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Am I eligible for a loan?

Everyone wants to know if they’re eligible to receive a loan before they apply. You avoid wasting your time and having an unnecessary credit enquiry be listed on your credit report.

During these dynamic times, it can be hard to know if you’re eligible for our loans when your circumstances change so quickly.

Below we explain our loan eligibility criteria and why we use these factors to determine if you’re eligible for one of our loans.

are you eligible for personal loan

Our Basic Loan Eligibility Criteria Summed Up:

  • You’re 18 years of age or over
  • You live in Australia as a citizen, permanent resident, on a working visa or on a sponsorship visa
  • You have not declared bankruptcy in the last 6 months
  • You’re employed on a casual, part-time or full-time basis

Other Factors We Have to Consider

Your Employment Status

We look at the last 90 days of your bank statements so we can paint a picture of what your income and expenses look like. We use this information to determine if you can afford the repayments on the loan amount you apply for.

If we can’t see a consistent income in the past 90 days, our system will automatically notify us about your affordability. We don’t want to give you a loan that puts you into a negative financial position that leads to financial hardship. When we see this notification, we’ll have a real person look over your financial situation and determine your affordability.

This can be tricky when you’ve been stood down from work. Though we appreciate the fact that you’re employed, we might not be able to lend to you if we see your income isn’t consistent for the last 90 days. When you apply, still enter your employment information into the correct fields as this allows us to assess your current situation clearly.

Your Cash Flow

When we look at the last 90 days of your bank statements, we want to make sure we can see where your money is going. If you withdraw large portions of your pay in cash or have poor spending habits, then we would be concerned about whether you can manage the repayments.

Your Income

We don’t have a required minimum or maximum income, instead we look at the income you do have and whether you can afford the repayments within that.

Your Credit History

We can’t help everyone in every situation, but we do our best to ensure our personal loans are available to people with good credit and certain levels of bad credit too.

If your credit score is:

Over 650  It is likely you will be eligible for a low rate personal loan, we should have a number of options for you 
Between 450 to 650 You may have a couple of loan options depending on your current financial circumstances 
Less than 450  You may be able to access a loan with us to demonstrate your willingness to improve your credit history. Your bank statements will be important for your assessment.

You may be able to access a loan with us to demonstrate your willingness to improve your credit history. Your bank statements will be important for your assessment.

Let’s Answer Your Questions

I’ve been stood down at work, and think I will go back soon, can I apply?

We’ll assess your income over the last 90 days to determine if you can afford the regular repayments. If you have an inconsistent income during that time, we cannot guarantee you’ll be approved for our loans.

If I suit the criteria above, will my loan be approved?

We put this list of criteria together to help you know if you’ve met the minimum requirements to go forward with a loan application.

Once you complete our application, we will complete a full credit check where we look at your bank statements, credit file and affordability. If you pass these checks, then we will be able to formally approve your loan.

Your financial situation is unique, which makes giving you a guarantee at this stage complicated. If you’d like more information, don’t hesitate to contact us.

I have a bad credit score, can you guarantee to provide me a loan?

We’re on a mission to give people a fair go, but unfortunately it doesn’t mean we can approve every single loan application we receive. While we specialise in cash loans for people with bad credit, we can’t guarantee you’ll be approved.

The last thing we want to do is arrange a quick cash loan that has bad long-term consequences – you risk making your bad credit score worse if you struggle to make the repayments.

The criteria above should give you a good indication of how eligible you are for our loans. We’ve got some blogs about what you can do to fix your bad credit and about bad credit loans, and if you’ve got more questions, don’t hesitate to contact us.

Can I talk to someone before I apply?

For any questions about our loans, you can complete this enquiry form, use our online chat service or phone our customer service team on 1300 324 746. We’re here to help.

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Are you eligible to apply?

  • I am 18 years or older
  • I have not entered into bankruptcy or part 9 agreement within the last 6 months
  • I am willing to provide my Bank Statements online
  • My income is not solely from Centrelink
Please note: Bank statements can only be submitted via our secure online service.