Cash Loans for People on Centrelink
No matter where you are in life, sometimes financial emergencies occur. In these cases, you may need quick cash to help. Many people can find a solution with short term cash from a lender like Ferratum.
Many of these emergency situations involve people who may have a lower income or face some other sort of economic difficulty such as a low credit rating. These circumstances do not change the nature of a financial emergency. However, in the eyes of many loan companies, these details change everything. Many instant cash loans won’t be approved if the recipient has too low of an income or bad credit.
What should you do if you find yourself in an emergency and feeling helpless? Many people in Australia receiving Centrelink benefits find themselves in situations like this every day. Fortunately, Ferratum can provide the relief you need to get back on your feet quickly and easily.
Getting to Know Centrelink
If you don’t already know, Centrelink (short for the Centrelink Master Program) is a government program under the Department of Human Services. The program offers financial support to a variety of Australian citizens from all walks of life. Benefits include government payments and other services for lower income residents or help during transitional times in people’s lives.
Examples of people who receive these benefits include the following:
- The Unemployed
- Financially Struggling Families
- Disabled People
- Indigenous Australians
As this list shows, these benefits extend to a wide range of citizens all across Australia. Accordingly, they give countless families the help they need to feed and support themselves.
Short Term Help for Centrelink Recipients
As we all know, certain circumstances may require a little bit more money than we have on-hand. In these cases, people receiving Centrelink benefits may face even more difficulty. Lower income citizens who may need instant cash loans often get rejected because of their financial situations or credit rating. If you’re in a position like this, what options do you have?
Why do you need to borrow money during an emergency or other economic hardship? For many people, the answer often boils down to repaying past due utility bills. Did you know that you may have other alternatives to help repay these types of outstanding expenses?
This precise issue is at the heart of the Australian reform for short term loans over the past five years. And it has helped make it easier for people to get the economic assistance they need (loans or not).
Loan and Lender Responsibility
Part of the lending process ensures that potential borrowers have exhausted all other options for paying back overdue bills during hardship. We have a blog post discussing government regulations which states Australia has clarified many of the misconceptions related to instant cash loans. For instance, the country’s National Consumer Protection Act of 2009 helped to eliminate many predatory loan companies from potential exploitation of lower income borrowers.
Additionally, a 2012 press release from Bill Shorten, Minister for Financial Services and Superannuation, explicitly discusses the implications of governmental regulations on payday loans. Multiple programs and initiatives like Centrelink are already in place to help with food and utilities.
When people still need emergency funds, however, they remain willing to pay higher interest rates for immediate cash availability. For borrowers who understand the terms of payday loans, companies like Ferratum will work with them to find a solution.
Fast Loans When You Want Them
While Ferratum frequently approves payday loans for Centrelink recipients, the company also recognises the importance of repayment responsibility. They work with customers so that they understand all the elements of a loan prior to approval. That way, people who genuinely need the money can receive it without hassle.
Ferratum Australia is an advocate of responsible lending and never contravenes the Social Security of Act 1991 or The National Consumer Credit Protection Act of 2009. Ferratum Australia will under no circumstances approve a loan for applicants who receive 50% or more of their gross income from Centrelink payments nor will Ferratum Australia under any circumstances approve an application where repayments would exceed 20% of income.