Loans for pensioners

If you’re on a pension, a personal load may not be accessible, nor the most suitable means by which to borrow money.

Loans for pensioners

Most of us need a little help financially now and again and personal loans are often the chosen method to help us out of a tight spot. But if you’re on a pension, a personal loan may not be accessible, nor the most suitable means by which to borrow money. If you’re on a fixed income provided by government welfare payments, then you may be able to access special pensioner loan schemes. These pensioner loan schemes can give access to affordable and timely financial assistance with the added benefits of low or no interest rates and flexible payment options.

Eligibility for pensioner loans is varied. However, even if you have missed payments in the past and have a credit history which is less than desirable, they offer a safer and reliable option to ‘payday loans’.

No Interest Loan Scheme (NILS)
The NILS is a community-based program which offers applicants on a low income ability to apply for a no interest loan of up to $1200. Loans are available for essential household goods and services and repayments can be made over periods of 12 and 18 months.

The program is delivered in partnership with National Australia Bank and FAHCSIA in over 400 locations around Australia. To be eligible for NILS an applicant must:

  • be living on a low income and in receipt of a current concession card
  • show willingness and capacity to repay
  • request goods and services which are seen as essential
  • have lived in current residence for at least three to six months

For more information, visit YOURLifeChoices.com.au.

StepUp
If you find yourself suddenly faced with a medical expense, urgent car repair or are just running a little short, StepUp loans offer a low interest solution, with amounts from $800 to $3000 available. StepUp loans are for individuals or families holding a current Centrelink Concession Card or receiving Family Tax Benefit Part A. Individuals or families are also required to have lives at their current address for more than three months.

For more information visit Goodshepherdmicrofinance.org.au.

Centrelink Advance Repayments
As an aged pensioner, you can request one, two or three advance payments during a six month period, as long as the total amount falls within the minimum and maximum amount. From 20 March 2014, these amounts are $397.60 and $1192.80 respectively. (For each member of a couple the amounts are $299.70 and $889.10). This amount is then repaid over the following 13 fortnightly payment cycles. Centrelink will only advance you an amount which it deems will not cause you financial hardship.

If you are n a part Age Pension, you can apply for an amount between the minimum amount which applies to your situation and the maximum, which is calculated based on your rate of pension payment.

For more information, visit HumanServices.gov.au.

Charities
If a loan is not really suitable, then there are a number of charitable foundations which may be able to help pensioners in times of need. Assistance may be provided in the form of money for utilities, sustenance and shelter. You can visit Australian Charities and Non-profits Commission (not sure where to find this list, here is the home page www.acnc.gov.au/) for a list of all major charities that provide support for pensioners.

If none of the above options are suitable for your financial situation, or you find yourself continually struggling to pay bills or are often short of money, try reaching out to a free financial counselor as they may have alternative solutions to your financial needs.

For more information, visit Financial Counselling Australia.





    COMMENTS

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    particolor
    19th May 2014
    1:28pm
    That surprises Me as I thought it was one of the first things that I thought THEY would Attack !! The Pensioner Advance Payment... Some of us in the Bush rly on it for our FREE Registration !! about 550 Bucks Free ?? as there is no Public Transport !!. But there are a Few Pensioners in these Blogs that don't seem to need any financial Assistance whatsoever and can Bank 600 Bucks a Month !! No Sweat !!..
    particolor
    19th May 2014
    1:39pm
    They obviously have No Car ,The Power Cut OFF !! No Gas, No Water, NO LIFE !!!..
    And the only pleasure they have in Life is coming on here and BRAGGING about it !!
    particolor
    19th May 2014
    1:43pm
    More PS..And I forgot Very Limited Food, They live on a Packet of Life SAVERS a Day !!
    Oars
    19th May 2014
    4:00pm
    Then if they come onto this page they must (i) own a computer or (ii) go to the local library to waste such time (iii) or just be telling "Firfies" to see themselves in print. All these cost money- and are not essentials to live. I try watching worms in the garden, and sometimes I watch Paint Dry- there's a buzz.!!!
    particolor
    19th May 2014
    6:54pm
    Yes I have a Hunch that Furphies is the Caper ! And the Name Up In Lights the other bit !!.. Some of these things like Power and Water seem Essential nowadays and of coarse Food !! I tried a DIY installation of Solar Cells in My Basement and a Bucket beside them, but that was a failure !!.. No water and a Blackout ??
    Young Simmo
    19th May 2014
    1:59pm
    Not completely right particolor, we have had 4 of those $500 loans over the years, and it is a breeze to pay back at $39 per F/night which is interest free. Doesn't matter whether you use it for Car Rego, Car Insurance, get a new Television or just fill the fridge with booze, life is a breeze.
    Our current one is paid back on 4th Aug, so might wait till it is close to Xmas and splash out again.
    particolor
    19th May 2014
    2:27pm
    Simmo ..Your preaching to the Converted !! I know and do all that !! I was only using that as an Example of what I use one payment for !.. I have one due at the moment, and I'm thinking of filling the Spare Room with Date Rolls in case this Site gives Me the ****&..... I'm voting Liberal at the Next election !! I hate Peace !!
    Young Simmo
    19th May 2014
    2:31pm
    OK particolor, just to see if you need another drink, spell PUP backwards.
    particolor
    19th May 2014
    3:34pm
    OK !! EvilC..
    Blossom
    19th May 2014
    3:45pm
    I thought those loans are for emergencies and essentials. e.g. Hot Water Service, Washing Machine, Refrigerator,(they often cost more to repair than buy new) plumbing and other repairs. A TV and/or DVD Player I understand as it keeps you in touch with what is happening and is good entertainment. No need to go to the cinemas all the time. Buy DVDs and you can watch them again later or swap around amongst your relatives ans friends. If there is more than one of you it is cheaper than the cinema. If you have a car you have to register, insure and maintain it. It is not meant for luxuries such as beer etc. If you can afford to pay back $39.00 a fortnight you can easily afford to buy your beer, not rort the system. The Govt. obviously isn't strict enough in ensuring only those who genuinely need the help get it.
    Blossom
    19th May 2014
    3:47pm
    I hope it is deducted fom the pension payment you get until it is repaid
    Young Simmo
    19th May 2014
    4:07pm
    Engy, my comment re filling the fridge was meant to be in jest, but you obviously couldn't see the funny side. The repayments are deducted before the fortnightly pension is paid so relax, none of us are stealing from you. As for emergencies, the loan is put into our account for us to use as we see fit. I might use my next loan to make a donation to the, " Make Opium Legal Movement ".
    particolor
    19th May 2014
    5:18pm
    We are only borrowing Our Own Money and it taken out fortnightly at an amount we can afford !! .
    But judging by Joes performance so far He will want the whole amount to be payed back the following Pension Day !!??
    sandgroper
    19th May 2014
    2:33pm
    Pensioners are NOT allowed to take out loans in WA. Been in place for many yrs now. Only amount they can access is $500 advance on their pension.
    particolor
    19th May 2014
    3:42pm
    I'm not surprizes by this, as Iron Ore dust is Known to cause Memory loss !! And Many there Forget to pay it back !!..
    Blossom
    19th May 2014
    4:19pm
    I think charities should have to right to check out thew situation if they get more than 3 requests from one person or family close together, and be allowed to cross reference details with other charities that pay bills for people. I have heard of people who regularly they can't pay their rent, electricity, gas. Some go to different charities for assistance with different bills. One charity records payments and has one family permanently on their books and knows in advance when they will be in again.
    A friend of ours who lives interstate work with a church group and hand out clothing, food, books etc, that had been donated to those who need it. One lady came in dressed in shabby clothes, and was using newspaper as her baby's nappy, no other clothing. They gave her clothing for her family and made sure there was plenty of nappies as well. They always ask for the name and address of those they give items to. The volunteers had a discussion the next day and decided that they would visit her and see what else she needed, whether she needed food or basic furniture at all. It was a huge 2 storey house, there was new expensive toys scattered across the front lawn.(some had only just been released for sale). The lady wasn't home. The neighbour called out to ask if they wanted to leave a message. When they explained why they were there she invited them in so she could explain a few things to them. They went out into the backyard and because the fences were so low they could see the washing on the line. There was a large line full of clothing close to the fence so they were able to see that it was in very good condition. They were also told that they had not long ago bought new furniture and put the old out as kerbside rubbish. It seems the lady may been crying out for help for a different reason. They called there a few times to see if they could help her with whatever issues she had but could never find her home. The lady they helped fitted the description the neighbour gave of her and the name. They were definitely at the right name and address. I never heard the outcome of this.
    It makes you wonder how many cases are legitimate. It is sad that one is not sure whether they should give as the money do have may be gambled, spent on alcohol or drugs. Working with people you hear who friends of theirs give ther bills to charities to pay for them, then take their child to collect drugs.
    buby
    19th May 2014
    7:25pm
    i would have thought that a STEPup loan would have been interest free>? Especially if they needed it for medical??? but i suppose our health not important to them>>???
    buby
    19th May 2014
    7:26pm
    I reckon they should even rent out cars to pensioners that really need to get somewhere when they need it for a reasonably good price? it would be to their benefit.
    they do this in England!!
    particolor
    19th May 2014
    8:08pm
    That's Grouse !! I'm off to England !! For there is no chance of our Mingy lot doing that here !!.. Singin.... Toodle OO Toodle OO Ataaday for I'm Bound for whatever Rhymes with Botany Bay !!! ..In Blighty !!

    20th May 2014
    4:25pm
    See no sense in a pensioner taking out loans...that sort of thing should be over with when you are older.... not the sort of concern you need..even if it is no interest.
    particolor
    20th May 2014
    4:42pm
    This Message is bought to You by ..The Self Funded Mega Rich Society of Swiss Bankers !!
    Young Simmo
    20th May 2014
    5:29pm
    PIXAPD, you can have your dull boring life style, and I will stick to my attitude of make ever day different. That way it is worth waking up every morning. Metal Detecting this week, Fishing next week and who knows the following week. Life is a ball with all that Centrelink money.
    particolor
    20th May 2014
    6:14pm
    Yep !! Might even Chuck in a Steak and a Stoggie !!!
    Penqueen1949
    21st May 2014
    10:54pm
    Pixapd for your information fridges and washing machines DON'T last 20 or more years and people like me have to take out a loan to buy essential items like these.....
    Young Simmo
    21st May 2014
    10:58pm
    Yes Penqueen1949, life is not always that easy, now after spilling all that Red Wine on the carpet I will need a lone to replace the carpet, Oh well, such is life.
    Penqueen1949
    22nd May 2014
    1:11am
    Young Simmo I think if PIXAPD had his own way you would have to drink your red wine from a cask outside under a gum tree and spill the wine on the red earth of Oz. Apparently he does not think that mere mortals like you and I might need to buy a new fridge, washing machine or dryer after retirement and when we fall of the perch even though that could be more than 20 years.....
    particolor
    22nd May 2014
    7:57am
    Poor Me.. Here I sit on a wheat sack under a Gum Tree, with My Vintage Grange in Hessian Water Bag hanging nearby !! .. As I suck on half a Cigar I found on the Steps of Parliament House !!
    buby
    17th Oct 2016
    11:56am
    geeZ pixa, and simmo, i think we would all dream away if only our life could be like that towards the end. Sadly NOT.
    I'd love to get away everyweek, but i still have to save, cause the washing machines they make in this day and age don't last more than a year, and the fridges are much the same, and i don't have to remind you where they make most of them do i :)!!!
    Not like in the old days, when you bought one it would last you almost a life time, and you would get your monies worth.
    Now adays they not worth a crumpet and neither is our money it seems.:(
    So we seem to be constantly forking out for stuff that is rubbish. I"M so not happy.
    Even me kettle i only bought a few months ago, already going rusty down the bottom. YOU know they taking our metals, but they not making anything worthwhile with it when it returns to us!!!
    buby
    17th Oct 2016
    11:57am
    OH and did i mention we paying through the nose for all these things, but they don't last long. I"M VERY annoyed at that.
    particolor
    17th Oct 2016
    12:10pm
    O DEAR !! Looks like nothing is Improving !! :-( :-(
    srick
    10th Jun 2014
    10:39am
    This article is pretty much the same as http://lowincomeloansaustralia.com.au/pensioner-loans/ At least there are people providing money help for seniors
    Brickslayerloanfirm
    11th Sep 2014
    9:25am
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    perroo
    13th Oct 2016
    12:36am
    Good day everybody my name is Nelson Mac am from Canada but few years back i was financially strained i rushed to my bank to apply for a loan to start up my business but i was denied by my bank because of my credit score and they could not help and due to my desperation i was scammed by several online lenders who promised to help me but at the end i was scam i lost my money and my hope because i was so frustrated, One day when i was going through the internet again i found one lender call Mr Larry Scott i thought to give it a try one more time to my biggest surprise he was able to lend me a secure loan totally the amount of $200,0000 for the first time in my life i realize that there are few lender who don't scam people his name is Mr Larry Scott i will advice any body that are in need of loan to contact him with his Email (scottlarry816@gmail.com) he can be able to help you because he was a God sent to me this year and i will never forget him for the help he render to me.

    God bless him

    Nelson Mac