If you’re considering your finance options as a low income-earner, Savvy has you covered. We partner with a diverse range of flexible lenders who can accommodate the needs of low income-earning borrowers with their personal loans by accepting different sources of income (including some Centrelink payments).
You’ll be able to borrow as little as $2,000, with repayment terms up to around three years in length on a schedule that fits around your income. The application process is simple and it takes just a few minutes to fill out your form, from which point you can receive an outcome within just 60 seconds. Start your application now and receive your money fast.
Low income personal loan features
Flexible accepted income
In addition to any money you make from full-time, part-time, casual or self-employed work, you can count disability, veteran’s or carer’s pensions and family tax benefits as part of your income.
Borrow from $2,000
Personal loans are useful for a wide range of purposes, with financing available from $2,000 up to your maximum borrowing power as a low income-earner.
Select your repayment schedule
You can have a say in how your personal loan is repaid, either on a weekly, fortnightly or monthly basis to ensure that each instalment fits around your income.
Repay over one to three years
Additionally, you can choose the period over which the loan itself is repaid, which gives you the ability to make your repayments more affordable.
Handy loan features
We can connect you with lenders who allow you to make free additional repayments to cut down on the cost of your loan, as well as not charging early repayment fees.
Non-strict eligibility criteria
As long as you’re earning a minimum total of $26,000 annually, are an Australian citizen or permanent resident and are 18 years or older, you can apply.
Single parents accepted
Even if you have plenty on your plate supporting your family, we can help you get approved for your personal loan as a single parent with bills to pay.
Apply with your partner
If you can’t quite manage a personal loan on your own, you can submit a joint application with a partner to maximise its affordability for you both.
Why apply for a small loan with Savvy?
How to maximise your chances of fast personal loan approval
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Don’t ask for too much
If you need your funds quickly, it’s important that you understand your borrowing capacity before applying for your personal loan. Asking for more than you can feasibly afford will prevent you from moving further with the application until your amount is lowered to one that your income can handle.
Fortunately, however, because of the speed of personal loan application processing by your Savvy-partnered lender, you’ll know within a minute whether it was successful and can try again. Be careful, though: too many rejected applications in quick succession will show up on your credit file and potentially make it more difficult to secure financing.
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Build your savings where you can
Lenders view savings as an indication of financial responsibility, which is imperative when it comes to taking on the responsibility of repaying a loan worth thousands of dollars.
Putting aside extra funds each week or month is similar to making regular loan repayments in terms of practicing discipline. Displaying development in your savings account will help show your lender that you can manage your finances and can increase your chances of approval.
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Build or maintain your credit score
Your credit rating is perhaps an even greater indicator of how you’re likely to manage the commitment of repaying your personal loan. Personal loan financiers essentially view them through the lens of risk: the lesser the risk of them losing money on the loan, the greater the chances of approval.
It’s important to note that just because you don’t earn as much as other borrowers doesn’t mean you have a bad score. If you’ve successfully repaid similar loans in the past, have low credit limits and no unnecessary cards and pay your bills on time, you could well have a good score. Customers with good credit scores can even be automatically approved if their proposed loan commitments are suitable with their income with a lower interest rate.
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Apply with a co-borrower
Most low earners don’t have the disposable income required to service a larger personal loan on their own. However, you can expand your borrowing capacity significantly by applying with your partner.
Your combined incomes are counted as one, which makes you more eligible to take out loans for greater sums of money. Combined income can also speed up the processing of your personal loan, as your lender is likely to scrutinise it less than if it were solely your income.
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Prepare your documents in advance
It seems simple but having all of the right documentation ready to submit from the outset of your personal loan application is a simple way to help it run without too many hiccups. You won’t be required to submit a large number of documents for this, either:
- ID such as your driver’s licence or passport
- Your two most recent payslips and employment contract (possibly 90 days’ worth of bank statements)
- Centrelink statements if applicable
- Information on assets (such as your house, car or other valuables you own)
- Information on liabilities (such as outstanding debts)
