Loans for casual and part-time workers

Will banks lend to casual employees and part-time employees?

Lenders consider full-time workers to be the least risky customers to lend to. But part-time workers with a stable income can also get approved, especially if you've had the same job for a while.

Casually employed borrowers have the hardest time getting personal loan applications approved.

You can maximise your chance of being approved for a loan by proving you can meet your repayments, such as by showing that you have a regular income, a good credit score, and that you have a history of paying bills and debts on time.

Why is it more difficult to take out a loan as a casual employee?

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.

What's the difference between a part-time and casual employee?

Part-time employees	Casual 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

Tips to get approved for a loan if you work casually

• Work for 12 months, then apply. Lenders view casual employees as less of a risk if they've been employed at the same place for at least 12 months – partly because after 12 months of casual employment, you have the right to ask your employer to become a part-time worker. Some lenders only require 6 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. Lenders are able to see a snapshot of your credit history, so make sure that snapshot shows off you regularly meeting your bill and debt repayments. This has the added effect of improving your credit score.
• 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 $3,000 saved in a high interest savings account, the lender may see you as less of a risk.
• Improve your credit score. The higher your score, the lower risk you are to the lender.
• 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.

Did you know?

The law changed on August 26, 2024 so that casual employee became eligible to initiate a change to permanent full-time or part-time employment, provided the casual employee:

• meets the minimum employment period ( 12 months for small business employers, 6 months for all other employers);
• believes they are no longer a casual employee at the point in time when they make the notification to their employer;
• wants to change their employment status to full-time or part-time employment.

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.
• 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.

You can compare personal loans from all around Australia through Finder. We also spend our time researching the top products to give your our best personal loan picks

What documents do I need for a loan for casual workers?

• ID, which may include a drivers license or passport
• 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, such as 2 consecutive payslips and/or 90 days of bank statements

Additional documents you may need to provide, or that may help you get approved:

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

Lenders are looking at these documents to verify who you are and decide how risky it is to lend to you. If they see your bank statements show signs of paying bills on time and saving money, then you could have better chances of approval or even lower rates.

How long do you need to be in a job for a personal loan?

Have you been working for at least three months? Many employers are comfortable approving your loan as long as you have been working at least three months, as this shows your employment is stable, and in most cases, that you're out of your probation.

Our expert says

"Knowing your credit score is really important, as it's one of the key things lenders look at when assessing your loan application. It can also help you get ahead with your finances: Finder's data shows 15% of people who know their credit score, say they are now better at paying their bills on time and in full. You can see your credit score for free and get monthly updates on any changes in the Finder app."

Sarah Megginson

Personal finance expert + media spokesperson

What are my options if I can't get a personal loan as a casual or part-time employee?

0% interest loans

See if you're eligible for a no interest loan with Good Shepherd. There's certain criteria you need to meet, but if you're eligible, you can access up to $3,000 to use towards car repairs, dental costs and household items.

Short term loans

Short term loans, also known as payday loans, are an option if all else fails and you urgently need cash. It's important to keep in mind that short term loans are much more expensive than personal loans from normal lenders and have to be repaid over much shorter terms. They still have eligibility criteria you should try to match, but tend to be much less strict on it.

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. Interest rates on short-term loans can be as high as 48% per year, so be very careful with these loans, as regularly using them will cost you a lot of money.

Guarantor loans

Guarantor loans are where you include 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. It may also help you to access a greater amount of funding than your salary would normally allow, but be aware that your guarantor's credit score may suffer if you fail to meet your repayments.

Joint application loans

Joint application personal loans allow you to apply with another person, usually your partner. This spreads the responsibility for your repayments across two people, making it less risky for the lender.

• Warning about borrowing

  Do you really need a loan today?*

  It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

  Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94.

  The government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

  * This statement is an Australian government requirement under the National Consumer Credit Protection Act 2009.

Short term loans available to casual and part-time employees

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Product	Maximum loan amount	Term of loan	Turnaround time	Arrears fee	Costs	Fortnightly repayment (for $1,500 loan)
Fundo Small Loan	$2,000	5 to 26 weeks	Same day - conditions apply	$20	20% of loan amount + 4% of loan amount each month	$396	Borrow up to $2,000 and pay it off over 20 weeks. Same day approval for eligible borrowers.	Go to siteMore info Compare product selection Compare	loading
Fair Go Finance Small Loan	$2,000	3 to 12 months	24 to 48 hours	$35	Establishment Fee of $60 – $400	$354	A small loan between $500 and $2,000 that can be funded in 24 hours.	Go to siteMore info Compare product selection Compare	loading
Safe Financial Small Loan ($2000 to $5000)	$5,000	22 - 40 weeks	Same day - conditions apply	$35	Above $2,000 - $400 + loan management fee of up to $399 + from 8.7% to 48% APR	$396	Borrow from $2,000 to $5,000 with same-day funding and no early repayment fees.	Go to siteMore info Compare product selection Compare	loading
Credit24 Short Term Loan	$2,000	4 to 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.	Go to siteMore info Compare product selection Compare	loading
Credit24 Medium Term Loan (Good Credit)	$5,000	12 to 24 months	Same day	$10	$400 establishment fee + 48% p.a. interest		A small loan with long terms: Apply for up to $5,000 and have up to 2 years to repay.	Go to siteMore info Compare product selection Compare	loading
Fair Go Finance Medium Personal Loan	$5,000	6 to 15 months	Within 24 hours	$35	Establishment fee of $400		A larger loan up to $5,000 you can apply for even with bad credit. Fast turnaround within 1 business day. Note: You must earn more than $500 per week.	Go to siteMore info Compare product selection Compare	loading
RentPay SafetyNet		8 weeks		$15			More info Compare product selection Compare	loading
Fair Go Finance Large Personal Loan	$10,000	14 – 24 months	Within 24 hours	$35	Establishment fee of $546 – $795		Apply for a loan up to $10,000 and have up to 2 years to repay. Bad credit and casually employed borrowers considered. Note: You must earn more than $500 per week.	Go to siteMore info Compare product selection Compare	loading
Credit24 Line of Credit	$10,000	Up to 3 years	Same day - conditions apply	$10	Interest 24 - 48% p.a		You’ll receive a standard variable interest rate of 24% p.a. Lines of credit loans are available from $500 - $10,000 on terms of up to 3 years.	Go to siteMore info Compare product selection Compare	loading
Safe Financial Small Loan ($500 to $2000)	$2,000	13 to 50 weeks	Same day - conditions apply	$35	20% establishment fee + 4% monthly.	$396	Borrow from $500 to $2,000 with same-day funding and no early repayment fees.	Go to siteMore info Compare product selection Compare	loading
Nimble Medium Size Loan	$25,000	62 days to 48 months	1 hour - conditions apply*	$15	Application fee of $400 + 47.62% p.a. for $2,050 to $5,000		A larger loan up to $25,000 you can apply for even with bad credit. Your loan can be funded within 1 hour.	Go to siteMore info Compare product selection Compare	loading
Swift Small Loans	$4,500	10 - 52 Weeks	Within 60 minutes	$15	20% of the loan amount & 4% monthly service fee.		More info Compare product selection Compare	loading
Needy Money Medium Loan	$5,000	1 to 2 year(s)	1 hour - conditions apply*		Based on your credit history, employment and residential stability.		Apply for up to $5,000 and have up to 2 years to repay.	More info Compare product selection Compare	loading
SRG Finance Cash Advance	$1,200	62 days	2 hours		20% of borrowed amount + 4% of borrowed amount each month		Apply for a cash advance up to $1,200 and you can receive it on the same day. The loan is not offered to individuals who are on centrelink benefits.	More info Compare product selection Compare	loading
Payday 24/7	$1,000	16, 22 or 32 days	Same Day if approved	$38.50	20% of borrowed amount + 4% of borrowed amount each month		You could borrow up to $1,000 without a credit check from Payday 24/7	More info Compare product selection Compare	loading
Capfin Money Medium Amount Loan	$5,000	6 to 18 months	Overnight	$25	$400 establishment fee + 48% p.a.		A convenient loan up to $5,000. Receive approved funds the next business day.	More info Compare product selection Compare	loading
Payday Gold	$1,500	up to 15 days	24 Hours		29.98		Get up to $1,500, quick approval, 100% online and Confidential and secure.	More info Compare product selection Compare	loading
MyBond Rental Bond Loan		12 months	48 hours	$0	2.08% of the bond per month	$0	More info Compare product selection Compare	loading
CashnGo Loans	$2,000	2 - 6 months	30 mins - conditions apply	$6	20% of loan principal + 4% of principal amount p/m		More info Compare product selection Compare	loading
Easy Financing Personal Loan up to $5,000	$5,000	1 to 12 months	Same Day if approved	$35	$400 establishment fee + 4% of the principal amount monthly fee		If you earn $450 p/w you could borrow up to $5,000 online.	More info Compare product selection Compare	loading

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To make sure you get accurate and helpful information, this guide has been reviewed by Richard Whitten, a member of Finder's Editorial Review Board.

Written by

Rebecca Pike

Senior Money Writer

Rebecca Pike is Finder’s senior money writer, with over 10 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise, A Current Affair, 9News, and Sky News, and contributes expert analysis to publications like Yahoo Finance and The Latch. Rebecca previously served as Editor of Mortgage Professional Australia. She has a Master’s degree in Journalism as well as ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, which comply with ASIC guidelines. See full bio

Rebecca's expertise

Rebecca has written 242 Finder guides across topics including:

• Home loans
• Cost of living
• Budgeting

Co-written by

Sarah Megginson

Personal finance expert + media spokesperson

With over 20 years of experience in property, finance and investment journalism, Sarah is a trusted expert whose insights regularly appear across television, radio, and print media, including Sunrise, ABC News, and Yahoo! Finance. She has previously served as managing editor for Your Investment Property and Australian Broker, and her expert advice has been shared over 2,500 times in 2023-2024 alone. Sarah holds a Bachelor’s degree in Communications and a Tier 1 Generic Knowledge certification, which complies with ASIC standards. See full bio

Sarah's expertise

Sarah has written 200 Finder guides across topics including:

• Home loans
• Personal finance
• Budgeting and money-saving tips
• Managing the cost of living