Can I get a personal loan if I’m a student?

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  • Age: You need to be over 18 to apply for a student personal loan. Some lenders will limit your loan amount if you are aged between 18 – 21 but this depends on your income and credit score. 
  • Residency: Most lenders will only offer personal loans to student applicants that are citizens of Australia or Permanent Residents. However, some lenders will accept temporary visa holders. 
  • Income: As a student, you don’t need to have a very high income to qualify for a personal loan. But you’ll need to show that you have stable casual or part-time work bringing in a regular income. Keep in mind, many lenders do not accept Newstart, Austudy or Youth Allowance as sources of income. 
  • The loan amount
  • The interest rate
  • The repayment period
  • Additional fees such as establishment, upfront late payment, account keeping, early exit and monthly administration fees
  • Paying your rent, mortgage and utility bills on time
  • Making credit card repayments on time and paying more than the minimum repayment
  • Lowering your credit card limit
  • Limiting how many applications you make for credit 

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