Loans for pensioners with bad credit

        Loans for pensioners with bad credit in Australia

Living on the pension alone is not easy for everyone, life gets in the way and at times extra money is going to be required. But what happens when you're a pensioner who needs a loan but you have bad credit? When traditional lenders are ruled out and you're wanting to avoid the high fees of payday lenders, there are other options to explore.

$1,900
Loan amount $500 - $1,900
Interest 4 %
Maturity 3 - 12 months

Fast information

Properties of this loan

  • Online loans up to $1 900
  • Term 3 - 12 months

Loan requirements

  • You must be over 18 years old
  • An Australian citizen or Australian permanent resident and have a regular income
  • You will also need your own email address and mobile phone number

About company

More information about the company Ferratum Australia Pty Ltd.

Borrow from $500 with interest from the 4 % Moread
$10,000
Loan amount $500 - $10,000
Interest 48 %
Maturity 1 - 36 months

Fast information

Properties of this loan

  • Online loans up to $10 000
  • Term 1 - 36 months

Loan requirements

  • Be a Permanent Resident
  • Be aged 18 years or over
  • Be employed and get paid into your bank account
  • Have a reasonable credit history
  • Earn at least $600 a month

About company

More information about the company IPF Digital Australia Pty Ltd.

Borrow from $500 with interest from the 48 % Moread
$15,000
Loan amount $3,000 - $15,000
Interest 43 %
Maturity 1 - 5 years

Fast information

Properties of this loan

  • Online loans up to $15 000
  • Term 1 - 5 years

Loan requirements

  • At ClearLoans, we do not judge you based on your credit score.
  • All we require is that our borrowers are Australian residents aged 18-75
  • Not on an active bankruptcy, not on an active or terminated Part IX Debt Agreement (or equivalent)
  • Be able to comfortably afford the repayments
  • You will also need a friend or family member who trusts you to be your guarantor

About company

More information about the company Membo Finance Pty Ltd

Borrow from $3,000 with interest from the 43 % Moread
$2,000
Loan amount $100 - $2,000
Interest 24 %
Maturity 1 - 3 months

Fast information

Properties of this loan

  • Online loans up to $2 000
  • Term 1 - 3 months
  • Easy online application

Loan requirements

  • You need to be at least 18 years old to apply for a loan
  • Valid mobile number and email address

About company

More information about the company Venture 5 Group Pty Ltd

Borrow from $100 with interest from the 24 % Moread
$50,000
Loan amount $2,000 - $50,000
Interest 6.99 %
Maturity 3 - 5 years

Fast information

Properties of this loan

  • Online loans up to $50 000
  • Term 3 - 5 years
  • Easy online application

Loan requirements

  • An Australian resident
  • Over 18
  • Employed

About company

More information about the company Harmoney Australia Limited

Borrow from $2,000 with interest from the 6.99 % Moread
$15,000
Loan amount $500 - $15,000
Interest 4 %
Maturity 3 - 24 months

Fast information

Properties of this loan

  • Online loans up to $15 000
  • Term 3 - 24 months
  • Easy online application

Loan requirements

  • Cashify Personal Loans from $500.00 – $2,000.00: Maximum Monthly Interest Rate is 4%. Maximum Annual Percentage Rate (APR) is 48%. The Establishment Fee is 20% of the loan amount borrowed. Other fees may apply. Please refer to your loan contract for all fees, interest, and terms and conditions. Minimum loan contracts are generally 90 days with most loan contracts between 90 to 365 days. For example, a loan of $500.00 repaid over 3 months equates to a total amount payable of $702.00 comprised of $500.00 principal (amount borrowed), $100.00 Establishment Fee, $72.00 in interest and $30.00 in monthly account fees.

About company

More information about the company Cash Supply Pty Ltd

Borrow from $500 with interest from the 4 % Moread

        Loans for pensioners with bad credit in Australia

Can I get a loan as a pensioner with bad credit?

Absolutely! Depending on what your requirements and circumstances are, there are plenty of options available without having to use an expensive payday lender.

Pension Loans Scheme

The Pension Loans Scheme can provide loans for either the short or long-term for older people with equity in Australian real estate by the way of a reverse equity mortgage.

To be eligible you must meet the following criteria:

The loan is paid fortnightly as a supplement to the pension and both combined can amount to 1.5 times your maximum pension rate. The loan amount is dependant on your age and value of real estate equity owned with an annual interest rate of 4.5% compounded fortnightly on the balance outstanding, and so, the longer you have the loan, the more interest you pay.

No Interest Loans Scheme (NILS)

This is a small loan from $300 up to $1,500 designed for the purchase of essential goods or services on a not-for-profit basis, supported by the Australian Government. There are no fees, charges or interest associated with borrowing this money, you simply pay back what you borrowed over a term of 12 to 18 months.

There are no credit checks needed to access a NILS loan which is helpful if you have bad credit. You need to meet the below criteria:

Centrelink Cash Advance

If you receive Centrelink benefits, including Age Pension, you may be eligible to receive your payments in advance when extra cash is needed. You are given a cash advance which is then repaid later out of your future Centrelink payments. Depending on whether you're single or partnered, the lowest amount available as an advance is $336.50 and the highest amount is $1,339.20. These amounts change each March and September. This might be a good option if you only need a small amount of money without having to pay any fees and charges.

StepUP Loan

If you find yourself in a difficult financial situation, SetpUP is a not-for-profit organisation providing unsecured small loan amounts up to $3,000 for low-income earners. There are no fees or charges and the interest rate is fixed at a low rate of 5.99% per annum. These loans are subject to a credit check and the below eligibility criteria must be satisfied:

StepUP is a not-for-profit organisation providing cheap loans to low-income earning families. There are no fees and the interest rate is low at 5.99% per annum (with a 5.99% comparison rate). SetpUP lets you borrow from $300 up to $3,000 with a repayment term of up to three years.

Payday Lenders

Most payday lenders will provide small loans for pensioners but they are quite expensive. They're a good option to use when fast finance is needed or when you have bad credit but it comes at a cost. Generally, you'll pay an establishment fee of 20% of the borrowed amount plus a monthly fee of 4% of the principal amount. Repayments can be made over a period of 16 days up to 12 months.

How much can a pensioner borrow?

The options listed above are for loan amounts of up to $3,000, however it is possible for pensioners to borrow more than this amount. Many non-traditional lenders will provide pensioners with bad credit with a personal loan of up to $10,000. With a bad credit score, a loan of over $10,000 will be very difficult to obtain.


Loans for pensioners with bad credit in Australia rating: 4.5/5 from 52 votes.

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