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Pensioner Personal Loans

Your pension should be good enough to qualify you for a personal loan. So don’t hesitate to compare pensioner personal loans and repayment estimates below. The right lender could be waiting around the corner with an offer that suits your unique needs.

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Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. The comparison rate can vary from 5.95% to 17.95%

Overview

Minimum loan amount$8,000

Maximum loan amount$50,000

Minimum term (years)1.5 years

Maximum term (years)7 Years

Personal loan interest rates (base)5.95%

Personal loan comparison rate5.95%

Monthly repayments (approx)$303

Total repayments (approx)$10,943

Total interest repayments (approx)$943

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$0

GO TO Now Finance

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$0

For debt consolidation?Yes

Sponsored Yes

Telephone1300 275 669

Data accurate as of23/02/2021

GO TO Now Finance

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OurMoneyMarket offer competitive low rates on loans up to $50,000, plus free extra repayments and fee-free redraw facility.

Overview

Minimum loan amount$2,001

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)7 Years

Personal loan interest rates (base)5.45%

Personal loan comparison rate6.07%

Monthly repayments (approx)$309

Total repayments (approx)$11,134

Total interest repayments (approx)$1,134

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$250

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityYes

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 990 115

Data accurate as of30/06/2021

GO TO OurMoneyMarket

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Money can be available in your bank account in as little as 60 minutes. Easy online application with low rates, fast approvals, and no early exit fees. Thousands of 5-star customer reviews.

Overview

Minimum loan amount$2,100

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)5 years

Personal loan interest rates (base)6.25%

Personal loan comparison rate7.64%

Monthly repayments (approx)$320

Total repayments (approx)$11,547

Total interest repayments (approx)$1,547

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$495

GO TO MoneyMe

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleFortnightly/Monthly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$15

For debt consolidation?Yes

Sponsored Yes

Telephone1300 329 037

Data accurate as of03.03.2021

GO TO MoneyMe

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Consolidate your credit cards and other loans into one low monthly repayment with OneDebt. Low rates with approvals typically within 60 minutes. Flexible repayments with no early exit fees. Backed by thousands of 5-star reviews. Must be employed with decent credit history.

Overview

Minimum loan amount$15,001

Maximum loan amount$50,000

Minimum term (years)1 year

Maximum term (years)5 Years

Personal loan interest rates (base)6.25%

Personal loan comparison rate7.64%

Monthly repayments (approx)$320

Total repayments (approx)$11,547

Total interest repayments (approx)$1,547

Rate typeFixed

Secured or unsecuredUnsecured

Encumberance/REVVS check fee$0

Application / establishment fee$495

GO TO OneDebt

Other Fees & Information

Monthly fee$10

Quarterly fee$0

Annual fee$0

Other fees$0

Redraw facilityNo

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Early repayments fee$0

Missed payment fee$25

For debt consolidation?Yes

Sponsored Yes

Telephone1300 990 115

Data accurate as of29/09/2021

GO TO OneDebt

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Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 20.89% p.a. Total interest repayments vary between $1,387 and $4,165 over the life of the loan. *Comparison rate is based on an unsecured loan of $10,000 for a term of 3 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

What type of loan are you looking for?

Pensioner personal loans – Get the approval you need

If you’re a pensioner in need of extra cash, you might be wary of the sting of rejection from lenders who prefer borrowers on a payroll. While it’s true that your options are a bit thin, you can still increase your chances of approval by shopping around more. Use this guide on pensioner personal loans to get started, so you can stay on top of any available options.

What are pensioner personal loans?

Put simply, a personal loan for pensioners is credit you qualify for if you receive a pension. There are different pension types in Australia, including age pension, carer’s pension, single parent pension, and disability pension.

As a pensioner, you might find yourself in need of a lump sum top-up so you can achieve some worthwhile goals and dreams. Whether you want to buy a car, book a holiday or pay an emergency bill, a personal loan is flexible enough to cover it all. You can then repay the loan slowly, one instalment, at a time.

What do lenders look at?

As mentioned earlier, finding suitable loan offers on a pension or Centrelink benefits is a bit more complicated. That’s because in most cases, a pension is considered low income. Therefore, lenders are afraid you might not afford to repay the debt. When you apply, lenders generally consider the following:

  • Your income. Aussie lenders accept all kinds of income. So if your pension is not adequate, having other income sources such as rentals or a part-time job helps to strengthen your loan application.
  • Your credit history. Having excellent credit also boosts your desirability as a borrower since it indicates a history of paying debts on time. A good track record will increase the lender’s confidence in your repayment abilities, so they are more likely to give you that stamp of approval.
  • Your assets. For secured loans, you can use your assets or property to guarantee the loan. Keep in mind this means the lender can repossess your car, home or whatever you’ve used as collateral if you fail to repay the loan in full.

Features of personal loans for pensioners

Pensioner personal loans usually come with the following features:

  • Borrowing limits. The more regular income you have, the more you can borrow. Generally, loans for pensioners are smaller since lenders only let you borrow what you can afford.
  • Loan terms. Repayment periods range from 6 months to 5 years. However, small personal loans for pensioners tend to have short terms.
  • Secured vs unsecured. You can offer your asset as security to get a lower rate and a better chance at approval. Unsecured personal loans for pensioners are more popular, but they will have a higher rate and usually require you to have a good credit rating.
  • Fixed rate vs variable rate. Your interest rate can fluctuate (variable) or stay the same (fixed) over the life of the loan.
  • Fees and charges. Check for fees to ensure your loan is cheap to pay back.

How to apply for a personal loan for pensioners

Browse the table above to see which type of loan has the right features and eligibility criteria. You can apply online by clicking “Go to Site”, but before you start the application process, it’s essential to figure out how much you can afford based on your current living expenses and future costs. Our pensioner personal loan calculator helps you pick out the perfect repayment estimate so you can apply for the right loan for your wallet.

Pensioner personal loans FAQ

Can I get a bad credit loan if I’m a pensioner?

Yes, some lenders consider more than your credit score. So for instance, if you have a higher income and more assets, you may still qualify.

What other loan options do I have as a pensioner?

Credit cards can be great if you find one with a promotional rate and if you intend to pay it off quickly. If you’re a homeowner, you can also borrow against the equity in your home.

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