At Rapid Loans, a range of government benefits may be conditionally accepted for you to be able to get a secured personal loan. It’s worth keeping in mind that even though a pensioner can generally get a loan, only some benefits are accepted as eligible forms of income. Some of the most common Centrelink benefit payments include:

JobSeeker Payment – Financial help if you’re between 22 and the age pension age and looking for work. Carer Payment – If you give constant care to someone who has a severe disability, illness or an adult who is frail aged.
Parenting Payment – The main income support payment while you’re a young child’s main carer.
Austudy – Financial help if you’re 25 or older and studying or doing an apprenticeship.
Family Tax Benefit A & B – A payment that helps with the cost of raising children.

We understand that loans for pensioners are often hard to come by but they’re not impossible. While Rapid Loans does not provide payday loans for pensioners, it’s actually a general misconception that you may be ineligible for a personal loan if you’re receiving government or Centrelink benefits.

Secured loans for pensioners are something that Rapid Loans is happy to help you with whether you have urgent financial needs, need a travel loan to escape somewhere tropical or your car is due for an upgrade.

If Centrelink benefits form part of your income, then depending on your total income when compared to your expenses, you may be eligible for a pensioner loan with Rapid Loans. Loans for pensioners are usually handled on a case-by-case basis and differ between lenders according to their eligibility criteria. Every person has a different financial situation, so we believe it’s important to take the whole situation into consideration without discriminating on the basis of whether someone is a pensioner or not. Whether you’re receiving a benefit from the government or have a paying job, we look at each application individually and assess how likely that individual is to pay back the loan. If you’re looking to apply for a pension loan online with a trusted Australian lender, look no further than Rapid Loans as we can offer personal loans for pensioners ranging in loan amount from $2,001 – $40,000.

Please note that Rapid Loans does not accept all Centrelink benefit types. If you need help with a sudden financial emergency, you may be able to get part of your income support payment or family tax benefit early from Services Australia. This is known as an advance payment and you must pay it back later out of your payments..

Secured pensioner personal loans are available for people receiving a pension from the government, and they’re essentially the same type of loan anyone else could take out such as a:

Secured Personal Loan – A personal loan that’s secured by an asset such as a car or other type of motor vehicle.

Car Loan – A personal loan that can be used for a new or used vehicle from a private seller or dealership. It also covers vans, trucks, motorbikes, utes, caravans, 4WDs, boats and jet skis.

Travel Loan – A secured personal loan that you can use to cover the costs of your holiday including flights and accommodation, so you’ve got the freedom to explore.

Debt Consolidation Loan – A single loan that brings together all of your existing debt to make it easier to manage repayments.

A pensioner personal loan could be one of the easiest ways to help with a large purchase, or some unexpected bills. At Rapid Loans, we strongly believe in inclusive lending so understand there are instances that call for cash loans when you’re on a pension. We don’t believe that just because you’re receiving money from the government that you should be ineligible to apply for a loan.

Rapid Loans loan terms vary from 18 to 60 months with amounts ranging from $2,001 up to $40,000, depending on your borrower profile, loan product, loan amount, and other factors. We also offer fixed interest rates so you can appropriately budget for your repayments and don’t charge any fees for early payouts or additional loan repayments on top of the normal repayment schedule, isn’t that a win!.

The loan options that may be available to pensioners with bad credit include a personal loan, car loan, travel loan, and debt consolidation loan. As a pensioner with bad credit, we might be able to help you obtain a loan for a new car, a much-needed holiday, medical expenses or a personal loan.

Our loan options aren’t limited to retirees and pensioners. Taking out a secured loan means you will need to provide a registered road or marine vehicle as security for your loan. We offer  secured personal loans with a fixed interest rate over a fixed repayment term.

We do our best to look at your application on its own merits, so for us to see if we can help you, you need to gain a thorough and comprehensive understanding of your own financial circumstances and how a pension personal loan can help you live your best life. 

If you’re worried about your credit score, then avoid applying with several lenders in a short period. Doing this can impact negatively on your credit score so try to apply with one lender first. If you don’t qualify then it’s worth finding out why. Once you know the reason, you might be able to apply with a lender with different eligibility criteria that you might meet.

The need to finance a larger purchase can happen no matter what your situation is. We understand that many financial institutions aren’t willing to offer personal loans to pensioners because of their employment status. At Rapid Loans, we know that pensioners just like you often need cash loans too, so we assess each application on its merits.

While the Rapid Loans assessment process is thorough and takes your unique circumstances into account, our loan application form is simple and takes just minutes to complete. You’ll be required to select the amount you’d like to borrow and the repayment time, as well as fill in some personal information such as proof of your identity and your most recent 90-day bank statement. You may also be asked to provide a number of documents as evidence that you can repay the loan, this could include having some form of income outside your pension like investments or other assets. This supplementary income can greatly improve your chances of loan approval as lenders will look at how much you earn from your pension, Centrelink payments and other income to then compare it to the repayment amounts.

Rapid Loans is all about making the process to apply for and access personal loans for pensioners that much easier so our customers can then expect a prompt response from one of our knowledgeable and friendly consultants. If approved, the funds may be in your bank account within 24 hours, all from the comfort of your own home and without having to wait in line at a bank! You’ll then repay the debt in instalments from your pension that fit your lifestyle, whether that’s paying weekly, fortnightly or monthly.

To apply for a pension loan online today, simply apply here to get started!