Post by Banjo on Jul 21, 2012 4:52:56 GMT 7
If you are on Centrelink or Newstart getting a personal loan can have its challenges. Most mainstream lenders or banks have very strong lending criteria which can make things difficult for borrowers whom don't have a fulltime job and good credit.
Generally it's the payday loan operations or similar businesses that will provide loans to individuals with irregular income or bad credit. In certain instances these types of service may benefit the borrower, but in many cases, they end up in a worse of position. The charges and fees for these types of loans are generally very high. In addition, if you miss your repayment, expect to be slugged with a very high fee and increased interest rate.
If you are in need of a personal loan and rely solely on Centrelink or Newstart for an income, there are options available to you albeit not as many as if you had a job. Below are a range of options which will help you access funds based on having Centrelink or Newstart as your sole method of income.
StepUP - Is a program that allows for small personal loans up to $3000. These loans come with a low fixed rate and have no fees or charges attached to them. These loans are typically for everyday living needs, such as a second hand car, household goods (fridge, washer, dryer, etc), medical treatments, etc.
Centrelink - Current users of Centrelink may be unaware of low income concession cards. This is for a lesser amount than above but can help with certain circumstances.
Community initiatives - In certain states and cities, there are different types of non-profits or community centres that may provide local residence with micro loans to help with different financial troubles. One good place to start is with your local non-profit financial counsellor, they may be able to provide you with more assistance, beyond a loan.
Visit www.financialcounsellingaustralia.org.au/Corporate/Find-a-Counsellor
In addition to the limited options above learn about other ways to improve your financial situation and earn or save more money. Learn how to make money online or read about other ways to help you make money beyond the internet.
simplelivingaustralia.com.au/loans-people-centrelink-newstart/
Generally it's the payday loan operations or similar businesses that will provide loans to individuals with irregular income or bad credit. In certain instances these types of service may benefit the borrower, but in many cases, they end up in a worse of position. The charges and fees for these types of loans are generally very high. In addition, if you miss your repayment, expect to be slugged with a very high fee and increased interest rate.
If you are in need of a personal loan and rely solely on Centrelink or Newstart for an income, there are options available to you albeit not as many as if you had a job. Below are a range of options which will help you access funds based on having Centrelink or Newstart as your sole method of income.
StepUP - Is a program that allows for small personal loans up to $3000. These loans come with a low fixed rate and have no fees or charges attached to them. These loans are typically for everyday living needs, such as a second hand car, household goods (fridge, washer, dryer, etc), medical treatments, etc.
Centrelink - Current users of Centrelink may be unaware of low income concession cards. This is for a lesser amount than above but can help with certain circumstances.
Community initiatives - In certain states and cities, there are different types of non-profits or community centres that may provide local residence with micro loans to help with different financial troubles. One good place to start is with your local non-profit financial counsellor, they may be able to provide you with more assistance, beyond a loan.
Visit www.financialcounsellingaustralia.org.au/Corporate/Find-a-Counsellor
In addition to the limited options above learn about other ways to improve your financial situation and earn or save more money. Learn how to make money online or read about other ways to help you make money beyond the internet.
simplelivingaustralia.com.au/loans-people-centrelink-newstart/
