Instant Cash Loans on Centrelink 24/7

Any of us can suddenly be confronted with an emergency that requires money to resolve. Unfortunately, though, not everyone has savings to draw from. 

If that’s the situation you’re in right now, then your only option is to take out an instant cash loan. 

With such a loan, you’ll be able to get your hands on some cash in less than 24 hours, enabling you to resolve your issue without delay. 

Now, the question is; can you get an instant cash loan if you’re receiving Centrelink payments? Or does receiving government benefits take you out of the running?

If you’re interested in finding out the answer, take a look below. We’ll cover everything you need to know about instant cash loans on Centrelink.

What this article covers:

What Are Instant Cash Loans?

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Paying with cash money stack

Put simply; instant cash loans are short-term, unsecured loans with an almost guaranteed approval rate. Anyone can get an instant cash loan, even those with a bad credit score. 

But, why exactly are instant cash loans so easy to get? 

Well, first off, instant cash loans usually never exceed the $2000 mark. Though some lenders can go as high as $5000, most stay within the $300-$2000 range. 

So, even if the borrower ends up defaulting on the loan, the lender won’t suffer too big of a loss. And besides, the loan fees and charges will more than make up for the risk.

As such, most lenders don’t care to perform a credit check on instant loan check applicants. So, if you need some money and you’ve got bad credit or insufficient credit history, instant cash loans will be perfect for you. 

Definitely. 

Though not all loan providers approve clients with a Centrelink income, many still do. 

Whether you’re receiving a disability support pension, age pension, job seeker allowance, or some other government benefit, you’ll be able to find a lender willing to lend you the money.

Still, don’t get too discouraged if it takes you a few tries to find your loan provider. Some will reject you if they discover that most or all of your income comes from Centrelink benefits. That’s because they believe you’ll have trouble with the loan payments going forward. 

However, others will thoroughly consider your application, assessing your income and your recent financial habits. If all checks out, you’ll get your loan without any hassle. 

How “Instant” Are Instant Cash Loans?

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While they’re pretty fast, they’re not exactly instant. 

To get your money, you need to wait a while until the lender checks out your application and approves it. This can happen on the same day you send in your application or it can take as long as weeks. The waiting duration mostly comes down to how busy the lender is. 

Nevertheless, once you get the stamp of approval, the money will be immediately transferred to your account. 

So, if time is of the essence, make sure to ask about the turnaround time before applying. If a particular lender takes too long to approve loan applications, look for another.

Types of Instant Cash Loans 

You may be wondering, “What category of loans do instant cash loans fall under?” 

Well, let’s have a look.

Payday Loans 

Generally, instant cash loans are just another term for payday loans.

These are small-sized unsecured loans that don’t require a credit check. Typically, the monthly installment date is set according to the borrower’s payday, hence the name. 

The thing to keep in mind with payday loans is that they’re rarely reported to credit bureaus. So, even if you make all your payments on time and repay the loan in full, a payday loan won’t help you improve your credit score.

While this is regrettable, you can’t deny how useful payday loans are. They’re simple, fast, and extremely easy to obtain. So, if your lender informs you that your instant cash loan is a payday loan, don’t hesitate to take it. 

Personal Loans

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As opposed to payday loans, personal loans can be secured or unsecured. With a secured personal loan, you can get more money for relatively low interest rates. Unsecured loans, however, only allow you to access small amounts.

Some instant cash loans can be considered unsecured personal loans. The difference here is that your lender will most likely first perform a credit check on you. According to your credit score, they may reject or approve your application. Accordingly, the approval rate for personal loans isn’t as high as that of payday loans. 

On the bright side, though, personal loans are regularly reported to credit bureaus. Accordingly, if you repay the loan in full, your credit score will start shooting upward.

Thankfully, it’s easy to apply for an instant cash loan. 

All you need to do is submit a few documents and fill out an online application. In this application, you’ll state how much money you need and your preferred loan terms. 

Once the lender reviews your application, you’ll receive a call from them. This is mostly to confirm your information and make sure everything’s in order. If the call goes well, the lender will send you a contract to sign, and once you do, you’ll get your money almost immediately. 

Information and Documents Needed for an Instant Cash Loan Application

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Most loan applications require that you share the following:

  • A copy of your ID
  • Certain personal details, such as your email, address, and phone number
  • Employment details, if present 
  • Proof of Centrelink income (payslip or income statement)
  • 90-day history of your bank transactions

To get an instant cash loan in Australia, you need to:

  • Be a citizen or permanent resident of Australia
  • Be at least 18 years of age
  • Have had a steady job/income for the past three months
  • Have an active bank account, email, and phone number

How Much Does an Instant Cash Loan Cost? 

Depending on how much money you borrow, the total cost of your loan will vary. 

Now, as stated by the Australian Securities & Investments Commission (ASIC), all small loans don’t come with an interest rate. So, if your loan is $2000 or less, you’ll only be required to pay an establishment fee and a monthly fee. 

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The maximum a lender can charge is a 20% establishment fee and a 4% monthly fee. So, if you’ve borrowed $1000 to be repaid in 3 months, you’ll end up paying:

  • Establishment fee: $200
  • Monthly fee: $120 
  • Total: $1320

But what about larger loans nearer to the $5000 mark?

These loans will have an interest rate, and most times, an establishment fee as well. Typically, the interest rate will be around 5.99% per annum, and the establishment fee will be somewhere from $100 to $700. 

Of course, the shorter your loan terms are, the less interest you’ll have to pay. So, if it’s feasible, choose the shortest loan term available. 

However, if you know that you won’t be able to repay the loan fast, then choose a longer loan term that better suits your financial situation. You don’t want to fall behind on your payments. Not only will this affect your credit score, but you may also incur late payment fees and other penalties. 

So, try to be sensible when choosing your loan terms. The cumulative interest won’t be as bad as the penalties and late fees. 

Note: If you’ve got bad credit, expect your interest rate to be slightly higher than usual. The same may also occur if you’re on Centrelink benefits. 

Advantages of an Instant Cash Loan

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Instant cash loans offer many benefits not found with other loans. Some of these benefits include:

  • Easy and free application process
  • Minimal requirements
  • Centrelink recipients can apply 
  • Bad credit clients can apply 
  • Almost everyone gets approved
  • You get the money quickly 
  • No hidden fees and charges

Disadvantages of an Instant Cash Loan

As they say, there’s no rose without a thorn. So, let’s see some drawbacks of instant cash loans.

  • Emergency loans are for small amounts only
  • Not every lender will agree to deal with Centrelink recipients 
  • You may damage your credit score if you fail to repay the loan 

Are There Alternatives to Instant Cash Loans?

If you feel that getting an instant cash loan isn’t the best move for you, here are a few other ways you can get some money.

No-Interest Loan Scheme 

The No-Interest Loan Scheme, or NILS for short, is a service offered for low-income Australians in need of money. 

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application form is on the table. On the table are: pen, calculator, money, leather purse

With the NILS, you can borrow up to $1500 without undergoing any credit check. Best of all, this loan doesn’t come with any fees or interest rates. 

You simply pay back the amount you borrowed over 12-18 months, no more, no less. Once the loan is repaid, the money will be freed up for someone else to take. 

As great as the NILS sounds, it comes with its own drawbacks. For instance, a NILS loan isn’t easy to acquire. First off, you need to fulfill the following criteria:

  • Applicant must have been living in the same address for at least 3 months
  • Applicant must be able and willing to repay the loan
  • Applicant must either have a Health Care Card, a Pensioner Concession Card, or make less than $45,000 after tax deductions

Secondly, the loan money needs to be used for essential goods and services only. This includes things like medical/dental services, household and educational items, electrical goods, car repairs, etc. If you plan on using the money for something like a holiday or debt consolidation, you won’t qualify for the loan.

Even if you meet all the criteria, you still need to go and meet with your local NILS provider to get the money. This meeting will take time to arrange, and it’ll take your provider a few days before they can give you the loan. 

While this process isn’t too time-consuming, it can be a bit lengthy for some. So, if you don’t have the luxury of waiting a few days for the money, a NILS loan may not be right for you. 

Centrelink Advance Payment

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The Human Services Department in Australia allows Centrelink recipients to get emergency cash loans, known as advance payments. 

To be eligible, all you need is to have been receiving any of the following payments for at least 3 months:

  • Disability support pension 
  • Age pension 
  • Carer payment 
  • Parenting payment
  • Jobseeker payment 
  • Youth allowance for job seekers 
  • Student youth allowance
  • Widow allowance 
  • Mobility allowance 
  • Farm household allowance 
  • Austudy 
  • Abstudy Living Allowance
  • Family Tax Benefit Part A

If you check the box, you’ll be able to get a sum of money which will then be automatically deducted from your future Centrelink payments. 

Again, this type of loan comes with no fees, interest rates, or credit checks. However, its major flaw is that it cuts your income for the coming weeks/months. This may leave you in a hard spot, not being able to pay for your essentials like groceries, rent, utilities, etc. 

Also, keep in mind that you can’t get a Centrelink advance payment if: 

  • You live outside of Australia 
  • You have a debt to the government 
  • You’re still repaying an advance you got more than 1 year ago
  • You can’t repay the loan within the next 6 months

What Can You Use the Loan Money for?

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There are no constraints on instant cash loans.

Commonly, though, most people take out an instant cash loan to cover an emergency. Still, whether you use your money to go on a holiday or pay your bills is none of the lender’s concern. 

Some common reasons people take out an instant cash loan include:

  • Medical and dental emergencies
  • Car repairs
  • Rent money 
  • Utility bills 
  • Home improvements
  • Expensive purchases such as laptops, phones, etc. 

Unfortunately, banks are the last place you should go for instant cash loans. 

For one, they rarely provide small-sized loans. That’s because they usually utilise their resources in bigger and more lucrative endeavours. 

But, for argument’s sake, let’s say a particular bank agreed to give you a small loan. You’ll find that it’ll take too long for you to get your money. That’s because banks are required to perform credit checks, assess your living expenses, verify all your documents, account for your debts, check your bank accounts, and the list goes on.

Moreover, the Australian Securities and Investment Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) also require banks to keep written records on how they assess loan applications. 

So, it could take you weeks, if not months, to finally get the loan. That’s why many people don’t bother with banks and head straight to private money lenders. Not only are they faster and more efficient, but they also accept people with all sorts of financial situations. 

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A bank accepting clients with bad credit and on Centrelink benefits is pretty much impossible. However, they stand a good chance with private money lenders. 

The bottom line is; banks aren’t the place to go for instant cash loans. Stick to private money lenders and you’ll get your money in as short as a few hours. 

FAQs

Do Instant Cash Loans Require a Credit Check?

No. Instant cash loans are typically given out without a credit check. Some lenders, though, will run a credit check on all their first-time clients. However, even if your credit score is bad, it won’t affect their decision too much. 

Can You Get the Loan Money in 24 Hours?

Yes, but that’s not always possible. It’ll depend on how quickly the lender will check and accept your application. If you send in your application early enough in the day and the lender isn’t too busy, you should get a response in a matter of hours. After the lender starts the bank transfer, the money should be available to you after 60 minutes or so. 

When Can You Apply for a 24/7 Instant Cash Loan?

Any time you want; weekdays and weekends are all fair game. Just keep in mind that if you submit your application after business hours, the soonest you’ll get a response is the next business day. 

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How Do You Know If a Particular Lender Accepts Centrelink Customers?

Typically, lenders will state their eligibility criteria on their websites. If they don’t accept Centrelink customers, they’ll clearly say so. If you don’t find any mention of the subject, then don’t hesitate to send your query in your application. 

Can Unemployed Individuals Apply for an Instant Cash Loan?

If you’re unemployed but you have a source of income such as Centrelink, you can apply for an instant cash loan as easily as the next person. However, if you don’t have any source of income, you’ll be hard-pressed to find someone willing to lend you money.

Can Self-Employed Individuals Apply for an Instant Cash Loan?

Yes, though they’ll need to show their loan providers proof of income. This is so that lenders can assess whether they make enough to cover the loan payments.

Conclusion 

Instant cash loans for Centrelink recipients are offered by money loan providers. With such a loan, you can take care of an emergency or give yourself a little TLC.

Just take care that you won’t be able to borrow too much money. Most instant cash loans cap off at $2000, though a few lenders may offer up to $5000.

The good thing about loans under $2000, though, is that they have set fees. Moreover, you’ll more likely be approved for a $2000 than a $5000 loan. 

So, be sensible when putting down how much you want, and don’t dig yourself too deep into a hole. As long as you keep this in mind, instant cash loans will become your new favorite thing.

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