How to Get Quick Cash Loans for Single Mothers in Australia

Having children is an amazing yet challenging experience. Everything becomes even harder when the burden of parenthood falls on only one parent. Apart from the moral obligations to care for and raise the kids, you’ll take on all financial obligations.

Sometimes, you need cash fast, so you could probably use financial support in the form of a cash loan. So it’s good to know you can apply for it without any problem, whether you’re an employed single mom or on Centrelink in Australia.

And you’d be happy to know that you can also apply for a quick cash loan for bad credit. You can run into cash lenders willing to work with you and offer quick cash loans for single mothers in Australia, even if you’re not an ideal borrower (your credit score is below 500).

What this article covers:

Can I Get a Loan as a Single Parent?

Of course, since your family situation isn’t of great importance for loan approval. You’re a borrower like anyone else, so lenders look at your creditworthiness, credit score, and income that show your ability to repay the loan.

Difficulties single parents may face are related to their ability to handle expenses. Considering you rely on a single income, taking out a loan can be risky. If you’re not careful, you can default on repayment and get in trouble.

quick cash loans for single mothers australia

Cash loans for single parents were designed for this purpose, to help you overcome temporary difficulties without breaking the bank. You can borrow the money you need today and benefit from favourable rates despite the difficulties of single parenthood.

Single Parent Loan Eligibility Requirements

Quick cash loans for single mothers are loans with not many requirements. Besides being the only caretaker for your kids, you have to:

  • Be over 18
  • Be an Australian citizen or permanent resident
  • Have a steady income
  • Have no major or recent mishaps in credit history

Types of Loans for Single Parents

Depending on your financial circumstances, income, and credit rating, you can choose between several loan options. 

For starters, you can go with personal loans for single parents. Lenders usually have specific requirements for these loans. For instance, you have to be employed, make more than $15,000 per year (different lenders might have different minimums), and have a good credit score.

single parent pension loans

Although more demanding in terms of eligibility requirements, these loans have low-interest rates. Also, they allow you to get quick cash up to $50,000 without pledging collateral, but that doesn’t mean you should.

Payday loans are also a viable option if you need small, easy loans for single mothers. You can get them on the same day, but they come with a price tag since their overall costs are higher than personal loans for single parents. 

But on the other hand, you can apply for single-parent loans with bad credit and get approved on the same day, which isn’t the case with personal loans.

Also, small loans for single mothers have lower borrowing limits, no more than $10,000. And you usually have to repay it on your payday or in a couple of months, depending on the borrowed amount. 

Loans for People on Parenting Payment

Parenting Payment is a Centrelink benefit for single parents with insufficient or no income. Lenders observe it as a regular income and have designed a special offer for single parents on Centrelink. And with a good credit score, you can count on almost guaranteed approval.

loans for single parent pensioners

Still, lenders generally require proof of employment, although you can get this loan if on Centrelink only. That’ll depend on the benefits you receive and how much money you’ve asked for.

Your credit score will determine the conditions under which you can get personal loans for single-parent pensioners. Thus, interest can be as low as 10% and go up to 48% if your credit score is poor. Also, repayment periods will vary, and lenders generally approve shorter, direct cash loans for single-parent pensioners with bad credit.

How to Apply for Single-Parent Loans

When applying for fast cash loans, you should search for lenders that guarantee fast response and instant fund transfers.

You’ll find the application form on the lender’s website, available 24/7. You have to provide personal information and how much money you need. Also, prepare your ID, proof of income, and recent bank statement.

Then lenders will run a brief check of your income and other financial parameters. And since that doesn’t affect your credit score, they usually advertise these arrangements as cash loans for single parents with no credit check.

If you need money now, you’d be happy with a fast response from the lender. They’ll offer you personalised offers of small loans for single mothers. You have to compare them, find the one that suits you best, and proceed to sign a contract and get money in your bank account.

quick cash loans for single mothers

Wrap Up

The challenges of single parenthood are easier to overcome with proper financial support. With quick cash loans for single mothers in Australia, you can solve some ongoing problems and significantly improve the quality of life for yourself and your kids.

Was the guide helpful? Check out these extra resources to delve deeper: