single-parent-loans

Personal Loans for Single Parents

Single parent? Find out what your personal loan options are and how to be approved.

When you’re earning a single income, trying to get a personal loan can seem like an uphill battle. The eligibility criteria for many banks and lenders can be difficult to meet on a sole income, but you still might need that car, those home repairs, or that money for bond.

This guide will take you through what you need to know about being approved for a personal loan.

Find out how much you need to earn to get a personal loan

Compare a range of personal loans for single parents

Harmoney Unsecured Personal Loan

Harmoney Unsecured Personal Loan

From

6.99 % p.a.

fixed rate

From

7.69 % p.a.

comparison rate

  • Borrow up to $70,000
  • 3 and 5 years terms
  • No hidden fees
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100% confidential application

Harmoney Unsecured Personal Loan

An unsecured personal loan up to $70,000. You'll receive a tailored interest rate between 6.99% p.a. and based on your risk profile.

  • Interest rate from: 6.99% p.a.
  • Comparison rate: 7.69% p.a.
  • Interest rate type: Fixed
  • Application fee: $500 (Upfront fee)
  • Minimum loan amount: $5,000
  • Maximum loan amount: $70,000
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Rates last updated December 13th, 2018
$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Monthly Service Fee Application Fee Product Description Monthly Repayment
Harmoney Unsecured Personal Loan
From 6.99% (fixed)
7.69%
$5,000
3 to 5 years
$0
$500 (Upfront fee)
You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.
Citi Personal Loan Plus
From 8.99% (variable)
9.96%
$5,000
3 to 5 years
$10
$199
You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.
ANZ Fixed Rate Personal Loan
12.45% (fixed)
13.32%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
RateSetter Unsecured Personal Loan - 3yr Fixed
From 8.11% (fixed)
8.71%
$2,001
0.5 to 5 years
$0
$89
You'll receive a fixed rate from 8.11% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.
Latitude Personal Loan (Unsecured)
From 13.99% (fixed)
15.19%
$3,000
2 to 7 years
$13
$250 (Loans under $4000 - $140)
You'll receive a fixed rate between 13.99% p.a. and 29.99% p.a. based on your risk profile
Apply for what you need from $3,000 and use it for a range of purposes. Flexible repayments options.
HSBC Personal Loan
From 8.5% (fixed)
9.06%
$5,000
1 to 5 years
$5
$150
You'll receive a fixed rate between 8.5% p.a. and 16.99% p.a. based on your risk profile
An unsecured personal loan with a tailored, fixed rate where you can make additional and early repayments without penalty.
ING Personal Loan
8.99% (fixed)
9.13%
$5,000
2 to 5 years
$0
$100
You'll receive a fixed rate of 8.99% p.a.
Benefit from no ongoing fees, no early repayment fees and flexible loan terms on amounts up to $30,000.
Westpac Unsecured Personal Loan
12.99% (fixed)
14.14%
$4,000
1 to 7 years
$12
$0
You'll receive a fixed rate of 12.99% p.a.
Benefit from the security of a fixed rate with the flexibility of additional repayments. Existing Westpac customers may qualify for discounts. Note: $250 establishment fee waived if you apply before 20 December 2018.
Latitude Low Rate Personal Loan (Unsecured)
10.99% (fixed)
12.21%
$20,000
2 to 7 years
$13
$250
You'll receive a fixed rate of 10.99% p.a.
A secured or unsecured loan available to homeowners with a large minimum borrowing amount of $20,000. Benefit from flexible repayments and fast approval.
Pepper Money Unsecured Fixed Rate Personal Loan
From 9.99% (fixed)
9.99%
$5,000
1 to 7 years
$0
$0
You'll receive a fixed rate between 9.99% p.a. and 27.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no monthly or application fees.
NAB Personal Loan Unsecured Fixed
Headline rate 13.49% (fixed)
14.36%
$5,000
1 to 7 years
$10
$150
You'll receive a fixed rate between 11.49% p.a. and 18.99% p.a. 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.
SocietyOne Unsecured Personal Loan
From 7.5% (fixed)
9.51%
$5,000
2 to 5 years
$0
3% (of loan amount)
You'll receive a fixed rate between 7.5% 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.
NOW FINANCE Personal Loans
From 8.95% (fixed)
10.56%
$5,000
1.5 to 7 years
$13
$495 (Based on $10,000)
You'll receive a fixed rate between 8.95% p.a. and 16.95% p.a. based on your risk profile
Apply for loans from $5,000 and get a dedicated loan manager. No security required.
Australian Military Bank Fixed Rate Personal Loan
From 7.93% (fixed)
8.77%
$1,000
1 to 5 years
$10
from $100 to $500
You'll receive a fixed rate between 7.93% p.a. and 18.87% p.a. based on your risk profile
An unsecured loan with a low minimum borrowing amount and flexible repayment options.
CUA Unsecured Fixed Rate Personal Loan
11.99% (fixed)
12.25%
$5,000
1 to 7 years
$0
$175
You'll receive a fixed rate of 11.99% p.a.
An unsecured loan from $5,000 with no monthly or establishment fees and flexible repayments.
CUA Discount Fixed Personal Loan (Loans over $30,000)
10.99% (fixed)
11.25%
$30,000
1 to 7 years
$0
$175
You'll receive a discounted fixed rate of 10.99% p.a.
Receive a discounted rate for borrowing over $30,000 and benefit from features such as no monthly fees and flexible repayments.
St.George Unsecured Personal Loan - Fixed Rate
From 12.99% (fixed)
14.06%
$2,000
1 to 5 years
$12
$0
You'll receive a fixed rate between 12.99% p.a. and 19.99% p.a. based on your risk profile
A low minimum borrowing amount of $2,000 to fund a range of purposes. Note: $195 establishment fee waived if you apply before 20 December 2018.
RACQ Bank Unsecured Personal Loan
12.95% (variable)
13.25%
$3,000
5 years
$0
$200
You'll receive a variable rate of 12.95% p.a.
A low minimum borrowing amount of $3,000 that you can use for a range of purposes. Benefit from member discounts and flexible repayments. Only available to QLD residents
MyState Bank Unsecured Personal Loan
12.99% (variable)
16.42%
$3,000
1 to 7 years
$10
$200
You'll receive a variable rate of 12.99% p.a.
Apply for up to $50,000 and benefit from features such as fast approval, free online redraws and no penalties for early repayment.
ANZ Variable Rate Personal Loan
15.99% (variable)
16.84%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate of 15.99% p.a.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.
CUA Unsecured Variable Personal Loan
11.89% (variable)
12.15%
$5,000
1 to 7 years
$0
$175
You'll receive a variable rate of 11.89% p.a.
Borrow from $5,000 with the option for flexible repayments and no monthly fees.
NAB Personal Loan Unsecured Variable Rate
Headline rate 12.69% (variable)
13.56%
$5,000
1 to 7 years
$10
$150
You'll receive a variable rate based on your risk profile. The headline rate is 12.69% p.a.
An unsecured loan up to $55,000 you can use for a range of purposes. Benefit from fee-free additional repayments and a redraw facility.
CUA Discount Variable Personal Loan (Loans over $30,000)
10.89% (variable)
11.15%
$30,000
1 to 7 years
$0
$175
You'll receive a discounted variable rate of 10.89% p.a.
Borrow over $30,000 and receive a discounted interest rate. No monthly fees and a redraw facility also available.
Australian Military Bank Variable Rate Personal Loan
From 7.88% (variable)
8.72%
$1,000
1 to 7 years
$10
from $100 to $500
You'll receive a variable rate between 7.88% p.a. and 18.82% p.a. based on your risk profile
An unsecured loan with flexible repayment options and a low minimum borrowing amount.
Pepper Money Unsecured Variable Personal Loan
From 9.99% (variable)
9.99%
$5,000
1 to 7 years
$0
$0
You'll receive a variable rate between 9.99% p.a. and 27.99% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Make extra repayments and repay early at any time.

Compare up to 4 providers

Why might a single parent not be approved for a personal loan?

Single parents are judged by the same lending guidelines as every other borrower, but the fact that they rely on a single income and are often solely responsible for their debts means that they may have more trouble meeting these 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. Single parents may also be only working part-time and so fail to qualify for the minimum income requirements.

What income do you need to receive to get a personal loan?

LenderMinimum income requiredReview the loan
Cash Converters$300 per weekReview
Cash Train$1,200 per monthReview
ClearLoansNo minimumReview
Fair Go Finance$500 per weekReview
MoneyMeNo minimumReview
MoneySpotNo minimumReview
NimbleNo minimumReview
Speckle$30,000 p.a.Review
Swoosh Finance$300 per weekReview
Sunshine Loans$300 per weekReview
Wallet WizardNo minimumReview
LenderMinimum income requiredReview the loans
ANZ$15,000 p.a.Review
Bankwest$20,000 p.a.Review
Bank of MelbourneNo minimumReview
BankSANo minimumReview
bcuNo minimumReview
Bendigo BankNo minimumReview
Citi$40,000 p.a.Review
CommBankNo minimumReview
CUANo minimumReview
IMBNo minimumReview
Latitude$24,000 p.a.Review
ME BankNo minimumReview
NABNo minimumReview
RACQNo minimumReview
RACVNo minimumReview
RateSetterNo minimumReview
SocietyOne$30,000 p.a.Review
St.GeorgeNo minimumReview
WestpacNo minimumReview

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 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 it's fixed the loan may have more restrictive repayments, for example, you may not be able to repay the loan early without penalty.
  • Fees. Personal loans come with both upfront and ongoing fees, so compare these as well as they will contribute to the cost of the loan. Check for upfront and ongoing fees and look at the comparison rate to get an idea of the true cost of the loan.
  • 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. See if you’re able to make weekly, fortnightly or monthly repayments and if these will line up with your pay frequency. You should also note your ability to make additional repayments.
  • The lender. The actual lender you’re borrowing from should factor into your decision, as this is a business 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 a few third-party customer reviews of the lender online.

How to improve your chance 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.
  • Consider alternatives. There is a range of alternative loan options 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.
  • Borrow a lower amount. You should only borrow as much as you need and that you 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 file, and too many applications in a short space of time may appear irresponsible.

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 click ‘Go to Site’ to be redirected through to the lender’s online application form.


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Personal Loan Offers

Important Information*
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile.
Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.

Citi Personal Loan Plus

You'll receive a variable rate between 8.99% p.a. and 17.99% p.a. (9.96% p.a. to 18.91% p.a. comparison rate) based on your risk profile
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 12.45% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

RateSetter Unsecured Personal Loan - 3yr Fixed

You'll receive a fixed rate from 8.11% p.a. based on your risk profile
A flexible loan with amounts from $2,001 and terms starting from 6 months. Interest and comparison rates calculated for a loan term of 3 years.

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6 Responses

  1. Default Gravatar
    JodiMay 8, 2017

    Single now was doing well but things have got hard with having a son with alot of health problems and looking to find a better loan for my car as im paying $400 a forenight and a few little bills that i keep put off and with the cost of living going up, just need a helping hand to put me on the right path.

    • finder Customer Care
      HaroldMay 8, 2017Staff

      Hi Jodi,

      Thank you for your inquiry.

      With Personal Loans for Single Parents, 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.com.au. Once you’ve found a loan that you want to apply for, review the application requirements and click ‘Go to Site’ to be redirected through to the lender’s online application form.

      I hope this information has helped.

      Cheers,
      Harold

  2. Default Gravatar
    PriscillaMarch 13, 2016

    Hi I work part-time I am a certified massage therapist I work out of my house I just recently lost my job with Home Depot so I only have my self employed right now I am a single parent with 3 kids to provide for I am a little behind on one or two payments and I just need help financially so that way I don’t lose everything that i worked hard for.looking for a company that will loan me money and I can pay in payments over time

    • finder Customer Care
      ElizabethMarch 14, 2016Staff

      Hi Priscilla,

      You might want to consider some of the low doc personal loans on this page that are designed for self-employed applicants, or if these loan amounts are too much, there are also payday loans you can consider. Alternative financial solutions can also be found on this page and if you’re looking for personal advice you can consider calling the free financial counselling service on 1800 007 007.

      I hope this information will be of use.

      Thanks,

      Elizabeth

  3. Default Gravatar
    August 21, 2015

    I’m a single mum of a 8 month old and a 2 yr old I’m on a parenting payment in and benifits. I have had a bad past where my ex has left bad credit on my file. I’m looking to start again as I had to sell my car for my father’s funeral as well as taken out some small time loans coz no one would help me. I’m looking for a personal loan to buy a second hand car as I really need and to put all my bills in one payment with a little bit to spare can u plz help me I’m as far down as I can go and I would love for something to go right. No matter how hard I try I can’t seem to be the best I know I can be. It is cheap to buy a house then rent. Anything anything at all. Can u help me

    • finder Customer Care
      ElizabethAugust 21, 2015Staff

      Hi Sarah,

      Thanks for your question and sorry to hear about your situation.

      You might want to take a look at this page that provides a guide on borrowing when you’re unemployed, towards the bottom of the page is also a list of alternative loan options you might want to consider that include no and low interest loans schemes. We cannot offer any personal advice but you can get free financial advice by calling the Free Financial Counselling hotline on 1800 007 007.

      I hope this has helped.

      Thanks,

      Elizabeth

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