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Compare single parent personal loans
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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.
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Upfront FeeThis is the cost that you will get charged to set up the loan.
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Personal loans for single parents are loans suitable for households that only have one parent and one income.
Having just one income to rely on can make it harder to make ends meet, but it also makes it harder to get finance such as a personal loan.
That said, all is not lost. There are plenty of lenders willing to lend to single parent households, provided you can show proof of a steady income and a good track record of having paid previous debts.
Who offers personal loans for single parents?
There are a range of lenders that offer personal loans for single parents, but eligibility always depends on your personal circumstances, and the criteria of each individual lender.
The problem is, the lender's criteria isn't always obvious and applying to multiple different lenders for a personal loan can have a negative impact on your credit score.
RateCity's chance of approval system, however, can tell you the likelihood you'll get approved for a loan before you apply, which means no more black marks on your credit file just because you didn't understand the lender's eligibilty criteria
To find out your chance of getting approved for a personal loan, visit RateCity's personal loan marketplace:
Find out which personal loan lenders are likely to say yes
Can single parents with bad credit get personal loans?
It’s possible for single parents with bad credit to get a personal loan, but it may be challenging. Many reputable personal loan lenders require a certain credit score or proof of financial health before approving loans, so if you don't have steady employment or you have a bad credit history, talk to your preferred lender about whether you are eligible to apply for a personal loan.
How do you compare personal loans for single parents?
To compare personal loans for single parents, use a comparison site like RateCity.com.au that shows you all the different products side-by-side. In your assessment you should consider the interest rate, fees, and repayment flexibility. Ensure you can afford to make the repayments on time, and make sure you fully understand the consequences of late payments and defaults.
How can you improve your chances of being approved for a single parent loan?
To improve your changes of being approved for a single parent loan, make sure you know your credit score. A higher score will more likely result in approval. You can also consider borrowing a lower amount to ensure you can make the repayments on time.
How long does it take to get a personal loan for single parents?
The length of time it takes to receive your loan will depend on the lender. The timeframe can range from within a day to several days, so talk with your lender if you need the funds fast.
What are the pros and cons of personal loans for single parents?
Get access to funds to help you cover expenses and pay bills.
Having a set repayment schedule that helps you pay off your debt in full, within a set timeframe.
Paying interest charges and fees on your loan.
Saving enough money each month to make your repayments.
Risk of defaulting on the loan.
Can single parents on Centrelink get personal loans?
Yes, single parents on Centrelink can get personal loans, under certain conditions. Some lenders enforce restrictions on loans for single mothers on Centrelink, such as requiring an additional primary source of income.
Know the options:
Can I get a personal loan if I receive Centrelink payments?
What are the alternatives to personal loans for single parents?
If you’re thinking about taking out hardship loans for single mothers or fathers, it’s best to consider your alternatives. If you’re on low income, you may be eligible for low or no interest loans. This may help you cover household costs without high interest. You could also consider taking out a low-interest credit card, but be sure you don’t spend over what you can pay back.
CASE STUDY: Sandy compares and saves
Sandy wants to take out a personal loan to cover some of her daughter’s education bill. She has considered her income and financial status and wants to find the lowest interest rate possible. She finds a personal loan for single parents with an interest rate of 12 per cent, and considers applying. Sandy decides to do a bit more research, and thirty minutes later, finds a loan with an interest rate of 10 per cent, saving herself hundreds of dollars.
Nick Bendel is RateCity’s property and personal finance editor, and an experienced journalist with numerous writing credits to his name. To date. He covers property, home loans, credit cards, superannuation and other bank products, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
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. >
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 get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
Many personal loans, much like home 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.
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 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.
What are the pros and cons of bad credit personal loans?
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.