NILS is a great option for Centrelink recipients who need a small loan for essential purposes and can afford to repay it without interest or fees. However, NILS is not available for cash, rent, bills, or debt consolidation. You also need to meet the eligibility criteria and find a local provider that offers NILS.
Centrelink Advance Payment
If you are receiving a regular Centrelink payment, such as the Age Pension, Disability Support Pension, Carer Payment, or Family Tax Benefit, you may be able to get an advance payment of your future entitlements. This is a lump sum that you can use for any purpose, such as paying bills, buying groceries, or covering emergencies. You will then repay the advance over time from your future Centrelink payments.
The amount of the advance payment depends on the type and rate of your Centrelink payment. For example, if you are on the Age Pension, you can get an advance of either $443.10, $886.20, or $1,329.30, depending on your income and assets. You can apply for an advance payment once every 12 months, or more often in some cases.
You can apply for a Centrelink advance payment online through your myGov account, by phone, or in person at a service centre. You will need to provide your bank details, the amount you want to advance, and the repayment period. Centrelink will assess your application and let you know if you are approved. If you are, you will receive the advance payment within two business days.
A Centrelink advance payment is a convenient way to get some extra money without interest or fees. However, you need to be careful not to over-extend yourself, as you will have less money in your future Centrelink payments. You also need to be eligible for a regular Centrelink payment and have enough income and assets to qualify for an advance.
Personal Loans
Personal loans are loans that you can use for any personal purpose, such as buying a car, renovating your home, consolidating debt, or going on a holiday. Personal loans are usually larger and longer-term than other types of loans, ranging from $2,000 to $50,000 and from one to seven years. Personal loans can be either secured or unsecured, meaning that you may or may not have to provide an asset, such as your car or home, as collateral for the loan.
