Home > Loans for Centrelink customers with bad credit
Loans for Centrelink customers with bad credit
Apply for up to $10,000 with Jacaranda
If you’re on Centrelink but your payments won’t cover unexpected bills or big events, we may be able to help. It can be hard to find a lender when receiving government benefits but with a bad credit rating, it can be even harder. At Jacaranda Finance, we provide loans for Centrelink customers with bad credit. While other lenders may say no to people on Centrelink with a bad credit rating, we give everyone a fair go! We know your struggle and offer you a quick online application process that won’t leave you waiting for long. Most people even receive their outcome in only 60 minutes.* So why not see how we could help you today?
Does Jacaranda offer loans for Centrelink customers with bad credit?
Yes, we do! We offer loans for Centrelink customers and we offer loans to people with bad credit. First of all, we may consider Centrelink payments as a regular income. What matters to us is consistent cash flow to your bank account that guarantees you will be able to repay your loan. Therefore, we won’t discriminate against anyone on Centrelink and will consider every application carefully. So, you are more than welcome to apply if you meet our other requirements.
While we will perform a credit check, we promise that’s not all we will look at. We care that our loans are suitable and affordable for you. Therefore, your current financial situation is much more important and we can leave your financial history where it belongs – the past.
Why do you offer loans for people with bad credit?
Because we care! At Jacaranda, we think everyone deserves a fair go no matter their circumstances. Everyone experiences financial ups and downs in life and if you just need a little stress relief a small personal loan can make all the difference. We can offer loans for Centrelink customers with bad credit because we believe in equal chances to access personal finances. A bad credit rating may come from a poor decision you made in the past but we all learn from our mistakes. What we care about is your present ability to repay your loans. That’s why we encourage applicants who receive Centrelink payments and have a bad credit rating to at least give us a try. You will know your outcome quickly, so why not find out if we can help you today?
Requirements for a personal loan
While we want to make our personal loans accessible to as many people as possible, you do have to fulfil a few requirements to be eligible for a personal loan:
- Be at least 18 years old;
- Have an active mobile phone number and email address;
- Be an Australian citizen or permanent resident;
- Have an online banking account;
- Have a history of at least 3 months of income on your bank account.
In this case, Centrelink payments will be seen as a regular income. If this applies to you, congratulations, you may be eligible for a personal loan! However, we assess everyone’s financial situation individually. We believe in responsible lending practices and won’t let you borrow money that you won’t be able to repay.
Loans for Centrelink customers with bad credit
Sometimes it can be hard to find a lender when you receive government benefits. As a Centrelink customer, there are still multiple loan options available to you. If you find yourself in a sticky financial situation, we would recommend you seek advice from a free financial counsellor before taking on extra debt.
Depending on which payments you receive, you may be eligible for Centrelink advance payments. Advance payments are interest-free and can be repaid with future Centrelink payments. Head over to the Department of Human Services to find out if you meet the criteria.
A personal loan may be another good option for short-term financial relief when you need it the most. We could treat your Centrelink payments like a regular income. Therefore, you just have to check if you meet the other requirements before applying.
Our loans for Centrelink customers with bad credit will spare you from waiting in a queue filling in paperwork. The application process is 100% online and can be done at any time of the day. Simply submit an application and receive an outcome within 60 minutes.* It’s as easy as that.
How much are loans for Centrelink customers with bad credit?
Costs for a loan are depending on how much money you want to borrow and how long for. At Jacaranda, we offer small, medium, and large personal loans that come with different conditions. If you want to get a feel for interest rates and loan repayments, head over to our loan calculator at the top of this pay to work out repayment rates and durations. If you want a better overview of costs, head over to our costs page. Transparency is important to us. You can find our rates stated on our website and in your loan contract. We won’t charge any early payout fees or hidden extra costs. However, missing a payment may add a penalty fee onto your loan sum.
How can I apply for a personal loan?
You will be happy to hear that our application process is super easy. Most people submit their applications within only a few minutes. Our application process is 100% online, therefore, you won’t have to leave the comfort of your house and can apply any time of the day any day of the week. Simply follow these three steps:
Step one: Apply online.
This should only take you a few minutes. You can speed up the process by having this information handy for the application:
- Personal information such as date of birth, address etc.
- A reason for your application;
- Login details to your online banking;
- Your MyGov details (if you receive Centrelink payments or other Government benefits);
- Alternatively your employment details.
If you get stuck at any time, our lovely customer service team is happy to troubleshoot your problem.
Step two: We assess your application.
Once you submit your application, it gets busy for us. Our team assesses your application by using the newest and best safe banking technology to understand your financial situation. Many people receive their outcome within 60 minutes. However, some individual assessments may require more time. If you apply outside of our business hours, you may only receive your outcome the next morning.
Step three: Receive your funds.
We love happy customers. That’s why we want to let you know as quickly as possible what the outcome of your application is. If approved, we will transfer the funds to your nominated bank account soon after receiving your signed loan contract. How long it takes to show up in your balance may depend on your banking provider. If your bank has NPP-enabled payments though, the cash could be in your account within 60 seconds!**
What loan types can I apply for?
At Jacaranda, we offer three different types of personal loans: small, medium, and large loans. They range from $300 to $10,000.
Small Personal Loans
Jacaranda small personal loans range from $300 to $2,500 and can be repaid over a period of 12 months. They are unsecured and may provide the financial booster that you need to get back on track.
Medium Personal Loans
Our medium personal loans range from $2,500 to $4,600 and are meant for bigger purchases and events. Repayments will be arranged over a period of 13 to 24 months. Our medium-sized loans are secured loans which means security must be attached to your application. This could be in the form of a vehicle like a car, a boat or a motorbike.
Large Personal Loans
Large personal loans range from $5,000 to $10,000 and repayment periods vary between 13 and 24 months. Like medium personal loans, you will have to provide security against large loans.
What if my application doesn’t get approved?
You shouldn’t let this concern keep you from applying. If we can’t help you there is still a chance another lender may be able to give you a loan. We will let you know as quickly as possible if you don’t meet the requirements or if we can’t give you a loan for another reason. However, if we think your application may be a better fit for another lender, we can recommend you to them and they will get in touch with you directly. And don’t worry, of course, we will treat your data confidentially.
What happens if I miss a payment?
Sometimes, personal situations are unpredictable. If you know you are going to miss a payment, you should get in touch as early as possible. Our team may be able to work out a solution with you. If we don’t hear from you and you simply miss a payment, a penalty fee may be added to your current loan amount. But of course, this will all be stated in your loan contract.
Why do you need my online banking details?
We use your banking details to access a read-only copy of your bank statements. This helps us to assess your financial situation quickly and thoroughly and spares you from providing every single detail about your spendings. We use the newest and safest technology and take your data security very seriously. At no time will anyone be able to access your account directly and make any changes.
Looking for loans for Centrelink customers with bad credit can be challenging. Which lender should you go for and who gives you the best deal? Let us tell you why Jacaranda is amazing:
We are responsible lenders. Our processes assure that we won’t lend you money that you can’t repay.
We value transparency. All costs and fees associated with your loan will be clearly stated in your loan contract. Additionally, you can find our current rates on our costs page.
We want to make personal finance accessible to anyone. That’s why we offer personal loans for Centrelink customers with bad credit, pensioners, students, and any other Australian who needs quick financial help.
We are digital but only a click away. Our application process is completely online. However, we won’t leave you alone. If you need to talk to someone, have any questions or suggestions, our customer service is always happy to help.
Do you have any questions?
If you have any further questions about loans for Centrelink customers with bad credit, either head over to our FAQ page or send us a message. If you prefer to speak in person, you can give us a call during business hours. Please note that we can’t take applications over the phone but we are more than happy to help if you are struggling with the application process.
Become part of the Jacaranda family!
We treat every customer like a friend – and we can’t wait to meet you. If you are ready to apply, what are you waiting for? Submit your application today and you could receive your funds in no time!
*Subject to when you submit your application
**Most approved applicants have their money in their bank account and ready to use within 60 seconds once they have accepted their digital contract.