What are Centrelink Loans?
A Centrelink Loan, also known as a low-income loan, fast money loan, payday advance, payroll loan, small loan, short term loan, salary loan, or cash advance loan, is available for people with Centrelink Benefits.
Repayments of these loans are highly affordable. You can secure an advance once every 12 months. Different benefits that can be included as part of your income to apply for Centrelink Loan are:
- Aged Pension
- Veterans’ Affairs Pension
- Carer Payments
- Parenting Payment
- Disability Support (NDIS) Pension
- Child Care Subsidy
- Family Tax Benefits A and B
- JobSeeker payments (when supplementing Family Tax Benefits)
And following are not included:
- JobSeeker payments (in other circumstances)
- Youth Allowance
These Centrelink payments are not considered a stable income but conditional and subject to change by particular employment or study position. Thus, do no offer you eligibility for a bad credit loan.
Bad credit loan on Centrelink
If you receive Centrelink or other benefits from the government, you can check for Centrelink Loan eligibility. Depending on the lender’s loan terms, you can apply for a bad credit loan on Centrelink. With many lenders, advance loans do not require any credit evaluation.
- An individual receiving approved Centrelink or other benefits from the government over 18 years, getting regular income to an account for a minimum of 90 days, and having a working phone or email can apply for the loan.
- Individuals with a low income.
- An individual who has not availed of an advance payment for the past year.
You can apply online for instant credit access. You need to attach an asset as security if using it for a larger personal loan being a low-income earner. If you are applying for a Centrelink loan for a vehicle, the vehicle itself can be the collateral.
How to apply for Centrelink Loans?
You should have an account at myGov, linked to Centrelink. You can check your eligibility and apply at myGov by following these links:
- Go to myGov, sign in and select Centrelink.
- Click on the option ‘Apply for Advance.’
- On the next page, you will know whether you are qualified for a loan.
- If it is yes, select ‘Get Started.’
- Follow the prompts and provide all required information to complete and submit the application.