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Personal Loans for Pensioners
Personal Loans up to $10,000
Money in your bank account and ready to use in 60 seconds once approved*(1)
Quick and easy pensioner loans
Finding an unsecured personal loan for pensioners can be tricky. At Jacaranda Finance, we can provide quick loans even if you are receiving government benefits. While we cannot guarantee approval for our applications, we can always guarantee a fair assessment.
What are loans for pensioners?
Loans for pensioners are personal loans for people receiving government assistance in the form of a pension. We consider most government assistance regular income, so we may be able to approve you for a loan depending on how much you apply for and how much you receive.
At Jacaranda, we offer three tiers of personal loans: small loans, medium loans and large loans. Small loans are unsecured personal loans for pensioners, for an amount between $300 to $2,000. Medium loans and large loans are both secured personal loans for pensioners. What this means is that an asset is required as collateral to secure the loan. Medium loans can be any amount from $2,100 to $4,600 and large loans can range from anywhere between a $5,000 loan to a $10,000 loan. The repayment period of your loan will depend on the amount you are borrowing but ranges from 12 months to 24 months.
What are the pros and cons of loans for pensioners?
Personal loans for pensioners have both its pros and cons just like any other form of finance. One of the obvious advantages of taking out a personal loan is that it’s quick and convenient. Online lenders like Jacaranda Finance are able to offer quick decisions and even quicker payouts. These days, pensioners are able to access personal loans on the same day they apply.
Of course, with most forms of finance, there are fees and charges associated with taking out a loan. Personal loans have interest rates, which customers will need to pay back on top of their loan.
Am I eligible?
We like to keep things simple, so we only have a few eligibility requirements that need to be met by our applicants. Please ensure you can say ‘yes’ to the following:
- You’re at least 18 years old
- You have provable, consistent income into a personal account for the last 90 days
- You are an Australian citizen or Permanent Resident
- You have an active email address and mobile number
How do I apply?
Applying is easy with our 100% online, paperwork free application. All you need to do is follow the easy steps outlined below.
Step 1: Apply online
Hit the apply button at the top of this page to begin your application. Fill out the required fields to the best of your ability and when you’re done hit ‘Submit.’
Step 2: We assess your application
Once we receive your application, along with all the required supporting documents, we will begin processing it. If you apply within our business hours, we will aim to get back to you within 60 minutes* (depending on your situation, our processing time may vary).
Step 3: Review and sign your contract
If your application is approved, we will let you know immediately. We will send you through an electronic contract for you to review and sign. We recommend that you read your contract thoroughly to make yourself familiar with our terms and conditions, as well as any fees and charges that may apply. Once you’re happy, sign your contract and send it back to us.
Step 4: Get your cash!
Once we receive your contract, we will transfer your funds straight to your bank account. You could have the cash in your account in just 60 seconds!*
What about low interest personal loans for pensioners?
If you are on a limited income, you may be searching for low interest loans for pensioners in Australia to find the best deal. At Jacaranda, we do not claim to provide low interest loans; however, we can guarantee you a fair and reasonable interest rate on a personal loan. This rate will depend on how much you are looking to borrow as well as other factors like your credit score. If you would like more information, you can visit our ‘personal loan interest rates’ page.
I’m on a disability pension, can I still apply?
As long as you have had a consistent, provable income, then you can apply for a loan. If you’ve been receiving your disability support pension for at least 90 days, then you’ll be financially eligible to apply. We’ll look at your current finances to see if a fast cash loan is affordable and manageable for you.
Can I get a loan with bad credit?
At Jacaranda, we offer bad credit personal loans. We like to look at your overall finances rather than just your credit score. While we do conduct credit checks on all of our applications, we prefer to put more focus on your recent history of repayments. We will look at your financial situation holistically, through things like bank statements, to see what your current relationship with money looks like. So if you have bad credit, or you’re on a pension, we may be able to offer you a personal loan.