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Am I eligible for a personal loan?

Find out everything you need to know about personal loan eligibility to give yourself the best chance of being approved.

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Applying for a personal loan, whether it's secured or unsecured, fixed rate or variable, or for $3,000 or $30,000, is a big financial step. Finding the right loan can be difficult and getting approved can often be even harder. Every loan application you make is listed on your credit file, so you want to make sure you're eligible before you apply.

Below you'll find a guide to each of the eligibility criteria that lenders consider when you apply for a personal loan. While standards differ between lenders, there are some general rules that will help you get approved.

Read our guide to get a better understanding of how to work out if you are eligible for a loan and where to find a loan that will meet your needs.

See if you'll be eligible to apply

  • Income. Lenders will either have a set minimum income that you need to earn, for example, $35,000 p.a., or only require that you earn a regular permanent income. In the case of the latter, it's best that you determine whether the loan you're applying for will be affordable on your current budget.
  • Employment. This differs among lenders. If they have an employment requirement, it may be that you need to be in "regular" employment, meaning you can't be casually employed. If you are casually employed or work part-time you will still have loan options. For other lenders, they may just require additional details for self-employed borrowers.
  • Centrelink. Many banks and lenders do accept Centrelink as a form of income for personal loans. However, you will need to be earning a supplementary income and will need to meet the minimum income requirement.
  • Credit history. You will generally need good credit history to apply for a personal loan, especially if you're applying at a traditional bank. If you do have a few negative marks on your credit file, you may be able to apply with your current bank if you have good transaction history or go with a bad credit personal loan lender.
  • Loan security. If you're applying for a secured loan, such as a car loan, your secured asset may also need to meet certain eligibility criteria. For instance, the vehicle you use as security may need to be under a certain age or be of a certain value. Some lenders only finance new cars, but you can also find loan options for used cars.
  • Assets, debts and expenses. You will be asked to list your assets, debts and expenses on your application and these will all inform the lender's decision as to whether to approve you for a loan. Assets may boost your application whereas debts, such as credit cards, store cards or other loans, can hinder your applications. Expenses are always estimated but lenders generally have a good idea when you're under or overestimating based on the data of other customers.
  • Age and residency. Regardless of which personal loan you're applying for, you will generally need to be over the age of 18 and either an Australian citizen or permanent resident. There are some personal loans that are available to those on working visas, but they will have additional eligibility criteria.

Tips to get your personal loan over the line

If you're unsure about your eligibility or worried you may not be approved, consider the following tips to help give your personal loan application a boost:

  • Open a transaction account with the lender you're applying with. If you're applying with a bank that has transaction accounts and the personal loan isn't time-sensitive, establishing a banking history with the lender can help get your application across the line. It can also speed up the application process.
  • Reduce the limit of your credit card/s. Not using your entire credit card limit? Consider lowering it if you're not planning to use it soon. You'll need to list the total limits of your credit cards on your personal loan application and any credit limit will be seen as a potential debt by the lender.
  • Pay off some of your credit card before applying. While the Australian credit scoring system doesn't work in the same way as the US, where paying off your credit card can lower your credit score, it may help your loan application. If you take a look at your loan application (before submitting it) and the lender asks what is owing on your credit cards, see if you can pay down the cards before sending in the application. Lenders are able to check the limit of your card on your credit file but not the amount owing, this is up to you to tell them.
  • Make sure you're out of your employment probation period before you apply. Lenders don't want to take the chance of giving you a loan during your probation period. They will not approve a loan if you haven't been employed at least three months, no matter how secure you tell them the role is. If you have been employed six months the lender may call your employer to confirm you're out of your probation period.

Remember that no personal loan application is guaranteed, so use the guide above to ensure you're giving yourself the best chance of approval you can.

Data indicated here is updated regularly
$
Name Product Interest rate (p.a.) Comparison Rate (p.a.) Monthly Repayment Rates View details CTA
Harmoney Unsecured Personal Loan
From
6.99%
(fixed)
7.79%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
6.99%
7.79%
(fixed)
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 year terms.
You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 year terms.
Plenti Fixed Rate Personal Loan
From
6.49%
(fixed)
6.84%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
6.49%
6.84%
(fixed)
You'll receive a fixed rate between 6.49% p.a. and 11.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
You'll receive a fixed rate between 6.49% p.a. and 11.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 3 years. Interest and comparison rates calculated for a loan term of 5 years.
OurMoneyMarket Personal Loan
From
6.75%
(fixed)
6.96%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
6.75%
6.96%
(fixed)
You'll receive a fixed rate from 6.75% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.
You'll receive a fixed rate from 6.75% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.
Alex Personal Loan
From
6.95%
(fixed)
6.95%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
6.95%
6.95%
(fixed)
You'll receive a fixed interest rate from 6.95% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Benefit from no ongoing fees. Note: The establishment fee of $295 is waived for all applications until 31 October 2020. Terms & conditions apply.
You'll receive a fixed interest rate from 6.95% p.a. to 19.99% p.a. based on your risk profile
Borrow between $2,100 and $30,000 from 6 months to 5 years. Benefit from no ongoing fees. Note: The establishment fee of $295 is waived for all applications until 31 October 2020. Terms & conditions apply.
SocietyOne Unsecured Personal Loan (2-3 years)
From
6.99%
(fixed)
6.99%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
6.99%
6.99%
(fixed)
You'll receive a fixed rate between 6.99% p.a. and 17.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
You'll receive a fixed rate between 6.99% p.a. and 17.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
SocietyOne Unsecured Personal Loan (5 years)
From
7.99%
(fixed)
7.99%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
7.99%
7.99%
(fixed)
You'll receive a fixed rate between 7.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
You'll receive a fixed rate between 7.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
Plenti Variable Rate Personal Loan
From
5.79%
(variable)
6.78%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
5.79%
6.78%
(variable)
You'll receive a variable rate from 5.79% p.a and 11.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
You'll receive a variable rate from 5.79% p.a and 11.99% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 12 months. Benefit from transparent costs and a rate estimate before you apply.
NAB Personal Loan Unsecured Fixed
From
9.99%
(fixed)
10.88%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
9.99%
10.88%
(fixed)
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
Symple Loans Personal Loan
From
5.75%
(variable)
6.47%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
5.75%
6.47%
(variable)
You'll receive a personalised interest rate from 5.75% p.a. to 21.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
You'll receive a personalised interest rate from 5.75% p.a. to 21.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.
Wisr Personal Loan
From
7.95%
(fixed)
8.78%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
7.95%
8.78%
(fixed)
You'll receive a fixed rate between 7.95% p.a. and 19.45% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
You'll receive a fixed rate between 7.95% p.a. and 19.45% p.a. based on your risk profile
A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.
Heritage Bank Fixed Personal Loan
7.99%
(fixed)
8.62%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
7.99%
8.62%
(fixed)
Choose a fixed rate loan and receive a comparison rate of 8.62% p.a.
Fixed rate loans are available up to $100,000 on terms from 1 to 5 years.
Choose a fixed rate loan and receive a comparison rate of 8.62% p.a.
Fixed rate loans are available up to $100,000 on terms from 1 to 5 years.
CUA Unsecured Fixed Rate Personal Loan
9.89%
(fixed)
10.14%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
9.89%
10.14%
(fixed)
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
You'll receive a fixed rate of 9.89% p.a.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Latitude Personal Loan (Unsecured)
From
7.99%
(fixed)
9.24%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
7.99%
9.24%
(fixed)
You'll receive a fixed rate between 7.99% p.a. and 19.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly.
You'll receive a fixed rate between 7.99% p.a. and 19.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly.
NAB Personal Loan Unsecured Variable Rate
From
9.99%
(variable)
10.88%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
9.99%
10.88%
(variable)
You'll receive a variable rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a variable rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
CUA Unsecured Variable Personal Loan
11.89%
(variable)
12.15%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
11.89%
12.15%
(variable)
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
MoneyMe Personal Loans
From
8.99%
(fixed)
10.68%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
From
8.99%
10.68%
(fixed)
You'll receive an interest rate between 8.99% p.a. and 29.99% p.a. based on your risk profile
A flexible personal loan from MoneyMe with access to cash when you need it.
You'll receive an interest rate between 8.99% p.a. and 29.99% p.a. based on your risk profile
A flexible personal loan from MoneyMe with access to cash when you need it.
Heritage Bank Standard Variable Personal Loan
11.99%
(variable)
12.61%
Interest Rate (p.a.)
Comparison Rate (p.a.)
Monthly Repayment
11.99%
12.61%
(variable)
Choose a variable rate loan and receive a 12.61% p.a. comparison rate
Variable rate loans are available from $5,000 - $100,000 on terms of 1 to 10 years.
Choose a variable rate loan and receive a 12.61% p.a. comparison rate
Variable rate loans are available from $5,000 - $100,000 on terms of 1 to 10 years.
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Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 6.95% p.a. and 17.95% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.

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2 Responses

  1. Default Gravatar
    LindaJune 9, 2016

    Hi just wanted to know if you have any advice for me I am looking for a loan to consolidate my debt I am so stressed and feel like there no hope at the moment I know that if someone would just give me the chance they would not regret it I am employed full time (7years)own a car (8000) and own my home 800000 my debt is about 20000 dollar any help would be greatly appreciated thanks

    • Avatarfinder Customer Care
      ElizabethJune 9, 2016Staff

      Hi Linda,

      Unfortunately I can’t recommend any lenders to you – you can compare your personal loan options here and click through to the review pages to find eligibility criteria for each loan. If you meet the criteria you are eligible to apply.

      If you’re looking to financial advice you can call the free financial counselling hotline on 1800 007 007.

      I hope this helps,

      Elizabeth

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