new employees

Personal loans available to new employees

About to start a new role or haven't been in your current job long? Here's what you need to know before you apply for a personal loan.

When assessing a loan application, lenders check a range of aspects to ensure you can manage the loan and that you aren't too risky to lend to. Part of this assessment is your employment. Most lenders will require you to be employed (although some do not), to earn a certain income and to have been employed for a certain amount of time. This guide will take you through what employment criteria may apply, especially if you're a new employee, to give you a better chance of being approved.

Can you get a personal loan if you've just started a job?

Yes, but it depends on the lender's eligibility criteria. We've listed these criteria further down the page here for you to check and give yourself a better chance of better approved.

Most lenders require you to have been employed for a certain period of time, for example three months, or to have a certain number of pay slips to be able to prove your income. Lenders want to be sure your employment is stable before they approve you for a loan.

Compare a range of personal loans

Find a range of loans below that you can compare if you've only been employed for a short time.

Citi Personal Loan Plus

Citi Personal Loan Plus

From

8.99 % p.a.

variable rate

From

9.96 % p.a.

comparison rate

  • Loan amounts from $5,000
  • Offers a reusable credit facility
  • Repay over 5 years
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100% confidential application

Citi Personal Loan Plus

A reusable credit facility of up to $75,000. Receive a tailored interest rate between 8.99% p.a. and 17.99% p.a. based on your risk profile.

  • Interest rate from: 8.99% p.a.
  • Comparison rate: 9.96% p.a.
  • Interest rate type: Variable
  • Application fee: $199
  • Minimum loan amount: $5,000
  • Maximum loan amount: $75,000
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Rates last updated October 16th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
Citi Personal Loan Plus
From 8.99% (variable)
9.96%
$5,000
3 to 5 years
$10
$199
You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$0
$500 (Upfront fee)
You'll receive a fixed rate between 6.99% p.a. and 28.21% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 year terms.
RateSetter 3-Years Personal Loan
From 8.69% (fixed)
11.24%
$2,001
0.5 to 5 years
$0
$220
You'll receive a fixed rate from 8.69% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 5 years.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
You'll receive a fixed rate between 7.5% 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.
HSBC Personal Loan
From 9.5% (fixed)
10.06%
$5,000
1 to 5 years
$5
$150
You'll receive a fixed rate between 9.5% p.a. and 15.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$250
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts.
Latitude Low Rate Personal Loan (Unsecured)
10.99% (fixed)
12.21%
$20,000
2 to 7 years
$13
$250
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of . Benefit from flexible repayments and fast approval.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
You'll receive a fixed rate between 9.99% p.a. and 27.99% p.a. based on your risk profile
A loan from $50,000 to use for a range of purposes. Benefit from no monthly or application fees.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.56%
$5,000
1.5 to 7 years
$13
$495 (Based on $10,000)
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required. Note: Get your loan approved and settled before 31 October 2018 and receive a $200 Coles gift card.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$195
You'll receive a fixed rate between 12.99% p.a. and 19.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes.
Australian Military Bank Fixed Rate Personal Loan
From 7.93% (fixed)
8.77%
$1,000
1 to 5 years
$10
from $100 to $500
You'll receive a fixed rate between 7.93% p.a. and 18.87% p.a. based on your risk profile
An unsecured loan with a low minimum borrowing amount and flexible repayment options.
Australian Military Bank Variable Rate Personal Loan
From 7.88% (variable)
8.72%
$1,000
1 to 7 years
$10
from $100 to $500
You'll receive a variable rate between 7.88% p.a. and 18.82% p.a. based on your risk profile
An unsecured loan with flexible repayment options and a low minimum borrowing amount.
RACQ Bank Unsecured Personal Loan
12.95% (variable)
13.25%
$3,000
5 years
$0
$200
You'll receive a variable rate of 12.95% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents

Compare up to 4 providers

What 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 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.

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

LenderMinimum incomeMinimum time you need to have been employedReview the loan
ANZ$15,000 p.a.3 months for full-time employees

6 months for part-time employees

Review
Bank AustraliaN/AMust be receiving a regular incomeReview
Bank of MelbourneN/A2 payslips for full-time employees

6 months for part-time employees

Review
BankSAN/A2 payslips for full-time employees

6 months for part-time employees

Review
Bankwest$20,0003 monthsReview
Bendigo BankN/AMust be receiving a regular incomeReview
BOQN/AMust have a regular incomeReview
Citi$40,000 p.a.N/AReview
CommBankN/A3 months for casual employees

Must receive a regular income

Review
CUAN/AMust receive a regular incomeReview
enably$1,500 per month3 monthsReview
Gateway BankN/AN/AReview
HarmoneyN/AN/AReview
Heritage BankN/AN/AReview
HSBC$40,000 p.a.N/AReview
IMBN/A12 months for casual employeesReview
ING$36,000 p.a.Must have PAYG payslipsReview
LatitudeN/AMust have a regular incomeReview
MEN/AN/AReview
MoneyPlace$20,000 p.a.N/AReview
MyStateN/AMust have 2 payslipsReview
NABN/AMust have a regular incomeReview
NOW FINANCEN/A6 months for casual employeesReview
People's ChoiceN/AN/AReview
Pepper MoneyN/AN/AReview
RateSetterN/AN/AReview
SocietyOne$30,000 p.a.N/AReview
St.GeorgeN/A6 months for casual employeesReview
WestpacN/A12 months for casual employeesReview

How can I get approved for a personal loan as a new employee?

If you've just started a new role or are about to start, keep the following in mind before you submit your 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 apply for just as much as you need.
  • Offer security. A secured loan is less risky for a lender and you may be more likely to be approved.
  • 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 other 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.

Picture: Shutterstock

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Personal Loan Offers

Important Information*
HSBC Personal Loan

You'll receive a fixed rate between 9.5% p.a. and 15.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.

Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 7.5% 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.

Latitude Personal Loan (Unsecured)

You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.

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8 Responses

  1. Default Gravatar
    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?

    • finder Customer Care
      NikkiJune 12, 2018Staff

      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,

  2. Default Gravatar
    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?

    • Default Gravatar
      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

  3. Default Gravatar
    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

  4. Default Gravatar
    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?

    • Default Gravatar
      JonathanAugust 30, 2017

      Hello Adam,

      Thank you for your question.

      We understand that you are concerned about your job tenure. We have listed on this page different lenders 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 on the same company in the past. You can refer to this page on how to maximize your chances of approval.

      Hope this helps.

      Cheers,
      Jonathan

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