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Personal loans for new employees
Lenders will often need you to be in a full-time role for 3 months or a part-time role for 6 months before offering you a loan. But there are still loans available if you haven't hit those milestones.
I just started a new job. Can I get a personal loan?
If you're a new employee, you can still apply for a personal loan. But it's harder to get approved. Most lenders prefer that you have been in your job for at least 3 months.
However this isn't a hard rule, as applications are looked at on a case-by-case basis. To increase your chances of success, you'll need good credit history and bank statements that demonstrate an ability to save money and meet loan repayments.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Please note: You can still often get a personal loan if you are employed part-time, are self-employed or are a casual employee. However, this page is specifically designed for applicants who are employed full-time. If you are a part-time or casual employee, you can learn more about your options on our guide to loans for casual employees.
How long do I need to be employed to take out a loan?
Most lenders would like you to have been working for the same employer for 3 months. Some prefer up to 6 months or simply past your probation period.
However, this all depends on the lender as you do not need to be employed to receive a personal loan, as there are personal loans available to applicants who are unemployed. Applicants who are unemployed are also more likely to be approved for a personal loan if they have a good credit history and/or a guarantor.
We've collected information from popular lenders and how long they want you to have been in the same job.
How do I improve my chance of approval as a new employee?
If you're a new employee or are about to start a new role, keep the following in mind before you submit your personal loan application:
1. Wait a while
This may seem obvious, but if you are in a position where you can wait until you've been at your job for a bit longer then that will help your application. Of course, life waits for nobody and sometimes you need the money immediately. In these cases, you still have options.
2. Consider applying for a lower amount
High borrowing amounts are always going to be riskier to lenders, so borrowing less may be what pushes your application over the line. Of course this depends on your situation and needs, but it may be difficult to find a loan for over $20,000 without stable employment.
3. Offer security
A secured loan is less risky for lenders. If you can offer security, such as your car or equity in your home, then you'll have an easier time getting approved. While this can be a good option, it does mean that the asset you've offered up could be repossessed if you default on the loan - so make sure you're comfortable meeting your repayments!
4. Meet the other minimum requirements
A lender may overlook how long you've been at your role if you can show you're a responsible borrower who they can trust to meet repayments. To do this, you'll need to meet every other minimum requirement such as age, residency status, and annual income.
5. Maintain a strong credit score
While credit scores are less important in Australia compared to places like America, they still play a role in the approval process - and also the interest rate you'll receive. You can learn what your credit score is in seconds through Finder, as well as tips on how to improve it if you need to.
6. Ask for a reference from your employer
An employer advocating for you will help enormously. The only reason why lenders see people just starting a new job as risky is because of the chance they may not pass their probationary period. If your employer advocates for you, then the lender can assume that you have stable employment.
7. Have supporting documentation. As much as possible.
On top of the standard documents you need to apply for a loan, such as bank statements and identification documents, make sure that you show off anything that proves you'll be a responsible borrower. This could include things such as investment portfolios, secondary income streams, or savings.
8. When in doubt, speak to the lender.
At the end of the day, the lender knows what you need to get your application over the line. They will be able to look at your situation and let you know what else you need in order to meet their criteria.
What can I use the loan for?
In general, you can use one of these loans for just about anything you could legally buy. Finder has dedicated pages for the most common uses for personal loans:
Yes, there are car loans that new employees can apply for. While there is never any guarantee that you will be approved for a car loan, or any loan for that matter, there are things you can do to increase your chances:
Get a job offer letter.
Having a job offer letter in writing could increase your chances as it proves your ability to repay the loan. Attach the letter to your application, either online, in person or via post.
Get a guarantor.
A guarantor takes responsibility of the loan if you default and therefore you pose less of a risk to the lender. Guarantors must have a good to excellent credit score, and they may be required to be home owners, depending on the lender. It may help you get a lower interest rate too.
Make a down payment.
The more money you can put towards a down payment, the better your chances of approval. If you can put 10% or 20% down first, you'll be seen as a less risky borrower - plus it will lower the debt you need to repay and you could even get a lower interest rate.
Why compare personal loans with Finder?
We're free
Our personal loan comparison is completely free to use. There are no costs at all for you to use our database to find a better deal. Better still, we regularly run exclusive deals that you won't find on any other site.
We're experts
We've researched and reviewed hundreds of loans as part of our Finder Awards. Our database and tables are always up-to-date and our in-house experts regularly appear on Sunrise, 7News and SBS News.
We're independent
We are independently owned and have a mission to help Australians make better financial decisions. That means our opinions are our own and you can compare nearly every personal loan in Australia (and find a better deal).
We're here to help
Since 2014, we've helped 300,000+ people find a personal loan by explaining your options simply. You don't need to give us any details to use our comparison. We're here to help you make a decision.
Frequently asked questions
Unfortunately, you can never be guaranteed a loan. Different lenders will have their own requirements. The amount of time you have to be working depends on the bank but is generally 3 months.
If you don't have payslips it is still possible to get a loan but you might be better off getting a low documentation loan. These loans have more relaxed eligibility criteria, and therefore ask you for less documentation.
Lenders will see you as riskier if you are still in your probation period, but there are things you can do to put their minds at ease. This could include showing any other revenue streams you may have, your savings, or a reference letter from your employer.
It's harder to get a personal loan if you're a casual employee. If your annual income exceeds a lender's minimum requirements, and you've had the job for a while, you'll have a better chance of getting a loan.
Rebecca Pike is Finder's senior writer for money. She joined Finder after almost four years writing for business publications in the mortgage and finance industry, including three years as editor of Mortgage Professional Australia. She regularly appears as a money expert on programs like Sunrise and Today, as well as across radio and newspapers. She also holds ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products.
Not sure how much you can borrow based on your income? If you're looking for a personal loan, find out how lenders determine how much you can borrow and how to see if you're eligible based on your income.
Hi I’ve only been at my job for a little over 2 months it is full time. My credit isn’t the greatest but I need a small loan for an emergency situation. Can you help me? Also i don’t have a bank account yet but was planning on getting one in a couple days, can you still help me?
There are lenders who will allow you to get a personal loan even if you have just been employed.
Lenders look at a variety of criteria, which can include any of the following:
Age. You need to be over the age of 18 to be eligible.
Employment. There are a few factors that come into play with employment criteria. You may need to be employed full-time (although part-time and casual employees also have loan options) and you may need to earn a certain income to be eligible. You also may need to have held your current job for a minimum period of time. See below for more information.
Credit history. Traditional lenders such as banks and credit unions will normally require you to have good credit to be eligible. That is, no negative listings such as defaults, bankruptcies or multiple credit enquiries can be listed on your file. However, there are bad credit personal loans available.
Residency. You will usually need to be an Australian citizen or permanent resident to be eligible, but some lenders do consider temporary residents for personal loans.
Also, it would be a good idea to open a bank account as this will add to more documentation for the lender if needed.
Absolutely! There are lenders on our table that allows no minimum tenure, which you could consider in applying for a short-term personal loan.
Please be reminded to check their eligibility requirements and loan terms prior applying. Use the calculator at the top of our comparison to get the actual figures, and you may click “Go to Site” green button to proceed of your chosen provider.
I’m 18 and have casual job for the next 3 weeks (barely make $100 a week) before I start a full time apprenticeship (between $400 and $500) a week. I’m looking for a personal loan so I can get a car for my new job. What are my options?
Majority of lenders require you to be in permanent/full-time employment in order to obtain finance. However, some lenders’ minimum criteria just requires you to earn a regular income or requires that you meet a minimum annual income.
The criteria for this and the personal loans available for casual employees that you can compare can be found on the link below:
I need a loan from 500 to 700. But I have only been employed for a short time with the company although I’ve been employed with them before. Is there any loan company that will approve me for a loan?
We recommend that you inform the lender of your choice that you have been employed by the same company in the past. You can read more about guaranteed personal loans to know how to maximize your chances of approval.
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Hi I’ve only been at my job for a little over 2 months it is full time. My credit isn’t the greatest but I need a small loan for an emergency situation. Can you help me? Also i don’t have a bank account yet but was planning on getting one in a couple days, can you still help me?
Hi April,
We’ve read your message, Thanks!
There are lenders who will allow you to get a personal loan even if you have just been employed.
Lenders look at a variety of criteria, which can include any of the following:
Age. You need to be over the age of 18 to be eligible.
Employment. There are a few factors that come into play with employment criteria. You may need to be employed full-time (although part-time and casual employees also have loan options) and you may need to earn a certain income to be eligible. You also may need to have held your current job for a minimum period of time. See below for more information.
Credit history. Traditional lenders such as banks and credit unions will normally require you to have good credit to be eligible. That is, no negative listings such as defaults, bankruptcies or multiple credit enquiries can be listed on your file. However, there are bad credit personal loans available.
Residency. You will usually need to be an Australian citizen or permanent resident to be eligible, but some lenders do consider temporary residents for personal loans.
Also, it would be a good idea to open a bank account as this will add to more documentation for the lender if needed.
Hope this clarifies.
Regards,
I just started a job this week and I just need a small loan to get through to next week. Would I be able to get a loan?
Hi Sam,
Thank you for your inquiry.
Absolutely! There are lenders on our table that allows no minimum tenure, which you could consider in applying for a short-term personal loan.
Please be reminded to check their eligibility requirements and loan terms prior applying. Use the calculator at the top of our comparison to get the actual figures, and you may click “Go to Site” green button to proceed of your chosen provider.
Hope this helps.
Cheers,
Jonathan
I’m 18 and have casual job for the next 3 weeks (barely make $100 a week) before I start a full time apprenticeship (between $400 and $500) a week. I’m looking for a personal loan so I can get a car for my new job. What are my options?
Hi Matt,
Thanks for visiting finder.
Majority of lenders require you to be in permanent/full-time employment in order to obtain finance. However, some lenders’ minimum criteria just requires you to earn a regular income or requires that you meet a minimum annual income.
The criteria for this and the personal loans available for casual employees that you can compare can be found on the link below:
https://www.finder.com.au/personal-loans/personal-loans-for-casual-employees
Hope this helps,
Joanne
I need a loan from 500 to 700. But I have only been employed for a short time with the company although I’ve been employed with them before. Is there any loan company that will approve me for a loan?
Hello Adam,
Thank you for your question.
We understand that you are concerned about your job tenure. We have a list of different lenders who may consider new employees and their minimum time requirement on your present job. Casual workers are also being considered.
We recommend that you inform the lender of your choice that you have been employed by the same company in the past. You can read more about guaranteed personal loans to know how to maximize your chances of approval.
Hope this helps.
Cheers,
Jonathan