Personal loans for new employees
Lenders will often need you to be in a full-time role for 3 months, or a part-time role for 6 months, before offering you a loan. However, you do have financing options before hitting those milestones.
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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, because part of the lending process involves making sure you have employment and enough income to pay back the 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 will offer you a loan even if you are unemployed. 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.
Possible personal loan options for new employees
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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.
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.
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.
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Ask an Expert
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?
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,
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?
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
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?
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
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?
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