Can I get a personal loan on a visa?
Will I be approved?
- Visa length. Is your visa valid for longer than the duration of the loan applied for?
- Visa type. Lenders may only offer a personal loan to temporary residents holding certain types of visas. You have a better chance of success if your visa is sponsored by an employer.
- Visa validity. If you are working multiple jobs, you could be in breach of your visa.
- Income and profession. Can you show that you have regular income and a stable employer? Lenders will also take your profession into consideration.
- Savings. If you can show that you have saved a deposit, or save money regularly from your income, lenders are more likely to view you as a safe borrower.
- Expenses and debts. Lenders will consider your everyday expenses and other debts to determine whether you can afford to make repayments on the personal loan without falling into financial difficulty.
- Loan guarantor. If a close relative with a good credit report co-signs your loan, you may have a higher chance of being approved. Your loan guarantor accepts responsibility for the repayments if you default for any reason. Keep in mind, your loan guarantor will need to be an Australian citizen or permanent resident.