Can I get a personal loan?
Your credit score, income and employment status are some the key factors lenders will consider.
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Every loan application you make is listed on your credit file, so you want to make sure you're eligible before you apply. If you are working full-time with an average salary and a decent credit score you'll likely be eligible for most personal loans.
If you are unemployed, have a bad credit score or are struggling to pay off existing debts getting approved for a personal loan will be more difficult.
We'll show you what you need to be eligible for a loan plus where to find a loan that will meet your needs.
See if you'll be eligible to apply
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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Personal Loan OffersImportant Information*
You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% 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 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.
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