Centrelink Loans | Loans With Centrelink

Centrelink benefits are government benefits that some Australians use to fulfil or supplement their income. Unfortunately, many people on Centrelink benefits are under the impression that they cannot be approved for a loan. This simply isn’t true!

When you’re already on Centrelink and life hurls an unexpected expense at you, such as a high vet bill, or a car repair, you can find yourself in a financial pickle of note!

That’s where Pronto Paydays can help. We offer a range of emergency cash loans for Centrelink customers. Whether you need a quick cash loan or a personal loan, Centrelink shouldn’t be the one thing standing in your way.

Pronto Paydays allows you to borrow money online using our automated online application process that only takes a few minutes to apply and get a decision. Even if you’re a customer on Centrelink with bad credit or no credit, we can help! We work diligently to bring you lenders who understand your situation and offer instant cash loans on Centrelink.

Prior to beginning your application on ProntoPaydays.com.au, let’s explore your options to decide if a Centrelink small loan is right for you!

What Are Centrelink Loans and How do They Work?

Centrelink loans are geared toward people who are on Centrelink benefits. To qualify, your income must be at least $350/week, and more than 50% of that income must be from a non-Centrelink source. Your other income can be from rental property, a part-time job, or an allowance like alimony or death benefits.

Cash loans on Centrelink range from $200 – $10,000, with terms up to 24 months to pay. According to the Australian Securities and Investment Commission regulations, the interest rate attached to loans under $2,000 is 0% in Australia.

If you’re applying for a loan over $2,000, note that lenders can charge up to 48% interest under the law. In an effort to remain competitive and still have the ability to accept higher-risk customers, many lenders do not charge interest rates at a maximum.

How do Centrelink loans work? To apply for a Centrelink loan, simply fill out our loan application form right here at ProntoPaydays.com.au. In just a few minutes of submitting the form, you will receive a decision! Pronto Paydays utilizes our broad spectrum of lenders to help choose the best loan for you. Our lenders look at many factors to decide on your application, so a good credit score isn’t always a necessity. In fact, some lenders will skip a credit check and look at your income, expenses, and assets, offering you the most appropriate loan for your situation.

Types of Centrelink Loans When You Borrow Money Online

Several loans fall into the Centrelink loans category. These include:

Features of a Payday Loan Centrelink

At Pronto Paydays, lenders on our panel offer Centrelink loans that share similar features and perks. These include the following.

Loan Amounts from $200 to $10,000 When You Borrow Money Online

Pronto Paydays offers Centrelink loans that range from $200 to $10,000. Even though our loans range all the way up to $10,000, we always advise borrowers to only borrow what they need. For example, if your vehicle repair job costs $300, don’t be tempted to borrow $10,000. As tempting as it is to have more money at your disposal, consider your monthly responsibilities and stay within the limits you have budgeted for your household.

2 to 24 Months to Pay on No Credit Check Loans for Centrelink Clients

The terms for Pronto Paydays Centrelink loans range from 2 months all the way up to 24 months. It is important to determine what you can comfortably afford to repay. Each lender we have under our umbrella is flexible and considers your unique situation when setting up a repayment schedule. Depending on how and when you receive your income, you may pay your loan off weekly, biweekly, or monthly payment works best.

Cost of the Loan

The cost of your loan is outlined for you in your agreement prior to you signing for it. It is important for you to review the entire loan agreement and understand all terms, including charges. Loans under $2,000 have a 0% interest fee, but they are subject to a 20% setup fee called the establishment fee and a 4% monthly service fee.

Loans from $2,000 to $10,000 are subject to a $400 establishment fee and a maximum 48% interest fee.

As stated before, not all lenders charge these high interest rates as they try to remain competitive.

In addition to the fees listed above, you can run into late payment fees, early payment fees, and early exit fees if you pay your loan off early, make extra payments, or miss payments. While it’s admirable if you want to pay your loan early, be sure to read the agreement and speak to your lender prior to doing so, as surprise fees aren’t fun to deal with.

Good Lending Reputation

When you are looking for a loan, you can rest assured that our team of experts has vetted all Pronto Paydays lenders. It’s important to obtain your loan from a licensed lender that is clear about their terms, rates, and contact information. At Pronto Paydays, you can expect our chosen lenders to prioritize transparency.

60 Minute Payouts for Loans Online for Centrelink Customers

At Pronto Paydays, we understand that sometimes you cash in a hurry. Our quick and easy application process and fast approvals from our lenders are just some of the ways we offer you the best turnaround times on Centrelink loans in Australia.  Lenders on our panel prioritize quick payouts by sending the cash to your account within 60 minutes of approval. If there’s a delay, you can expect to get the cash within 24 hours.

Examples of Emergency Cash Loans for Centrelink Customers

What type of Centrelink loan can you expect to get at Pronto Paydays? Here’s a quick look at some examples.

LenderInterest RateLoan ExampleTotal Fees on ExampleTerm
ClearCash47.8%$2,300$27712 months
Jacaranda8.90% (variable)9.18%$5,0003-5 years
Swoosh47%$5,000$1,83812 months
Jacaranda8.90% (variable)9.18%$5,0003-5 years

Advantages and Disadvantages of Centrelink Loans

Advantages of Personal Loans for Centrelink Customers

Easy Approval No Matter Your Credit

Applications for Centrelink loans are typically approved using your income, assets, and expenses as criteria rather than a credit check. Even if you have bad credit or no credit, you can improve your credit score by applying for a small loan that you pay off on time and in full. As long as you repay your loan under your lender’s terms, your credit score will improve!

Quick Money When You Need It

Whether you need to pay for car repairs or cover unexpected medical costs, Centrelink loans are a fast way to get money when you most need it. Getting instant cash loans on Centrelink has never been easier. Our application and approval processes take mere minutes, and you can have money in your bank account on the same day!

0% Interest on Loans Under $2,000

As per the Australian government regulations, loans under $2,000 have 0% interest charged.  These loans are a great way to improve your credit and give you the financial relief you need. Apply today for your Centrelink small loan at ProntoPaydays.com.au.

Disadvantages of Centrelink Payday Loans No Credit Check

Additional Fees

It’s important to be cognizant of additional fees when taking out quick cash loans for Centrelink customers. With Pronto Paydays, we encourage you to read the terms of your agreement prior to signing and ask questions. Also, make sure your monthly budget can include the payment of a loan instalment!

Certain loans have charges such as interest, set up fees, early exit fees, late payment fees, and even debt collection fees if you default on your loan. It is so important to contact the lender if you find yourself unable to make a payment. Often, they will work with you to make alternate arrangements.  

Eligibility Criteria for a Same Day Loan Centrelink

To be eligible for a Centrelink Loan in Australia, you need to:

  • Be aged 18 years and above
  • Be an Australian citizen or permanent resident of Australia – or have an acceptable visa
  • Earn an income where at least 50% of it comes from non-Centrelink income streams
  • Earn at least $350/week or more

Application Process for a Centrelink  Small Loan

Applying for a Centrelink personal loan at Pronto Paydays is as simple as following the steps below.

Step 1: Apply Using Our Easy Online Application Form

Click on the “Get Loan” button and fill in the digital application form. Our streamlined application process makes it simple for you to plug in all your information, such as your name, address, income, expenses, and banking details. It takes only a few minutes to complete the online form and get the ball rolling. Before you submit the form, ensure that you read through the privacy policy as well as the terms and conditions.

Step 2: Come to an Agreement with the Lender

A couple of minutes after you submit your application, you should receive a response. Our automated system matches you with the lender that suits your needs in the most affordable and appropriate way. When the lender accepts your request, you are then sent over to their website to complete the process. This may involve the lender asking you for more information and supporting documents.

An agreement is then offered to you, and you will have the chance to look everything over before signing. It is essential that you take the time to read the paperwork and ask questions! The lender will explain the loan offer to you and help you decide on a repayment schedule that fits your lifestyle. When all the details are settled, the lender will present you with your final loan offer  – double-check the details before signing and returning it.

We will let you know right away in the rare instance that our lenders deny your finance request. This ensures that you have a chance to make alternative arrangements for funds.

Step 3: Receive Your Loan

Once the loan agreement is signed and returned, the money will be in your bank account within 60 minutes. In some instances, this can extend to a 24 hour payout period.

Fast and efficient approval from our lenders, as well as our quick application process, are just two of many factors that make us second to none when it comes to getting you the cash you need when you need it, regardless of whether you’re on benefits or not.

FAQ’s

Are Loans Available if My Only Source of Income is Centrelink Benefits?

At this time, we can offer Centrelink loans to people who meet the following criteria:

  • You must make $350/week or more.
  • 50% of your income must come from non-Centrelink benefits.

Other criteria may need to be met before loan approval from our lenders.

What if I Am Unable to Make my Next Repayment?

Get in touch with your lender immediately. Being proactive about your circumstances can save you late fees, debt collection fees, and your credit score is negatively impacted. Lenders would rather work with you to recuperate their money than chase you down and incur further costs. Working with your lender benefits both them and you.

Do I Need a Credit Check When Applying for a Centrelink cash loan?

Not necessarily. Although your credit profile is one piece of the puzzle when it comes to determining your creditworthiness to our lenders, there are times when lenders will forgo the credit check to offer you a loan based on affordability.

Why Do People on Centrelink Get Loans?

At Pronto Paydays, we believe that people on Centrelink benefits have financial needs, just like everyone else.  When the unexpected happens, loans are necessary.  Several needs seem to be typical for those seeking out a loan with Centrelink:

  • The repair or maintenance of a vehicle
  • It’s time for the vet bill – dogs and cats cost money too!
  • Replacing broken white goods, like a fridge or clothes dryer
  • Paying for urgent travel, such as for a funeral or a wedding
  • Fees and expenses associated with the return to school, or childcare expenses
  • Medical and dental care that Medicare doesn’t cover
  • An unexpected expense or a build-up of bills that must be paid

Can I Pay my Centrelink Loan off Early?

It’s fantastic that you want to pay your loan off early! Please double-check with your lender that there are no hidden fees with extra or early payments or fees associated with early exits from their loans. It’s best to know these terms before signing your agreement, so please be sure to read all of the fine print when a lender approves your loan and sends you a contract to sign.