Small Loans No Interest – Do They Exist? Nifty Explores

Small Loans No Interest

Small loans no interest sound almost too good to be true. After all, nothing comes for free, right? Well, Nifty decided to do a little digging, and find out if there really are such things as small loans no interest.

What Is A No Interest Loan?

A no interest loan is a type of loan provided to consumers on a low income. With the majority of credit, interest will be paid on top of the principal amount of a loan. With a no interest loan, however, only the principal is repaid. Generally, no-interest loans will also have manageable and flexible repayment plans.

Small Loans No Interest Do Exist

Are small loans no interest a real thing? In short, yes! If you’re looking for an interest-free loan, there are a few options available to you. Keep in mind, however, that they aren’t open to everyone. To qualify for the following small loans no interest options, you will need to meet certain eligibility criteria.

If you do, however, qualify for the following small loan no interest options, they may be a great option. If you are, especially, on a low income, a no interest loan may be ideal. So, while the process of qualifying for a no interest loan may feel more rigorous, in the long run, they may often be a more suitable alternative to a payday loan or personal loan.

Centrelink Advance Payment

If you are looking for small loans no interest, and are a Centrelink recipient, you may qualify for a Centrelink advance payment. In short, a Centrelink advance payment is simply getting part of your benefits paid to you early. Finally, you repay the advance out of your future benefits, interest-free.

Not everybody, however, is eligible for an advance payment.

Who Can Apply?

If you’re wondering how to qualify for a small loan no interest through Centrelink, you will need to meet certain criteria. Keep in mind, however, that not all Centrelink recipients are eligible to apply for an interest-free loan. Therefore, to apply, you will have needed to have been receiving one of the following benefits for at least 3-months:

  • Age Pension;
  • Carer Payment;
  • Disability Support Pension;
  • Farm Household Allowance;
  • Newstart Allowance;
  • Parenting Payment;
  • Widow Allowance;
  • Widow B Pension;
  • Wife Pension;
  • Youth Allowance for job seekers.

Additionally, you can apply for an advance at any time if you are receiving one of the following payments:

  • Austudy;
  • Youth Allowance for students;
  • Family Tax Benefit Part A;
  • Mobility Allowance.

Additionally, you are able to get more information about your particular benefit, plus what you amount you may qualify for, by visiting The Department of Human Services.

How To Apply?

In short, the easiest way to apply for Centrelink’s small loans no interest is either online, or via the Centrelink mobile app. Therefore, you will also need to have a myGov or a Centrelink online account set up to apply. You can, however, find out about creating a myGov account, here.

1. Prepare to apply

When you apply you will need to let Centrelink know what your income and expenses are. Put simply, this is so they are able to see if you will be able to afford repayments out of your benefits. Additionally, get all necessary personal and contact information ready, and make sure all your details are up to date.

2. Apply

To apply, follow the below steps:

  • Sign in to myGov, and go to Centrelink;
  • Next, from your homepage, select MENU;
  • Now, Select Payment and Claims, followed by Manage payments, and then Manage advance payments;
  • Next, select Apply for advance, then select Get started;
  • Now, select the type of advance payment you wish to apply for, and then select Next;
  • Enter in the dollar amount of how much money you have at the end of every fortnight, make sure you consider your regular expenses. Select Next;
  • Centrelink will tell you how much money you can apply for. Finally, enter the amount you wish to apply for, as well as how you would like to receive your advance. Select Next;
  • Lastly, review your details, and then click submit;
  • You’ll now be shown your receipt. Either save it to your computer or print a physical copy;
  • Click sign out.

3. Finish

After you have successfully lodged your application online, revisit your receipt. Therefore, make sure everything is correct. If, however, there is a mistake, get in touch with Centrelink as soon as possible.

Additionally, if things are still unclear, there is a video available that explains how to apply for an advance payment.

How Do I Repay My Advance Payment?

Your repayments will be automatically deducted from your usual Centrelink benefits every fortnight. Centrelink will, however, automatically set this up for you.

Small Loans No Interest Through NILS

The No Interest Loans Scheme was set up to allow individuals and families on low income to access to interest-free credit that can be used to pay for essential goods and services.

What Is A Small Loan From NILS?

What is a small loan from NILS? Put simply, they are loans of up to $1,500 that can be used to cover the costs of essential good and services. Additionally, affordable repayments are then set up over a 12 to 18-month term.

You can, therefore, use these small loans no interest to cover things like:

  • Essential household items, like fridges, washing machines, dryers, freezers and furniture;
  • Certain medical and dental services;
  • Education essentials like computers or textbooks;
  • You can request other items.

I Need An Interest-Free Small Cash Loan Now

If you feel you need a small cash loan now without interest, you ought to get in contact with NILS as soon as possible. Additionally, you can find locations and more information on how to apply via their website, or give them a call directly on 13 64 57.

StepUP Low-Interest Loans

The Step-Up program is a not-for-profit lender that offers fixed-rate, low interest unsecured personal loans between $800 and $3,000. These small unsecured personal loans, additionally, have no fees or charges associated with them. You can use a StepUp loan to cover essential goods and services, such as:

  • Secondhand cars or repairs;
  • White goods;
  • Furniture;
  • Computers;
  • Vocational education;
  • Medical expenses.

Keep in mind, however, that StepUp cannot be used for cash, debt consolidation, holidays or bills.

You can see if there are StepUp Loans providers near you, via their website.

Am I Eligible?

To qualify for a StepUp Loan, you must:

  • Have a Health Care Card/Pension Card, or receive Family Tax Benefit A;
  • Have resided in your current premises for more than 3-months.

Keep in mind this is just the base eligibility criteria. You may, however, have to meet additional criteria when you inquire.

What Is A StepUp Small Loan Interest Rate?

StepUp has a fixed small loan interest rate, at 5.99%. Additionally, there are no fees or charges associated with a StepUp loan. Therefore, here’s an idea of what your repayments could look like on a StepUp Loan:

Loan AmountRepayment
3 Year TermWeeklyFortnightlyMonthly
2 Year Term
1 Year Term

Disclaimer: The above table is just an approximate guide. Additionally, Nifty is in no way affiliated with StepUp. To find out more, you will need to get in contact with StepUp directly.

About Us: Nifty Loans

Nifty is an online lender that offers personal loans. Nifty, however, does not offer small loans no interest. Instead, we can provide instant small cash loans with a 100% online application process.

How Much Is A Small Loan From Nifty?

We can offer small loans ranging from $300 to $2,000. If you, however, are looking for a larger amount Nifty can also offer:

  • Medium personal loans from $2,100 to $4,600;
  • Large personal loans at $5,000.

What Do I Need To Get A Small Loan From Nifty?

To apply for Nifty’s personal loans online, you just need to make sure you:

  • Are 18-years or older;
  • Are an Australian citizen or permanent resident;
  • Have been receiving a regular income into a personal bank account for at least 3-months;
  • Have a valid mobile number and email address.

Additionally, while you apply, make sure you have the following details at hand:

  • Your internet banking login details;
  • Your contact information;
  • Reason for getting the loan;
  • Employment information.

Get In Contact

If you want more information regarding the costs of a Nifty loan, head on over to our Costs page. For any other information on low interest small loans and more, check our FAQs.

If you have any questions, however, feel free to send us an email via the form on our Contact Us page, or give us a call directly on 1300 471 328.

Who can apply?

18 Years and Older Can Apply For Loans

You're at least 18 years old

Personal Loans Australia

You're an Australian Citizen or Permanent Resident.

Emergency Cash Loans When Earning an Income For More Than 3 Months

You've been receiving a regular income into a personal bank account for at least 3 months.

Our Money Lenders Will Be In Contact

You have an active mobile number and email address.

How it works

Small Loans

$300 - $2,000

Quick Small Loans - Borrow Money Now
Loan amounts:$300 - $2,000
Terms:3 - 6 months
Establishment fee:20%
Monthly Fee:4%
APR:N / A *
Comparison Rate:138.37%**

Small Loan Example

Loan amount:$1,000
Terms:6 Months,
(24 weekly repayments)
Establishment fee:$200
Total other fees:$240
Total payable:$1,440
Weekly installments:$60.00

Medium Loans

$2,001 - $4,600

Medium Loans In An Hour Once Approval Has Been Confirmed
Loan amounts:$2,001 - $4,600
Terms:13 - 24 months
Establishment fee:$400
Monthly Fee:$0
Comparison Rate:65.86%**

Medium Loan Example

Loan amount:$2,500
Terms:24 Months,
(104 weekly repayments)
Establishment fee:$400
Total other fees:$1,609.44 (reducing interest)
Total payable:$4,509.44
Weekly installments:$43.36

Large Loans


Get Fast Money Today - Small to Big Cash Loans
Loan amount:$5,000
Terms:13 - 24 months
Establishment fee:Variable
Monthly Fee:$0
Comparison Rate:48%**

Large Loan Example

Loan amounts:$5,000
Terms:18 months,
(78 weekly repayments)
Total Interest:$1,897.54
Total payable:$6,897.54
Weekly installments:$88.43

* Not applicable. Small loans do not charge an annual interest rate.

** WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.

Who we've helped

Fast Cash Loans Australia With A Good Reputation
Nifty Peronal Loans Customer Reviews

5 Star Customer Service

"I have used a few companys now, but have never had such good service, when i put my first application through they called me and explained why I was knocked back, it was because I was over comitted, when the loan finished I applied with Nifty, I was approved very quickly and for the same loan over the same amount of time the repayments were cheaper. It made my day"

- Barry Gleeson


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