When you’re looking for a loan, the most important thing that matters most to lenders is your income status. But what if your source of income is from Centrelink benefits? Will you be able to qualify for a loan?
Loans for People Receiving Centrelink BenefitsThe good news is that you are eligible to apply for and get a loan when you receive Centrelink benefits. Finding a loan suitable to meet your need may be a little tricky, but with a little amount of research and following our useful tips you can easily find a loan product that helps you get cash assistance when you need it. With a traditional lender it may be difficult to qualify as they usually have strict procedures, but there are plenty of other options that will fit your needs. You just need to find the right lender who accepts applications from people who receive income from Centrelink benefits. Here are some handy tips for you to find a lender and apply for a loan:
Know What Payments You Are ReceivingThe different types of Centrelink payments include:
- Age Pension
- Disability Pension
- Family Tax Benefit
- Carer’s Allowance
- Unemployment Benefits
- Widow or Widower’s Allowance
- Veterans Allowance
- And more
Scan Through Other Eligibility RequirementsApart from knowing your Centrelink payments, it is important for you to understand all the other eligibility criteria of the lenders and see whether you meet them before applying.
Decide How Much You Want to Apply ForSpend some time creating a budget setting out your Centrelink Benefit income and your expenses so that you know how much you can afford as a loan repayment. It is advisable to apply for a loan amount that you can easily repay.
Compare for Best RatesReceiving your income from Centrelink Benefits doesn’t mean that you should apply to the first lender you come across. You should always shop around to find the best loan deals that fit your needs.
How Loans for People Receiving Centrelink Benefits Can Help You?Sometimes all you need is a helping hand to manage your finances and get back on track. With loans for people receiving Centrelink Benefits, you can do so much:
- Pay for immediate medical or other bills
- Pay for child care or school / college fees
- Buy or repair household items
- Get your car repaired
- Plan a sudden travel /visit
- And much more