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Working irregular hours is common in Australia. Whether you're a uni student, a parent, a shift-worker or in a role where your hours change week to week, you can still be eligible for a loan. If you're a casual or part-time employee, it’s important to know that there are personal loan options out there for you to consider.
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 employees | Casual employees |
|---|---|
|
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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.
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:
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.
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.
If you're employed part-time, you will have more loan options. Here are some tips on getting your application across the line:
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:
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.
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.
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.
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:
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.
If you're a casual employee or employed part-time, the following documentation will be required when applying for a personal loan:
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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?
Hi Jack,
Thank you for your inquiry.
Each lender will set out their criteria separately and it’s always important to make sure you meet the eligibility before apply. You may want to consider the loan options here.
I hope this information has helped.
Cheers,
Harold
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?
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
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.
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
I work at a small gas station as part time working 24 hours a week. Could I take out a small loan ?
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
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
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
Hi im Anathi i need loan im working security my salary is 4000 and I need 2500 I’m going to pay on friday 26 but the problem is i don’t have payslip what must i do?
Hi Anathi,
If the loan you’ve chosen requires payslips as part of the application process you may need to ask your employer for payslips so you can apply. You might also be able to inform the lender of your situation and ask if copies of your bank statements (where your salary is deposited into) will be enough.
However, some lenders may not require payslips to approve you for a loan. They will just require the last 90 days of your transaction history.
I hope this helps,
Elizabeth
My 17 year old would like to get a loan for a new car. She has worked for the same employer from age 14. She is guaranteed employment when she finishes yr 12 this year. Is it possible for her to get a loan in her name or a co-loan with her father?
Hi Jayne,
It’s not possible for someone under the age of 18 to apply for a loan, she’ll need to apply for a guarantor personal loan. With this loan her father will need to meet all of the eligibility criteria and will essentially be responsible for the loan should she not be able to make the repayments.
Many major banks offer guarantor personal loans, so you can compare your options and pick one that will fit you best.
I hope this helps,
Elizabeth
Of all the products you claim assist people whose sole or combined income include Centrelink I’ve not found one single product that does actually do what you are claiming. My question is why do you bother?
Hi Jo,
Lenders have a variety of criteria they consider when approving applicants for loans, with income just making up one part of the application process. So when we list options for Centrelink borrowers, it is lenders that consider people who receive part of or their whole income from Centrelink payments – it doesn’t mean they will be automatically approved. Other things, such as debt, assets and the overall ability to manage the loan comes into play when a lender decides whether or not to approve an application.
Just to make sure you’re on the right pages, here’s a list of options for Centrelink borrowers, here’s a list of options if you are unemployed (i.e. your entire income comes from Centrelink) and here is a list of options if you receive some sort of pension. If you are a retiree you can take a look at this page.
Hope this information will help,
Elizabeth
Good day! I am Lorilee. I just want to ask if I am able to get a loan of ₱10,000.00, I am 20, I am employed recently but for almost a week. I’d never reach a minimum rate. But I need it for emergency purpose. Will you help me with it. Thank you!
Hi Lorilee,
The options for casual and part-time employees are listed on the page above, but unfortunately as you have only been working a week I am unsure if you will be able to get a loan. Lenders usually need to see evidence of a stable employment history before they will approve you for a loan, and so require you to be employed for at least three months before they will approve you.
Thanks,
Elizabeth
Hello there, my name is luis Raccuglia, I just wanted to know, can a casual worker who been working in the same place for close to 4 years , be able to take a personal loan for example between $10,000 to 30,000 dollars , or an unsecured personal loan, or my other question would it be easier if you take the loan with a partner so use two names instead of one in the loan application, any more neo would be appreciated
Hi Luis,
Your eligibility for a personal loan will depend on your income, your financial stability and your employment situation. Each lender will have set criteria to determine the risk they are taking on by lending to you. One option may be to talk to your current bank if you have a good relationship with them as they may be more willing to offer you a loan. As you mentioned, another option is to apply for a loan as part of a joint application – you can find a list of lenders who offer joint application personal loans on this page.
I hope this will help.
Thanks,
Elizabeth