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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.
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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.
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.
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 |
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.
There are a number of important factors to consider when comparing your personal loan options. These include:
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.
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.
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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Need an owner-occupier home loan? Compare rates, understand home owner tax rules and more.
Pepper Money is an Aussie non-bank lender that offers a vast range of personal loans and home loans to customers Australia-wide. Find out more here.
Find out more about Handypay's personal loans for home improvements. Personalised rates start from 6.75% p.a. on terms from 1 to 7 years.
Take advantage of a 0% balance transfer offer for 30 months and a discounted annual fee for the first year with this Citi Rewards credit card offer.
Find out more about Pepper Money's no fee personal loan and benefit from a competitive rate from 6.95% p.a., zero fees and loan terms of up to 7 years.
Looking to renovate your home? Find out more about Brighte's personal loan for home improvements and ways in which it may be able to benefit you.
The Special Fixed Home Loan from Endeavour Mutual Bank is a fixed rate mortgage for owner-occupiers and investors.
The Special Fixed Home Loan from Sydney Mutual Bank is a fixed rate mortgage for owner-occupiers and investors. Available with a 5% deposit.
The Fixed Home Loan from Hunter United is a fixed rate loan with options for home buyers and investors.
Diners Club isn’t as widely accepted as other cards, but you can still earn 1 Qantas Point per $1 at major retailers with this card.
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