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Loan Types
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Personal Loans for Single Parents
Are you a single parent? Find out what your personal loan options are and how to maximise your chances of getting approved.
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When you’re a single parent, trying to get a personal loan can seem like an uphill battle. The demands of parenthood usually mean that money for car or home repairs, a bond or unexpected circumstances can't wait, but the eligibility criteria for many loans can be difficult to meet on a sole income.
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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.
What's in this guide?
Plenti Fixed Rate Personal Loan
Plenti Fixed Rate Personal Loan
From
5.99 %
p.a.
fixed rate
From
6.27 %
p.a.
comparison rate
- Get a personalised comparison rate based on your credit score
100% confidential application
Plenti Fixed Rate Personal Loan
Plenti offers this unsecured personal loan with a fixed or variable rate. Receive a tailored interest rate from 5.99% p.a. based on your risk profile.
- Interest rate from: 5.99% p.a.
- Comparison rate: 6.27% p.a.
- Interest rate type: Fixed
- Application fee: From $99 to $499
- Minimum loan amount: $2,001
- Maximum loan amount: $50,000
Compare a range of personal loans for single parents
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?
| Lender | Minimum income required | Review the loan |
|---|---|---|
| Cash Converters | $300 per week | Review |
| Cash Train | $1,200 per month | Review |
| ClearLoans | No minimum | Review |
| Fair Go Finance | $500 per week | Review |
| MoneyMe | No minimum | Review |
| MoneySpot | No minimum | Review |
| Nimble | No minimum | Review |
| Speckle | $22,000 p.a. | Review |
| Swoosh Finance | $300 per week | Review |
| Sunshine Loans | $300 per week | Review |
| Wallet Wizard | No minimum | Review |
| Lender | Minimum income required | Review the loan |
|---|---|---|
| ANZ | $15,000 p.a. | Review |
| Bankwest | $20,000 p.a. | Review |
| Bank of Melbourne | No minimum | Review |
| BankSA | No minimum | Review |
| bcu | No minimum | Review |
| Bendigo Bank | No minimum | Review |
| Citi | $40,000 p.a. | Review |
| CommBank | No minimum | Review |
| CUA | No minimum | Review |
| IMB | No minimum | Review |
| Latitude | $24,000 p.a. | Review |
| ME Bank | No minimum | Review |
| NAB | No minimum | Review |
| Plenti | No minimum | Review |
| RACQ | No minimum | Review |
| RACV | No minimum | Review |
| SocietyOne | $30,000 p.a. | Review |
| St.George | No minimum | Review |
| Westpac | No minimum | Review |
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.
Picture: Shutterstock
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Ask an Expert
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.
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
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
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
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
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