Personal loans for new employees

Lenders will consider your age, income, credit history plus your residency status when you apply.

Updated May 26, 2021. What changed?

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If you're a new employee, you can still apply for a personal loan. Most lenders will need you to have been in the role for at least 3 months to be eligible. This is because as part of their lending process, lenders will assess your employment situation to figure out if you'll be able to repay your loan.

Most lenders will also need you to earn a certain income (usually around $15,000-$20,000 p.a.) 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.

Some of these include working full time, applying for a lower loan amount, offering security and applying after passing your probation period.

OurMoneyMarket Personal Loan

From

5.45 % p.a.

fixed rate

From

6.07 % p.a.

comparison rate

Personalised fixed rate
Flexible payment options
Fast online application

100% confidential application

OurMoneyMarket Personal Loan

Apply personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

Interest rate from: 5.45% p.a.
Comparison rate: 6.07% p.a.
Interest rate type: Fixed
Application fee: From $250 to $450
Minimum loan amount: $2,001
Maximum loan amount: $75,000

Go to site

More info

Possible personal loan options for new employees

Name	Interest Rate (p.a.)	Comparison Rate (p.a.)	Min Loan Amount	Loan Term	Application Fee	Monthly Service Fee
OurMoneyMarket Personal Loan	From 5.45% (fixed)	6.07%	$2,001	1 to 7 years	From $250 to $450	$0	Go to site More Info	You'll receive a fixed rate from 5.45% p.a. to 20.99% p.a. based on your risk profile. A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.	Compare	loading Fetching your data...
Plenti Personal Loan Exclusive	From 5.43% (fixed)	5.43%	$2,001	3 to 7 years	$0 to $999	$0	Go to site More Info	You'll receive a fixed rate between 5.43% p.a. and 17.89% p.a. based on your risk profile. A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years. ⭐ Finder Exclusive: Eligible applicants with excellent credit will receive rates starting from 5.43% p.a. (comparison rate 5.43% p.a.). Offer ends 31 July 2021. T&Cs apply.	Compare	loading Fetching your data...
Harmoney Unsecured Personal Loan	From 5.35% (fixed)	6.14%	$2,000	3 to 5 years	$575 ($275 for loans of below $5,000)	$0	Go to site More Info	You'll receive a fixed rate between 5.35% p.a. and 19.09% p.a. based on your risk profile. Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.	Compare	loading Fetching your data...
Symple Loans Personal Loan	From 5.75% (variable)	6.47%	$5,000	1 to 7 years	from 0% to 5% of the loan amount	$10	Go to site More Info	You'll receive a variable rate from 5.75% p.a. to 25.99% p.a. Borrow up to $50,000 and earn 1 Qantas Point for every $1 borrowed. ⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.	Compare	loading Fetching your data...
Alex Bank Personal Loan	From 5.45% (fixed)	5.45%	$2,100	6 months to 5 years	$0 (Waived $295 establishment fee)	$0	Go to site More Info	You'll receive a fixed interest rate from 5.45% p.a. to 19.99% p.a. based on your risk profile Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 11 August 2021.	Compare	loading Fetching your data...
NOW Finance No Fee Unsecured Personal Loan Exclusive	From 5.95% (fixed)	5.95%	$5,000	18 months to 7 years	No Establishment Fee	$0	Go to site More Info	You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years. ⭐ Finder Exclusive: Apply and settle a NOW Finance debt consolidation loan via Finder by 30 September 2021 for your chance to win $2000 paid off your debt. T&Cs apply.	Compare	loading Fetching your data...
Citi Personal Loan Plus	8.90% (variable)	9.18%	$5,000	3 to 5 years	$199	$0	Go to site More Info	You'll receive a guaranteed rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved. Note: This rate may vary during the loan term. A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021. The interest rate doesn’t change based on your risk profile, so you know your rate before you apply.	Compare	loading Fetching your data...
ANZ Fixed Rate Personal Loan	8.99% (fixed)	9.88%	$5,000	1 to 7 years	$150	$10	Go to site More Info	You'll receive a guaranteed rate of 8.99% p.a. with a comparison rate of 9.88% p.a. if you're approved. Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. ⭐Special Offer: Secure a reduced interest rate of 8.99% p.a. for a limited time only. Apply for up to $50,000 to use for a variety of purposes without needing to add security.	Compare	loading Fetching your data...
SocietyOne Unsecured Personal Loan	From 5.95% (fixed)	5.95%	$5,000	2 to 5 years	from $0 to $595	$0	Go to site More Info	You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.	Compare	loading Fetching your data...
NAB Personal Loan Unsecured Fixed	From 6.99% (fixed)	7.91%	$5,000	1 to 7 years	$150	$10	Go to site More Info	You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.	Compare	loading Fetching your data...
Wisr Personal Loan	From 6.49% (fixed)	6.76%	$5,000	3 to 7 years	$195	$0	Go to site More Info	You'll receive a fixed rate between 6.49% p.a. and 20.95% p.a. based on your risk profile A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases. ⭐Special Offer: Wisr's standard establishment fee $595 will be reduced to $195 for applications submitted through Finder. T&Cs apply.	Compare	loading Fetching your data...
Heritage Bank Fixed Personal Loan	7.99% (fixed)	8.62%	$5,000	1 to 7 years	$200	$5	Go to site More Info	Choose a fixed rate loan and receive a comparison rate of 8.62% p.a. Fixed rate loans are available up to $100,000 on terms from 1 to 7 years.	Compare	loading Fetching your data...
Great Southern Bank Unsecured Fixed Rate Personal Loan	9.39% (fixed)	9.64%	$5,000	1 to 7 years	$175	$0	Go to site More Info	You'll receive a guaranteed rate of 9.39% p.a. with a comparison rate of 9.64% p.a. if you're approved. An unsecured loan from $5,000 with flexible repayments and no monthly fee.	Compare	loading Fetching your data...
Plenti Variable Rate Personal Loan Exclusive	From 5.43% (variable)	5.43%	$2,001	1 to 3 years	$0 to $999	$0	Go to site More Info	You'll receive a variable rate from 5.43% p.a and 17.89% p.a. based on your risk profile A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply. ⭐ Finder Exclusive: Eligible applicants with excellent credit will receive rates starting from 5.43% p.a. (comparison rate 5.43% p.a.). Offer ends 31 July 2021. T&Cs apply.	Compare	loading Fetching your data...
ANZ Variable Rate Personal Loan	10.50% (variable)	11.38%	$5,000	1 to 7 years	$150	$10	Go to site More Info	You'll receive a guaranteed rate of 10.50% p.a. with a comparison rate of 11.38% p.a. if you're approved. Note: This rate may vary during the loan term. A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.	Compare	loading Fetching your data...

Compare up to 4 providers

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.

Please note: You can still often get a personal loan if you are employed part-time, are self-employed or are a casual employee. However, this page is specifically designed for applicants who are employed full-time. If you are a part-time or casual employee, you can learn more about your options here.

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	Review
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	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
BOQ	N/A	Must have a regular income	Review
Citi	$40,000 p.a.	N/A	Review
CommBank	N/A	3 months for casual employees Must receive a regular income	Review
CUA	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
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

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.
Offer security
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.

Relocation

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.

Equipment

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.

Cars

As a new employee, you may need a vehicle for your new job. There are both secured and unsecured car loans available, but you may find it easier applying for a secured car loan if you haven't been employed for very long.

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.

Thank you for your feedback!

Elizabeth Barry

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Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).

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Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

More info

ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

More info

NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

More info

SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

More info

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8 Responses

AprilJune 12, 2018

Hi I’ve only been at my job for a little over 2 months it is full time. My credit isn’t the greatest but I need a small loan for an emergency situation. Can you help me? Also i don’t have a bank account yet but was planning on getting one in a couple days, can you still help me?

NikkiJune 12, 2018

Hi April,

We’ve read your message, Thanks!

There are lenders who will allow you to get a personal loan even if you have just been employed.

Lenders look at a variety of criteria, which can include any of the following:

Age. You need to be over the age of 18 to be eligible.
Employment. 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. You also may need to have held your current job for a minimum period of time. See below for more information.
Credit history. Traditional lenders such as banks and credit unions will normally require you to have good credit to be eligible. That is, no negative listings such as defaults, bankruptcies or multiple credit enquiries can be listed on your file. However, there are bad credit personal loans available.
Residency. You will usually need to be an Australian citizen or permanent resident to be eligible, but some lenders do consider temporary residents for personal loans.

Also, it would be a good idea to open a bank account as this will add to more documentation for the lender if needed.

Hope this clarifies.

Regards,

samOctober 20, 2017

I just started a job this week and I just need a small loan to get through to next week. Would I be able to get a loan?

JonathanOctober 20, 2017

Hi Sam,

Thank you for your inquiry.

Absolutely! There are lenders on our table that allows no minimum tenure, which you could consider in applying for a short-term personal loan.

Please be reminded to check their eligibility requirements and loan terms prior applying. Use the calculator at the top of our comparison to get the actual figures, and you may click “Go to Site” green button to proceed of your chosen provider.

Hope this helps.

Cheers,
Jonathan

MattAugust 31, 2017

I’m 18 and have casual job for the next 3 weeks (barely make $100 a week) before I start a full time apprenticeship (between $400 and $500) a week. I’m looking for a personal loan so I can get a car for my new job. What are my options?

finder Customer Care

JoanneSeptember 1, 2017Staff

Hi Matt,

Thanks for visiting finder.

Majority of lenders require you to be in permanent/full-time employment in order to obtain finance. However, some lenders’ minimum criteria just requires you to earn a regular income or requires that you meet a minimum annual income.
The criteria for this and the personal loans available for casual employees that you can compare can be found on the link below:

https://www.finder.com.au/personal-loans-for-casual-employees

Hope this helps,
Joanne

AdamAugust 30, 2017

I need a loan from 500 to 700. But I have only been employed for a short time with the company although I’ve been employed with them before. Is there any loan company that will approve me for a loan?

JonathanAugust 30, 2017

Hello Adam,

Thank you for your question.

We understand that you are concerned about your job tenure. We have a list of different lenders who may consider new employees and their minimum time requirement on your present job. Casual workers are also being considered.

We recommend that you inform the lender of your choice that you have been employed by the same company in the past. You can read more about guaranteed personal loans to know how to maximize your chances of approval.

Hope this helps.

Cheers,
Jonathan

Personal loans for new employees

Lenders will consider your age, income, credit history plus your residency status when you apply.

In this guide

Loan Types

Read our reviews of other brands

I want

OurMoneyMarket Personal Loan

Possible personal loan options for new employees

Compare up to 4 providers

Did you know?

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?

Consider applying for a lower amount

Offer security

Can you wait to apply?

Make sure you meet all of the minimum requirements

Check your credit history

Let your employer know

Provide as much supporting documentation as possible

Consider talking directly with the lender before applying

What can I use the loan for?

Relocation

Equipment

Cars

Can I get a car loan with a new job?

Elizabeth Barry

More guides on Finder

Personal Loan Offers

Harmoney Unsecured Personal Loan

ANZ Fixed Rate Personal Loan

NAB Personal Loan Unsecured Fixed

SocietyOne Unsecured Personal Loan

Ask an Expert

8 Responses

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