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Top personal loans for casual employees from 60+ brands

Compare and find the personal loan that fits your needs - Data last updated Today, 20 Oct 2017

Now showing 1 - 27 of 27 personal loans for casual employees
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Personal loans for casual employees

Some people might assume that someone who has only casual employment would be unable to qualify for a personal loan. That, though, is false. While someone with a full-time job and a higher income will have a better chance of getting a personal loan than someone who does casual work for a lower wage, it’s still possible for casual employees to qualify for personal loans.

Lenders always ask themselves one question when someone applies for a loan: “Is this person likely to repay the entire loan on time?” If they believe the answer is yes, they’ll probably approve the loan; but if they believe the answer is no, they’ll probably decline it.

The key for casual employees who are trying to get a personal loan is to make themselves look as credit-worthy as possible. So higher credit scores are better than lower credit scores. Regular income is better than irregular income. A good savings history is better than a bad savings history. Having security is better than not having security.

How much you’d have to repay

As with any form of credit, it’s important not to take out a personal loan unless you’re confident you have the capacity to repay it.

Naturally, the lower the interest rate and the lower the fees, the easier it will be to repay the loan. That’s why you should thoroughly research your options before taking out a loan. A good place to start is RateCity’s online comparison tool (see above).

Imagine you wanted to take out a $20,000 personal loan with a five-year loan term. Here’s how much you’d have to pay based on different interest rate scenarios:

  • 7 per cent interest = $396 per month, $23,761 in total
  • 9 per cent interest = $415 per month, $24,910 in total
  • 11 per cent interest = $435 per month, $26,091 in total
  • 13 per cent interest = $455 per month, $27,304 in total
  • 15 per cent interest = $476 per month, $28,548 in total

Different loan terms can also have a big impact on your monthly and total repayments. Here are five different scenarios based on a $20,000 loan at 11 per cent:

  • 2 years = $932 per month, $22,372 in total
  • 3 years = $655 per month, $23,572 in total
  • 4 years = $517 per month, $24,812 in total
  • 5 years = $435 per month, $26,091 in total
  • 6 years = $381 per month, $27,409 in total

Interest rates 101

Personal loans for casual employees can be either variable-rate loans or fixed-rate loans. If your loan is variable, the lender can move the interest rate up or down whenever it wants. If your loan is fixed, the lender can’t change the rate during the fixed-rate period.

Another way personal loans can be divided is into secured or unsecured. A secured personal loan is one that has some security, or collateral, attached to it – so if you fail to repay the loan, the lender can seize the security, sell it and recoup its money. An unsecured personal loan has no collateral attached to it. Given that unsecured loans are riskier than secured loans, they usually attract higher interest rates.

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