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 personal loans.

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

Introducing Monzi Loans

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 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.

What are loans for bad credit customers?

Monzi works with lenders that may be able to offer bad credit loans of $2,000. These unsecured small loans may have repayment terms of up to 12 months. If you, however, are looking for something a little larger, lenders may be able to offer loans of up to $10,000!

These larger loans are secured, meaning you will need to attach either your car, motorbike, caravan or boat as collateral.

While we can’t find you lenders offering bad credit loans Australia guaranteed approval, we may still be able to help. After all, our trusted network of lenders may be able to offer bad credit loans. Our 100% online application can be done at any time, from anywhere.

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 this desire for reassurance. 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 keep your head above an ocean of bills, and then your fridge kindly decides to break down in the middle of summer, there is often very little room left for repairs. In these situations, if you need a lender, consider Monzi’s lender-finder service.

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 to match with 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 3 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 being going against responsible lending obligations, there may still be lenders advertising guaranteed loans no matter what Australia.

Below is a table outlining a few of the more popular loan types that may be offered with guaranteed approval.

Guaranteed loanLegitimate alternative
Bad credit personal loan guaranteed approvalBad credit personal loan
Payday loans guaranteed approval AustraliaPayday loans
Bad credit cash loans guaranteed approval CentrelinkCash loans for people on Centrelink

Case Study – Harriet considers guaranteed approval

Women leans against bus relieved to avoid bad credit loans Australia 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 completely 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 get started with Monzi

Monzi’s lender-finder service is easy and quick to use. In short, you could even complete the online submission form within minutes.

Interested?

Step one

To get started, head on over to monzi.com.au and enter the loan amount you’re thinking of borrowing, as well as your ideal repayment terms.

Then, you’ll be given a rough idea of what the weekly, fortnightly and monthly repayments might look like on your loan. Keep in mind, 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 its own assessment. Next, if you’ve been approved, your lender will send through a copy of your loan contract.

It is important that you read through your digital loan contract carefully. Make sure you are happy with the terms of the loan before you approve 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 laid out in the 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.

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.

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 guarantee an approval 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 ASIC’s website.

What do lenders normally assess on?

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

Listed below is what lenders are likely to look at.

  • Credit report.
  • Bank account 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 account statements

Obviously, lenders must be able to see whether or not you will be able to 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.

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.

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.

Centrelink income

Some credit providers may be able to regard regular Centrelink payments as a form of credit. 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. In short, these lenders may be less-than-reputable.

To verify a lender’s legitimacy, you can see if they are listed with the Australian Securities and Investments Commission (ASIC). Alternatively, you can see whether they appear on ASIC’s list of companies you should not deal with.

If you have a feeling 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 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 bad credit loans to Centrelink customers. Generally, these lenders will assess if your repayments will comfortably fit into your regular Centrelink payments.

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

Stay away from any lender offering guaranteed approval loans.

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 get in contact with ASIC as soon as possible and file a report.

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 be able to 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.

Personal loans Vs Payday loans

While Monzi cannot find guaranteed payday loans no matter what Australia, we may be able to pair you with a lender who could offer a personal loan.

Many people prefer personal loans over payday loans for a few key reasons.

For example, payday lenders can often offer very short repayment terms, sometimes as few as four weeks. As a result, weekly repayments can be quite high and become unmanageable. On the other hand, personal loans can often have repayment terms of several months.

In addition, personal loans may provide more flexible repayment terms.

Can Monzi find me guaranteed approval?

Monzi does not work with lenders offering guaranteed approval. Instead, we may be able to pair you with a lender offering personal loans.

Monzi works with a wide network of trusted lenders that are able to offer personal loans of up to $10,000. Additionally, these personal loans can be both secured and unsecured.

LoanAmount (AUD)Secured
Small personal loan$300 – $2,000
Medium personal loan$2,100 – $4,600
Large personal loan$5,000 – $10,000

Depending on the lender you’re paired with, the actual repayment terms of your loan may vary.

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. Keep in mind, however, this is only if you apply during normal business hours.

Next, if we do 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 is best for bad credit loans. 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 could fit your circumstances. In addition, you can rest assured 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 the 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?

Absolutely!

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?

What if I cannot afford repayments anymore?

Life doesn’t always run smoothly. After all, your situation can change in the blink of an eye. Therefore, if something big happens that may impact your ability to repay your loan (e.g you lose your job) you must contact your lender as soon as possible.

Will Monzi conduct a credit check?

As the lender-finder, Monzi does not do credit checks.

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

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 very useful 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 great way to cover an expense!

Avoid guaranteed approval!

Finding finance online is easy with Monzi!

If you have any questions, visit our FAQs page.

How customers rate Monzi

Bad Credit Loans Australia Guaranteed Approval Overall rating: 4.9 out of 5 based on 10 reviews.

Factor In

Costs

Two credit cards
Two credit cards

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

Terms

12 months

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

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%. 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

Terms

13 months

24 months

Costs

48% annual percantage rate

67.41% comparison rate p.a.

Example

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

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.

Loan amount

$5,000 - $10,000

Terms

13 months

24 months

Costs

21.24% annual percantage rate

48% comparison rate p.a.

Example

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

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.