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Payday Loans for Single Parents

Learn how payday loans work as well as the eligibility criteria, fees and features that apply.

Updated

Just like any other applicant, single parents can apply for a payday loan as long as they can meet the eligibility requirements. Unlike some other forms of credit or personal loans, payday loans accept applicants who receive government benefits or are employed part-time. Some loans even approve applicants with a bad credit score. However, all applicants are required to meet other income and employment criteria. As these loans charge high rates and fees, it's also important to consider the risks and confirm whether or not you can afford to repay the loan during the loan term before applying.

You can use this guide to compare your options, learn more about the fees and features and understand the eligibility criteria.

Are you struggling financially?


If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help

⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

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.

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  • Loan Amount: $2,000
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Loans options to compare

Data indicated here is updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.
Nimble Short Term Loan
$2,000
62 days to 3 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 3 months. Centrelink cannot be your primary source of income.
Safe Financial Small Loan
$5,000
22 - 52 weeks
Same day - conditions apply
$35
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + from 8.7% to 48% APR
$396
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Fair Go Finance Small Loan
$2,000
3-12 months
1 business day
$35
Establishment fee from 20% of loan amount + monthly fee from 4%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours.
Speckle Small Loan
$2,000
3 to 12 months
1 business day
$5
10% of loan amount + 2% of loan amount each month
$348
A small loan up to $2,000 from a lender backed by NAB. Transparent eligibility criteria and competitive costs.
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Compare up to 4 providers

The finder.com.au single parent payday loan comparison

Compare the features of the payday loans below before you apply.

Payday LoanLoan TermMaximum Loan Amount
10 weeks or 3 months$2,000
62 days to 3 months$2,000
9-14 weeks$2,000
3 to 12 months$1,900

How do payday loans work?

Payday loans are small, short term loans that are designed to be repaid in line with the borrower's pay frequency and income. These lenders usually offer loans between $100 and $2,000 (or sometimes $5,000) for terms between 16 days, six months up to 1 or 2 years. Depending on the loan, you may be charged an establishment fee when you first apply as well as monthly fees.

These loans generally charge higher fees than other personal loans, so it's important that applicants confirm that they can meet the repayment obligations before committing. You can learn more about payday loans in this guide.

I receive Centrelink benefits, can I still get a loan?

A range of lenders consider borrowers who receive Centrelink benefits as income. Depending on the lender, they may require the Centrelink doesn't make up more than 50% of the total income. Compare payday loans for people receiving Centrelink payments for more information.

I don't have a good credit history. Will I be eligible for a payday loan?

Some lenders approve applicants with bad credit as long as they meet the other eligibility requirements. This could include a regular income or Centrelink benefits that make up less than half of the total income. The lender will also consider other financial factors including recent bank statements, expenses and liabilities including other loans and credit cards.

How to find the right loan for you

When comparing loan options, consider the following factors:

  • Borrowing amounts. 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 but the lending criteria may be stricter.
  • Repayments. The repayments are usually lined up with the borrower's pay schedule. For example, if they get paid fortnightly, the repayments will be set to be taken from the account every two weeks.
  • Fees. 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. Arrears fees will also apply if the borrower doesn't make repayments on time.
  • Turnaround to receive funds. Applicants can usually receive the funds on the same day as approval, although some lenders may transfer it the next business day.

Risks of taking a payday loan

Payday loans can leave you worse off than before you borrowed the money so consider the following risks before taking one out:

  • Unaffordable repayments. Payday loans are an expensive way to borrow money. If you can't afford your repayments then most lenders will charge a late fee that will make your financial situation worse.
  • High rates and fees. Rates and fees on payday loans are high and there can be hidden fees if you miss a repayment. Always check with the lender what you would be charged if you are late to make a repayment or if you can't pay back the loan altogether.
  • What other financing options are available to single parents?

    If you don't meet the eligibility criteria or don't think you can repay the loan on time, here are some alternatives to consider.

    • No Interest Loans (NILS). Good Shepherd Microfinance are a charity that offer no interest loans to people on low incomes to be used for specific things such as buying a household item or getting your car repaired. Check the NILS website to see if you could eligible.
    • NAB StepUP. Good Shepherd Microfinance also work with NAB to offer StepUP loans to people that meet their eligibility requirement. These loans can range from $800 to $3,000 with a fixed interest rate of 5.99% p.a. and up to three years to pay it back.
    • Centrelink cash advance. Centrelink allows people to request part of their income support payment or Family Tax Benefit (A) early as an advance payment. The recipients must then pay back it back out of future payments. You can only receive an advance once per 12 months and can afford to repay it within 6 months. Other eligibility requirements apply depending on the government benefit, so make sure to compare these factors.
    • Good Money. Good Money (a community partnership from NAB and Good Shepherd Microfinance) offers people in Victoria, South Australia and Queensland of loans between $300 and $1,500 for essential goods and services (such as fridges, washing machines and education). They also offer StepUp low-interest loans between $800 and $3,000. Be sure to check the individual fees, rates and repayment periods before applying.
    • Charities. There are various charities, including the Salvos or Anglicare, that can offer you emergency financial assistance.
    • Free financial counselling. If you're experiencing financial difficulty, you can contact a free financial advisor on 1800 007 007.

    Loan repayment calculator

    Payday loans charge higher fees than other options and it's important that people understand what their regular repayments will be (and whether they can afford them) before committing to a loan. You can use the loan repayment calculator below to get an idea of how much a loan can cost you (considering both regular repayment amounts and the total cost).

    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.

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26 Responses

  1. Default Gravatar
    DaleJanuary 31, 2018

    Hey guy’s just looking for a fast loan for a wedding trip. Cheers

    • Avatarfinder Customer Care
      JonathanFebruary 23, 2018Staff

      Hi Dale, thanks for your inquiry.

      Please see this page for personal loans related to weddings/ wedding trips.

      Best,

      Jonathan

  2. Default Gravatar
    JacquelineJune 6, 2017

    I’m overdue with my rent by $400 and my credit isn’t that good. I have been declined almost everywhere. I have 2 kids and I have to pay my rent. Where could I get a loan? Thank you.

    • Default Gravatar
      JonathanJune 6, 2017

      Hi Jacqueline!

      Thanks for the comment.

      You may check our loans on this page to see which one works for you.

      Click “Go to Site” green button to proceed with your application. Take note that this is subject to lender’s credit approval.

      Hope this helps.

      Cheers,
      Jonathan

  3. Default Gravatar
    RebeccaDecember 6, 2016

    Were can i get a loan without a drivers licence and birth
    certificate

    • Avatarfinder Customer Care
      DeeDecember 6, 2016Staff

      Hi Rebecca,

      Thanks for your questions.

      Lenders just need a way to verify your identity. If you don’t have a driver’s license, some lenders may accept birth certificate along with your Medicare card, etc. However, it’s best to confirm this with the lender before you apply.

      Cheers,
      Anndy

  4. Default Gravatar
    TerriSeptember 1, 2016

    Hi
    I am a single Mum and take in foster children. I am in need of a new car but can’t quite afford it. I am needing a bigger car due to having more than one child at a time.

    Wanting to know if I am able to borrow any money as I am only on benefits.

    Please advise
    Thank you and Regards
    Terri

    • Avatarfinder Customer Care
      MaySeptember 1, 2016Staff

      Hi Terri,

      Thank you for your inquiry.

      There are actually lenders that accept applications from people who are receiving Centrelink benefits. Please review the criteria and find more information about the loan options available for you from our guide on this page.

      Hope this helps.

      Cheers,
      May

  5. Default Gravatar
    RosaJune 21, 2016

    Hello I’m single mother with four children and have poor credit desperately need of a urgent single mothers payday loan today who can help me please????

    • Avatarfinder Customer Care
      ElizabethJune 21, 2016Staff

      Hi Rosa,

      You can find some of your loan options on the page above, and once you’ve found a loan you want to apply for and are eligible for you can click “Go to Site” to submit your application. You can check more details of any of the loans by clicking on the name of the loan.

      I hope this helps,

      Elizabeth

  6. Default Gravatar
    PatriciaNovember 16, 2015

    Afternoon

    My question is I’m a single working mum on centrelink payments and I receive child support payments as well. I currently haven’t been receiving hours at work for no apparent reason which has left me behind in my rent and I’m desperate for emergency help. Will I be eligible for a loan?

    • Avatarfinder Customer Care
      ElizabethNovember 16, 2015Staff

      Hi Patricia,

      Thanks for your question.

      If you are unsure when your next pay is coming in, then a payday loan may not be the best option for you – one option you can consider is a Centrelink cash advance, where one of your Centrelink payments is brought forward to help you pay for any immediate payments. You can get in touch with Centrelink to apply.

      There are also a few community financial assistance programs detailed here that can help you pay for essential household items. If you are in need of emergency financing you should get in touch with a charity organisation who can help you with essentials for you and your child.

      I hope this information has been of use.

      Thanks,

      Elizabeth

  7. Default Gravatar
    donnaOctober 10, 2015

    I’m a discharged bankrupt. And a single mum 0f 3 young ones and a 20yr old undergoing cancer treatment.am i able to get a loan for a second hand caravan to take my children on a small holiday over christmas?

  8. Default Gravatar
    ShikeraAugust 18, 2015

    Please help me my Account debit

    • Avatarfinder Customer Care
      ElizabethAugust 18, 2015Staff

      Hi Sm199616,

      If you would like to apply for a loan you can compare lenders on this page. Once you’ve found a lender you want to apply with, click ‘Go to Site’ to submit your application.

      Thanks,

      Elizabeth

  9. Default Gravatar
    XboxAugust 2, 2015

    I am a single mom of two boys. I have had a really rough few months after splitting from my ex. I am needing help getting clothes and stuff for them for school and also for a apartment we have been staying with family and friends. I just need help getting back on my feet. Are there any loans I could get fast?

    • Avatarfinder Customer Care
      ElizabethAugust 3, 2015Staff

      Hi,

      Thanks for your question and sorry to hear about your situation.

      The loans on this page are all ‘fast’ loan options, but there are a few alternative loan options that you may be eligible for. These include the No Interest Loans Scheme and a StepUP Loan and are detailed towards the bottom of this page. You may also want to get in touch with the free financial counselling service on 1800 007 007 as they will be able to provide more personal financial advice.

      I hope this will help.

      Thanks,

      Elizabeth

  10. Default Gravatar
    rosaJuly 18, 2015

    Am I eligible for a payday loan for single mothers on pension in financial crisis please thank you.

    • Avatarfinder Customer Care
      ElizabethJuly 21, 2015Staff

      Hi Rosa,

      Thanks for your question.

      Your eligibility depends on a number of factors, including your financial circumstances, credit history, etc. You can find out about your loan options on this page and apply online when you find a lender that’s right for you.

      I hope this has helped.

      Thanks,

      Elizabeth

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