Do you know there are financial hardship loans for unemployed Australia that can help take care of certain crises that require money? Different circumstances, such as job loss, illness, a pandemic, unexpected income decrease, and loan repayments, can cause financial hardship. There are loans to help you in this situation, but not all lender offer such loans. Here in this article, we will specifically look at financial hardship loans for unemployed Australia. We will review the top lenders where you can get such loans.
Financial Hardship Loans for Unemployed Australia
1. Quickle
Quickle is one of the top lenders of financial hardship loans for unemployed Australia on Centrelink benefits. It offers financial hardship loans for various circumstances, including individuals with bad credit.
With Quickle, you can borrow up to a $2,000 financial hardship loan for a monthly loan fee of 4%, and you will be required to make an establishment fee of 20% of the principal amount. Quickle does not charge an interest fee.
The loan application is made online, but to qualify, you must submit personal identification that includes a passport number, proof of age, birth certificate, or driver’s license.
2. MiFinance
This reliable lender offers financial hardship loans for unemployed Australia at good terms. It offers loans for those unemployed to offsets debts arising from medical expenses, repair expenses, education expenses, and utility expenses.
To access a financial hardship loan from this lender, you must be at least 18 years old, a resident of Australia, have a valid email and phone number, and have a regular income for the past three months, including Centrelink income.
The interest rate is up to 20% annually, and you decide the repayment date.
3. Community First Bank
If you are looking for a bank that offers financial hardship loans for unemployed Australia, the Community First Bank is your go-to-go bank. There are several ways to apply for a financial. You can submit a request online at the Bank portal and email askus@communityfirst.com.au.
To get a financial hardship loan, you must provide some supporting documents. After that, you must wait 21 for your request to be processed.
4. ClearScore
ClearScore is an Australian lender that offers personal loans for unemployed Australians. It does not carry out credit checks, so there is no minimum credit score you must have to apply for the loan. This makes it suitable for those with bad credit.
To access this loan, you must be up to 18 years, a citizen of Australia, and have a valid phone number, email address, residential address, and a bank account for at least three months.
However, you will not be eligible if you have filed for bankruptcy, or in a Part 9 Debt Agreement, or repayment of another short-term loan.
5. Savvy
Savvy is an Australian lender that offers fast, 24/7 cash loans for unemployed Australia for up to $5,000. Repayment is flexible, a decision is made within 60 minutes, and the application process is 100% online.
If you have Centrelink as the only source of income, you can apply for a cash loan at Savvy.
Government Financial Hardship Loans Australia
If you are in financial hardship, you might be able to get a payment from Services Australia and no-interest loans to help you effectively manage your life and related costs.
These financial hardship loans can be categorized under three headings:
- Financial hardship Payments
- Additional payments
- No-interest loans
1. Financial Hardship Payments
If you are a financial hardship, you can be eligible for the here types of payments. The first is the Crisis payment which is given if you have experienced an extreme circumstance and are in deep financial hardship. To get a crisis payment, go to myGov and make a claim.
The next is the Income support payments, a collection of payments to help you settle your living costs. This payment is disbursed fortnightly or weekly and can be used for expenses for raising kids, aging, education, health, disability, work, and living arrangement.
The third is the special benefit payment. You get qualified for this financial hardship loan when you aren’t eligible for other types of income support. To qualify for the special benefit payment, you must be in a financial hardship situation beyond your control and not eligible for other income support payment programs.
2. Additional payments
If you already have a payment, you might apply for additional payments to help you manage costs. It can be categorized into three: The first is the advance payment you can apply to get a part of your payment early. The goal of this is to help you manage your money. You get some money early and repay over the 13 fortnights. To repay, you don’t need to set up any repayments scheme, as Service Australia will deduct it from the amount they normally pay you.
The second one is the weekly payment option. This is the income support payment you get weekly instead of fortnightly. The payment you receive can determine how much you will get from this.
The third is the Centrepay. Centerpay is a voluntary and free service to pay expenses and bills as a regular deduction from your Centrelink payments. Centrepay allows you to settle expenses like phone bills, electricity bills, and rent, and with your consent, Services Australia will deduct the money from the payment it sends to you. Click on this link to read more on Centrepay on the Services Australia official website. As long as you get a regular payment from Services Australia, you can use Centrepay for free.
3. No-Interest Loans (NILs)
You can get no-interest loans from the government for up to $2000 for essentials to cover furniture, appliance, car rentals, and education fees and help you settle the cost of goods and services to enable you to live comfortably. The $2000 can be used to settle expenses on:
- Car registration and repairs
- Medical, dental, well-being, and life event expenses
- Technology like a laptop or phone
- Education Expenses
- Employment expenses like equipment or licenses
Also, you can borrow up to $3000 to settle housing-related expenses such as rent or bond advance or renovating a house that suffered from a natural disaster.
No Interest Loan does not demand credit checks. This makes it suitable for unemployed individuals with bad credit. However, some aspects of your finances will be considered, such as your income and expenses, repayment term, ability to repay the loan, and total loan amount, to see if the loan is affordable.
You must submit details of our financial situations during the application, like Centrelink statements, bank statements, or payslips. Also, you must submit information on existing debts such as payday loans, buy now pay later, or rent-to-buy). Additionally, your ID is required. It can be your passport, driver’s license, bank card, Medicare card, or Centrelink card.
Fast No Credit Check Loans For Unemployed Australia
Savvy is the most popular and reliable fast no-credit-check loan for unemployed Australia. It offers 24/77 cash loans for unemployed Australians, and the approval process only takes 60 minutes, which makes it super fast. With Savvy, an unemployed Australian can get access to up to 5000.
Quickle also offers fast no credit check loans for unemployed Australia, but it is not fast as Savvy. The application process is also online, and you can access up to 2,000 for a monthly loan fee of 4% and an establishment fee of 20%.
Conclusion
financial hardship loans are made available by both private lenders and Service Australia. It is advised to go for the Service Australi payments or no-interest loans as they are more affordable than private lenders who charge establishment and monthly fees or interest charges on the loan they give you. You can be eligible for any Service Australia payment provisions as an Australian on Centrelink.
