Can I Get a Loan if I Receive Centrelink Payments?
For those receiving regular Centrelink payments, further monetary relief might seem like a pipedream. Whether you need emergency repairs on a car, a replacement washing machine, or even just a small amount to cover yourself until payday, loans can be a highly valuable resource. Swoosh is here to happily inform you that even if you receive Centrelink payments, you may still be eligible for a fast cash loan from us! Read on to learn how you can get a loan while on centrelink.
Overview
- Common Centrelink payments
- Benefits vs Income
- How does receiving Centrelink affect my loan eligibility?
- What if Centrelink is my only income?
Common Centrelink payments
Centrelink payments are made to a broad cross-section of Australian society, from young to old. With such a diverse range of payments, Centrelink have divided up their benefits into distinct categories to suit the needs of specific people.
To help our readers better understand the kinds of payments Centrelink offers, we give a brief overview of some of the most common payment types below.
Parental Leave Pay
This centrelink payment helps financial support families with a newborn/recently adopted child. If you’re a new parent taking the time off work you are eligible for this service. You will receive 110 days or 22 weeks of parental leave pay and you can use it on the days you are not working. You have 2 years after the child is born/comes into your care to use all your parental leave pay.
Family Tax Benefit
Family Tax Benefit supports you and your family when raising your children. There are many requirements that apply with this benefit, which will depend on your income, child’s age and study requirements of the child.
Youth Allowance
This payment option financially helps people aged 24 or younger who are studying or looking for work. Youth allowance provides support for Australian citizens who are studying, taking on an apprenticeship or living independently while studying.
Job Seeker Payments
This payment provides financial help to a person who is between 22 and pension age who is currently looking for work. This also works if you are sick or injured, or need to stop work for study.
Rent Assistance
Rent Assistance is a regular extra payment to support you while paying rent or inbetween home addresses. You can get rent assistance while receiving other loans too.
Disability Support Pension
This payment is accessible to you when you have a physical, intellectual or psychiatric condition that is likely to persist for more than 2 years and stops you from working.
Carer payments
This payment is for when you are in constant care of someone with a disability, medical condition or someone near the end of their life. This payment can be received for at least 6 months and will depend on your income or your partner’s income.
Age pension
Age pension is a payment to support you after retirement as an Australian citizen. This centrelink payment can start at 67 years old.
Benefits vs Income
Centrelink payments also known as centrelink benefits are provided to those who meet certain requirements depending on which centrelink service they choose. When deciding to get a loan while on centrelink, you first need to decide whether your centrelink is viewed as a benefit or as an income.
A benefit payment is a payment given as extra financial help given the situation you are in, including:
- Age Pension
- Disability Support Pension
- Family Tax Benefit
A centrelink payment that is seen as your only income usually when participating in full time studies or finding work, which could affect your ability to get a loan while on centrelink:
- Youth Allowance
- Job Seeker Payment
How does receiving Centrelink payments affect my loan eligibility?
We’ve all been in emergency situations that require a loan fast. But you might be unsure about how their Centrelink payments come into play. While anyone can get a loan, there are certain caveats.
For those earning Centrelink, regardless of what kind of payment it may be, you can apply for an online loan. To qualify for this loan, you will need to meet eligibility and lending criteria and have been employed for at least 2 months. You must also own a vehicle registered in your name with no finance owing.
That’s it! After applying via our easy online application process, you’ll be well on your way to securing your loan.
What if Centrelink is my only income?
This is where we have some bad news unfortunately. Responsible lending means we can only lend to those who receive a wage of some sort. So whilst you can get a loan while on centrelink, if it’s your only income you will not meet the requirements of the loan and will not be eligible.
Receiving Centrelink and wanting to secure a quick, easy loan?
There are many more Centrelink benefits available that also do not affect your ability to get a quick secured loan from Swoosh. We’re here to provide you flexibility every step of the way and help provide cash when you need it the most.
If you have any questions about Centrelink benefits in relation to Swoosh loans, or any other general questions, get in touch with our friendly team today.
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