safe Financial Small Loan
22 - 52 weeks
Same day - conditions apply
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + loan management fee of up to $399 + from 8.7% to 48% APR
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Fair Go Finance Small Loan
3-12 months
24 to 48 hours
0% Establishment Fee + monthly fee 4%
A small loan between $500 and $2,000 that can be funded in 24 hours. Note: Save up to $400 when you apply for a small loan from $500 to $2,000 and are approved for a 0% establishment fee. T&Cs apply.
Ferratum Cash Loans
3 to 12 months
Same day - conditions apply
20% of borrowed amount + 4% of borrowed amount each month
Borrow what you need with loans starting from $500 and approval in minutes.
Jacaranda Finance Personal Loan
9-24 months
Under 1 hour - conditions apply
$0 - $1,000 depending on credit
Borrow up to $10,000 and get access to your funds in as little as 1 hour.

Compare up to 4 providers

Features of a Low Income Loan from Champion Loans

Champion Loans Low Income Loans come with different features, and knowing of them before applying is a good idea.
  • No application and account-keeping fees. Borrowers don’t have to pay any fees to apply for this Low Income Loan. It does not attract any monthly account-keeping fees too.
  • Use proceeds for different purposes. There is no stipulation as to how borrowers should use proceeds from this loan.
  • Bad credit applicants can still apply. People who suffer from bad credit, but have a steady source of income and have the ability to repay can apply for this loan. They can also apply if they have only lived at your existing residential address for a short duration.
  • No penalty for early payouts. Customers can save some money in the form of interest by paying the loan off before its scheduled term, and early payouts don’t attract any penalties.

What are the risks of payday loans?

  • Unaffordable repayments. Payday loans are an expensive way to borrow money and should only be used as a last resort. Check the size of each repayment and ensure you will be able to pay it on time. Unaffordable repayments can lead to late fees that will only make things worse.
  • High rates and fees. Rates and fees on payday loans are high but there are rules in place so be sure to check your lender is not charging you more than ASIC allows. Also, look at what you would be charged if you are late on a payment or if you default on the loan altogether.
  • Unreputable lenders. All Australian lenders should be accredited by ASIC. Check for a credit licence on the ASIC Register and ensure that the lender is easily contactable.
  • Impact on credit score. Every loan application shows up on credit reports. While lenders might not consider credit history, applying for lots of loans within a short period can have a negative impact on your credit score in the future.

How much will this loan cost?

This Low Income Loan does not attract any application fees, ongoing account-keeping fees or early payout fees. Customers might have to pay certain other fees and charges during the course of the loan. Successful applicants will get a complete list of these as part of the loan contract, which they will receive upon approval of their application.

It's important for borrowers to read through this document carefully before signing it to ensure that they know exactly what they are signing up to pay.

How to apply for a Low Income Loan from Champion Loans

One way is to visit Champion Loans’s office, initiate the process over the phone and customers also have the option of applying online. First, prospective applicants will need to be able to answer 'yes' to the following to be eligible to apply:

  • Are over 18 years of age
  • Are a permanent Australian resident
  • Have a steady source of income


Completing the application process requires that applicants provide certain documents to verify details given in their application, so they should keep the following handy:

  • Two forms of identification (Australian passport, Australian driver’s licence, Medicare card, 18+ card, or birth certificate)
  • Proof of residence (lease receipt, rent receipt, or utility bill)
  • Income proof (payslips or Centrelink statements)
  • Bank statements for last three months

What to know

While getting a Champion Loans Low Income Loans can be an option for those in need of finance, they should keep in mind that other such loans and financing options exist. So, it's a good idea to compare before applying.

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