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  1. #1
    ~Marigold~'s Avatar
    ~Marigold~ is offline You make me happy, when skies are grey
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    Default Approval of credit card/loan with no jo?

    Long story short- a friend is considering leaving her partner- she isn't working and needs around $5-$10.000 to comfortably move into a new place with her child and as she will be leaving most of the household furniture behind, that all needs to be replaced as well..What are chances of her being approved? She wll be applying whilst still living with her current partner (obviously she can't leave yet) so her finances at the moment would be just what she gets from centrelink (Parenting payment partnered and FBT). Her partner doesn't work (but she will be applying for it by herself so that shouldn't matter) They have no debt, never had a credit card or loan. Is it worth her while to apply or will she just be knocked back? And if the loan id denied will this affect her credit rating for the future? Should she go through a bank? Thanks. (And for those wondering, no it's not me.)

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    I think centerlink does an emergency payment type thing for these cases.

    I dont think anyone would get a 5-10k loan with no job though. And if she did the interest rate on it would be painful. =/

    Id suggest she look into centerlink and vinnies who also do emergency furniture for housing and such.

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    If she can find somewhere a bank would definitely be best to go through, if she owns a vehicle then maybe that would increase her chances of being approved, i have seen cases in the past of people mainly only on parenting payments getting approved due to it being a more permanent source of income than general unemployment and many times even earning more than a casual or part time employed person. Good Luck to your friend.

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    I think she would be best to look for an emergency payment from centrelink or a charity. The banks and other licensed lenders are bound by the responsible lending act which means it would be highly unlikely they would be able to help, even if she was to find employment there would have to be no probation period and set weekly/ fortnightly income before the bank could help. Any application for credit is recorded on your credit file and multiple declines can have a negative impact.
    Is she safe in her current situation? Would she be able to find work first and put together some savings before leaving?
    If not is there someone she could stay with until she is in a better position?

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    What about a bond loan through the Dept of Housing in her state and then one of those low interest loans through NAB designed for low income earners to purchase white goods and stuff? The name escapes me but I'm sure it's relatively easy to find.

    Then go to second hand places for cheap furniture essentials.

    The minimum payment on a $10k credit card would be about $250 a month. For an unsecured loan I think it would be around $4-500.

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    StepUp Loans from NAB are geared to low income earners. She could look into that.


 

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