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
variable rate
From
comparison rate
- Loan amounts from $5,000
- Offers a reusable credit facility
- Repay over 5 years
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. (9.67% p.a. to 18.6% p.a. comparison rate) based on your risk profile.
- Interest rate from: 8.99% p.a.
- Comparison rate: 9.67% p.a.
- Interest rate type: Variable
- Application fee: $0 ($199 establishment fee waived)
- Minimum loan amount: $5,000
- Maximum loan amount: $75,000
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?
| 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 |
| enably | $1,500 per month | 3 months | Review |
| Gateway Bank | N/A | N/A | Review |
| Harmoney | N/A | N/A | Review |
| Heritage Bank | N/A | N/A | 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 |
| ME | N/A | N/A | 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 |
| People's Choice | N/A | N/A | Review |
| Pepper Money | N/A | N/A | Review |
| RateSetter | N/A | N/A | 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 |
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
Just started a new job and need a personal loan? Find out how to apply and compare loans now.
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.
Compare personal loans
Citi Personal Loan Plus
Citi Personal Loan Plus
From
variable rate
From
comparison rate
- Loan amounts from $5,000
- Offers a reusable credit facility
- Repay over 5 years
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. (9.67% p.a. to 18.6% p.a. comparison rate) based on your risk profile.
- Interest rate from: 8.99% p.a.
- Comparison rate: 9.67% p.a.
- Interest rate type: Variable
- Application fee: $0 ($199 establishment fee waived)
- Minimum loan amount: $5,000
- Maximum loan amount: $75,000
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.
| 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 |
| enably | $1,500 per month | 3 months | Review |
| Gateway Bank | N/A | N/A | Review |
| Harmoney | N/A | N/A | Review |
| Heritage Bank | N/A | N/A | 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 |
| ME | N/A | N/A | 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 |
| People's Choice | N/A | N/A | Review |
| Pepper Money | N/A | N/A | Review |
| RateSetter | N/A | N/A | 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 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.
Picture: Shutterstock
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 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