If you're self-employed or earn an irregular income you may still be eligible for a loan – find out about your low doc options.
If you're in need of a personal loan you may feel limited by some of the eligibility requirements. Income and assets can be difficult to prove if you are self-employed or your wealth is tied up in investments. If this is the case, opting for a low doc personal loan may be an option for you to consider.
Compare self-employed personal loans
How do low doc personal loans work?
Low doc personal loans are sought by people who may not have the documentation required to apply for more traditional personal loans. They can be an option if you can't prove a regular income, for example if you're self-employed, or if your income comes from investments. As these loans are risky for lenders, they may come with higher rates and fees.
What features come with these loans?
Low doc personal loans generally come with the same features as other personal loans as well as flexible eligibility features which can make them an option for people who do not qualify for other forms of credit. Some of the features include:
- Standard application. These loans require less documentation than others, but the application process is usually the same as a regular personal loan. The lender will still need evidence that you're able to repay the loan, whether it be through tax statements or bank statements.
- Fees and rates. As these loans require less proof of financial stability, lenders may charge higher fees and rates to offset the risk of lending the money.
- Variable or fixed. Depending on the loan you opt for you may be able to select a fixed or variable rate option to suit your financial needs.
- Flexible loan purposes. Low doc personal loans may allow you to borrow money to finance personal or business needs, making them a suitable option to consider for various types of loan requirements.
How self-employed applicants can be approved for loans
There's no one way to make sure you're approved for a loan, but here are a few options to keep in mind if you're looking for financing while receiving an irregular income:
- Consider a guarantor. By applying with a guarantor you can give a lender a guarantee that the loan will be repaid.
- Apply with another person. A joint application is different to a guarantor – you and the person you're applying with are equally responsible for the loan. You both need to meet the criteria but it can also help to bolster your application.
- Have at least two years of tax returns. This is a standard requirement for lenders, so ensure you have this when you are comparing.
Weigh up the benefits and drawbacks before applying
- These personal loans are an option for people who may not be able to apply for traditional personal loans
- Less documentation is required to apply for these loans, which makes for a quick and easy application process
- Low doc loans tend to have higher rates and fees
- You might find fewer features and less flexibility than other personal loans
Is there anything to consider before you apply?
Before you apply for a low doc personal loan, consider the following:
- Do you need the loan? The low doc features of these loans may attract borrowers for the wrong reasons. If you do not have a reliable income or stable assets to show as evidence to a lender then you may want to consider your ability to make the repayments. Decide if your financial situation is stable and if any changes could occur that may affect your ability to repay the loan.
- Have you planned your repayments? Not planning for a loan and how you're going to repay it is a common mistake, but one that can cost you if you miss any payments. Calculate your repayments and work out whether they will be manageable on your budget. This is even more important for low doc loans if you earn an irregular income or have unstable assets.
- Why are you applying? The purpose of the loan should also be considered. For instance, if you are looking at financing a car then you can consider a secured personal loan as you may be able to get a lower rate. If you want to make improvements to your home you can consider a home equity loan/line of credit.
Here's how you can apply
To apply for a low doc personal loan you can click on the "Go to Site" button for any of the brands you see on the page above. From there you will need to provide proof of your identity and also certain financial details. Eligibility requirements differ for each loan, and you can check these by clicking on the name of the loan and reading the review page before applying. To apply, you will generally need to be over the age of 18 and be a permanent Australian resident. Lenders will differ on their requirements regarding your credit history.
I need a personal loans required
Hi Rupesh,
Thanks for reaching out.
Please note that finder.com.au is a financial comparison and information website that helps users make better decisions.
Unfortunately, the loan products that we feature on our website are only available to Australian residents. You may want to check out some of the local lenders in your country for your borrowing needs.
Cheers,
Anndy
Hi I would like a personal loan of $50k, I am a casual worker but earn around 60k per year, would a low doc loan be the easiest way?
Hi Justin,
Thank you for getting in touch.
At the moment, we do have any lenders available to compare that offer low doc loans, but you can review the criteria/requirements and discuss your eligibility or options for a loan with a lender featured on this page, some of them offer loans up to $50K.
Cheers,
May
I am self-emplyed with an income of about $60K pa, and I am after a personal loan of about $30K. For various reasons, I am having trouble securing a loan from the bank, so I am looking for a low doc personal loan. On your site on this page, it says ‘To apply for a low doc personal loan you can click on the “Go to Site” button for any of the brands you see on the page above.’ but I cannot see any GTS options above? Can you please confirm that I am not being silly and it isnt right under my nose? Or do you not have any low doc personal loan providers to recommend?
Thanks
Hi Finn,
Unfortunately we don’t have any lenders currently available to compare. You can find a range of alternative finance providers offering larger loans on this page, but the maximum loan amounts are usually up to $15,000. You might find some other providers by searching on Google.
Sorry I couldn’t be of more assistance.
Elizabeth
I am a disabled pensioner and I need to borrow $2000 for legal fees. I’m in the middle of a messy divorce, the soon to be ex has emptied all the bank accounts. I’ve now found she had a delinquent credit card debt of $3000 in my name. I can’t sell the house and she is denying me access to my car, boat, van, all my tools and personal effects. How can I get a loan ?
Hi Greg,
Thanks for your question.
If you are a pensioner, some of the lenders and banks on this page may consider you for a loan. Once you have selected a lender or bank, please do click on its name to see your loan options as well as the eligibility criteria to apply.
Cheers,
Anndy
I’m in need of a personal loan to get on top of finances and get a new car as mine is broken down I have four children and on my own what are my options I currently receive government payments can I get a loan
Hi Kara,
You can find lenders that may consider you for a loan on this page.
Hope this helps,
Elizabeth
Hi I’m looking for a low doc loan, I get paid cash so I have no bank statements. I obviously have payslips showing car allowance.. Also PAYG. I would like to buy a car used for work purposes..
Are there any low doc loans or am I better off deposing the cash weekly then after 90 days apply for a loan.
Hi Nikki,
Low doc personal loans allow you to apply for a loan using tax returns or PAYG statements, as you mentioned. However, you may get more options if you decide to apply for a standard car loan as low doc loans tend to be for self-employed people. For car loans from banks you usually don’t need to provide bank statements, just your pay slips. You can click on the name of car loans on this page to read the review and see what documents are required. Once you find a loan you can apply for and are interested in, you can click “Go to Site” to submit your application.
I hope this has helped,
Elizabeth
I looking at moving house i just bond money and one weeks rent which i could pay back as soon as bond refund very quick pay back . Could you please advise me
Hi Christine,
I can’t recommend a specific lender to you but low doc options are outlined on the page above. If you’re looking for an unsecured personal loan you can compare your options on this page and you can compare short term loan options here.
Hope this helps,
Elizabeth
Hello I need personal loan urgent so please contact me XXXXXXXX I need somthing 25,00,000 urgent personal loan
Hi Chandra,
We don’t offer over-the-phone applications as we are an online financial comparison service. If you are interested in a low doc loan you can compare your options using the table above, and once you’ve found a loan you want to apply for you can click “Go to Site” to apply.
I hope this has helped.
Thanks,
Elizabeth
persnol loan
Hi Raj,
You’ve come through to finder.com.au, a financial comparison service. If you’d like to compare and apply for personal loans you can do so on this page and also on this page. To see the individual review pages of loans just click on the name of the loan or ‘more’. Once you find a loan you’re eligible for and that you’d like to apply for, just click ‘Go to Site’ to submit an application.
I hope this has helped.
Thanks,
Elizabeth
as a disability pensioner i am finding it difficult to acquire a personal loan to pay a small debt and purchase a second hand car,amount required is 6000.sincerely nikki.
Hi Nikki,
Thanks for your question.
You can learn more about and compare the options available to you and other people on the pension on this page.
I hope this has helped.
Thanks,
Elizabeth