Where can I get a no-interest loan? The low-interest loans in the following table are NOT interest-free personal loans. No-interest personal loans are available from theNo Interest Loan Scheme (NILS)for borrowers in financial hardship - learn more below. You can also compare low-interest personal loans and see your estimated chance of approval using the Personal Loans Marketplace.
Harmoney Unsecured Personal Loan
Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties.
Unsecured Personal Loan (Excellent Credit) (3 Year Term) (Amount > 5000)
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Advertised RateThis is the interest rate published by the lender. Rates 'from' indicates that it is a minimum rate and most borrowers will pay higher based on your credit profile and other factors. 'Headline rate' indicates that this is an indicative rate from the lender and actual rates may be higher or lower based on your credit profile and other factors.
Comparison RateThe comparison rate is a way of comparing loans by including both the advertised rate and the fees involved. It is calculated based on a loan of $30,000 over 5 years, and represents the effective rate on the loan. The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates.
Monthly repaymentInitial monthly repayment excludes fees and is an estimate based on advertised rate, loan amount of $20,000 and a loan term of 3 years. Actual repayments may vary based on your individual circumstances and interest rate changes.
Upfront FeeThis is the cost that you will get charged to set up the loan.
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If you’re looking for the best low interest loan, and find yourself wondering “why are personal loan rates so high?”, your options may be limited by your credit history.Low interest personal loansaren’t always available to bad credit borrowers, and interest free personal loans are rare in Australia. However, for Australians in significant financial stress, personal loans with no interest attached are available.
Who offers loans with no interest attached?
The No Interest Loan Scheme (NILS) was first established in 1981 by youth workers from the Good Shepherd Sisters, and in 2012, Good Shepherd Microfinance was established to maintain and grow NILS. Having positively impacted the lives of over 400,000 people, Good Shepherd Microfinance aims to reach 1 million people by 2018.
NILS is offered at 671 locations across Australia, and is supported by more than 260 accredited providers, the Australian Government Department of Social Services (DSS), the National Australia Bank, and State Governments.
How can a no-interest personal loan be used?
NILS is a no interest small loan that can be used to borrow up to $1500. While there are no credit checks, NILS loans can only be used to pay for essential goods and services such as:
Household items e.g. furniture, fridges, washing machines, stoves, dryers, freezers and heaters
Medical and dental services
Educational essentials such as laptops, tablets and text books
Car repairs and tyres
Who can get a no-interest personal loan?
To apply for a NILS personal loan, you will need:
A healthcare or pension card and/or a low income ($45,000 per year for individuals or $60,000 per year for joint applicants)
To have lived in your current residence for three months or more
To be willing and able to repay the loan
How can I get an interest-free personal loan?
If you qualify for a NILS personal loan, you can apply by taking the following steps:
Enquire online or by phone to discuss your situation and what you’ll need to apply
Meet with a local NILS provider, bringing your documentation with you
Your application is assessed
You are informed of your loan application’s outcome and agree on repayment terms
Repayments are set up at an affordable amount over 12 to 18 months. Because repaying a NILS loan makes these funds available to somebody else (a process called Circular Community Credit), the repayment rate for NILS loans is 95 to 97 per cent.
What is a secured bad credit personal loan? RateCity
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.
Can unemployed single parents get personal loans? RateCity
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 offers – consider contacting the lender before applying. >
What documentation is needed for a self-employed personal loan?
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other information, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can prove less affordable than other options.
Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.
What do single mothers need to apply for a personal loan?
Like other personal loan applicants, single mothers will likely need to provide a few documents to any potential lender, such as personal identification, bank statements (savings, loans, credit cards), proof of address, and proof of income (payslips, tax returns).
Many lenders offer online applications for personal loans, which can be convenient for borrowers who don’t have a lot of free time. 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.
Depending on the lender, some personal loan applications can be approved in as little as one hour, or you may need to wait until the next business day. If approved, you may receive your money on the same day, the next business day, or within the week.
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.