Yes, you can. Being a Centrelink beneficiary, you would probably know that very few credit sources are accessible for those who rely on benefits a lot.
In most cases, receiving Centrelink benefits in itself will not keep you from being eligible for a payday loan. However, if more than 50% of your income comes in the form of benefits, your chances of getting accepted for a payday loan will be thin.
I receive age pension every month. Does that make me eligible for a payday loan?
Yes, it does. Age pension is a verifiable source of income for many seniors in Australia and payday lenders do consider it good enough to grant payday loans.
I am a student and recipient of youth allowance. Can I get a payday loan?
It’s difficult for you to get a payday loan if youth allowance is your only source of income. Typically, youth allowances are temporary and meant to allow youth (16 to 24 years of age) some freedom to concentrate on their studies. Most payday lenders will not accept your application if you do not have any other source of income (student loans, part time jobs etc.).
I receive regular carer’s allowance. Is this counted as a source of income?
Yes, many payday lenders do consider carer’s allowance as a verifiable source of regular income. However, it is best advised to have another supplementary source of income to boost your chances of getting accepted for a payday loan.
If foster care allowance is the only source of income you can list, most payday lenders are unlikely to consider it as a verifiable and regular source of income.
On the other hand, if you happen to have other sources of income (including jobs or pension), payday lenders will consider foster carer allowance as a secondary source of income, thereby increasing your chances of getting accepted for a payday loan.
What about scholarships, educational incentives and Austudy?
Scholarships, educational incentives and Austudy are awarded to students (typically 25 years of age or older) in order to help them finance their education while balancing their career. As these are not meant to keep sustenance, payday lenders do not see these are regular sources of income.
However, if you have other sources of income (like jobs or educational loans), your application will be considered by most payday lenders for a payday loan.
Yes, most payday lenders will consider child support payments (either from an individual or from an agency) to be a regular and verifiable source of income.
You will, in such cases, need to furnish relevant documents to prove that you have been receiving these payments regularly over the past six months. A letter of endorsement from your solicitor and from the Child Support Agency (CSA) will also be required.
I receive disability pension every month. Can I get a payday loan?
Yes, you can. Disability pension is considered by most payday lenders to be a verifiable and regular source of income. If you are disabled and senior, you can add relevant details of your age pension (if applicable) to strengthen your case. Having another source of income is always considered to make for an application that has higher chances of getting accepted for a payday loan.
Most banks and credit providers do not accept the applications from applicants who have Centrelink benefits as the only or the major source of their income.