Personal loans for new employees
Just started a new job but need money straight away? You can apply for a personal loan with selected lenders now.
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If you're a new employee, you can still apply for a personal loan, though it may prove somewhat trickier than if you have been employed by a company for a significant period of time. This is because as part of their lending process, lenders will assess your employment situation to help ensure you'll be able to repay your loan.
Most lenders will require that you earn a certain income and have been employed for a certain amount of time to be eligible for a personal loan, but some do not. There are also a number of things that you can do to improve your chances of being accepted for a personal loan, if you have recently started a new job.
Find out how long you have to work as a new employee to be eligible for a personal loan, what the best loans to apply for are, how to improve your chances of being approved and compare your loan options below.
- Personalised fixed rate
- Flexible payment options
- Fast online application
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OurMoneyMarket Personal Loan
⭐ Finder Exclusive: Apply before April 30th to secure a discounted rate of 5.35% p.a. (comparison rate: 6.31% p.a.) for the first 12 months.
Apply personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.
- Interest rate from: 5.35% p.a.
- Comparison rate: 6.31% p.a.
- Interest rate type: Fixed
- Application fee: 1.5–6% of your total loan amount
- Minimum loan amount: $2,001
- Maximum loan amount: $75,000
Possible personal loan options for new employees
Did you know?
Some lenders offer interest-free or low-interest loans to their employees as an employee benefit. While this will depend on the organisation you work for, it may be worth investigating prior to submitting an application for a standard personal loan.
What's in this guide?
- Possible personal loan options for new employees
- How long do I need to have been employed to apply for a personal loan?
- What other factors do lenders consider when approving personal loans?
- How can I get approved for a personal loan as a new employee?
- What can I use the loan for?
- Can I get a car loan with a new job?
How long do I need to have been employed to apply for a personal loan?
Technically, you do not need to be employed to receive some forms of personal loans, as there are personal loans available to applicants who are unemployed. Applicants who are unemployed are also more likely to be approved for a personal loan if they have a good credit history and/or a guarantor.
That being said, different lenders will have different employment criteria that you will have to meet to be approved for a personal loan as a new employee. Use the table below to compare the eligibility requirements of popular lenders.
|Lender||Minimum income||Minimum time you need to have been employed||Review the loan|
|ANZ||$15,000 p.a.||3 months for full-time employees|
6 months for part-time employees
|Bank Australia||N/A||Must be receiving a regular income||Review|
|Bank of Melbourne||N/A||2 payslips for full-time employees|
6 months for part-time employees
|BankSA||N/A||2 payslips for full-time employees|
6 months for part-time employees
|Bendigo Bank||N/A||Must be receiving a regular income||Review|
|BOQ||N/A||Must have a regular income||Review|
|CommBank||N/A||3 months for casual employees|
Must receive a regular income
|CUA||N/A||Must receive a regular income||Review|
|IMB||N/A||12 months for casual employees||Review|
|ING||$36,000 p.a.||Must have PAYG payslips||Review|
|Latitude||N/A||Must have a regular income||Review|
|MyState Bank||N/A||Must have 2 payslips||Review|
|NAB||N/A||Must have a regular income||Review|
|NOW FINANCE||N/A||6 months for casual employees||Review|
|St.George||N/A||6 months for casual employees||Review|
|Westpac||N/A||12 months for casual employees||Review|
What other factors do lenders consider when approving personal loans?
Lenders look at a variety of criteria, which can include any of the following:
- Age. You need to be 18 years old or over to be eligible.
- Employment. As outlined above, there are a few factors that come into play with employment criteria. You may need to be employed full-time (although part-time and casual employees also have loan options) and you may need to earn a certain income to be eligible. If you're a new employee looking for a personal loan, you may also need to have held your current job for a minimum period of time.
- Credit history. Traditional lenders, such as banks and credit unions, will normally require you to have good credit to be eligible for a loan. This means you have little or no negative listings such as defaults, bankruptcies or multiple credit enquiries on your file. However, if you know that your credit is less than perfect, there are bad credit personal loans available.
- Residency. You will almost always need to be an Australian citizen or permanent resident to be eligible, but some lenders do consider temporary residents for personal loans.
How can I get approved for a personal loan as a new employee?
If you're a new employee or are about to start a new role, keep the following in mind before you submit your personal loan application:
Consider applying for a lower amount
Lenders may be more hesitant to approve you for a larger loan, especially if you haven't been at your job long. Think about how much you really need to borrow and only apply for the amount you need.
A secured loan is less risky for a lender. You may be more likely to be approved if you are able to offer an asset as collateral on the loan.
Can you wait to apply?
Waiting even a month or two may give you a better chance. Lenders consider probationary periods to range from three to six months. So, if you are close to being employed for that length of time, you may want to wait.
Make sure you meet all of the minimum requirements
Lenders have a range of minimum requirements you need to meet that extend beyond employment. Check you meet all of these as well.
Check your credit history
If you aren't sure what's on your credit file or how good your credit score is, it's worth checking before you apply. You can check your full credit report and credit score for free on Finder and come back to your dashboard to view it again at any time. We'll also notify you any time something on your report, which is provided by Experian, changes.
Let your employer know
Lenders may want to confirm your employment with your current employer. So, giving them a heads-up before this happens can help speed up the process.
Provide as much supporting documentation as possible
If you have any assets or savings, you should provide evidence of these as part of your application.
Consider talking directly with the lender before applying
Still not sure if you're eligible? Talk directly with the lender before submitting your application. The lender won't be able to tell you definitely whether or not you'll be approved but they may be able to shed some light on their criteria in relation to your financial circumstances.
What can I use the loan for?
If approved for a personal loan as a new employee, what you are able to use your loan for will largely depend on the type of loan you get and the lender that you apply with.
Relocating can be expensive. Even if you're moving for a promotion or a more lucrative job position, you may find that you're still short on cash. To top up and get the essentials you need, a new employee personal loan could help.
You may need new equipment, such as tools for your trade, a computer upgrade or even work attire, as a new employee. Many equipment loans are secured, which may make them easier to apply for if you haven't been in your new position long, or you are yet to start your new job.
Can I get a car loan with a new job?
While there is never any guarantee that you will be approved for a car loan as a new employee, there are a few things you can do to increase your chances. These include:
- Get a job offer letter. Getting a job offer in writing from your new employer may increase your chances of being approved for a car loan. Attach the letter to your application, either online, in person or via post. A written job offer proves to your lender that you will earn a salary capable of repaying the loan.
- Get a guarantor. Getting a guarantor will often increase your chances to get a car loan, as you pose less risk to the lender. This is because a guarantor takes responsibility for the loan if you were to default, such as if you lost your job. Guarantors must have a good to excellent credit score, and they may be required to be home owners, depending on the lender. Often, a guarantor will help to lower the interest rate your lender offers you (compared to if you were the only one responsible for the loan).
- Make a down payment. If you have some savings available, making a down payment on your new vehicle shows the lender your level of commitment, and decreases the lender's risk when loaning you money. A down payment also often lowers your interest rate and decreases the amount of debt on the car. According to AutoTrade, the ideal car down payment is 20% of the value of the car you're purchasing.
You can click through to the review pages from the table above and once you've found a loan you're eligible for and that you want to apply for, click "Go to site" to submit your application.
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