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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
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It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
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.
Retired? Click here to see your loan options
Loans that are available will depend on your financial situation and also the type of pension you receive. Here are a few options that people on the pension can consider:
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Credit24 offer a fast and easy online application for up to $2,000. You can apply 24/7 with a good credit rating and employment to be approved.
Brand | Can pensioners apply? | What conditions are there? |
---|---|---|
Cash Converters | ![]() | Your loan repayments cannot exceed 20% of your income from the pension. |
Cash Stop | ![]() | You're able to apply. |
ClearCash | ![]() | You're able to apply, applications are handled on a case-by-case basis. |
Credit24 | ![]() | At least 50% of your income needs to come from outside of Centrelink payments. |
Ferratum Loans | ![]() | You need to earn 50% of your income from outside of Centrelink payments. |
Good to Go Loans | ![]() | You're able to apply, applications are handled on a case-by-case basis. |
Nimble | ![]() | You need to be employed and your primary source of income can't be from Centrelink. |
Rapid Finance | ![]() | You're able to apply, applications are handled on a case-by-case basis. |
Brand | Can pensioners apply? | What conditions are there? |
---|---|---|
ANZ | ![]() | You need to earn $15,000 p.a. |
Bank of Melbourne | ![]() | Age pension and DSP are accepted. You'll need to provide a letter from Centrelink detailing your pension payments. |
BankSA | ![]() | You're able to apply, applications are handled on a case-by-case basis. |
Bank Australia | ![]() | You're able to apply, applications are handled on a case-by-case basis. |
Bankwest | ![]() | DSP and parenting payments are accepted. You'll need supplementary income to be able to apply. |
Bendigo Bank | ![]() | You need to be in regular, paid employment. Centrelink payments are accepted with supplementary income. |
Citibank | ![]() | You need to earn $40,000 p.a. Age pension is accepted. You can apply if your pension income is taxable. |
Commonwealth Bank | ![]() | You need to earn $14,000 p.a. Parenting payments, DSP and carer's pension are accepted. |
NAB | ![]() | Some Centrelink income is considered. You need to demonstrate you can afford the loan repayments. |
St.George | ![]() | Parenting payments and DSP are accepted. |
Westpac | ![]() | You need to earn $35,000 p.a. DSP is accepted. |
The government has established a few schemes and support options for people who are receiving the pension:
The table above is one starting point to find a pensioner loan. The table shows some personal loan options that are available and you can click "Go to site" to submit your application. If you have questions regarding eligibility it would be best to contact the brand directly.
Be aware that every loan application made gets listed on a credit file and too many applications within a short space of time can affect chances with a prospective lender. Contacting a bank directly via phone, online, or in branch before starting the application process can help determine whether they will approve a loan.
Remember to compare the different comparison rate for each loan as well as checking for any additional costs like exit fees or early repayment fees.
To apply, you will need to provide personal information including your name and contact details, as well as financial information regarding your pension payments, assets, debts and open credit accounts.
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is there any loan where i can apply without a mobile phone?
Hi Sharelle,
Thanks for getting in touch! You can apply for all the loans on the pensioner loans page without a mobile phone. For more information on how you can apply for pensioner loans, please go to the table showing some personal loan options that are available and you can click “Go to Site” to submit your application.
As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
Best,
Nikki
Hi l receive DSP l would like to apply for a $5000 personnel loan repayed over 2 years , l privately rent and have no debt , own my own car would l have a problem getting a loan through a bank ?
Hi Donna,
Thank you for reaching out to finder.
The general eligibility requirements are the following:
Australian citizen or Australian permanent resident
18 years or over
Have a regular income
The page offers you a list of lenders that you could reach out to if you wish to make an application. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
I’m in dire straghts and need a cash advancement on my general electric pension check of 580.00 I live with my girlfriend and have no expenses, we’re do I turn too
Hi Steven,
Thank you for reaching out to finder.
The page we are on offers a list of lenders that you could reach out to. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
I need extra money for car repair and Xmas. Online my dsp says clearly that I’m eligible for a advance loan but the operator would not allow it.
Hi Bonnie,
Thank you for reaching out to finder.
You are on the right page when it comes to pensioner loans. You may want to check the conditions provided per lender to see your qualifications prior to opening an application. You may also contact their customer support department to know more about the qualifications to take out a loan. Hope this helps!
Cheers,
Reggie
How do I qualify for a small loan?
Hello Bruce,
Thank you for your comment.
If you’re referring to the qualification for a pensioner loan, basically, you just need to meet the lending requirements. As long as they can see that you have a stable income and you’re capable to repay the loan, then you may be eligible.
You can see the lenders listed above that consider pensioners. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
Im disability pensioner & ex bankrupt for many yrs I will have saved $2,500 + by may 2018 i am wondering if any financial services will lend me $6,000 long term repayments over 5 yrs plus i want to use the money above mentioned as a deposit in bank so when required gor copy of 90 days past to present bank statement 2018 to 2019 yrs it will show that i have a good track record of saving & direct-debts no defaults etc can you please give me any constructive advise i thank you for your time and appreciation regarding my online email enquire
Hi Geoff,
Thanks for getting in touch with finder. I hope all is well with you. :)
I can’t provide a personalised advice since I’m not completely familiar with your situation, but generally, what the banks would want to know is that you have a stable source of income and you have the ability to make repayments. If you have that, then your chance of getting approved would increase.
Basically, the lenders who might approve your loan application are the lenders listed above. The maximum amount of money you would be approved for would depend on the lender. Please review the tables found above especially the ones with the check marks. They are more likely to be able to help you in your situation. Please discuss with them your eligibility and options.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
How can I apply for a $110, 000 loan, please ??
Hi Tracy,
Thanks for leaving a question on finder.
There are a few considerations that come into play when determining how much you can borrow with a personal loan, including how much you can afford to repay and your loan purpose. But in terms of how much you can apply to borrow, it comes down to the type of loan you apply for. Unsecured personal loans usually offer loan amounts of between $1,000 and $50,000 while secured personal loans and car loans usually offer loan amounts of between $3,000 and $80,000.
Assuming you are a pensioner looking to have a loan of this amount, it would be difficult to get approved because most lenders will only lend up to 2000$ in this page and getting approved for a huge amount of money as a personal loan will have stricter eligibility criteria such as your credit score, employment and residency.
If you need real time answers to your questions, you can send us a message via chat on the bottom right next time. :)
Cheers,
Joel
Hello. I am an age pensioner, I am separated from my wife, we are putting our house on the market, half being my share, I would like to get a loan of $5000.00 that would help to improve the house before selling. How would I being separated affect my chances, and what institution would give me a loan, My share of the house would be approx $250.000.00. Thank you.
Hello Michaerl,
Thank you for your comment.
I’d refer you to this page which will guide you about loans for home improvement or renovations. The page does not specifically state that a pensioner can be considered for this kind of loan however you may be considered when you disclose your financial assets.
We also have a page about home loans for pensioners which will guide you on how to go about getting a loan when you’re on a pension. Please compare the loan products listed on the page and click either Enquire Now or Go to Site button to inquire or apply.
Please note that lenders consider your income and financial position in getting a home loan for your house renovation. A pension is lower than the normal income of other applicants who are applying and the income level required. If you have assets and believe you can meet lending requirements, it might be a good idea to discuss your options with the financial provider or mortgage broker, as applying online may be difficult if you can’t demonstrate your capacity to repay the loan.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
I’m on DSP and I owe money $830. I would like to borrow $3000 + $830 (I have a good credit rating) who will give me a loan?
Hello Tyrone,
Thank you for your comment.
Some lenders and institutions do consider Centrelink payments as income, so you may be eligible for a loan. It generally depends on how much you earn, what kind of financial situation you’re in and what kind of payments you receive. To find out if you are eligible, read our comprehensive guide to getting a loan on Centrelink payments.
The page does show the lenders that accept Centrelink benefits as an income, which means that they may consider you for a loan. Please read the guide and compare the lenders, once decided, please click the Go to Site button. It is important to ensure your eligibility before submitting an application for the loan.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
I need $5500 for a hair transplant , who should i approach,what should i do.But the problem is I’m on DSP.
Hi Lomekina,
Thank you for leaving a question.
For this, you may need to consult a lender directly who offers pension loans just like the ones on this page and check your eligibility as well as requirements necessary to take out a loan. Just ensure that you meet these requirements first prior to taking out the loan. You may also speak to the lender’s representative to check on your qualifications. Hope this helps!
Cheers,
Reggie