A financial solution that can give you the funds you need today.
If you’re a single parent and in need of a loan, you might feel like you have limited options. This may be because you work part-time and so don’t meet the minimum income requirements set by lenders, or you may be receiving some kind of government benefits that makes you ineligible for personal loans. Either way, if you find yourself unable to access traditional personal loans or credit cards, you might want to consider a short term loan.
Sunshine Short Term Offer
This is a short term loan offer with a fast and easy online application for bad credit borrowers who are employed. You can apply today to get approved for up to $2,000.
- Loan Amount: $2,000
- Loan Term: 9 weeks
- Turnaround Time: 30 Minutes - conditions apply
- Total Cost of Borrowing $100: 20% of borrowed amount + 4% of borrowed amount each month
- Bad credit borrowers OK
- Quick and easy Approval
- No Credit Checks - Must be employed
Loans options to compare
Warning about Borrowing
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
How do payday loans work?
Payday loans are small, short term finance solutions that are designed to be repaid in line with your pay frequency and income. You’re usually able to borrow between $100 and $5,000 for a period of 16 days to six months, or up to $5,000 for one year. The turnaround time is quite quick and can be an option for people on lower incomes, receiving benefits or who just need the money quickly.
Be mindful that these loans often come with higher fees and small loan terms, so make sure you can meet your repayment obligations before committing to anything.
I receive Centrelink benefits, can I still get a loan?
Yes, there is a range of lenders that will consider borrowers who receive Centrelink benefits as income. You can find out what options you have, and the eligibility criteria you need to meet, on this page.
My credit history is not good. Will I be eligible for a payday loan?
The majority of payday lenders will consider you for a loan even if you have bad credit. Lenders may have other eligibility criteria you need to meet, such as receiving a regular income or having more than 50% of your income come from Centrelink. As long as you meet the minimum criteria set by the lender (which you can find on finder.com.au review pages) you can apply.
How to find the right loan for you
If you're in need of quick funds you may be tempted to apply for the first loan you see, but there are a few things to keep in mind:
- How much you can borrow. Lenders usually offer between $100 and $2,000, but if you're a first-time borrower you may only be eligible for less. There are higher loan amounts available – up to $5,000 and $10,000.
- When you need to repay the loan. You will usually be offered loan terms to suit your pay frequency. For example, if you get paid fortnightly your repayments will be set to be taken from your account every two weeks. Loan terms can extend up to one year.
- What the fees are. If you borrow less than $2,000 you will pay a maximum establishment fee of 20% and a maximum monthly fee of 4%, both based on what you borrow. Loans $2,001 to $5,000 have a maximum annual rate of 48% p.a. plus a $400 establishment fee.
- When you will receive the funds. You can usually receive your funds on the same day you are approved, although some lenders may transfer it to you the next business day.
What other financing options do single parents have?
There are various alternative financing options that single parents can consider.
- NAB StepUP. If you receive a low income and are borrowing money for essential goods and services, you can consider this option from NAB. You can apply for between $800 and $3,000 and you'll receive a low rate of 5.99% p.a. to repay what you borrow.
- Centrelink cash advance. Borrowers on Centrelink payments can consider bringing one of their payments forward for a cash advance. Keep in mind you can only receive one per year.
- Good Money. Single parents in Victoria who receive Centrelink payments can consider this loan. The funds need to be used for essential purposes such as vehicle repairs, medical or educational expenses, bills or debts.
- Charities. There are various charities, including the Salvos or Anglicare, that can offer you emergency financial assistance.
- Free financial counselling. If you need a loan due to problems with your finances, you can receive some free financial help by calling 1800 007 007.
Related information: How you could get a loan on Centrelink benefits
Things to consider before applying for a payday loan
While payday loans can seem like a good solution to take advantage of, there are a few drawbacks to be aware of. One is the extremely high interest rates and fees that are charged by payday lenders. While ASIC has strict regulations in place to keep these costs below a certain level, they are still a high-cost product. Use the payday loan calculator below to get an idea of what your repayments will be.
This calculator is designed to provide you with an estimate based on the numbers you enter. Your personal details are not taken into account and all calculations are based off the calculation model. This calculator is not intended to be the sole source of your information when making a decision regarding your loan, and this calculator also does not guarantee your eligibility. The calculator works off the following assumptions: fees do not change for the life, your lender will charge a 20% establishment fee and a monthly fee that is 4% of your principal loan amount. You may want to seek advice from a financial professional before signing up to a loan.
How you can apply
Applying for a payday loan is simple. You can start by comparing your options using the comparison table on this page. Once you’ve found a loan, click the "Go to site" button to be redirected through to the lender’s online application form.
You'll need to provide a form of ID, 90 days of your bank statements (some lenders can connect straight to your bank account to receive these) and details of your employment and financial situation.
The application won't will won't take long to complete and you should receive an instant response as to whether you have been approved. Once you’ve signed the loan contract, you will receive your loan amount within the time specified by the lender.