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Personal loans for single parents are loans suitable for households that only have one parent and one income.

Having just one income to rely on can make it harder to make ends meet, but it also makes it harder to get finance such as a personal loan. 

That said, all is not lost. There are plenty of lenders willing to lend to single parent households, provided you can show proof of a steady income and a good track record of having paid previous debts.

There are a range of lenders that offer personal loans for single parents, but eligibility always depends on your personal circumstances, and the criteria of each individual lender.

The problem is, the lender's criteria isn't always obvious and applying to multiple different lenders for a personal loan can have a negative impact on your credit score.

RateCity's chance of approval system, however, can tell you the likelihood you'll get approved for a loan before you apply, which means no more black marks on your credit file just because you didn't understand the lender's eligibilty criteria

To compare personal loans for single parents, use a comparison site like RateCity.com.au that shows you all the different products side-by-side. In your assessment you should consider the interest rate, fees, and repayment flexibility. Ensure you can afford to make the repayments on time, and make sure you fully understand the consequences of late payments and defaults.

To improve your changes of being approved for a single parent loan, make sure you know your credit score. A higher score will more likely result in approval. You can also consider borrowing a lower amount to ensure you can make the repayments on time.

How long does it take to get a personal loan for single parents?

The length of time it takes to receive your loan will depend on the lender. The timeframe can range from within a day to several days, so talk with your lender if you need the funds fast.

Pros:

• Get access to funds to help you cover expenses and pay bills.
• Having a set repayment schedule that helps you pay off your debt in full, within a set timeframe.

Cons: 

• Paying interest charges and fees on your loan.
• Saving enough money each month to make your repayments.
• Risk of defaulting on the loan.

Yes, single parents on Centrelink can get personal loans, under certain conditions. Some lenders enforce restrictions on loans for single mothers on Centrelink, such as requiring an additional primary source of income.

If you’re thinking about taking out hardship loans for single mothers or fathers, it’s best to consider your alternatives. If you’re on low income, you may be eligible for low or no interest loans. This may help you cover household costs without high interest. You could also consider taking out a low-interest credit card, but be sure you don’t spend over what you can pay back.