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Can You Get A Loan While On Centrelink Benefits?

When it comes to lenders determining a borrower’s suitability for a loan, they usually look at various criteria such as income, expenses, and credit history. For those who receive Centrelink payments, they may be wondering if getting approved for loans for people on benefits is possible since they relatively have a low income.

Can I Get a Loan While On Centrelink Benefits?

Getting approved for a loan while receiving unemployment benefits is possible, though it can be more challenging. When you apply for a personal loan, lenders will look at your income to assess if you can make regular payments. If you receive Centrelink benefits and it’s all or part of your income, you may find it more difficult to get approved for a loan. Although some banks and lenders do not consider applicants whose main source of income is Centrelink, Cigno can help you in this situation.

Advantages of Loans for the Unemployed on Benefits

A Centrelink Loan is offered to borrowers who have a relatively low income and rely mostly on income support payments from Centrelink. If you are on Centrelink and need a short-term loan, Cigno can act as your agent to assist you to find the right lender and lodge an application. For your loan application through Cigno, you’ll be required to provide your personal details such as your address, contact details, and your recent 90-day bank statement, where information on your income can be assessed by us. If you are receiving Centrelink benefits, Cigno considers these payments to be a form of income and therefore you may be eligible for a loan.

With Cigno’s optimised online process, you’re on your way to enjoy the advantages of loans for the unemployed on benefits, which include:

  • Hassle-free loan applications
  • Centrelink Loans that pay out fast
  • Helpful repayment notifications for your Centrelink Loan.

Applying for a Loan on Benefits Is a Hassle-Free Process

One of the advantages of our Centrelink Loans is how easy it is to apply. We’ve designed an online application process that makes our service more convenient and practical. You can apply online through our website at any time and if you’re eligible, we will find you a suitable lender. What we’ll need from you is your most recent bank statement showing your income from Centrelink, your address, and a government-issued ID.

Furthermore, some loan companies only deal with borrowers who are full-time employees. At Cigno, we offer short-term loans to Centrelink customers who may have a low income or are unemployed. As long as we can see that you can make the repayments, we’ll be able to help you with loans that meet your needs.

Centrelink Loans Pay Out Fast

Under our Centrelink Loan, you’re allowed to pick the amount you want to borrow of up to $2,000. We recommend that you only borrow what you need to cover your most urgent costs to ensure you’re able to pay off the loan comfortably. Unlike regular loans that can take longer to pay out to the borrower, Centrelink Loans are designed to be paid to your account as soon as possible. This is so you can deal with these expenses sooner and get on with your life.

Receive Helpful Repayment Notifications for your Centrelink Loan

One thing you should avoid is to borrow money and fail to pay it back on time. Cigno understands how easy it can be to forget dates, including your repayment schedule. Which is why helpful notifications are built into our process to keep you up to date on your upcoming repayments for your Centrelink Loan.

We also believe in providing short-term loans the right way, so we make all of the charges and rates in the loan terms that we offer as clear as possible, which you can read on our costs page. This helps you to make a well-informed decision and be sure of all conditions before you agree to a loan.

Depending on your circumstances and the type of benefits you are receiving, it’s not impossible to get a loan while you are on Centrelink. However, it’s important to consider whether this is a good idea in the first place, given your financial standing and if you can make repayments on time. Also, if your loan application is successful, it’s never a bad idea to plan how to make your Centrelink income work for you and make the most of it.

If you’re confident enough that you can manage a Centrelink Loan responsibly, apply now!

Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.

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Cigno is a business name of FTA Data Solutions Pty Ltd ABN 95 670 814 221.

FTA Data Solutions Pty Ltd is an Authorised Credit Representative (Credit Representative No. 552387) of Finance & Loans Direct Pty Ltd Australian Credit Licence No. 390166.

Cigno is not a credit provider or a credit assistance provider. When you complete the Information Form, you are not applying for credit or any other particular goods and services. The completion of our Information Form also does not guarantee that you will be provided with credit or any other goods and services through our network.

Depending on the information you provide to us in the Information Form, we endeavour to assist you by providing your information to our intermediary partners. Where we provide your information to our intermediary partners, we may receive a fee.

If the information you provided to our intermediary partners meets their requirements, they may connect you with a credit provider, goods and/or services provider and/or specific products to meet your their needs (depending on the information your input into the Information Form).

Any application you ultimately make through a particular credit provider or goods and/or services provider is subject to that provider’s eligibility criteria and terms and conditions. The loan, credit, product or service may not be available to every person. We do not endorse or recommend any particular provider, product or service that you be connected with or offered. All statement on this website are general in nature and do not constitute financial, credit or legal advice (or any other advice).

Contact

SMS: 0429 213 774
Email: enquiries@cignoau.com.au
Post: PO Box 1810, Southport BC, QLD 4215
ABN: 95 670 814 221

FTA Data Solutions Pty Ltd.

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NOTIFICATION OF MISCONDUCT BY CIGNO AUSTRALIA

Ordered by the Federal Court of Australia

The Federal Court of Australia has found that Cigno Australia Pty Ltd (Cigno Australia) and BSF Solutions Pty Ltd (BSF Solutions) have breached the law by engaging in unlicensed credit activity and charging prohibited fees.

In the period from July 2022 to 3 October 2023, over 100,000 consumers have been lent a total of $34 million, and charged fees of over $70 million, under the ‘No Upfront Charge Loan Model’ operated by BSF Solutions and Cigno Australia. At no time has either BSF Solutions or Cigno Australia held an Australian Credit Licence.

The Court also found that Mark Swanepoel (director of Cigno Australia) and Brenton James Harrison (director of BSF Solutions) were involved in these breaches of the law.

With effect from 24 May 2024, the Court has granted permanent injunctions preventing Cigno Australia and BSF Solutions from:

  • demanding, receiving or accepting fees or charges, including amounts of loan principal, from consumers in relation to credit provided under the ‘No Upfront Charge Model’; and
  • engaging in further credit activity pursuant to the ‘No Upfront Charge Loan Model’, including by entering into new agreements with consumers, for so long as they do not hold an Australian Credit Licence.

Cigno Australia was ordered by the Court to, by 5th July 2024, send written communications to consumers who between July 2022 and December 2022 entered into agreements with Cigno Australia and BSF Solutions under the ‘No Upfront Charge Loan Model’.

The Court will later determine whether (among other things) Cigno Australia and Mark Swanepoel ought to pay a pecuniary penalty in respect of this conduct, and whether Mark Swanepoel should be restrained from carrying on a business engaging in credit activity.

Cigno Australia, BSF Solutions, Mr Swanepoel and Mr Harrison intend to appeal the decision of the Court and have filed an application for leave to appeal. If the appeal is successful, some or all of the orders of the Federal Court of Australia may be set aside.

Where can you get more information?

Where to go for further support

You can access legal advice in your state at: Free legal advice – Moneysmart.gov.au.

If you are experiencing trouble with debt, or money worries in general, contact:

  • the National Debt Helpline on 1800 007 007 or online chat (9:30am to 4.30pm, Monday to Friday).

If you need someone to talk to, contact:

  • Lifeline on 13 11 14 (24 hours) or their crisis support online chat or
  • Beyond Blue on 1300 22 46 36 (24 hours) or their webchat