Do you need a cash loan? Are you on a pension right now, and think that nobody will lend you, including your own bank? Lenders have a product called cash loans for people on centrelink! This is a product that is designed for people who are on an Australian Government benefit, but wish to borrow money.
Loans for pensioners are available, because different lenders have different lending criteria, and the more flexible lenders see that people on a fixed income such as an age pension, a widow pension or perhaps a disability support pension.
How do you apply for Cash loans for people on Centrelink?
Have a look at some of the online lenders, they have different application forms, but once you have read through their website, you can get an idea how to apply online. There are lenders that have got a simple online application form like Cashdirect.com.au, or there are lenders like Champion Loans who have more detailed application process
How much can you borrow?
Well that depends on your circumstances, in some instances you may be earing a small income, and your borrowing capacity may be greater. The lender might ask for some bank statements, so they can determine what you can afford to repay, so it’s best that once you have decided on a lender, that you see if they have a repayments schedule on their site so you can determine how much you can borrow.
Will they ask me what I want the money for?
It’s extremely likely. The Lender will want to know that the money they lend you will be going to something that will make your quality of life a little bit better than what it is before you borrowed the money! It may go to getting some repairs on the car, or maybe some bills have come in all at the same time. You don’t have to go into too much detail, just as long as you are honest and upfront with them. The more honest and open you are, the more likely you will be approved quicker and have the funds deposited into your account.
Will the lender take the money straight from my pension?
Your lender will have terms and conditions that you will have to abide by, as you are entering into a contract with them. If they have not provided this information on their website, call them up and ask them. It may be a condition they set on you. It may vary from case to case.
The Australian Government has a safety net in various pensions, and this is considered to be a fixed income which you can borrow against. Because this is seen as an income, you can borrow money to improve your lifestyle. It is important to research the lenders available, and perhaps even speak with who you bank with and ask them if they have a product like Cash loans for people on Centrelink.