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The maximum you will be charged is a 20% Establishment Fee and a 4% Monthly Fee. Under the current legislation lenders do not charge an annual monthly interest rate for our Small Amount Credit Contracts. You may know this as Annual Percentage Rate or APR(%). Click here to see a worked example.

The Annual Percentage Rate for Secured Medium Loans is 48%. Comparison Rate is 67.41% p.a. This comparison rate is based on a Medium Amount Credit Contract for an amount of $2,500 over 2 years and a $400 establishment fee. Fees and charges are payable. Click here to see a worked example.

The Interest Rate for Secured Large Amount Loans is 21.24%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Received a Centrelink Cash Advance And Need A Lender? Apply With Personal Loan Pal!

A Centrelink cash advance is a form of advanced payment that can be accessed by Centrelink recipients. Those in need of other finance options might be interested in personal loans up to $5,000. They feature different costs and can be secured or unsecured depending on the loan amount, with maximum repayment periods of 24 months.

If you receive Centrelink payments and require access to funds, you have a number of options available to you. We can help you find lenders who, even if you’ve received a Centrelink cash advance, may be able to provide you with a personal loan. Keep reading – there’s some juicy info down below.

centrelink-cash-advance

Do lenders offer personal loans for people who have received a Centrelink cash advance?

Sometimes the unexpected happens and you need access to funds fast. If you are receiving Centrelink payments, finding lender willing to offer you personal finance may seem a daunting task. But don’t worry, Personal Loan Pal works with lenders who are open to offering you a personal loan.

What is a personal loan?

A personal loan is typically a small loan which is used to finance personal items like white goods, renovations to the home, vehicle repairs, vacations and any other unexpected bills. It has a much shorter loan term than a mortgage and are generally easier to qualify for.

I’ve previously received a Centrelink cash advance, are you still able to try find me a lender?

Yes, we can! We work with lenders who know how difficult it is to be on Centrelink and have unexpected expenses to cover. Let’s be real, cars never break down when you’ve got heaps of spare cash, do they? What makes things worse is often people receiving Centrelink payments are considered risky borrowers by traditional lenders.

Although there are some people who take advantage of the benefit scheme – this is not true about everyone! We try only associate ourselves with lenders who understand how the world works. They know that sometimes you can get laid off from a job because the company has closed, or your contract has ended, leaving you without any other options.

Centrelink serves the purpose of helping to support people and to get them back on their feet. However, it can be very difficult to find lenders willing to help with unexpected expenses.

Here at Personal Loan Pal, we try find you lenders that look for reasons to say ‘YES!’, rather that looking for reasons to say ‘NO’.

Who receiving a Centrelink cash advance, do lenders deem eligible for personal loans?

For most lenders, this is dependent on what type of Centrelink you receive. For example, if you are a pensioner, carer, disability pensioner or receiving foster care allowances, you’ll need to have a secondary form of income to be considered for a loan.

People receiving a child support income must provide supporting documentation for their loan application. This will include a Family Law Court Order, bank statements showing their child support payment history, as well as a letter from a solicitor and Child Support Agency.

You may also be accepted for a personal loan if you are receiving pensions from one the following countries: Austria, Belgium, Canada, Chile, Croatia, Cyprus, Denmark, Finland, Germany, Greece, Ireland, Italy, Japan, Korea Republic, Malta, Netherlands, New Zealand, Norway, Poland, Portugal, Slovenia, Spain, Switzerland or the United States of America.

Who is not eligible for a personal loan if they have received a Centrelink cash advance?

There are a few conditions which may impact your likelihood of being accepted for a personal loan if you have previously received a Centrelink cash advance. It is important to know these so that, if you do lodge an application through us, you won’t be disappointed.

You are not likely to receive a personal loan if you are repaying a Centrelink cash advance from more than 12-months ago. You may also be deemed ineligible if you owe a debt to the Australian government, can’t afford to pay within 6-months or are living outside of Australia.

However, there is an exception for those receiving a widow pension, wife pension, age pension, carer pension or disability support pension. We could help you find a personal loan lender if you:

• Receive at least $400 a week or $800 a fortnight into a personal account from Centrelink;
• Are an Australian citizen;
• Are over 18-years of age.

What if I’m currently receiving Centrelink?

The answer is yes, there are certain financial lenders that will give loans to people on Centrelink. If you are unable to receive a personal loan for people who have previously received a Centrelink cash advance, you may still be able to receive a loan for Centrelink customers. In some situations, lenders will have certain conditions that will determine your eligibility.

Do you find lenders offering low-interest personal loans?

People on low incomes may have access to a No Interest Loans Scheme (NILS). This scheme provides people with low incomes access to credit with low-interest rates. People can apply for loans between $300 and $1,200, which can be repaid over 12 to 18-months without interest charges and fees.

This loan can be used to purchase household items, health care items or for car repairs (only for people who have little access to public transport). The scheme is available to those who have a Centrelink healthcare card or pension card.

Source: MoneySmart

How do you find a lender offering cash advance for people receiving Centrelink?

Well, you could spend some time browsing the internet and comparing the different cash advance loan options available to you. You could visit sites like Good Shepherd Micro-Finance or Good Money – in fact, to help you out we’ve given you some extra information about them below. Or you could apply right here, and let us take care of the rest.

Make sure you visit our How It Works page to find out how you can apply for a loan right here. No calls, no lengthy comparisons, just a quick application form and you’re good to go.

Step Up Loan

There are some organisations that provide low-interest loans for Centrelink customers. One organisation called Good Shepherd Micro-Finance operates the Step-Up Loan. They provide loans for people with low incomes and have difficulty accessing credit from the banks.

With them you can apply for a loan between $800 – $3000 which can be paid back over 3-years with no fees. They are a non-for-profit that helps people to get on their feet.

Good Money

Good money is another organisation that provides loans for people on Centrelink. They offer loans to help purchase household items, car repairs, education expenses and medical expenses.

To apply for a loan with them simply fill out their online enquiry form. Then you will be invited for a face-to-face interview where you will be required to provide your paperwork. Your application will be assessed and then you will be informed of your outcome.

Right here, right now!

Here at Personal Loan Pal, we find lenders who can offer personal loans to people who have previously received a Centrelink cash advance. If you just meet our basic eligbility criteria to use your service, you can apply online in just a few minutes. We’ll sift through the dodgy institutions and try match you with a lender who may be able to help. Ready to get started? Simply scroll up to the top of this page and let’s begin.

More information

There are other resources available to you if you are struggling financially. For instance, there are community helplines that help you connect to a financial counsellor. They have a simple step-by-step guide to explain how to fix debt problems.

When you are receiving Centrelink payments and need access to funds, it is good to know that you have a few options and support networks available to you. You could apply for a cash advance for people receiving Centrelink payments on the Personal Loan Pal website.

The other option is applying through a specialist not-for-profit lender. They offer low-interest loans for people with low incomes and have a lot of information and support available to you.

So, don’t worry, whatever your situation, there are many supportive avenues for you to take.

Disclaimer: Our suggestions are just suggestions. Whilst find lenders offering bad credit personal loans to those who meet our requirements, we aren’t financial advisors, planners, bankers or lawyers. We aren’t even a lender. Your decisions should always be based on your personal situation and thorough research backed up by the opinion of a professional or two.

Example of how small personal loans work

Loan amount

$200 minimum
$2,000 maximum

Costs

Most small personal loan providers charge up to 20% as an establishment fee upfront. You’ll then pay a 4% monthly fee.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %.

In APR terms, the maximum annual percentage rate on our loans between $300 and $2000 is 199.43%.

Terms

12
months minumum
12
months maximum

Example:

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate

Example of how medium secured personal loans work

Loan amount

$2,100 minimum
$4,600 maximum

Costs

Annual Percentage Rate (APR) is 48% Comparison rate is 67.41% p.a.

Terms

13
months minumum
24
months maximum

Example:

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate