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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.

NAB Fixed Rate Unsecured Personal Loan

NAB Personal Loan Unsecured Fixed

from

11.99 % p.a.

fixed rate

from

12.87 % p.a.

comparison rate

  • Additional repayments without penalty
  • No early exit fees
  • Borrow up to $55,000
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NAB Fixed Rate Unsecured Personal Loan

The NAB Fixed Rate Unsecured Personal Loan is a low rate offering that allows you access to a redraw facility.

  • Interest rate from: 11.99% p.a.
  • Comparison rate: 12.87% p.a.
  • Interest rate type: Fixed
  • Application fee: $150
  • Minimum loan amount: $5,000
  • Maximum loan amount: $55,000
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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.

Rates last updated February 22nd, 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
NAB Personal Loan Unsecured Fixed
11.99% (fixed)
12.87%
$5,000
1 to 7 years
$10
$150
An unsecured personal loan with a competitive fixed rate that you can make additional repayments to without penalty. Note: You must have held a NAB credit card or transaction account for at least 6 months before applying.
Westpac Unsecured Personal Loan
From 12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$250
Borrow up to $50,000 for a term of up to 7 years with this unsecured loan. Apply before 28 February 2018 for a 1% p.a. interest rate discount. Conditions apply.
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$0
$500 (Upfront fee)
Interest rates are tailored to each applicant individually, and start from as low as 6.99% p.a. to 26.95% p.a. based on your credit history.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
Based on your risk profile, you will receive a tailored rate between 7.5% and 20.14% with a SocietyOne personal loan. Apply before 31 March 2018 to earn 2 Velocity Points for every $1 you borrow.
HSBC Personal Loan
From 9.5% (fixed)
10.06%
$5,000
1 to 5 years
$5
$150
A competitive fixed interest rate loan with the option to make extra repayments. Rates range from 9.50% p.a. to 15.99% p.a. based on your credit history.
Citi Personal Loan Plus
9.99% (variable)
10.95%
$5,000
3 to 5 years
$10
$199
Borrow up to $75,000 to use for a range of purposes. Competitive rate of 9.99% p.a. available to all approved applicants.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
Apply for up to $50,000 and receive conditional approval within minutes. Interest rates range from 9.99% p.a. to 21.49% p.a. The rate you are approved for depends on individual circumstances.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.42%
$4,000
1.5 to 7 years
$13
$395 (Based on $10,000)
Get rewarded with a low interest rate for your good credit history. Rates from 8.95% p.a. to 18.95% p.a. depending on your credit score.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
An unsecured loan designed for multiple purposes – renovating, buying a car or travelling. Funds can be in your account in as little as 24 hours. If you have an Unsecured Personal Loan with any Big Four bank, Latitude will beat your rate by 1% p.a. Offer ends 18 March 2018
Heritage Bank Standard Personal Loan
From 10.94% (fixed)
11.57%
$5,000
1 to 5 years
$5
$200
A competitive personal loan available up to $50,000.
MyState Unsecured Personal Loan
From 12.99% (variable)
16.42%
$3,000
1 to 7 years
$10
$200
Apply for up to $50,000 and make additional repayments at any time without penalty.
RACQ Unsecured Personal Loan
12.95% (variable)
13.25%
$3,000
5 years
$0
$200
Apply for up to $60,000 to use for a variety of purposes end enjoy no penalty for early repayment. Note: You must be a QLD resident to apply.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$0 (On new loan applications before 28th February 2018.)
Convenient redraw facility and flexible personal loan repayment options with a competitive interest rate. Apply before 28 Feb 2018 for a $0 application fee. Conditions apply.
NAB Personal Loan Unsecured Variable Rate
15.69% (variable)
16.55%
$5,000
1 to 7 years
$10
$150
An unsecured loan up to $55,000 that you can repay early without penalty. Note: You must have held a NAB credit card or transaction account for at least 6 months before applying.
ANZ Fixed Rate Personal Loan
From 10.99% (fixed)
11.87%
$5,000
1 to 7 years
$10
$150
Apply for up to $50,000 to use however you choose and benefit from a competitive fixed rate.

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 must have been employed (full-time)Minimum time you must have been employed (part-time)
ANZ$15,000 p.a.3 months6 months
BankwestN/A3 months3 months
Bank of MelbourneN/A2 payslips6 months
BankSAN/A2 payslips6 months
bcuN/AN/AN/A
Bendigo BankN/AN/AN/A
Citibank$40,000 p.a.N/AN/A
CommBankN/ANo minimum3 months for casual employees
CUAN/AN/AN/A
enably$1,500 per month3 months3 months
Gateway CUN/AN/AN/A
IMB$26,000 p.a.N/A12 months
Latitude$24,000N/AN/A
Loans.com.auN/AN/AN/A
ME BankN/AN/AN/A
MoneyMeN/ADepends on incomeDepends on income
NABN/AN/AN/A
RACQN/AN/AN/A
RACVN/AN/AN/A
RateSetterN/AN/AN/A
SocietyOne$30,000 p.a.N/AN/A
St.GeorgeN/ANo minimum6 months
WestpacN/AN/A12 months

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 credit score for free on finder.com.au and you can order a free copy of your credit report from Equifax.
  • 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*
Harmoney Unsecured Personal Loan

Interest rates are tailored to each applicant individually, and start from as low as 6.99% p.a. to 26.95% p.a. based on your credit history.

SocietyOne Unsecured Personal Loan

Based on your risk profile, you will receive a tailored rate between 7.5% and 20.14% with a SocietyOne personal loan. Apply before 31 March 2018 to earn 2 Velocity Points for every $1 you borrow.

Pepper Money Unsecured Fixed Rate Personal Loan

Apply for up to $50,000 and receive conditional approval within minutes. Interest rates range from 9.99% p.a. to 21.49% p.a. The rate you are approved for depends on individual circumstances.

NAB Personal Loan Unsecured Fixed

An unsecured personal loan with a competitive fixed rate that you can make additional repayments to without penalty. Note: You must have held a NAB credit card or transaction account for at least 6 months before applying.

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6 Responses

  1. 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

  2. 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?

    • Staff
      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

  3. 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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