Personal loans available to new employees

Harmoney Unsecured Personal Loan

Harmoney Unsecured Personal Loan

From

6.99 % p.a.

fixed rate

From

7.79 % p.a.

comparison rate

• Borrow up to $50,000
• 3 and 5 years terms
• No hidden fees

100% confidential application

Harmoney Unsecured Personal Loan

An unsecured personal loan up to $50,000. You'll receive a tailored interest rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.

• Interest rate from: 6.99% p.a.
• Comparison rate: 7.79% p.a.
• Interest rate type: Fixed
• Application fee: $575 ($275 for loans of below $5,000)
• Minimum loan amount: $2,000
• Maximum loan amount: $50,000

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Possible personal loan options for new employees

If you're a new employee, you can still apply for a personal loan. 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.

Find out how long you have to work as a new employee to be eligible for a personal loan and compare your options below.

How long do I need to have been employed to apply for a personal loan?

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 may 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. Therefore, 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.

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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