powering smart financial decisions

Find and compare apprentice personal loans


Showing personal loans for
for a credit score of


Personal loan lenders we compare at RateCity

Learn more about personal loans

What is a temporary apprentice personal loan?

Completing an apprenticeship can be a valuable investment for your future. But much the same as other educational pathways to skilled employment, there can come a time when you may be feeling financially stretched. If you are an apprentice on a temporary resident visa, you may be wondering what your options are when it comes to accessing money when you need it.

Temporary apprentice personal loans are loans available to temporary residents living in Australia who are completing a traineeship or apprenticeship. A personal loan is a finance option that may be worth considering if you are looking to access some extra funds in order to cover the cost of specific purchases, or as a way to supplement your income.

Who is eligible for a temporary apprentice personal loan?

Eligibility criteria tends to differ from one lender to the next, but generally, applicants must:

  • be aged 18 years or over;
  • have a valid visa;
  • be employed (either full-time or part-time, dependent on lender);
  • earn a minimum income (dependent on lender), and;
  • have a good credit rating.

It's important to also keep in mind that not all lenders offer loans to temporary residents, and those that do may charge a higher interest rate, as visa holders are considered to be a higher risk than citizens and permanent residents.

For eligibility information specific to your preferred loan product or personal circumstances, consider reaching out to individual lenders directly, or speak to a finance broker.

How do I apply for a personal loan as a temporary resident?

For the most part, the personal loan application process is the same for temporary residents as it is for permanent residents and Australian citizens, with a few exceptions. The following steps may come in handy when applying for a personal loan as a temporary apprentice: 

  1. Consider your credit history: It's likely that you don't have a credit history in Australia, unless you have already been approved for a loan or other finance during your time here. Because lenders can't access any international credit history, it can be difficult to prove whether your past credit behaviours have been positive. As a result, you may instead be assessed on your current financial situation, visa history, value of assets and other factors, so it’s worth being prepared with any documentation that may assist with this process.
  2. Assess your budget: Consider using a personal loan calculator to get an estimate of the total cost of a potential loan, and what your repayments might be, to help make a more informed decision. It's likely that you'll have a better chance of getting your loan approved if you apply for an amount that you can comfortably afford to make repayments on. It could also be a good idea to consider a loan term that ends well before your visa’s expiry date, as long as it works with your budget.
  3. Search and compare personal loans: RateCity allows you to easily compare a wide range of personal loan options so you can find one that best suits your individual needs. You can use the filters to see loan products that fit your requirements.
  4. Check the lending criteria: When you have compiled a shortlist of preferred personal loans, ensure you meet all of the eligibility requirements, particularly those that are specific to temporary residents. Contact the lender if you have any questions, prior to submitting your application.
  5. Prepare your application: If you’re comparing personal loans on RateCity, you can click straight through to the lender’s website where you can conveniently apply online for your preferred loan.
  6. Await a decision: Once you submit your application and the documentation required, it’s just a matter of waiting to hear if you've been approved.

What are the alternatives to a temporary apprentice personal loan?

Before applying for a personal loan, it's worth weighing up all of your options to ensure you make the right decision. There are a few potential alternatives to personal loans that you could consider, including Australian government support for eligible apprentices.

Centrelink payments

Centrelink is a government agency that provides services to the community, including financial assistance and support. Individuals who are studying, training or doing an apprenticeship may be eligible to receive one of several types of payments provided by Centrelink, including Youth Allowance, Austudy and ABSTUDY. 

If you are an apprentice or trainee completing a qualification such as a Certificate II, Certificate III, or higher, plus on-the-job training, consider reaching out to Centrelink or visiting the website to enquire about potential entitlements as a temporary resident. The Australian Taxation Office (ATO) may also be able to provide information on government assistance eligibility.

The Australian Apprenticeship Support Network assistance

The Australian Apprenticeship Support Network provides support and advice to temporary apprentices and Australian apprentices alike. Consider reaching out with any queries you may have on your apprenticeship, including advice on your financial situation.

Financial support for permanent residents

If you are an Australian citizen or permanent resident, you may be eligible for the Trade Support Loans program. Visit the Department of Education, Skills and Employment website for further information, to check the eligibility criteria, and to see if your qualification is listed on the Trade Support Loans Priority List. Eligible apprentices may also be entitled to additional support via the Additional Identified Skills Shortage Payment, if they are employed in one of the ten occupations experiencing national skills shortages.

Frequently asked questions

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Can I get a $4000 personal loan if I’m unemployed or on Centrelink?

Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.

If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying to find out whether they accept borrowers on Centrelink.

Are there low doc personal loans?

Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.

It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What are the Westpac personal loan eligibility criteria?

The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:

  • You should be over 18 years old
  • You must be a permanent resident or hold a valid visa with confirmed employment in Australia
  • You should earn a regular and permanent income of at least $35,000 before taxes

If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:

  • Personal details including name, contact information, and residential address 
  • Proof of identity such as drivers licence or passport details
  • If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
  • If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips

Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Can I get a self-employed personal loan with bad credit?

It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full-time employment, so some self-employed personal loans require borrowers to have excellent credit.

If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.

Does refinancing a personal loan hurt your credit score?

Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.

In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.

However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

Can I get guaranteed approval for a bad credit personal loan?

Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application. 

It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit because there’s a higher likelihood that the personal loan will be repaid. 

So a borrower with good credit is more likely to have a loan approved and to be approved faster, while a borrower with bad credit is less likely to have a loan approved and, if they are approved, may be approved slower.

Can I merge my personal loan with my home loan?

Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.

However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

Who calculates your credit rating/score?

Credit ratings or credit scores are calculated by credit reporting bodies. The main bodies are Equifax, Dun & Bradstreet, Experian and the Tasmanian Collection Service.