Champion Money Low Income Loan Review

Do you want a Low Income Loan of up to $2,000 that you can apply for even if you have poor credit history?

Champion Money gives you the ability to apply for a loan even if you're on a lower income, and you can set a loan term and repayments as per your budget. All lenders Champion Money works with require that you provide a car in the form of security, making these secured loans.

You can apply for a Low Income Loan through Champion Money if you have poor credit history, and even if you have not lived at your current address for a long time. These loans don’t attract any application fees and ongoing account-keeping fees, and you don’t have to pay early payout fees either.

I want to take out a Low Income Loan. How does it work?

How these low income loans work is quite simple. You start by applying, which you can do in person, over the phone, or online. After completing the application you have to provide different types of supporting documents to serve as identification, income, and residential address verification.

Once you submit your application along with other required documents, a Champion Money representative will review your application, and this process can take four to six hours. Upon approval, you have to sign the loan contract in order to receive the approved funds, and once you sign the contract, you can look forward to accessing your funds by the next business day.

Compare Other Payday Loans

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

Rates last updated August 20th, 2018
Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $1,500 Product Description
Sunshine Short Term Loans
9-15 weeks
30 minutes - conditions apply
20% of loan amount + 4% of loan amount each month
Apply online with Sunshine Loans and you could borrow up to $2,000 paid directly into your account. Note: Centrelink must not be your primary source of income.
Wallet Wizard Smart Loan (Up to 2K)
Up to 2 years
3 hours - conditions apply
Apply for up to $2,000 as a convenient line of credit.
Nimble Short Term Loan
62 days to 1 year
1 hour - conditions apply
20% of loan amount + 4% of loan amount each month
Apply for up to $2,000 and have 62 days to 1 year to repay. Note: Centrelink must not be your primary source of income.
Credit24 Short Term Loan
6-12 months
Same day - conditions apply
20% of loan amount establishment fee + 4% of loan amount monthly.
A loan with a quick turnaround time and generous loan term. To be eligible, Centrelink must not be 50% or more of your income.

Compare up to 4 providers

Features of a Low Income Loan from Champion Money

Champion Money Low Income Loans come with different features, and knowing of them before you apply is a good idea.

  • No application and account-keeping fees. You don’t have to pay any fees to apply for this Low Income Loan, and what also helps is that it does not attract any monthly account-keeping fees.
  • Use proceeds for different purposes. There is no stipulation as to how you should use proceeds from this loan, and you can use this money for practically any worthwhile purpose, like buying or repairing a car, paying medical bills, going on a vacation, getting married, or buying household items.
  • Bad credit not a problem. If you suffer from bad credit, but have a steady source of income and have the ability to repay, you can apply for this loan. You can also apply if you have only lived at your existing residential address for a short duration.
  • No penalty for early payouts. You 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.

How much will this loan cost me?

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

Go through all the associated fees and charges carefully before you sign the contract.

How to apply for a Low Income Loan from Champion Money

One way is to visit Champion Money’s office, another is to initiate the process over the phone, and you also have the option of applying online. You'll need to be able to answer 'yes' to the following to be eligible to apply:

  • You’re over 18 years of age
  • You’re a permanent Australian resident
  • You have a steady source of income

Completing the application process requires that you provide certain documents to verify details given in your application, so 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

While getting a Champion Money Low Income Loan can be an option for you if you're in need of finance, keep in mind that other such loans and financing options exist. Consider whether you really need a loan and if this is the right loan for you before applying.

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