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What type of evidence can be provided for how the loan will be repaid?

What type of evidence can be provided for how the loan will be repaid?

No. A budgeting loan is a product that the government offers to help people who are on benefits. You may also be able to claim a budgeting advance if you’re eligible. We suggest you check your eligibility for these interest-free products before applying for instant payday loans, which are very expensive.

Lenders Requirements if you’re Receiving Benefits

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If you receive benefits or an allowance and have no income from employment, you can still apply for a direct lender payday loan for bad credit with us. However, we will ask you to send us proof of all your income (whether that’s from a support allowance, disability living allowance or a pension fund) via email to make sure you can afford the loan. This can be a screenshot of the money entering your bank account or a screenshot of your universal credit account login area confirming this month’s payments.

Some of our customers ask us if we still perform a credit check, even if they send in proof of their affordability. The answer is yes. We will still carry out a hard credit search to make sure you’re on top of all your other credit commitments, so be aware that this will leave a credit footprint.


Surety is another way to secure a loan when unemployed. Surety is where another person, usually in good financial standing, cosigns the loan application. This person will become responsible for making the repayments on the loan or paying the entire outstanding debt if the loan goes into default. A loan goes into default when repayments have not been made according to the terms and conditions of the loan.

For example, if a repayment is late by more than 30 days or the borrower has missed 2 or 3 payments, the person who cosigned the loan will be contacted and become responsible for making the late payments and may even be required to repay the loan in full depending in the conditions of the loan agreement. If the co-signee is unable to meet this financial obligation, they can be sued for the amount or their assets claimed.

If this happens, the co-signee can reclaim their losses from the original borrower. While this is a very good way to get a loan approved while unemployed, it can be difficult to find someone who is willing to cosign a loan agreement and take on the financial responsibility.

MyBorrowing provides short-term loans for people who find it difficult to qualify through regular lending channels. We understand how difficult it can be for those who need cash in a hurry to be approved for a loan when they need it most. Especially those who find themselves in a position where they cannot provide proof of a stable income.

  • You need to be a resident in Australia.
  • You need to be at least 18 years old.
  • You need to have a bank account for at least 3 months.
  • You need to provide contact details and a residential address.
  • You need to provide some form of evidence of how you intend to repay the loan.

There are many types of income that may qualify you for a loan from MyBorrowing. As long as the income you are receiving is sustainable and regular, we can assist you in getting a loan approved. Income can take the following forms:

  • Unemployment benefits that get paid into your back account.
  • Cash that is received from casual work or labour and is paid into a bank account.
  • Invoices for individuals who are offering their services on a self-employed basis.
  • Income that is received from any other stable means.