Personal loans for casual and part-time workers

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Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$2,001
3 to 7 years
$0 to $999
$0
You'll receive a fixed rate between 6.39% p.a. and 17.89% 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.
Study Loans

From 9.75% (variable)
$2,001
1 to 7 years
$200
$2.50
You'll receive a variable interest rate from 9.75% p.a.
Borrow between $2,001 and $50,000 with terms from 1 year to 7 years. Choose from a variety of education providers.
Harmoney Unsecured Personal Loan

From 5.35% (fixed)
6.14%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 5.35% p.a. and 19.09% 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.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
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
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a guaranteed rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved. Note: This rate may vary during the loan term.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years. Note: Monthly account service fee will be waived for applications submitted before 30 September 2021. The interest rate doesn’t change based on your risk profile, so you know your rate before you apply.
ANZ Fixed Rate Personal Loan
8.99% (fixed)
9.88%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 8.99% p.a. with a comparison rate of 9.88% p.a. if you're approved.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

⭐Special Offer: Secure a reduced interest rate of 8.99% p.a. for a limited time only. Apply for up to $50,000 to use for a variety of purposes without needing to add security.
SocietyOne Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% p.a. and 19.99% 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.
Heritage Bank Fixed Personal Loan
7.99% (fixed)
8.62%
$5,000
1 to 7 years
$200
$5
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 7 years.
Plenti Variable Rate Personal Loan

From 6.39% (variable)
6.39%
$2,001
1 to 3 years
$0 to $999
$0
You'll receive a variable rate from 6.39% p.a and 17.89% 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 Variable Rate

From 6.99% (variable)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a variable 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
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
ANZ Variable Rate Personal Loan
10.50% (variable)
11.38%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 10.50% p.a. with a comparison rate of 11.38% p.a. if you're approved. Note: This rate may vary during the loan term.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
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What is the difference between a part-time and casual employee?

Both casual and part-time employees work across all industries, including office work, hospitality and even government work. For any industry, these employees:

Part-time employeesCasual employees
  • Work, on average, less than 38 hours per week
  • Usually work regular hours each week
  • Are entitled to the same benefits as full-time employees but on a pro-rata basis
  • Are permanent employees or on fixed term contracts
  • Have no guaranteed hours and usually work irregular hours
  • Receive a higher rate of pay per hour than part-time or full-time employees
  • Are not entitled to sick pay, annual leave or other similar entitlements

Is it harder to get a personal loan if you're a casual employee?

Getting a personal loan as a casual employee is generally more difficult than it is for full-time employees. This is because:

Your hours aren't stable
Casual employees do not have guaranteed working hours and therefore no fixed salary. While some weeks you may work 50+ hours, other weeks you may work no more than 10. This means that your weekly earnings fluctuate, which could potentially make meeting repayments difficult, at least in a lender's eyes.

You're not entitled to sick pay or annual leave
If you choose to take a holiday, or are forced to take time off for illness, you would not be entitled to any pay. For a lender, this can be viewed as risky as it could affect your ability to meet repayment obligations.

Tips to get approved for a loan if you work casually

Some casual workers may find it easier to access loans than others, because they are deemed to be less of a risk by lenders. Here are some things casual workers can do to help them appear less risky:

  • Work for a year, then apply. Banks and lenders view people in casual employment as less of a risk if they have been employed at the same place for at least 12 months. This is partly because after 12 months of casual employment you have the right to ask your employer to be classed as a part-time worker. However, some lenders only require six months of steady employment to approve you for a loan.
  • Get a letter from your employer. Much of the risk associated with lending to casual employees is the fear that they could stop receiving work. By providing a letter from your employer that confirms your employment and ensures the lender that there's no reason this arrangement shouldn't continue in the future, it could help your application.
  • Make your repayments on time. In March 2014, new credit reporting reforms were introduced to give lenders more detailed information of your credit history. Now lenders will be able to see if you have made repayments to banks and other lenders on time.
  • Don't apply for multiple loans. Lenders are able to see any credit accounts and loans that you apply for and if you make multiple applications in a short space of time you may appear to them as an irresponsible borrower.
  • Save. If you can show evidence of your savings to a lender, they may be more inclined to give you a loan. For example, if you are looking to buy a car and need a $5,000 loan and have $2,000 saved in a high interest savings account, the lender may see you as less of a risk.
  • Apply with your own bank. Your own bank will have more concrete evidence of your spending and saving history than what is shown on your credit report and if this history is positive then you may be more likely to secure a loan.
  • Consult an accountant. An accountant will be able to help you keep track of your tax returns, savings and spending. They'll have a record of everything so when you apply for personal loans, all the documentation is already there.
  • Provide loan security. If you own an asset of value, such as your home or a vehicle, offering this as loan security could help you to get approved more easily and/or allow you to access a lower rate loan. Offering security reduces the risk to the lender. This is because they can repossess the asset should you default on the loan.

If you're a casual worker, the best way to secure a loan is by doing your research and comparing what is out there before you start applying.

Is it harder to get a personal loan if you're a part-time employee?

Getting approved for a personal loan if you are in part-time employment might not be as difficult as if you are a casual worker, because you have fixed hours and a fixed income.

However, you might still find it trickier than a full-time worker to be approved, or to qualify for the amount you want. This is because:

Your income doesn't meet the lender's requirements
Part-time employees, generally speaking, are paid less than full-time employees. Some lenders have minimum income requirements on their personal loans, and if your salary doesn't meet the requirement, you might not qualify for the loan.

Tips to get approved for a loan if you work part-time

If you're employed part-time, you will have more loan options. Here are some tips on getting your application across the line:

  • Check the minimum income. As your employment is considered more stable, you will just need to ensure you meet the minimum income criteria with regards to employment requirements. This is usually around $15,000-$20,000 p.a.
  • Have you been working for at least 3 months? Many employers require you to be working at least three months as this shows your employment is stable, and in some cases, that you're out of your probation.
  • Receive your pay into your bank account. Along with payslips, this will be a way for lenders to check your income against the information you provide in your application. If you are paid in cash, make sure you deposit this into your bank account or get payslips from your employer to be able to prove your income.
  • Get in touch with the bank if you're unsure about eligibility criteria. This is the best way to check anything before submitting your application and reduces the risk of having a rejected application listed on your credit file.
Did you know?

Under new legislation, existing casual workers employed by small businesses on 27 March 2021 can also make a request to convert to permanent at any time from 27 March 2021 if they are eligible. For more information, please visit fairwork.gov.au.

What criteria do you need to meet to be approved for a personal loan?

The majority of lenders require you to be in permanent/full-time employment in order to obtain finance. However, some lenders' minimum criteria just requires you to earn a regular income or requires that you meet a minimum annual income. For example, some personal loan terms and conditions state you must be "in regular paid employment" but there is flexibility within the criteria.

Take a look at some personal loan options for part-time and casual employees below:

BrandCriteriaFind out about products
ANZYou need to earn at least $15,000 p.a. and have been employed at your current work for 6 months.
BankwestYou need to work a minimum of 25 hours per week and receive consistent hours and pay.
Bank of MelbourneYou need to be over the age of 18 and a permanent Australian resident.
BankSAYou need to be over the age of 18 and a permanent Australian resident.
Bendigo BankYou need to be in paid employment as subject to lending criteria.
CitibankYou need to earn over $35,000 p.a. and have good credit.
Commonwealth BankYou need to be over the age of 18 and earn at least $14,000 p.a. after tax.
IMB You need to have been in your current role for at least 12 months.
Latitude FinanceYou need to earn at least $24,000 p.a.
loans.com.au Your eligibility will depend on your individual circumstances and loan purpose.
ME BankYou need to be an Australian permanent resident and at least 18 years old.
MoneyMe You need to be employed and over the age of 18. Good credit history will be rewarded.
NABYou need to have a good credit rating and earn a regular income or wage.
NRMAYou need to be able to provide evidence of a regular income or wage.
RACQYou need to earn an income that's sufficient to manage your loan repayments.
Society OneYou need to earn more than $25,000 and be able to afford the loan you apply for.
St.GeorgeYou need to be over the age of 18 and a permanent Australian resident.
WestpacYou need to have been in the role for 12 months or more.

What do you do if you can't get a personal loan?

There are a couple of options available to you if you're a casual employee or self-employed, and are struggling to get approved for a personal loan.

short-term-loans-casual-part-time-employees

Short term loans

If you are in need of a loan to cover a short term cash shortfall and you don't meet the criteria for a standard personal loan, a short term loan is another option you can consider. However, it's important to keep in mind that short term loans are much more expensive than personal loans from banks and have to be repaid over much shorter terms.

Short term loans are small loans that are used to cover unexpected expenses or if you need a smaller loan amount for less than one year. These loans require evidence of regular pay, but casual workers who are paid the same each week by working regular hours may still be eligible. These loans are for durations of 16 days to 1 year and are for amounts of $100 to $2,000, but higher amounts up to $5,000 are also available.

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Guarantor loans

Getting a guarantor loan for your personal loan if you're a part-time or casual worker could also be an option. A guarantor is someone who is legally responsible for meeting your repayments should you default on the loan. Usually, guarantors are required to be homeowners with good or excellent credit scores.

So, if you have a friend or close family member who meets this eligibility and is willing to go guarantor on your behalf, it may improve your chances of having your personal loan application accepted. If you're a part-time employee, it may also help you to access a greater amount of funding than your salary would normally allow.

As casual and part-time employees, what can a personal loan be used for?

Personal loans for casual and part-time workers can be used for almost any legitimate purpose. Usually, this purpose will have to be disclosed to your finance provider during the application process. Legitimate reasons for taking out a personal loan include:

  • Wedding
  • Holiday
  • Car purchase
  • Car repairs
  • Home renovation/improvement

If you're unsure as to whether your loan purpose will be considered "legitimate" it's a good idea to speak to your provider prior to submitting an application.

Short term loans available to casual and part-time employees

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. Centrelink must not be your primary income
Jacaranda Finance Personal Loan
$10,000
9 to 24 months
Under 1 hour - conditions apply
$35
$0 - $1,000 depending on credit
Borrow up to $10,000 and get access to your funds in as little as 1 hour.
Nimble Short Term Loan
$2,000
62 days to 9 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 9 months. Centrelink cannot be your primary source of income.
Fair Go Finance Small Loan
$2,000
3 to 12 months
24 to 48 hours
$35
0% Establishment Fee + monthly fee 4%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours. Note: Save up to $400 when you apply for a small loan from $500 to $2,000 and are approved for a 0% establishment fee. T&Cs apply.
Credit24 Short Term Loan
$2,000
6-12 months
Same day - conditions apply
$10
20% of loan amount establishment fee + 4% of loan amount monthly.
$396
Credit24 offers this loan up to $2,000 and gives you 12 months to repay. Centrelink borrowers are considered as long as Centrelink payments are not more than 50% of income. Note: Take out a loan with Credit24 before 15 August 2021 and you’ll have a chance to win a share of $10,000. T&C’s apply.
Credit24 Medium Term Loan (Good Credit)
$10,000
12-24 months
Same day
$10
$400 establishment fee + 48% p.a. interest
A small loan with long terms: Apply for up to $10,000 and have up to 3 years to repay. Note: Take out a loan with Credit24 before 15 August 2021 and you’ll have a chance to win a share of $10,000. T&C’s apply.
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What documentation is required?

If you're a casual employee or employed part-time, the following documentation will be required when applying for a personal loan:

  • Proof of ID
  • Details of and proof of address
  • Proof of employment (you may also be required to have been in your current role for 3, 6 or 12 months)
  • Proof of income

Additional documents you may need to provide:

  • A letter from your employer
  • Details of your guarantor
  • Details of loan security (e.g. a vehicle or other asset of value)

The right loan will depend on your needs and situation, so starting a comparison using the table above can help you narrow down your choices.

You can click through to the review pages from the table above and once you've found a loan you're eligible for and that you want to apply for, click "Go to Site" to submit your application.

Picture: Shutterstock

More guides on Finder

    Personal Loan Offers

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

    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.

    Logo for ANZ Fixed Rate Personal Loan
    ANZ Fixed Rate Personal Loan

    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.

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

    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.

    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.

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    24 Responses

      Default Gravatar
      JackJuly 26, 2017

      Hi I’m looking to get a loan of 10,000. I have been working for my current employer full time for over a year. My only problem is they pay me cash. Is there anyway that I could get the loan with payslips and a letter from my boss confirming my employment?

        Avatarfinder Customer Care
        HaroldJuly 26, 2017Staff

        Hi Jack,

        Thank you for your inquiry.

        Yes, there is. It’s good to note that each lender will set out their criteria separately and it’s always important to make sure you meet the eligibility before apply. For this reason, I suggest that you check personal loans, compare them and directly get in touch with your chosen lender to confirm with them if you are eligible for their loan or not.

        I hope this information has helped.

        Cheers,
        Harold

      Default Gravatar
      KarenJuly 23, 2017

      My son works part time. Has been there for a few years now. He lives at home with me. Needs a car loan of $5000. He has no credit history. What are his options?

        Avatarfinder Customer Care
        RenchJuly 23, 2017Staff

        Hi Karen,

        Thanks for reaching out to us.

        You’re actually already on the correct page to compare your options.
        You may click on your preferred loan on this page to see more details and click on ‘Go to Site’ button to submit an online application

        Before applying for any loan, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant PDS/ T&Cs of the loan option before making a decision and consider whether the product or option is right for you.

        Cheers,
        Rench

      Default Gravatar
      TaiMay 23, 2017

      I’m a casual shift that is working a minimum of 15hrs – 25hrs+. So i’m wondering if it’s possible to get a $36,000 loan. Been working at this place for almost 10months now.

        Avatarfinder Customer Care
        DeeMay 23, 2017Staff

        Hi Tai,

        Thanks for your question.

        If you are a casual employee, some of the lenders above may consider you for a loan, subject to other eligibility criteria. To learn more about the eligibility criteria and requirements to apply for a particular loan product, feel free to visit its review page. If you are ready to apply, just click the ‘go to site’ button.

        Cheers,
        Anndy

      Default Gravatar
      DixieNovember 29, 2016

      I work at a small gas station as part time working 24 hours a week. Could I take out a small loan ?

        Avatarfinder Customer Care
        MayNovember 29, 2016Staff

        Hi Dixie,

        Thanks for your question.

        You can review the criteria and requirements and discuss your loan options with a lender listed above. There are also lenders that offer short-term loans that you can compare.

        Hope this helps.

        Cheers,
        May

      Default Gravatar
      TshegoAugust 27, 2016

      Hi i want to apply for a loan of 60 000 please and iam a temporary on year contract which sure next week i will be permanent

        Avatarfinder Customer Care
        ElizabethAugust 29, 2016Staff

        Hi Tshego,

        You can find lenders that consider casual and part-time applicants on the page above, but as you’re on a temporary contract you will need to get in touch with the lender to confirm your eligibility. Whether or not you’re approved for a loan as high as $60,000 will depend on your ability to manage the repayments.

        I hope this helped,

        Elizabeth

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