
Traditional banks
Bricks-and-mortar banks such as the Big Four and others are an option for borrowers looking for a personal line of credit. Some individuals may prefer this as an option because they have a good longstanding relationship with their existing bank or they prefer face-to-face contact via a branch (something smaller lenders may not to facilitate). However, larger banks do tend to have higher rates and fees than smaller, non-bank lenders. They also usually require borrowers to have excellent credit ratings.
hi what are the minimum employment requirements for a personal loan or a line of credit
Hi Preston,
Thanks for leaving a question on finder.
The eligibility criteria differ between lenders, so make sure to check this carefully before submitting your application. Be prepared with the following information as most lenders will have similar criteria necessary as part of the application:
1. Income. You will have to show proof of an ongoing steady income. Your payslips are usually acceptable or a bank statement which shows consistent deposits from an employer.
2. Liabilities. You are going to be asked to provide a complete list of your currents debts.
3. Identification. All lenders will need to see a current and valid photo ID of the applicant and in most cases you will be asked to provide a photocopy for their records.
4. Assets. Any real property you own, plus cars, savings and investment accounts.
It is not stated on how long you should be employed to get approved for a loan and you will have to check with the lender regarding this. Typically, as long as you can prove that you have steady income and currently employed, you will be approved.
Cheers,
Joel
hi I have $7000 in credit card debt how can i pay it off fast.
Hi Marlene,
Thanks for reaching out to Finder
Our guide on how to reduce your credit card debt provides 7 tips for paying off your credit card debt for good. Should you want to move forward with a specific tip, a link is provided on the same page.
Cheers,
Joanne
Hello i would like to borrow 10,000- 15,000 i have 1 unpaid default a payday loan with a couple of enquiries recently i am employed full time and would like to get a private used car pay any bills or debts in full with some spare to get some essential furniture so its a single payment to help so i can work on my score before I buy a house
Hi Tristen,
Thanks for reaching out.
Typically, with bad credit personal loan, the possible loan amount may not be as much as $15,000, although, there are lenders who may offer $10,000, depending on if you meet the criteria. Although we’re not sure if you’ll be approved for a personal loan or not, you may review the criteria and contact a lender to discuss your options and eligibility.
I hope this helps.
Cheers,
May
I would like to know if people with a bad credit rating can be considered.
Hi Nic,
Unfortunately, you need good credit to be eligible for Citibank’s line of credit. You can compare your short term loan options or if you’re looking for a bad credit line of credit product, Wallet Wizard and MyKredit are two options to consider.
Hope this helps,
Elizabeth
Hi
Does the Commonwealth bank provide a personal line of credit account?
Hi M.Smith,
CommBank provides a Viridian line of credit that is linked to your home loan account. You can also consider a personal overdraft that is linked to your CommBank account.
I hope this helps,
Elizabeth