Personal loans for new employees

I just started a new job. Can I get a personal loan?

If you're a new employee, you can still apply for a personal loan. But it's harder to get approved. Most lenders prefer that you have been in your job for at least 3 months.

However this isn't a hard rule, as applications are looked at on a case-by-case basis. To increase your chances of success, you'll need good credit history and bank statements that demonstrate an ability to save money and meet loan repayments.

How long do I need to be employed to take out a loan?

Most lenders would like you to have been working for the same employer for 3 months. Some prefer up to 6 months or simply past your probation period.

However, this all depends on the lender as you do not need to be employed to receive a personal loan, 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.

We've collected information from popular lenders and how long they want you to have been in the same job.

• See lender's employment criteria

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  Lender	Minimum income	Minimum time you have to be employed	Review
  ANZ	$15,000 p.a.	3 months for full-time employees 6 months for part-time employees	Review
  Bank Australia	N/A	Must be receiving a regular income	Review
  Bank of Melbourne	N/A	3 months for full-time employees 6 months for part-time employees	Review
  BankSA	N/A	2 payslips for full-time employees 6 months for part-time employees	Review
  Bankwest	$20,000	3 months	Review
  Bendigo Bank	N/A	Must be receiving a regular income	Review
  Citi	p.a.	N/A	Review
  Great Southern Bank	N/A	You must receive a regular income	Review
  CommBank	N/A	3 months for casual employees Must receive a regular income	Review
  Harmoney	N/A	Must receive a regular income	Review
  HSBC	$40,000 p.a.	N/A	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
  MoneyPlace	$20,000 p.a.	N/A	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
  OurMoneymarket	$25,000	Be in active employment or receive a pension	Review
  SocietyOne	$30,000 p.a.	N/A	Review
  St.George	N/A	6 months for casual employees	Review
  Westpac	N/A	12 months for casual employees	Review

How do I improve my chance of approval 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:

1. Wait a while

This may seem obvious, but if you are in a position where you can wait until you've been at your job for a bit longer then that will help your application. Of course, life waits for nobody and sometimes you need the money immediately. In these cases, you still have options.

2. Consider applying for a lower amount

High borrowing amounts are always going to be riskier to lenders, so borrowing less may be what pushes your application over the line. Of course this depends on your situation and needs, but it may be difficult to find a loan for over $20,000 without stable employment.

3. Offer security

A secured loan is less risky for lenders. If you can offer security, such as your car or equity in your home, then you'll have an easier time getting approved. While this can be a good option, it does mean that the asset you've offered up could be repossessed if you default on the loan - so make sure you're comfortable meeting your repayments!

4. Meet the other minimum requirements

A lender may overlook how long you've been at your role if you can show you're a responsible borrower who they can trust to meet repayments. To do this, you'll need to meet every other minimum requirement such as age, residency status, and annual income.

5. Maintain a strong credit score

While credit scores are less important in Australia compared to places like America, they still play a role in the approval process - and also the interest rate you'll receive. You can learn what your credit score is in seconds through Finder, as well as tips on how to improve it if you need to.

6. Ask for a reference from your employer

An employer advocating for you will help enormously. The only reason why lenders see people just starting a new job as risky is because of the chance they may not pass their probationary period. If your employer advocates for you, then the lender can assume that you have stable employment.

7. Have supporting documentation. As much as possible.

On top of the standard documents you need to apply for a loan, such as bank statements and identification documents, make sure that you show off anything that proves you'll be a responsible borrower. This could include things such as investment portfolios, secondary income streams, or savings.

8. When in doubt, speak to the lender.

At the end of the day, the lender knows what you need to get your application over the line. They will be able to look at your situation and let you know what else you need in order to meet their criteria.

What can I use the loan for?

In general, you can use one of these loans for just about anything you could legally buy. Finder has dedicated pages for the most common uses for personal loans:

Weddings

Car loans

Holidays

Green initiatives

Cosmetic surgery

Home renovations

Can I get a car loan as a new employee?

Yes, there are car loans that new employees can apply for. While there is never any guarantee that you will be approved for a car loan, or any loan for that matter, there are things you can do to increase your chances:

Get a job offer letter.

Having a job offer letter in writing could increase your chances as it proves your ability to repay the loan. Attach the letter to your application, either online, in person or via post.

Get a guarantor.

A guarantor takes responsibility of the loan if you default and therefore you pose less of a risk to the lender. Guarantors must have a good to excellent credit score, and they may be required to be home owners, depending on the lender. It may help you get a lower interest rate too.

Make a down payment.

The more money you can put towards a down payment, the better your chances of approval. If you can put 10% or 20% down first, you'll be seen as a less risky borrower - plus it will lower the debt you need to repay and you could even get a lower interest rate.

Why compare personal loans with Finder?

Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)

Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest.

Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, rennovating your home or heck just ready to let loose with the spending - we got you.

Frequently asked questions

• Can I get a loan without a payslip?

  If you don't have payslips it is still possible to get a loan but you might be better off getting a low documentation loan. These loans have more relaxed eligibility criteria, and therefore ask you for less documentation.

• Can I get a personal loan if I am a casual employee?

  It's harder to get a personal loan if you're a casual employee. If your annual income exceeds a lender's minimum requirements, and you've had the job for a while, you'll have a better chance of getting a loan.

• Do lenders check how long I've been working in total or just at my current job?

  Lenders primarily look at your current employment but may also consider your overall employment history to assess stability. If you've historically held steady employment, that can help offset the fact that you've only been in your new job for a short time.

• Can a new employee with bad credit still get a personal loan?

  Yes, but it will be more difficult. You might be eligible for a loan from non-bank or specialist lenders who consider your income and financial behaviour rather than credit score alone. Expect higher interest rates or the need to provide security for the loan.

• Can I use a guarantor to boost my approval chances as a new employee?

  Yes, adding a guarantor can significantly improve your chances. A guarantor agrees to take responsibility if you can't repay the loan, reducing the lender's risk. They'll generally need a strong credit history and stable financial position.

• Can I get a personal loan if I'm still on probation at a new job?

  Yes, it's possible, but approval can be more difficult. Some lenders prefer applicants to have completed their probation period, while others may consider your application if you can show a regular income, previous employment history and a good credit record.

• How long do I need to be employed before applying for a personal loan?

  Every lender has its own requirements, but generally, being in your role for at least 3 to 6 months can improve your chances of approval. If you've recently changed jobs but were employed continuously before that, lenders may still view you favourably.

• Can I use a personal loan to cover expenses while waiting for my first paycheck?

  Yes, you can use a personal loan for any legitimate personal expense, including covering costs while transitioning into a new job. However, you'll need to demonstrate that you can make repayments once your regular income starts.

• Do lenders contact my employer to verify my employment?

  Most lenders will verify your employment details during the application process. This can involve checking your recent payslips or contacting your employer to confirm your position and income details.

• Will changing jobs affect my ability to get a loan in the future?

  Frequent job changes can make lenders cautious, as they may see it as a sign of income instability. However, demonstrating consistent earnings or working within the same industry can offset this concern.

• Can I apply for a personal loan before starting a new job?

  Typically, lenders need proof of ongoing income to approve a personal loan, so you may need to wait until you've started work and received at least one payslip. Some lenders may consider a signed employment contract if your start date is imminent.

• Are there personal loans designed specifically for new employees?

  While there aren't specific "new employee loans," some lenders are more flexible with applicants who've recently started a job. You can compare lenders that consider probationary employees or offer loans based on overall financial health, not just employment length.

• Will being a new employee affect my loan interest rate?

  Possibly. If your employment situation is viewed as higher risk, you may be offered a higher rate or smaller loan amount. As you build job stability and strengthen your credit profile, you may qualify for lower rates in the future.

• Can I get a personal loan if I'm working part-time or on a casual basis?

  Yes, some lenders accept applicants with part-time or casual employment, provided you can show regular income and meet the minimum income threshold. You may need to show a longer employment history to demonstrate income stability.

• What documentation will I need to apply for a personal loan as a new employee?

  You'll usually need proof of ID, recent payslips, bank statements and employment details. If you've just started a new job, you may also need to provide an employment contract or an offer letter.

To make sure you get accurate and helpful information, this guide has been reviewed by Richard Whitten, a member of Finder's Editorial Review Board.

Written by

Rebecca Pike

Editor, Money

Rebecca Pike is Finder’s money editor, with over 7 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise and 7News, Today and 9News, as well as Sky News, Channel 10 and across radio and print. Rebecca previously served as Editor of Mortgage Professional Australia. She has a Master’s degree in Journalism as well as ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, which comply with ASIC guidelines. See full bio

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Rebecca has written 293 Finder guides across topics including:

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