Personal loans available to new employees

Just started a new job and need a personal loan? Find out how to apply and compare loans now.

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If you're about to start a new job or have only been employed for a short time, 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 to be eligible for a personal loan and compare your options below.

NAB Personal Loan Unsecured Fixed

NAB Personal Loan Unsecured Fixed

From

10.69 % p.a.

fixed rate

From

11.58 % p.a.

comparison rate

  • Additional repayments without penalty
  • No early exit fees
  • Borrow up to $55,000
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100% confidential application

NAB Personal Loan Unsecured Fixed

NAB offers a fixed interest rate loan. Use your loan for a holiday, home improvement, a special project or even a wedding. It’s even a smart way to take control of your credit card debt.

  • Interest rate from: 10.69% p.a.
  • Comparison rate: 11.58% p.a.
  • Interest rate type: Fixed
  • Application fee: $150
  • Minimum loan amount: $5,000
  • Maximum loan amount: $55,000
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Possible personal loan options for new employees...

Updated August 18th, 2019
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
From 10.69% (fixed)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% 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.
From 8.99% (variable)
9.67%
$5,000
3 to 5 years
$0 ($199 establishment fee waived)
$10
You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.67% p.a. to 18.6% 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. Note: The establishment fee will be waived if you apply before 30 September 2019.
8.99% (fixed)
9.13%
$5,000
2 to 5 years
$100
$0
You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.
From 5.99% (variable)
7.55%
$5,000
1 to 7 years
from 2% to 5% of the loan amount
$10
You'll receive a personalised interest rate from 5.99% p.a. to 25.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
From 8.95% (fixed)
10.56%
$5,000
18 months to 7 years
$495 (Based on $10,000)
$13
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.
9.89% (fixed)
10.14%
$5,000
1 to 7 years
$175
$0
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$500 (Upfront fee)
$0
You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$250
$12
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.
From 5.85% (variable)
7.84%
$2,001
6 months to 5 years
$299
$0
You'll receive a variable rate from 5.85% 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 3 years.
From 13.99% (fixed)
15.19%
$3,000
1 to 7 years
$250 (Loans under $5000 - $140)
$13
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.
From 7.93% (fixed)
8.77%
$1,000
1 to 5 years
$500 (from $100 to $500)
$10
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.
10.99% (fixed)
12.21%
$20,000
1 to 7 years
$250
$13
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 $20,000. Benefit from flexible repayments and fast approval.
From 8.05% (fixed)
9.06%
$2,000
1 to 7 years
1.5–6% of your total loan amount
$0
You'll receive a fixed rate from 8.05% p.a. based on your risk profile
A personalised loan from $2,000 to $50,000 that varies based on your credit history and financial situation.
From 12.99% (variable)
16.42%
$3,000
1 to 7 years
$200
$10
You'll receive a variable rate of 12.99% p.a.
Apply for up to $50,000 and benefit from features such as fast approval, free online redraws and no penalties for early repayment.
11.89% (variable)
12.15%
$5,000
1 to 7 years
$175
$0
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
From 10.69% (variable)
11.58%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 10.69% p.a. and 18.69% p.a. ( 11.58% p.a. to 19.53% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. 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.
From 7.88% (variable)
8.72%
$1,000
1 to 7 years
$500 (from $100 to $500)
$10
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.
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$3
$0
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.

Compare up to 4 providers

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. Use the table below to compare the eligibility requirements of popular lenders.

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
MyState BankN/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

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 over the age of 18 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. You 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 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 can I get approved for a personal loan as a new employee?

If you've just started a new job 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 only apply for the amount 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.

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Personal Loan Offers

Important Information*
Logo for Citi Personal Loan Plus
Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.67% p.a. to 18.6% 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. Note: The establishment fee will be waived if you apply before 30 September 2019.

Logo for ING Personal Loan
ING Personal Loan

You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.

Logo for NOW FINANCE Personal Loans
NOW FINANCE Personal Loans

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.

Logo for Westpac Unsecured Personal Loan
Westpac Unsecured Personal Loan

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.

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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?

    • Avatarfinder 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?

    • Avatarfinder 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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