Personal Loans for Single Parents

You need to earn at least $300 per week to be eligible for a single parent loan.

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Personal loans and short terms loans are options available to single parents. If you have an income over $40,000 p.a. and a decent credit score a personal loan can be a helpful option. If you're going through financial hardship or your credit score isn't great, a short-term loan may be a better option. Although short-term loans can have much higher interest rates and fees compared to personal loans since lenders view these loans as riskier.

Struggling financially? Make sure to compare payday loan alternatives before applying.

Single parent mother and two children

OurMoneyMarket Personal Loan

OurMoneyMarket Personal Loan

From

5.45 % p.a.

fixed rate

From

6.07 % p.a.

comparison rate

  • Personalised fixed rate
  • Flexible payment options
  • Fast online application
Security Logo

100% confidential application

OurMoneyMarket Personal Loan

Apply personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

  • Interest rate from: 5.45% p.a.
  • Comparison rate: 6.07% p.a.
  • Interest rate type: Fixed
  • Application fee: From $250 to $450
  • Minimum loan amount: $2,001
  • Maximum loan amount: $75,000
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Compare a range of personal loans for single parents

$
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
OurMoneyMarket Personal Loan

From 5.45% (fixed)
6.07%
$2,001
1 to 7 years
From $250 to $450
$0
You'll receive a fixed rate from 5.45% 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.
Plenti Personal Loan

From 6.39% (fixed)
6.39%
$2,001
3 to 7 years
$0 to $999
$0
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.
Alex Bank Personal Loan

From 5.45% (fixed)
5.45%
$2,100
6 months to 5 years
$0 (Waived $295 establishment fee)
$0
You'll receive a fixed interest rate from 5.45% 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 11 August 2021.
Harmoney Unsecured Personal Loan

From 5.35% (fixed)
6.14%
$2,000
3 to 5 years
$575 ($275 for loans of below $5,000)
$0
You'll receive a fixed rate between 5.35% p.a. and 19.09% 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.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
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
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
Citi Personal Loan Plus
8.90% (variable)
9.18%
$5,000
3 to 5 years
$199
$0
You'll receive a guaranteed rate of 8.90% p.a. with a comparison rate of 9.18% p.a. if you're approved. Note: This rate may vary during the loan term.
A credit limit up to $75,000 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. The interest rate doesn’t change based on your risk profile, so you know your rate before you apply.
NOW Finance No Fee Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
18 months to 7 years
No Establishment Fee
$0
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: Apply and settle a NOW Finance debt consolidation loan via Finder by 30 September 2021 for your chance to win $2000 paid off your debt. T&Cs apply.
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

You'll receive a variable rate from 5.75% p.a. to 25.99% p.a.

Borrow up to $50,000 and earn 1 Qantas Point for every $1 borrowed.

⭐Special Offer: Earn up to 50,000 Qantas Points with a personal loan from Symple.
ANZ Fixed Rate Personal Loan
8.99% (fixed)
9.88%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 8.99% p.a. with a comparison rate of 9.88% p.a. if you're approved.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

⭐Special Offer: Secure a reduced interest rate of 8.99% p.a. for a limited time only. Apply for up to $50,000 to use for a variety of purposes without needing to add security.
SocietyOne Unsecured Personal Loan

From 5.95% (fixed)
5.95%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 5.95% 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.
Wisr Personal Loan

From 6.49% (fixed)
6.76%
$5,000
3 to 7 years
$195
$0
You'll receive a fixed rate between 6.49% p.a. and 20.95% 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.

⭐Special Offer: Wisr's standard establishment fee $595 will be reduced to $195 for applications submitted through Finder. T&Cs apply.
Heritage Bank Fixed Personal Loan
7.99% (fixed)
8.62%
$5,000
1 to 7 years
$200
$5
Choose a fixed rate loan and receive a comparison rate of 8.62% p.a.
Fixed rate loans are available up to $100,000 on terms from 1 to 7 years.
Great Southern Bank Unsecured Fixed Rate Personal Loan
9.39% (fixed)
9.64%
$5,000
1 to 7 years
$175
$0
You'll receive a guaranteed rate of 9.39% p.a. with a comparison rate of 9.64% p.a. if you're approved.
An unsecured loan from $5,000 with flexible repayments and no monthly fee.
Plenti Variable Rate Personal Loan

From 6.39% (variable)
6.39%
$2,001
1 to 3 years
$0 to $999
$0
You'll receive a variable rate from 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 12 months. Benefit from transparent costs and a rate estimate before you apply.
NAB Personal Loan Unsecured Variable Rate

From 6.99% (variable)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a variable 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
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
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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?

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$22,000 p.a.Review
Swoosh Finance$300 per weekReview
Sunshine Loans$300 per weekReview
Wallet WizardNo minimumReview
LenderMinimum income requiredReview the loan
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
PlentiNo minimumReview
RACQNo minimumReview
RACVNo 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 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.

Single parent father applying for a personal loan

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.


Picture: Shutterstock

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  • Great Southern Bank Fixed Rate Car Loan

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  • Great Southern Bank Variable Rate Personal Loan

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Personal Loan Offers

Important Information*
Logo for Harmoney Unsecured Personal Loan
Harmoney Unsecured Personal Loan

You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.

Logo for ANZ Fixed Rate Personal Loan
ANZ Fixed Rate Personal Loan

You'll receive a fixed rate of 8.99% 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.

Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

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.

Logo for SocietyOne Unsecured Personal Loan
SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 6.99% p.a. and 20.49% 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.

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6 Responses

    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.

      Avatarfinder 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

    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

    Default Gravatar
    sarahAugust 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

      Avatarfinder 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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