Personal loans

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Low Income Personal Loan

Trusted by thousands of Australians

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Find out how much your repayments and
interest rate could be with our calculator


Monthly repayment from


Example interest rate

6.25 %

Comparison rate3

7.64 %

Total charges


Total repayments


Disclaimer: This calculator provides an estimate only and a comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. Any calculations made by you using this calculator is intended as a guide only.

Low Income Personal Loan

Looking for a low income personal loan? Whether it’s for a holiday, a new car, a personal loan for debt consolidation or you’re just struggling to pay your bills, you may be at a point where some extra cash would really come in handy. However, if you are on a low income, getting easy loans approved can feel very difficult. The good news is, if you shop around there are options available for low income personal loans.

How to get a low income personal loan

Many banks or other credit providers have a minimum income that is required before you can be approved for a personal loan. However, some money lenders now offer personal loans for low income earners that have lower minimum income requirements, or even no income requirement if you are taking out small loans or short term loans. If you are on a low income, other things can be done to improve your eligibility for a low income personal loan such as selecting a lower loan amount, seeing if you can reduce any other regular expenses to increase your income to expense ratio, cut back any risky spending habits such as gambling, and try to lower other bills where you can, for example, your mobile phone bill.

At MoneyMe, for personal loan eligibility, you must be working in Australia and be 18 years or older. Along with your income, our lending criteria also takes into consideration several factors including your expected living costs and your MoneyMe loan rating. We also provide you with tools so you can work out how much you can afford to repay each month. Our free loan repayment calculator can help you calculate what your repayments will be, and then you can assess whether the amount is affordable. To use the tool you’ll need to select how much money you want to borrow, your preferred loan term, and your credit history. Once you’ve submitted this information, you’ll instantly receive your expected repayment amounts, as well as establishment fees and any other ongoing fees. 

If you’d like to apply for a low income personal loan through MoneyMe, the application process is quick and easy. It is all done completely online so you can avoid any cumbersome paperwork. Our application process should only take a few minutes and you should get a quick outcome, so you’ll know sooner rather than later whether you have approval for your loan. And if it is approved, the money could be in your bank account within 60 minutes depending on what bank you are with.

What is the interest rate of a low income personal loan?

It is worth comparing interest rates when deciding which bank is best for a low income personal loan, as you’ll want to find the best overall deal possible. You may find that getting loans online through an online lender such as MoneyMe is a more affordable option when taking out a low income personal loan. At MoneyMe, our low rates will be tailored to your credit profile and history. When deciding on the best low income personal loan, as well as looking at the interest rate it is also important to take into account any fees or charges such as application fees and any ongoing fees, as well as late payment fees. At MoneyMe we are upfront about fees, so there won’t be any surprises. Plus, we don’t charge any early payment or early termination fees should you decide to pay your loan ahead of time.

Can I get a low income personal loan with bad credit?

Although it is more difficult to get low credit score personal loans, it is not always impossible. It will depend on how much money you want to borrow and which lender you go to. At MoneyMe, we do carry out a credit check when we are assessing your loan application, but we don’t automatically decline anyone who has a mark on their credit file. This is because we understand that you may have a good reason for this or your situation may have improved over time. MoneyMe prides itself on being a responsible lender, so we will only lend you as much money as we think you will be in a comfortable position to repay. We don’t want you to be stuck with a loan that you are unable to pay back, as this will not only make your credit score worse but it’s also not good for your state of mind. If your low income personal loan is not approved, you are welcome to apply again at a later date when your financial situation improves.

If you’re looking for a low income personal loan, then you’ve come to the right place. With MoneyMe’s quick cash loans, you should have an outcome in just a few minutes. And, although we don’t have physical branches for you to visit, our friendly and knowledgeable support team is available 7 days a week via phone, email, or online. Contact us today and find out more!

Our customers

Low Income Personal Loan

Unbelievably easy finance when I needed it the most. A huge thank you from me and as a returning customer I know that I am getting a fair deal.

After 5 to 10 minutes of filling up my application, my loan has been approved and the money was in my bank account. I had a great experience that is why I'm giving them a 5-star rating. Excellent service. Thank you very much, MoneyMe.

Amazing through and through. MoneyMe helped me out when no one else would and they have been a delight to deal with. I 100% recommend their service. They're an absolute joy to deal with!


Review Stars Out of 2,701 reviews

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Transparent and
simple pricing

Interest rate

6.25 %
to 19.95 %

Comparison rate*

7.64 %
to 21.32 %

Establishment fee

$295 for loans between $2,100 and $5,000

$395 for loans between $5,001 and $15,000

$495 for loans between $15,001 and $50,000

Monthly fee


Loan terms

Minimum 1 year

Maximum 5 years

Early exit fees


*This comparison rate is based on an unsecured personal loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. A $495 establishment fee and $10 monthly fee applies.

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