Loan Requirements – A Simple Guide to Borrowing Money

Whether it’s a new car, business expenses or unexpected bills coming up, there might be a time when you need extra cash. But finding the right loan can be a lot of hassle: You need to borrow money immediately but you are stuck at work and may not have the time to compare rates and loan requirements for hours.

Loan Requirements

Luckily, life is easier with a Pal by your side – that’s what we are here for. We are your Personal Loan Pal and we do the hard work for you. If you fulfil the minimum requirements, we can help you find a lender for your purpose. And to make it even simpler, we collected everything you need to know about loans: Get all the information you need about loan qualification requirements and forget the boring paperwork. Our application process is fast and online, less hassle for you, more time for the important things in life.

The Personal Loan Pal mission

Putting yourself out there to find a good lender is hard but we’re in this together. All you need to do is fulfil the minimum criteria to apply and we will do our best to find you a lender. We make our applications as easy as possible, most people submit theirs within just a few minutes. If you’re interested in knowing more about us you can click here.

What are the requirements to apply for a loan?

Of course, every lender has their own loan requirements. But most companies want to make their application process fast and simple to encourage more people to apply for a loan. That’s why you won’t have to fulfil a long list of criteria to apply with us to find you a lender. Still, there are a few boxes that you will have to tick. We’ve listed them for you.
Depending on the loan you choose, your lender might have additional requirements.

Be at least 18 years old.

Most lenders require you to be at least 18 years old by the time you apply for a loan. There is a fair chance that you won’t be looking into loan requirements before that age anyway. However, it’s a lot easier to get a loan when you are a little older and have an existing credit history. If you just turned 18 and are looking for a loan, unsecured small personal loans might still be accessible to you.

Be an Australian citizen or permanent resident.

If you want to apply for any loan in Australia, your lender will ask for your address and proof of citizenship or permanent residency. Why is that in the loan requirements? Australian lenders want to ensure that their money is used in Australia. Therefore, most lenders will also require you to permanently live in Australia when applying for a loan.

Having an online banking account and income history.

Of course, any lender will care about your capability to repay your loan. Luckily, it’s easier than ever to assess someone’s financial abilities these days. Modern lenders have automated their process and will simply need access to your online banking account to get a quick overview of your current financial circumstances and your spending habits. To prove a steady cash flow, lenders will require you to have at least 90 days or 3 months of income history in your bank account. Additionally, some might still require you to send in bank statements.

Have an active phone number and email address.

We get it. It’s nerve-wracking to apply for a loan and of course, you want to know if you got approved ASAP. To give us and your future lender two contact options will make it easier to be in touch with you for additional questions or simply to refine the loan contract with you.
That’s why we ask you to provide two options for communication.

Secured and unsecured loans, what’s the difference?

When you look into small loan requirements, lenders often state that small loans are unsecured. That means your loan amount is small enough that you don’t have to attach any collateral to your application. On the contrary, secured loans require you to do that. Most lenders accept property or vehicles as security. Therefore, you could, for example, use a car, a boat or a motorcycle as collateral when applying for a secured loan.

How to find a lender with Personal Loan Pal?

Our application process won’t take you much time! Simply fill in the online application within a few minutes and we will do our best to match you with a suitable lender. All we need to know is how much money you would like to borrow and how long you would like to take to repay it.

1. Choose your loan amount.

Choose the amount of money that you need to borrow and how long you think you will need to pay it back.

2. Select your lender.

Within a few minutes, we will be able to present you with lenders that you can choose from. Depending on what loan you’re after there may be multiple options and you can simply choose the best fit.

3. Wait for your funds.

Once you’ve made your choice, you’ll have to accept the lender’s terms and conditions. Soon after, the money will be on your nominated account.

Are there any loans with no requirements at all?

In short, no. No one will give you access to funds without knowing a few things about you and your spending habits. Requirements are there to ensure that a loan is suitable and affordable for you. This provides some security for your lender, but also for you.

However, there are plenty of loans out there with very little requirements. Student loans would be one example. You may want to use a student loan for expenses on education and they normally don’t require a specific income or a specific credit score. They normally do require proof that you are enrolled in a course, how long your program is going to take or similar information. Other loans with very little requirements are small personal loans or loans for people on Centrelink.

You shouldn’t worry too much about loan requirements. As long as you meet the minimum criteria to apply with Personal Loan Pal, we will do our best to find you multiple options you are able to apply for.

Are there personal loans with no job requirements?

Yes, there are. Budgeting can be tricky, especially when you don’t have a job. Luckily, there are options out there for a personal loan without having a job. However, any lender will require a steady stream of income into your bank account to ensure that you will be able to repay your loan over the agreed period of time. But that doesn’t mean you have to have a secure job, some lenders also accept Centrelink payments and other Government benefits. Therefore, we highly encourage you to give it a shot and we will try and match you with a good fit for your needs. Additionally, you can check if you are eligible for Advance Payments. Personal loan requirements may vary depending on the lender, so there may still be some additional criteria to meet.

Can you get cash loans that don’t require a bank account?

Some people don’t like the idea of giving away their money to a bank. However, you will need a bank account if you want to apply for a loan. Your lender will need a place to send your funds to and in return an account to take money from once you start repaying. So you will need a bank account for the transactions, where you store your money afterwards is entirely up to you.

Payday loans no bank statement required – is it possible?

While it is possible to get a loan without providing any proof of income, it’s not very likely and will require a fair bit of research. Most lenders want to see your bank statements to ensure that you had money coming into your account over a certain period of time. However, some lenders may be willing to approve you for a title loan.
First of all, what the heck is a title loan? It’s a type of secured loan where the vehicle holder can use the vehicle title as collateral. The lender can place a lien on their car title and for the time of the loan, the borrower hands over the hard copy of their vehicle title. In exchange, they receive a certain amount of money. In this case, the lender will care about worth and condition of the car and may not need proof of income. Are there title loans that don’t require a car? No, a title loan requires you to attach a vehicle as collateral with your application.

Business Loan Requirements

Your business has been running for a while and you would like to invest in growth? Have you been typing “commercial business loan requirements” into Google with no success? Don’t you worry, Pal, we will do our best to match you with a good lender.

Getting a business loan is a little more tricky than getting a personal loan. The loan requirements may vary, depending on the lender but in all cases, there is a higher risk that you might not be able to repay your loan in time. Small business loan requirements may also vary from large business loan requirements as there may be a significant difference in the borrowed amount. Growing a business is not cheap, that’s why business loan application requirements might be a little stricter. So what are lenders looking for?

Your credit score

They may check your personal credit score and additionally, the credit score of your business. A good credit score can significantly improve your chances to get your business loan approved.

The age of your business

Most lenders will check the age of your business. It’s easier to get a loan approved if your business has a track record of at least 2 years. This may indicate that your business is already established in its market and chances are higher that it will do well in the future.

Which industry you’re in

Additionally, it’s easier in some sectors to get a loan. A lender may therefore also ask about your industry.

Your financial situation

Of course, a potential lender will assess your cash flow and income to determine whether you will be able to repay your business loan. Business debt is also a determining factor. Existing debt can lower your chances to get approved for a business loan.


Lastly, getting a business loan means borrowing a larger sum of money. Therefore, a lender will ask you to attach collateral to your application. Debt that is backed up by security is less risky for a lender, therefore, it will increase your chance of approval.

Car loan requirements

Buying a car can quickly turn into a big expense. Especially in rural areas, a car might be the only option to get around. Time is precious when your mobility is affected, that’s why a loan may provide the financial booster you need. So what is required to apply for a car loan (additionally to the previously stated minimum criteria)?

Proof of income and recent job details

Depending on the amount you are planning to borrow, lenders may want to see that you received a steady income for quite a while. If you are self-employed or don’t receive a consistent income, there may still be an option for you.

Your credit score

Lenders may check your credit score and it often determines which rates you’re offered. Having a good credit score will improve your chances to get a loan approved but some lenders still offer loan options if you have bad credit.

Land loan requirements

Land loans are used to buy a vacant block of land. They are often seen as riskier by the lender because regional land prices can fluctuate and it may take longer to resell the land if
Needed. Therefore, lenders may be less lenient in their lending practices.

Plans to build

Having plans to build a home on the purchased land may increase your chances for approval as it will increase its value.

A down payment

You may be expected to pay a certain percentage (up to 50%) of the property upfront before receiving your funds. However, there may be better options available for you.

Are you ready to apply or still confused by loan requirements?

Different loans come with a wide range of requirements and it’s hard to keep them all in mind. But don’t you worry Pal, we are here to help. If you have any questions about loan requirements, get in touch and we answer them as quickly as possible. You might also find an answer in our FAQ. Otherwise, just lean back and let us work our magic. We will do our best to find a lender where you’re a good fit for their criteria.