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Low Income Loan Options

The Australian Government has put in place some measures meant to alleviate the misery of its people, who are affected by the global economic slowdown. If you have good credit and a steady job, banks will be happy to give you a loan. For those that are not in this category due to low income jobs or because they are pensioners, there are loan options for you as well.

Low Interest or No Interest Loans
The Australian Government has programs in place to reach out to the lower income groups of the society by helping them obtain low interest or no interest loans. But before you apply for such a loan, think about it: are you opting for the loan to maybe weather a crisis, or buy a computer or carry out some essential car repairs, or just to pay your bills? If it is the last one, please don’t. It is a bad idea to borrow to pay bills, and you will only end up in more debt.

The Money Smart initiative by the Australian Securities & Investment Commission advises contacting your local Good Shepherd Micro Finance office or website to apply. The No Interest Loan Scheme (NILS) offers loans up to the amount of $1200. This will help you to better manage a crisis, and also prevent you from running up debts like payday loan or borrowing against your credit card might. Still, it would be prudent to weigh the necessity against your repayment capacity before signing on the dotted line.

Other programs are available too, like StepUp and AddsUp; which offer loans from $800 to $3000; StepUp is a personal loan and once repaid you qualify for AddsUp. AddsUp, is a small savings scheme, where the Government will match you dollar for dollar upto $500, after you have saved $300. So, in effect, once you have saved the first $300; the government will help you.

In addition, there are Centrelink or welfare loan opportunities provided by a variety of community or non-profits to assist in emergency funding for different household necessities or unexpected circumstances.

Income Boosters instead of Loans

A second or third job– If you are interested in boosting your income and are not afraid of hard work, there are plenty of opportunities available. Apart from the traditional evening jobs like teaching an evening course or waiting tables, the internet offers hundreds of avenues to do anything. You can do something that you are good at, from the comfort of your home and earn! You can write articles, post guest blogs, teach online courses, develop software or mobile apps, do graphic designing, or if your strength is in languages, you can translate papers, documents, websites, etc.

Entrepreneurial Pursuits-There are many options available for the enterprising. One recent innovative idea that has found many takers in the US & Canada is the mobile pet grooming salon. All you have to do is outfit a van, and you’re in business. You can even use your clients’ premises for the shampooing; you just need the rest of the tools for pet grooming. You will find many takers, because pet owners are saved the hassle of taking their pets to the salon and waiting. This is just one idea. In a place that is scarcely populated like Australia, especially in the Outback, you will find many enthusiastic takers.

There are many loan options for those with low incomes. By doing your research you can find an option that will work for you. As a last resort, look at boosting your income so that a loan isn’t needed. By following these steps, you can get the help you need to improve your standard of living.

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