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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.

Looking for personal loans for pensioners? Search no more, find them with us today!

Lenders offering loans for pensioners can be hard to find.

Are you a pensioner? Are you wondering if it’ll ever be possible to find lenders offering personal loans for pensioners? Well, we’re here to tell you that you can (with a little help from us). We’ll help find lenders offering loans of up to $5,000.

We know just as well as anyone that unexpected expenses pop up and you make life that much more difficult. What’s even more difficult, is finding someone willing to lend us a dollar-shaped hand in these situations. Personal Loan Pal is here to tell you that you can set your worries aside, because we work with a number of lenders who offer fast cash loans for pensioners.

There are many lenders out there who will lend to pensioners, you just need to know where to go to find them. With us you can apply just once – we’ll take care of all the confusing stuff. Once we’ve gotten your details we’ll create you an application that’ll paint you in the best light. We will then try match your application with available lenders who may be able to provide you with the loan you’re looking for.

It is true that it can be more difficult to finding lenders offering personal loans for pensioners. However, we’ve been doing this for a long time, and can guide you through the process step by step. Before we can do that though, we’ll quickly just go over a few of the basics of finding you a lender.

loans for pensioners

Are lenders offering loans for pensioners?

There sure are! There are certain lenders who will provide personal loans for pensioners. There are a few requirements these lenders will need you to meet but, once you satisfy these, they may be willing to provide you with a loan.

Can pensioners get loans with bad credit?

Yes, they can. We try and work with lenders who are less concerned with your past discrepancies, and look more at your current relationship with money. While many of the lenders we work with will perform a credit check, do not let this throw you off. If they see you are responsible with your money, they will be open to providing you with a personal loan.

What do you need to apply?

Each lender will have their own eligibility requirements, but there are a few that are pretty industry standard. They are:

  • At least 18-years of age (so no problem there);
  • Have a regular income going into a personal bank account;
  • Be an Australian citizen or permanent resident;
  • Have an Australian contact number.

Once we’ve matched you with an available lender, you will probably be asked to provide proof of these requirements. You may need to provide a copy of an Australian ID, whether it’s a driver’s licence or passport. In addition, you may need to provide a copy of your Centrelink income statement to show that you have regular income coming into your account.

What to look out for when finding lenders offering loans for pensioners:

Before you start looking for a lender, there a few important things to keep an eye out for. We stress our customers to always research the fees and charges associated with getting a loan.

If you deal with a responsible lender, they will be very clear and upfront about what the charges are. This is important because you need to know exactly what the loan is going to cost you, and how long it is going to take to repay it.

They will also outline when the repayments need to be made by avoiding any unnecessary penalty fees for late payments or direct debit dishonours.

The other important thing to remember is to factor the loan repayment amounts into your budget. This way you won’t be borrowing more than you can afford to repay.

However, don’t stress too much. We try and only work with lenders who adhere to responsible lending practices. Responsible lenders will assess your financial situation, and only lend you an amount you can afford to pay back.

Another thing to be careful of are loan scams. This is more likely to happen if a lender approaches you, rather than you contacting them. This can be done over the phone or via email. They can take your financial details and steal your money. Make sure you don’t give your personal banking details out to anyone other than the personal loan provider you’re paired with – not even us – and be wary of anyone who asks for payment in a strange way, like as a gift card or cash delivery.

What can short-term loans for pensioners be used for?

Personal Loans are generally used for personal expenses that are specific to the individual. These expenses are often unexpected and outside of your living budget. It can, therefore, be quite stressful when this type of unexpected payment pops up.

These expenses can be anything from medical expenses, dental expenses, household items to renovations or car repairs. Literally anything that you need to buy that lies outside of your budget, you can use a personal loan for.

What other options are available to pensioners?

If you are in a financially difficult situation and not comfortable delving into cash loans for pensioners, there may be some other options available to you. This can be either with the government or through some not-for-profit organisations. We’ve outlined a few of these options below:

Centrelink’s Cash Advance

There is something that Centrelink offers called a Centrelink cash advance. It means that you receive some of your income support earlier. This may be a feasible option for you. Each six month you are able to advance one high amount of your income support, or two smaller amounts, or three of the lowest amounts.

If you are single, you can receive a minimum amount of $419.40 and a maximum amount of $1,258.20. If you are a couple you can receive a minimum amount of $316.15 and a maximum amount of $948.45.

To apply for a Centrelink cash advance, apply through the Centrelink website or express plus mobile app.

To find out more visit the Human Services website.

Another option that may be available to you is the pensioners loan scheme.

Pensioner Loans Scheme: This allows you to obtain income that is tied up in your assets.

To find out more visit the Human Services website.

Not-for-profit organisations

There are a few not-for-profit organisations out there, which exist for the purpose of assisting pensioners to get loans. They generally charge no fees on these loans. They offer personal loans for pensioners in difficult situations, where unexpected occurrence pop up. These are generally for some of the same situations as mentioned above.

Here are some extra options that exist for personal loans for pensioners:

No Interest Loan Schemes (NILS): Only those on Centrelink are eligible which therefore includes pensioners.

Good money: Is a partnership between Goodshepherd Microfinance, State Governments and NAB.

Salvation army: The salvation army even provide personal loans for pensioners in need of them.

The quick and easy loan option – instant cash loans for pensioners

So, now you know that it is possible to get personal loans for pensioners. There are many lenders who provide loans to pensioners, you just need to know what to look for.

Luckily, if you come to us you can find out what lenders provide personal loans to pensioners and at exactly what costs. Visit our application form and let us take a look at which credit providers will be able to get you the cash you need.

This is an incredibly useful tool as you do not need to do all the research yourself. We have already done it for you.

Just make sure that, once the loan provider we pair you up with has contacted you, they do a full assessment and tell you exactly what you will repay every month, fortnight or week, and how long you will need to pay it for.

Finally, you also know that there are a few governmental programs that help pensioners get personal loans. So, if you really have trouble getting a loan anywhere else you know that there are a few options out there for you.

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