When it comes to lenders determining a borrower’s suitability for a loan, they usually look at various criteria such as income, expenses, and credit history. For those who receive Centrelink payments, they may be wondering if getting approved for loans for people on benefits is possible since they relatively have a low income.
Can I Get a Loan While On Centrelink Benefits?
Getting approved for a loan while receiving unemployment benefits is possible, though it can be more challenging. When you apply for a personal loan, lenders will look at your income to assess if you can make regular payments. If you receive Centrelink benefits and it’s all or part of your income, you may find it more difficult to get approved for a loan. Although some banks and lenders do not consider applicants whose main source of income is Centrelink, Cigno can help you in this situation.
Advantages of Loans for the Unemployed on Benefits
A Centrelink Loan is offered to borrowers who have a relatively low income and rely mostly on income support payments from Centrelink. If you are on Centrelink and need a short-term loan, Cigno can act as your agent to assist you to find the right lender and lodge an application.
For your loan application through Cigno, you’ll be required to provide your personal details such as your address, contact details, and your recent 90-day bank statement, where information on your income can be assessed by us. If you are receiving Centrelink benefits, Cigno considers these payments to be a form of income and therefore you may be eligible for a loan.
With Cigno’s optimised online process, you’re on your way to enjoy the advantages of loans for the unemployed on benefits, which include:
- Hassle-free loan applications
- Centrelink Loans that pay out fast
- Helpful repayment notifications for your Centrelink Loan.
Applying for a Loan on Benefits Is a Hassle-Free Process
One of the advantages of our Centrelink Loans is how easy it is to apply. We’ve designed an online application process that makes our service more convenient and practical.
You can apply online through our website at any time and if you’re eligible, we will find you a suitable lender. What we’ll need from you is your most recent bank statement showing your income from Centrelink, your address, and a government-issued ID.
Furthermore, some loan companies only deal with borrowers who are full-time employees. At Cigno, we offer short-term loans to Centrelink customers who may have a low income or are unemployed. As long as we can see that you can make the repayments, we’ll be able to help you with loans that meet your needs.
Centrelink Loans Pay Out Fast
Under our Centrelink Loan, you’re allowed to pick the amount you want to borrow of up to $2,000. We recommend that you only borrow what you need to cover your most urgent costs to ensure you’re able to pay off the loan comfortably.
Unlike regular loans that can take longer to pay out to the borrower, Centrelink Loans are designed to be paid to your account as soon as possible. This is so you can deal with these expenses sooner and get on with your life.
Receive Helpful Repayment Notifications for your Centrelink Loan
One thing you should avoid is to borrow money and fail to pay it back on time. Cigno understands how easy it can be to forget dates, including your repayment schedule. Which is why helpful notifications are built into our process to keep you up to date on your upcoming repayments for your Centrelink Loan.
We also believe in providing short-term loans the right way, so we make all of the charges and rates in the loan terms that we offer as clear as possible, which you can read on our costs page. This helps you to make a well-informed decision and be sure of all conditions before you agree to a loan.
Depending on your circumstances and the type of benefits you are receiving, it’s not impossible to get a loan while you are on Centrelink. However, it’s important to consider whether this is a good idea in the first place, given your financial standing and if you can make repayments on time. Also, if your loan application is successful, it’s never a bad idea to plan how to make your Centrelink income work for you and make the most of it.
If you’re confident enough that you can manage a Centrelink Loan responsibly, apply now!
Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.