Much like a Centrelink loan, a Pensioner loan is designed to help you with financial assistance when you need it.If you are of pension age and receiving a benefit from Centrelink, or living off a low income pension and do not have any assets to provide you with extra income, there are options to help get you out of financial trouble. It is important to avoid third-party payday lenders, regardless of how easy the process is, as these types of lenders often capitalise on desperate times, and have excessively high interest rates.
How to Apply for Pensioner Loans
Some safe and reliable community and government options for pensioner loans include the following. Be sure to do some research on each option and ask as many questions as you can before applying.
Loan Options for Pensioners in Australia
- No Interest Loan Scheme (community): Small personal loans with no interest rates and no fees, to help ease financial strain when you need it;
- StepUp (non-profit): Small, short-term loans with low interest rates, no fees, and can used to help with any emergency household, medical or other expenses;
- Centrelink Advance Payments (Centrelink): An interest-free advance payment on one to three weeks of pay, repayable within six months.
- Charities (non-profit): If none of the above help, speak to a local charity, which may provide assistance with money, food, and even a place to sleep.
These options will carefully look at your living situation, and provide you with financial assistance that won’t affect your day-to-day living expenses. Speaking to an official pensioner loan provider will assist you to get through the tough times, without resorting to unofficial lenders that may just leave you with a short-term fix and a problem later on.