Personal Loans for Single Parents

But despite the challenging circumstances, there are options available. This guide will take you through what you need to know about being approved for a personal loan as a single parent.

Plenti Personal Loan

Plenti Personal Loan

From

6.39 % p.a.

fixed rate

From

6.39 % p.a.

comparison rate

• Get a personalised comparison rate based on your credit score

100% confidential application

Plenti Personal Loan

Plenti offers this unsecured personal loan with a fixed or variable rate. Receive a tailored interest rate from 6.39% p.a. based on your risk profile.

• Interest rate from: 6.39% p.a.
• Comparison rate: 6.39% p.a.
• Interest rate type: Fixed
• Application fee: $0 to $999
• Minimum loan amount: $2,001
• Maximum loan amount: $50,000

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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		Go to site More Info	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.	Compare	loading Fetching your data...
Harmoney Unsecured Personal Loan		From 6.99% (fixed)	7.79%	$2,000	3 to 5 years	$575 ($275 for loans of below $5,000)	$0		Go to site More Info	You'll receive a fixed rate between 6.99% p.a. and 24.79% 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.	Compare	loading Fetching your data...
Symple Loans Personal Loan		From 5.75% (variable)	6.47%	$5,000	1 to 7 years	from 0% to 5% of the loan amount	$10		Go to site More Info	You'll receive a personalised interest rate from 5.75% p.a. to 25.99% p.a. based on your risk profile Borrow up to $50,000 to pay for what you need.	Compare	loading Fetching your data...
NAB Personal Loan Unsecured Fixed		From 6.99% (fixed)	7.91%	$5,000	1 to 7 years	$150	$10		Go to site More Info	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.	Compare	loading Fetching your data...
Citi Personal Loan Plus		8.90% (variable)	9.18%	$5,000	3 to 5 years	$199	$0		Go to site More Info	You'll receive a variable rate of 8.90% p.a. with a comparison rate of 9.18% p.a. A credit limit up to $40,000 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.	Compare	loading Fetching your data...
Alex Personal Loan		From 5.49% (fixed)	5.49%	$2,100	6 months to 5 years	$0 (Waived $295 establishment fee)	$0		Go to site More Info	You'll receive a fixed interest rate from 5.49% p.a. to 19.99% p.a. based on your risk profile Borrow between $2,100 and $30,000 from 6 months to 5 years. Note: The $295 establishment fee will be waived for loan applications submitted by 3 May 2021	Compare	loading Fetching your data...
OurMoneyMarket Personal Loan		From 5.35% (fixed)	6.31%	$2,001	1 to 7 years	1.5–6% of your total loan amount	$0		Go to site More Info	You'll receive a fixed rate from 5.35% p.a. to 20.99% p.a. based on your risk profile A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation. ⭐ Finder Exclusive: Apply before April 30th to secure a discounted rate of 5.35% p.a. (comparison rate: 6.31% p.a.) for the first 12 months.	Compare	loading Fetching your data...
NOW Finance No Fee Unsecured Personal Loan		From 5.95% (fixed)	5.95%	$5,000	18 months to 7 years	No Establishment Fee	$0		Go to site More Info	You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile Borrow from $5,000 to $7,999 with loan terms between 18 months and 3 years or borrow $8,000 to $50,000 with loan terms between 18 months and 7 years. ⭐ Finder Exclusive: Get a free $200 Westfield e-gift card once your loan application has settled. Offer ends on 30 April 2021. T&Cs apply.	Compare	loading Fetching your data...
Latitude Personal Loan (Unsecured)		From 7.99% (fixed)	9.24%	$3,000	1 to 7 years	$250 (Loans under $5000 - $140)	$13		Go to site More Info	You'll receive a fixed rate between 7.99% p.a. and 22.99% p.a. based on your risk profile Apply for what you need from $3,000 and use it for a range of purposes. Repay weekly, fortnightly or monthly. You can check your interest rate before applying with no impact to your credit score.	Compare	loading Fetching your data...
SocietyOne Unsecured Personal Loan (2-3 years)		From 6.39% (fixed)	6.39%	$5,000	2 to 3 years	from 0% to 5% of the loan amount	$0		Go to site More Info	You'll receive a fixed rate between 6.39% p.a. and 17.49% 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.	Compare	loading Fetching your data...
SocietyOne Unsecured Personal Loan (5 years)		From 6.39% (fixed)	6.39%	$5,000	5 years	from 0% to 5% of the loan amount	$0		Go to site More Info	You'll receive a fixed rate between 6.39% 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.	Compare	loading Fetching your data...
Wisr Personal Loan		From 6.49% (fixed)	6.76%	$5,000	3 to 5 years	$595	$0		Go to site More Info	You'll receive a fixed rate between 6.49% p.a. and 19.95% p.a. based on your risk profile A loan from $5,000 that charges no fees for extra or early repayments. Keep in mind security is required in some cases.	Compare	loading Fetching your data...
MoneyMe Personal Loans		From 6.25% (fixed)	7.64%	$2,100	1 to 5 years	from $295 to $495	$10		Go to site More Info	You'll receive an interest rate between 6.25% p.a. and 19.95% p.a. based on your risk profile Borrow up to $50,000 with no hidden fees or costs. Application process usually takes 5 minutes to complete and is done fully online.	Compare	loading Fetching your data...
CUA Unsecured Fixed Rate Personal Loan		9.39% (fixed)	9.64%	$5,000	1 to 7 years	$175	$0		Go to site More Info	You'll receive a fixed rate of 9.39% p.a. An unsecured loan from $5,000 with flexible repayments and no monthly fee.	Compare	loading Fetching your data...
Pepper Money No Fee Personal Loan		From 5.95% (fixed)	5.95%	$5,000	18 months to 7 years	$0	$0		Go to site More Info	You'll receive a fixed rate between 5.95% p.a. and 17.95% p.a. based on your risk profile Borrow from $5,000 to $50,000 and use for a range of purposes. Pay no upfront, early repayment or ongoing fees.	Compare	loading Fetching your data...

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What might make it difficult for a single parent to be approved for a personal loan?

Single parents are judged by the same lending guidelines as every other borrower. But unlike many other borrowers, they rely on a single income and are often solely responsible for their debts. This means that they may have more trouble meeting the lending requirements than dual-income borrowers or those without dependents.

Single parents may also be receiving Centrelink payments, which some lenders won’t recognise as a source of income. They may also be only working part-time and therefore fail to qualify for minimum income requirements.

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

• Short term loans
• Personal loans

How do I know if I can afford a personal loan on a single income?

Before applying for any loan, you should consider using the calculator below to get an idea of what your repayments might be. Keep in mind that this is only a guide and each lender will assess your borrowing power differently.

What do I need to consider when choosing a personal loan as a single parent?

There are a number of important factors to consider when comparing your personal loan options. These include:

• Interest rate. You need to check not only whether the interest rate is competitive, but also what type of interest rate it is. If the loan has a fixed rate, it may have more restrictive repayments. For example, you may not be able to repay the loan early without penalty.
• Fees. Personal loans often come with both upfront and ongoing fees. Check the lender's website for a breakdown of the fees and charges when comparing loans. You can also look at the comparison rate to get an idea of the true overall cost of the loan, as this takes into consideration both the interest rate and any mandatory fees.
• Restrictions. You may be restricted as to how much you can borrow, whether you’re able to make extra repayments or if you can repay the loan early.
• Repayment flexibility. This is an important consideration, as it could affect your ability to manage the loan. Find out whether you’re able to make weekly, fortnightly or monthly repayments and if these will line up with your pay frequency.
• The lender. The lender that you're borrowing from is a business that you’ll have to deal with for the next few months or years. See how easy the lender is to contact and, if possible, read third-party customer reviews of the lender online.

How to improve your chances of being approved for a loan

• Check your credit score and report. Check your credit score and full credit report for free with Finder to find out what kind of borrowing position you're in. The higher your score, the less of a risk you appear to the lender.
• Get advice. You can get in touch with a free financial counsellor who can take you through your financial options. Give the hotline a call on 1800 007 007.
• Borrow a lower amount. You should only borrow as much as you need and can afford. Lenders may reject your loan application if they think you can't afford the repayments rather than offering you a lower amount.
• Talk to the lender before you apply. Discuss your eligibility with the lender before you apply. Remember that every loan application you make will show up on your credit report, and too many applications in a short space of time may appear irresponsible.

Can I get a personal loan as a single parent if I have bad credit?

If you're a single parent with marks on your credit report, the uphill battle can be even steeper. This is because lenders will view you as a higher risk applicant.

Generally, short term loan lenders consider applicants with less than perfect credit histories. However, these loans come with high fees and high interest rates attached.

If you own an asset of value, such as your vehicle or your home, you may also be able to apply for a secured personal loan. Borrowing against an asset may offset some of the higher costs associated with having a low credit score. This is because if you default on the loan, the lender can reclaim the value of the loan by repossessing your security.

Alternatives to personal loans for single parents

Sometimes a personal loan isn't necessarily the answer. If you're a single parent facing real financial hardship, applying for a personal loan may do more harm than good.

There are a few alternative loan options to choose from that include low and no-interest loans. These are designed to help people on low incomes pay for necessary expenditures such as car or home repairs.

How to apply for a personal loan

If you’re looking to apply for a personal loan, you can first compare your options using the comparison tables on this page and across Finder. Once you’ve found a loan that you want to apply for, review the application requirements and then click "Go to site" to be redirected to the lender’s online application form.

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