Loans for Pensioners – Age, Disability and Veterans’ Pensions
CAN I GET A LOAN ON THE PENSION?
Yes, Sure Cash Finance does lend to pensioners. As a licensed Australian credit provider (ACL 390591), Sure Cash Finance assesses all applications individually, looking at your full financial picture. Receiving the pension doesn’t rule you out on its own, but approval is never automatic or guaranteed.
Sure Cash Finance’s ‘Loans for pensioners’ is simply a standard Small Amount Credit Contract (SACC) loan or Medium Amount Credit Contract (MACC) loan, and is not a separate financial product. These pension loans are assessed under the same responsible lending guidelines as any other loan.
WHICH PENSIONS ARE CONSIDERED?
The types of pensions considered for pension loans (and disability pension loans) in Australia are Age Pension, Disability Support Pension, Carer Payment, and DVA/veterans’ pensions. The loan assessment looks at total regular income, living expenses and existing debts – not the pension alone – as required under the National Consumer Credit Protection Act (2009). In accordance with responsible lending guidelines, all applications are individually assessed, and approval is not automatic or guaranteed. A loan will not be offered if the repayments are assessed as unsuitable for the applicant’s circumstances.
For people on other Centrelink payments, such as JobSeeker or Parenting Payment, see more information.
FAST
LOAN APPROVALS
We understand our customers need funds quickly, so we provide fast approvals for our customers to help them receive the funds as soon as possible.
FLEXIBLE
PAYMENT TERMS
We offer flexible payment terms to suit our customer’s needs. There are no early payout fees if you choose to payout your loan sooner.
Fast Cash Loans
$300 – $5000
RELIABLE
SERVICE
Our trained staff provide a high standard of customer service. We help our customers find a financial solution to suit their needs.
LOAN AMOUNTS AND TERMS
Our Cash Loans are Small Amount Credit Contract (SACC) loans which range from $300 to $2,000. No security is required. Repayment terms can be from 16 days to 12 months.
Our Personal Loans are Medium Amount Credit Contract (MACC) loans which cover amounts from $2,001 to $5,000. Whether an MACC loan requires security (or not) is assessed on a case-by-case basis. The repayment terms can range from 16 days to a maximum of 24 months (with the average term tending to be around 52 weeks). Whether an MACC loan requires security (or not) is assessed on a case-by-case basis.
You can schedule your repayments to be weekly or fortnightly to align with your pension payment day. There are no early repayment penalties. Use our online loan calculator to enter the amount you’d like to borrow and how long you’d like to take to pay it off. The calculator will then show your repayment schedule and the total amount payable. This lets you check whether a repayment fits your fortnightly budget before applying.
WHAT DOES IT COST?
Loans for pensioners are offered in two different categories (SACC and MACC).
Our Small Amount Credit Contract (SACC) loans, from $300 to $2,000, have an establishment fee of 20% of the loan amount plus a monthly fee of 4% of the loan amount. There is no annual interest rate.
Example: For a $1,000 loan over 6 months, there is a $200 establishment fee plus a fee of $40 per month. The total fees are $440, and the total repayable is $1,440.
Our Medium Amount Credit Contract (MACC) loans, from $2,001 to $5,000, charge a $400 flat establishment fee plus 48% p.a. interest.
Example: A loan for $2,500 over a 6-month term would cost:
Total interest, fees and charges = $773.83
Total repayable = $3,277.83
NOTE: On a fixed pensioner income, these fees are a significant share of a small loan.
ALTERNATIVES TO CONSIDER FIRST
Before considering any loans for pensioners, there are other options to consider that may suit your situation better.
Here are some alternatives:
- Apply for a Centrelink advance payment. Eligible recipients can request an advance on their future Centrelink pension payments from Services Australia at no cost.
- The No Interest Loan Scheme (NILS) offers zero-interest, no-fee loans up to $2,000 for eligible low-income Australians. NILS requires you to submit your quote with your application and, if approved, they pay it directly to the supplier/vendor. NILS loans are granted for essentials such as appliances or furniture, medical costs, car repairs, etc. They cannot be used for cash, bills, debts or rent. Pension Card holders may be eligible.
- The Home Equity Access Scheme is a government loan for people of Age Pension age who own property. If you’re a veteran, you can learn how to apply for the Home Equity Access Scheme on the Department of Veterans’ Affairs (DVA) website.
- Free, confidential financial counselling. You can access the National Debt Helpline on 1800 007 007 to discuss your debt problems and solutions. You can also visit the government’s MoneySmart website for budgeting guidance.
PENSIONER LOANS – HOW TO APPLY
The steps to apply for pension loans are as follows:
- Enter the amount you would like to borrow into the online calculator, plus the amount of time to pay the loan off. The calculator will then show your repayment schedule (weekly and fortnightly) and the total amount payable.
- Apply online or, if you prefer to talk to someone, phone our friendly team on 1300 SURECASH (1300 787 322). Applications can only be made online or by phone.
- Provide your income, expenses and personal details, along with proof of identity, and tell us the purpose of your loan.
- Once you submit your application, the Sure Cash team will assess it against responsible lending guidelines and contact you with the outcome. If approved, you review and sign the contract. Once your contract is signed, funds are transferred to your account. While our team will act promptly, please bear in mind that your financial institution’s processing times may vary.
WHY SURE CASH FINANCE?
Why choose us for personal loans for pensioners? Sure Cash Finance is a family-owned Australian lender, licensed under Australian Credit Licence (ACL) 390591 and a member of the Australian Financial Complaints Authority (AFCA, member 43334). We have been in business since 2001. Applications are made online and by phone only.
Our friendly, trained staff assess each customer’s situation individually and provide support for our clients. We approach every interaction with a high level of care and understanding. That’s why our Google rating is 4.8 stars, based on over 454 customer reviews.
PENSIONER LOANS – BEFORE YOU BORROW
WARNING: Do you really need a loan today? It can be expensive to borrow small amounts of money and borrowing may not solve your money problems. Check your options at: moneysmart.gov.au
Borrowing is not always the right choice for everyone. For one thing, it costs money, and there might be other options that are better suited to your individual situation. A government service for anyone seeking financial guidance or to make better-informed decisions is the Moneysmart website.
You can also access the National Debt Helpline for free, confidential financial counselling on 1800 007 007.
If you are struggling with repayments, Sure Cash Finance has a hardship policy. If you require hardship assistance, contact our team as early as possible to discuss your situation.
FREQUENTLY ASKED QUESTIONS
Can I get a loan if I’m on the Age Pension?
It is possible, depending on your financial circumstances. We assess loan applications using responsible lending guidelines that consider your overall financial situation, including your pension income, living expenses and existing debts. Approval is never automatic or guaranteed.
Can I get a same day cash loan as a pensioner?
The term “same day cash loans for pensioners” can be misleading. First of all, every application must be assessed individually in accordance with responsible lending guidelines and is based on your full financial picture, including your ability to repay. Approval is never automatic or guaranteed.
Sure Cash Finance aims to assess promptly and, even if approved, same-day funding is not guaranteed. The timing depends on how long the assessment takes and your bank (whose processing times may vary).
Are payday loans a good idea for pensioners?
A “payday loan” is a Small Amount Credit Contract loan that covers amounts from $300 to $2,000 and has an establishment fee of 20% of the loan amount plus a monthly fee of 4% of the loan amount.
Example: For a $1,000 loan over 6 months, there is a $200 establishment fee plus a fee of $40 per month. The total fees are $440, and the total repayable would be $1,440.
Before considering a payday loan for pensioners, you should first check cheaper options, which include:
- A Centrelink advance payment. Eligible recipients can request an advance on their future Centrelink payments from Services Australia at no cost.
- A No Interest Loan Scheme (NILS) loan, which offers zero-interest, no-fee loans up to $2,000 for eligible low-income Australians. NILS requires you to submit your quote with your application and, if approved, they pay it directly to the supplier/vendor. NILS loans are granted for essentials such as appliances or furniture, medical costs, car repairs, etc. They cannot be used for cash, bills, debts or rent.
What happens if I cannot make a repayment?
If you can’t make a repayment, contact our financial hardship team immediately. Provide details about the situation and how long it is expected to last. You could also reach out to the National Debt Helpline or consult resources such as the government’s Moneysmart website.
