Alternatives to lending
Ease financial pressure without taking out a loan
Are you struggling to make ends meet or to find the money to pay for an unexpected expense? Before you apply for a loan, it might be helpful to consider the following options and altenrnatives to lending.
Updated by Steve Stemp on 21/4/24
Short term cash flow solutions
Salary sacrificing: Talk to your employer about salary sacrificing. This allows you to redirect a portion of your pre-tax income towards specific expenses, potentially saving you money.
Government assistance: Depending on your situation, you might be eligible for Centrelink benefits or other government assistance programs.
Generating income
Freelancing or side hustles: Utilise your skills with freelance platforms or explore side hustles to earn extra cash.
House or pet sitting: Offer your services as a house or pet sitter for some quick income.
Sell items you don’t need: Do you have unused items you can sell online or at a pawn shop? This can be a quick way to generate cash.
Payment plan options
Talk to creditors: If you’re struggling with bills, contact your creditors and explain your situation. They might offer flexible payment plans.
Centrelink advances
The Australian government do in some cases offer advance payments. This is not a Cash Today loan. It is an advance on your Centrelink or other benefit payments that is repaid to the Australian government.
Some of the criteria include:
- You have been receiving a government payment for at least 3 months
- You have not requested an advance payment in the last 12 months
- You do not owe a debt to the Australian government
- You can afford to repay the amount within 6 months
- You have a MyGov account linked to Centrelink
- You know your income and expenses
You can view more information via Services Australia.
If you are experiencing financial hardship and are not eligible for an advance payment from the Australian Government there are other options available.
Budgeting & financial assistance
moneysmart.gov.au
Financial Wellness
- Second chance loans
- Centrelink and low income loan options
- Financial counselling & budgeting
Second chance loans
$500 no credit check loans
Second Chance Loans
If you would like to improve your credit rating you might consider a Cash Today second chance loan.
This is a small no credit check loan of $500 which can help you to improve your credit rating if you make your repayments on time.
You may be able to be approved if you have stable income, your regular income vs. expenses allows for you to comfortably afford the repayments, and your 90 day bank statements display no disqualifying conditions.
This is the only kind of no credit check loan that we offer, and all loan amounts higher than $500 will involve a credit check.
Centrelink and low income loan options
No Interest Loan Scheme (NILS)
Borrow up to $2,000 for essential purchases interest free and with no credit check required
To qualify you need to:
- Have a Health Care Card/Pension Card or be on a low income
- Have lived at your current residence at least 3 months
- Be able to make the repayments
Arrange a meeting with a NILS service provider to complete your loan assessment and work out how much you can afford to repay.
This usually takes between 45 and 90 minutes, and loan approvals can take up to 2 weeks depending on the provider.
If you are entitled to government benefits, it may be possible to request a cash advance from Centrelink
Financial Counselling & Budgeting
- The Government website MoneySmart is an invaluable resource to assist with financial counselling, budgeting, saving for an emergency fund, and assistance with paying bills.
- Get information about other options for managing your unexpected bills or debts by calling 1-800-007-007 from anywhere in Australia to talk to a free and independent financial counselor.
- Speak directly to your service provider to see if you can work out a payment plan if you aren’t able to pay your bills on time.
Explored all of the above options, and feel that a loan would still be the best option for you? First find out the best loan rate that you qualify for, obligation free and with no impact on your credit history.