Bad Credit Loans Australia Guaranteed Approval

Bad credit loans Australia guaranteed approval – a term that may seem attractive to many consumers. After all, what could be better than being assured your application will be approved? While Monzi does not offer guaranteed approval loans, we may be able to pair you with a lender offering bad credit loans.

Bad credit loans: what are they?

In short, bad credit loans are a type of personal loan that lenders may offer to borrowers with a few blemishes on their credit report. Typically, these loans for poor credit are hard to access given that a bad credit history is often an indicator of an unreliable borrower. As a result, some lenders may be hesitant to offer these products.

Having said this, over the past few years, there has undoubtedly been a change in philosophy. Now more than ever, a handful of lenders are willing to consider bad credit applicants. To do this, they’ve shifted their focus.

While lenders will still assess your credit history, they may focus on your budget too. By analysing your income and expenses, lenders can establish an idea of what might be affordable for you. As a result, if you are in a secure financial position, then you may be able to access bad credit finance despite your credit history.

However, approval is not certain. The availability of these loans may depend on the lender that you are dealing with.

What loans are available for bad credit customers?

Monzi works with lenders that may be able to offer unsecured bad credit loans of up to $2,000. These small loans may have repayment terms of up to 12 months. If, however, you are looking for something a little larger, lenders may be able to offer secured loans from $2,100 to $10,000 repaid over 13 to 24 months! These larger loans must be guaranteed by one of the borrower’s assets, such as a car, motorbike, caravan or boat.

If you’re looking for bad credit loans Australia guaranteed approval, you can apply online for cash loans for bad credit, right now with Monzi. Our loan application is completely online, so you can apply 24/7. Be aware, lenders will have their own operating times, so if you apply outside of business hours, you may receive your outcome the following business day.

Bad credit consumers can apply online with Monzi in minutes. While we can never promise if you will be matched with a lender, we’ll try our best no matter what. In other words, apply with Monzi and we’ll always do what we can to help, regardless of your credit score or whether you receive Centrelink payments.

You could apply and Monzi might match you with a lender in no time. So, why wait? Scroll up and apply.

What about guaranteed approval?

If you’re searching online for bad credit loans Australia guaranteed approval, chances are you need extra cash in your pocket fast! Guaranteed approval may seem to offer that level of reassurance you’re looking for.

At Monzi, we completely understand why guaranteed approval loans for bad credit applications may be attractive if you have very bad credit. However, we only work with lenders who take their responsible lending obligations seriously. As a result, we cannot offer to find bad credit loans Australia guaranteed approval.

The lenders we work with, however, understand what life is like in modern Australia. They get the pressures everyday Aussies have to face every day. After all, both Monzi and our network of lenders are just that – everyday Aussies.

When you’re already struggling to stay on top of your expenses, and then your fridge decides to break down, there is often very little wiggle room left in your budget for repairs. In these situations, if you need a lender, consider Monzi’s lender-finder service. If you meet the necessary criteria, you may be offered loans for people with bad credit.

What does bad credit loans Australia guaranteed approval mean?

Generally, lenders will conduct some sort of assessment on your application. In particular, they will look at things like your credit score, your employment status as well as your income and expenses.

Any lender, however, offering guaranteed loans no matter what Australia, will disregard all of this. They will, instead, approve your loan application whatever your circumstances.

While this may seem initially attractive, these lenders should not be trusted. In short, they may be a scam.

Introducing Monzi

We’re a lender-finder based in Brisbane, run by Aussies for Aussies. We’ve made it our mission to connect everyday Australians with quality lenders – without any of the stress or hassle.

We think every Australian deserves to be able to connect with a great credit provider. In addition, even if you’re receiving Centrelink or have very bad credit, Monzi is still here to help.

We may be able to connect you with lenders who may offer personal loans ranging from $300 to $10,000.

Are no credit check loans available and are they better than bad credit loans?

People often view no credit check loans as an alternative to bad credit loans. In short, with these loans, your lender will bypass examining your credit and simply focus their assessment on your financial situation. As a result, they may be an attractive option for borrowers who could otherwise look for small loans with bad credit.

However, in most cases, they will not be offered as credit checks are one important tool that lenders use to assess your suitability for credit. Moreover, if you apply with Monzi, we cannot guarantee if a credit check will occur.

As a result, you may only be able to access instant no credit check loans through a small number of lenders.

Finally, keep in mind that loans without a credit check aren’t your only option as a bad credit borrower. As mentioned, plenty of lenders now offer bad credit cash loans. With these loans, a credit check won’t be the be-all and end-all of your application. That said, bad credit personal loans guaranteed approval no credit check won’t be offered by lenders within Monzi’s network.

Unemployed loans for bad credit guaranteed approval

While we’ve discussed why guaranteed approval loans for bad credit applications are not possible, it’s worth looking at loans for unemployed people too. In short, while they may be possible, in most cases, they will not be offered.

This is because if a lender is going to allow you to borrow money, they want to be sure that you will repay it. As a result, you will not be approved for a loan without a regular income source.

Obviously, if you’re unemployed, then you may not be receiving a consistent income. However, if you receive Centrelink benefits payments, then some lenders may accept this as a source of income.

That said, approval is never certain. While some lenders may offer unemployed cash loans, most will not. Moreover, simply receiving income is not enough to ensure that your application will be approved.

Same day bad credit loans Australia guaranteed approval

With same day loans, you can apply, be approved and have your cash in your account on the day you apply. While that all sounds great, unfortunately, Monzi cannot say whether these loans will be possible. The application and assessment process involves many steps, meaning that it’s often a good idea to expect a waiting time of up to one business day.

In any case, if you’re looking to speed up the process, then there are a few things that you can do.

Firstly, you must apply during standard business hours. In addition to this, you must provide all the necessary documents and information when you complete your loan application.

If you do these two things, then your application and assessment can proceed without delay. In some cases, if you are approved, it may even be possible to receive same day bad credit loans after you sign your contract.

Instant loans vs bad credit loans Australia guaranteed approval

While they may be similar products, it’s important to understand the difference.

On the one hand, guaranteed approval refers to loans where you will be approved no matter what. As we’ve already discussed, these loans should not be offered by lenders as they directly contravene Australia’s responsible lending legislation.

On the other hand, instant loans refer to loans that are processed so swiftly that it feels like you receive an outcome in no time. In reality, your lender will assess your application, meaning there will be some processing time involved. Moreover, approval is not certain and lenders may reject your application where they see fit. In any case, instant loans for bad credit may be possible.

Am I eligible to apply?

We’ve tried to keep our criteria as open as possible. After all, we want to help as many Australians as possible find the lender they’re looking for. Therefore, to get started with Monzi, you’ll only need to meet the basic eligibility criteria below.

  • At least 18 years of age.
  • An Australian Citizen or Permanent Resident.
  • Have a personal mobile number and email address.
  • Have been receiving income into a personal bank account for the last three months.

If you can say yes to all of the above, you can get started with Monzi’s lender-finder service.

What do I need with me when applying for bad credit loans?

Applying for our lender-finder service is super easy. If you’re paired with a lender, you may need to fill out a few extra pieces of information. Therefore, keep the following information with you:

  • Personal contact information.
  • The reason for your loan.
  • Internet banking details.
  • MyGov information (if applicable).
  • Employment details.

Having these details handy when you apply will let you breeze through the application.

Bad credit loans Australia guaranteed approval – what to look out for

Despite contravening responsible lending obligations, there may still be lenders advertising guaranteed loans no matter what Australia. If you come across one such lender, then ensure you steer clear.

Below is a table outlining some popular loan types that may be advertised with guaranteed approval and their responsible, legitimate alternatives that you must consider instead.

Guaranteed approval loanLegitimate alternative
Bad credit personal loans guaranteed approvalPersonal loans for bad credit
Bad credit cash loans guaranteed approval CentrelinkCash loans for people on Centrelink
Online loans for bad credit guaranteed approvalOnline loans bad credit Australia
Payday loans guaranteed approval AustraliaPayday loans
Very bad credit loans guaranteed approvalLoans for very bad credit

Case study – Harriet considers guaranteed approval

Harriet is a full-time student and works part-time at a supermarket. So far, she has been able to manage her education costs, student accommodation and daily expenses off her $20,000 a year income.

However, her laptop breaks down one week before all her assignments are due. As a result, she needs to get money into her account as quickly as possible.

She decides to look online for guaranteed approval loans. However, her friend warns her to do her research before committing to any lender. Therefore, Harriet visits Moneysmart’s page on personal loans.

After doing some research, she decides going against lenders offering guaranteed approval. Instead, she applies with a short term lender and is approved for a small personal loan of $1,000. Her repayment term is over 12 months, so her weekly repayments fit into her regular budget. She is able to afford the repairs on her laptop and submit all her assignments on time.

How to apply with Monzi now!

Monzi’s lender-finder service is easy and quick to use. In short, you could apply in minutes.


Step one

To get started, head to Monzi’s loan slider at the top of the page and select your ideal loan amount and repayment term.

Then, you’ll be given a rough idea of what the weekly, fortnightly and monthly repayments might look like on your loan. Remember that this is just a general idea. Your actual repayments may vary from lender to lender.

Finally, you’ll be taken to our online form. Simply fill out the details we need from you, and you’re done!

Step two

We’ll take it from here. Within minutes of clicking ‘submit’, our automated system will get to work scanning through hundreds of different loan products. Depending on when you apply, we may even have an outcome for you within minutes (if this is during normal business hours).

Step three

Finally, if we’re successful, your new lender will be in touch. You will deal with your lender directly from this point on.

Next, your new lender will conduct an assessment. If approved, your lender will send through a copy of your loan contract.

With this, you must read your digital loan contract carefully. Make sure you are happy with the terms of the loan before you agree to anything.

Access to funds is dependent on inter-bank transfer times. Your funds may not be transferred until the following business day if you approve your contract outside of normal business hours.

Upfront costs

Unfortunately, consumers may feel that short term lenders are misleading with the costs and fees associated with their loan. While some less-than-reputable short term lenders may not be upfront with all their fees and charges, you do not have to worry about this issue with Monzi’s lender-finder service.

If you’re paired with a lender through Monzi, all the fees and charges will be clearly outlined in your loan contract. The cost of your loan, however, may vary depending on the lender you’re paired with.

If you’re approved, your lender will send through a digital loan contract. It is important you read through this contract carefully. In particular, pay attention to the terms of your loan, as well as the fees and charges payable.

If you are unsure about anything in your loan contract, get in contact with your lender. They should be able to walk you through the ins and outs of your loan.

Finally, if you’re unhappy with the terms or feel that the costs are too high, then you are under no obligation to sign the contract. Simply inform your lender that you no longer wish to proceed and your application will be cancelled.

The problem with bad credit loans Australia guaranteed approval

Consumers should be wary of lenders offering these loans. After all, it is technically illegal to offer guaranteed approvals no matter what.

All credit licensees (both credit providers and assistance providers) must comply with the responsible lending obligations as laid out in Chapter 3 of The National Consumer Credit Protection Act 2009.

These responsible lending obligations were made so credit licensees do not offer credit contracts or advice that is unsuitable for the consumer.

Examples of where a contract would be unsuitable would include:

  • the consumer cannot meet the repayments, or can only do so under financial stress; and
  • the consumer’s requirements and objectives are not met.

Responsible lending obligations

In short, the point of these obligations is to ensure consumers are only offered loan products and advice that is ‘not unsuitable’ for their own circumstances.

Therefore, to meet these requirements, lenders must undertake three key steps during the loan process.

  1. Credit licensees must make inquiries into the consumer’s financial situation.
  2. Take reasonable steps to verify the consumer’s situation.
  3. Make an assessment as to whether the credit contract is ‘not unsuitable’ for the consumer.

Therefore, any lender offering bad credit loans Australia guaranteed approval is not complying with any of the above obligations. As a result, there is a chance these lenders are untrustworthy.

You can get access a full copy of the regulatory guide via the Australian Securities and Investments Commision (ASIC) website.

I found a lender offering guaranteed approval bad credit loans $5,000

Stay away from any lender offering guaranteed approval loans for bad credit applications Australia. It doesn’t matter whether it’s a $1,000 loan, a $5,000 loan or $10,000 loan for bad credit.

If they promise to approve you no matter what, you should cease contact with them immediately.

This may be a scam. Therefore, it is best to contact ASIC as soon as possible or report the scam through the Australian Competition and Consumer Commission’s Scamwatch website.

Man on mountain hiking away from bad credit loans Australia guaranteed approval

What do lenders normally assess?

So, what happens when you apply with reputable lenders? In other words, what will they look at on my application?

Listed below are some of the key factors that lenders may assess to determine your outcome:

  • Credit report.
  • Bank statements.
  • Employment status.
  • Income and expenses.
  • Centrelink income (if applicable).

Credit reports

Lenders will often look at your credit report as part of their assessment process.

Credit reporting bureaus collect information about your borrowing history and compile it into a credit report. As a result, your credit report is a summary of your history as a borrower.

Your credit report will contain the following information.

  • Personal details.
  • Information on the credit cards you hold.
  • Any arrears that were overdue but have now been settled.
  • Defaults and other overdue credit.
  • The number of loans you’ve applied for.
  • Your repayment history.
  • Which credit providers have requested copies of your credit report.

Bank statements

Lenders must determine whether or not you can comfortably afford the loan repayments. So, to do this, they will often ask for copies of your bank statements.

Some lenders may ask for you to manually provide copies of your bank statements. On the other hand, some lenders may be able to access them online. You may, however, need to supply your online banking details when you apply.

At Monzi, we operate as a 100% online service, meaning you must provide your details as part of your application. Given this, you won’t be able to access bad credit personal loans with guaranteed approval and no bank account.

Employment status

Lenders may need to verify your employment status.

To do this, some lenders may conduct an employment check. This may entail physically calling your employer to verify your employment status. However, this may depend on the lender you’re dealing with.

Income and expenses

Even if you earn a lot of money, lenders may be unwilling to approve your application if you also have high expenses.

Often, they will assess your income and expenses via your bank statements. Ultimately, they want to see that you’re managing your budget well.

Centrelink income

Some credit providers may be able to regard regular Centrelink payments as a form of income. They may, however, have certain criteria you’ll first need to meet.

In addition, you may need to supply your myGov details when you apply.

I’ve been offered bad credit loans Australia guaranteed approval

There is a chance it may be a scam if a lender is offering guaranteed approval loans, whether you have very bad credit or not. In short, these lenders may be less-than-reputable.

To verify a lender’s legitimacy, you can see if they are listed with ASIC through the relevant register. Alternatively, you can see whether they appear on ASIC’s list of companies you should not deal with.

If you feel you are being scammed, you should cease all contact with the lender immediately, and get in contact with ASIC.

I have bad credit and receive Centrelink but need a loan

If you are in this situation, you may feel like your options are limited. In addition, dodgy lenders are aware you feel this as well. Therefore, they may target people in your situation, offering bad credit cash loans Australia guaranteed approval on Centrelink.

Are you wondering can I get a legitimate emergency loan with bad credit? Put simply, the answer is yes.

There are lenders out there who may be able to offer cash loans for Centrelink customers with bad credit. Generally, these lenders will assess if your repayments will comfortably fit into your regular Centrelink payments.

I need very bad credit loans with guaranteed approval

Unfortunately, this won’t be possible. You may be searching for very bad credit loans with guaranteed approval, however, lenders cannot offer these credit products. While some lenders might be willing to consider Aussies borrowers with subpar credit, you won’t be offered a loan without an assessment. Therefore, you won’t get a loan no matter. All outcomes are subject to assessment.

Can Monzi find bad credit loans Australia guaranteed approval?

No, Monzi is unable to find lenders offering guaranteed approval. Instead, Monzi provides a lender-finder service that can give you peace of mind.

Monzi’s automated system will get to work within minutes of completing our online form. Here, we’ll scan through hundreds of different loan products to try and find you a lender who may be able to help.

You can rest assured we only work with legitimate lenders licensed by ASIC. In particular, Monzi’s network of lender partners may offer personal loans of up to $10,000.

Therefore, you can be sure Monzi never works with lenders offering bad credit loans Australia guaranteed approval.

How can I get a loan quickly with bad credit?

If you need a loan for bad credit quickly, don’t be tempted by dodgy lenders.

Instead, consider using Monzi’s lender-finder service. After all, our service has been designed to be as simple as possible.

Depending on when you apply, we may even have an outcome for you within minutes. However, this is only possible if you apply during business hours.

Next, if we manage to pair you with a lender, they’ll take it from here. Depending on the lender themselves, they may be able to process your application quickly. Access to funds, however, is dependent on the lender themselves as well as inter-bank transfer times.

Which company is best for bad credit?

It is difficult to say which credit provider offers the best cash loans for bad credit. After all, everybody is different. Therefore, a credit provider that may be the best option for one consumer may not be the best for another.

However, Monzi may be able to match you with a lender who may offer the cash loans you need. In addition, you can rest assured knowing that you will never be matched with a lender offering guaranteed approval loans.

In short, any lender Monzi pairs with you will conduct their own assessment.

Will you conduct a credit check?

Monzi itself will not conduct a credit check. After all, we are only a lender-finder.

A credit check may be performed by the lender you’re paired with.

Despite this, you may still be considered for approval even with bad credit. This is because Monzi works with lenders who understand you are so much more than a credit score.

If I have a credit score of 550, can Monzi still help?

Monzi encourages everybody to use our lender-finder service. After all, it’s completely free.

Will you be approved with a credit score of 550? That is up to the lender themselves. In short, Monzi cannot say whether or not you will be approved.

Is my data safe with Monzi?


Monzi has partnered with McAfee and Comodo. Monzi always keeps your data and information secure.

How do I repay my loan?

Your lender will usually set up a direct debit from your account. Therefore, your repayments will automatically come out on a regular schedule.

Finally, once you have fully repaid your loan, the direct debits will stop. Pretty easy, right?

Bad credit loans guaranteed approval monthly payments: are they possible?

Trusted and licenced lenders will not offer loans with guaranteed approval. That said, if you apply for a bad credit loan, then you may have the choice to make weekly, fortnightly or monthly repayments. As a result, aim to pick the one that works best for your circumstances. As a guide, if you are paid monthly, then monthly repayments may be best for you.

So, I can’t even get small loans for bad credit with guaranteed approval?


It doesn’t matter whether you’re after a $2,000 bad credit loan with guaranteed approval or a $10,000 loan, lenders are bound by the same responsible lending obligations. As a result, the availability of guaranteed approval loans for bad credit applications will not vary based on the amount that you apply for.

What can I use my loan for?

Many people love personal loans because you can use them to cover most personal expenses.

For example, you could use a personal loan to help cover your rental bond. Therefore, letting you move into your new house sooner!

You could even spend your personal loan on travel costs. Do you need a holiday? Maybe you need to travel interstate? A personal loan could be a beneficial injection of cash.

Has your car broken down? Do you need a new set of wheels? You may want to consider a car repair loan. After all, mechanics are not cheap. A loan for car repairs could have you back behind the wheel in no time.

Whatever the reason, a personal loan may be a one way to cover an expense. Just make sure that you consider the costs before applying.

Why do I need to provide my banking details?

You must provide your online banking details when you apply. This is a necessity.

In short, we use this information to access read-only copies of your bank statements. Lenders will then use this information to assess your income and spending habits to get an idea of your budget. As a result, they can determine if your proposed loan would suit your financial situation.

If you fail to provide this information, then your application will not be approved. If you are concerned about sharing your details, keep in mind that your information will only ever be seen by those who need to see it.

Can I access bad credit loans Australia guaranteed approval from anywhere?

Yes. You can apply for bad credit cash loans all over Australia. However, we cannot match you with lenders offering guaranteed approvals on loan applications.

In any case, the best thing about Monzi is that our service is 100% online. As a result, you can access it from anywhere in Australia. Whether you’re in the bush or the city, Brisbane or Perth, it doesn’t matter to Monzi. As long as you have an internet connection, you can apply with Monzi.

In addition to this, our website is live 24 hours a day, seven days a week too. So, not only can you apply from anywhere, you can apply at any time as well. We’re always ready and waiting to accept your application. However, note that applications received outside of standard business hours may encounter delays.

Contact us

Is there something you’re unsure about or just want to know more about Monzi? That’s OK.

At Monzi, we understand that it’s natural to have questions, especially if you’ve never applied for a loan before. That’s why we’re always here to answer any questions that you might have.

Simply email us at and our wonderful customer service team will aim to get back to you with a reply ASAP. However, keep in mind that we only monitor these emails during business hours.

Avoid guaranteed approval!

Finding instant online loans might be easy with Monzi’s lender-finder service!

If you have any further questions, check out our FAQs page.

Alternatively, find more Monzi over on Facebook, Instagram, Twitter and Pinterest.

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You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000


12 months (minimum)

12 months (maximum)


20% upfront establishment fee

+ 4% monthly fee


Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. The minimum and maximum loan term is 12 months. 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.

Loan amount

$2,001 - $4,600


13 months (minimum)

24 months (maximum)


48% Annual Percentage Rate (APR)

67.41% Comparison Rate p.a.


Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principal Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Annual Percentage Rate (APR) for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. 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. Click here to see a worked example.

Loan amount

$5,000 - $10,000


13 months (minimum)

24 months (maximum)


21.24% Annual Percentage Rate (APR)

48% Comparison Rate p.a.


Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principal Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Annual Percentage Rate (APR) for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. 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. Click here to see a worked example.