Bad Credit Loans – Fast Finance Online For People With Poor Credit

Bad credit loans could be a great way to be approved for credit, especially if you’ve already been knocked back by banks or credit unions. Monzi is a lender-finder service that makes finding bad credit lenders online easy. Apply for up to $10,000 today!

two girls using iPhones to apply for bad credit loans

What are bad credit loans?

These loans available to borrowers with below-average credit. More specifically, they have more lenient eligibility criteria than traditional lenders like banks or credit unions.

Often, consumers with bad credit history feel their options for credit become limited. As a result, it can be incredibly stressful when an unexpected expense pops up. In these situations, however, a bad credit loan may be a great option to cover a cash shortfall.

How do I know if I have bad credit?

If you have found it difficult to be approved for a personal loan from a bank or a credit union, there is a chance your credit score is getting in the way. In particular, there could be several different reasons why your credit is affecting your application. This could include missing too many bill payments, defaulting on a loan or not keeping up with your credit card payments.

Luckily, however, there are still options available for consumers with less-than-impressive credit: poor credit loans. Put simply, these loans are designed to help consumers who have been knocked back by traditional lenders in the past.

Wondering how you got a poor credit score and how you can improve it? We’ll touch on all of this further down.

Why choose Monzi?

In short, we’re confident we are one of the best lender-finders in the business. However, don’t just take our word for it! Put simply, consumers love Monzi’s lender-finder service for all sorts of reason.

Quick turnaround times

Our application process is speedy and easy. Therefore, once you’ve completed your quick application, we’ll get to work on trying to find you the perfect lender as fast as we can. If you, however, apply outside of business hours we’ll get to work on your application first thing the next business day!

Customer service is key

We pride ourselves on trying to make our clients’ lives easier. After all, the fact that you’re applying for loans for people with bad credit may already be a sign that you are going through a rough time. Put simply, we get that. Therefore we try to make everything less stressful for you.

It’s all out in the open

We’re always transparent with our clients. We will never try to hide anything from you that our application process entails. Likewise, we expect our clients to be upfront with us.

How to apply for loans with bad credit

Applying for personal loans couldn’t be easier. Everything is done online, and Monzi will help get the ball rolling. You won’t even need to supply any paperwork. Therefore, all you need to do is the following:

1. Scroll on up to the top of the page and select a loan amount and desired repayment period. From there, you’ll be taken to our application form.

2. Once you’ve submitted your application, we’ll get to work doing what we do best – finding lenders. We’ll try to find you an available lender who may be able to offer the loan you’re looking for.

3. If we’re successful, you should have a response within a few minutes. If you agree to the lender we find for you, you’ll then deal directly with them. Finally, they’ll conduct their own assessment of your application, and if you’re approved, send through a digital loan contract.

How did I get a poor credit score?

There are a number of different ways your credit score can be negatively affected. In short, a poor credit score reflects poor borrowing habits. This can include:

  • Missing repayments.
  • Deafulting on credit.
  • Applying for credit too often.
  • Bankruptcy or Part IX debt agreement.

How can I improve my credit score?

The bad news is there is no quick fix to improving one’s credit score. There may be credit fix or credit repair companies that act on your behalf to challenge incorrect listings on your credit report. While they promise to fix your credit history, often they make very little difference and can charge you a lot of money (sometimes as much as $1,000 to fix one listing).

The good news, however, is you can absolutely repair your credit yourself. Although, it may just take hard work and discipline. The table below outlines the positive and negative borrowing habits that will affect your credit.

Positively affects credit scoreNegatively affects credit score
Paying bills at the right timeApplying for credit cards or loans too often
Not applying for new credit cards or loansBeing rejected for a credit card or loan
Settling outstanding loans and credit card debtLate repayments on your credit card or loan
Consistently making your repayments on timeBills or repayments of at least $150 that are overdue by 60 days or more
Having an available credit limit higher than your usual credit balanceGetting multiple balance transfer credit cards in succession

It is important to understand what habits affect your credit. Therefore, through this understanding, you can improve your poor credit history.

Consumers are able to access free financial counselling to aid them in repairing their credit. Alternatively, you can call the National Debt Helpline on 1800 007 007.

Woman standing beneath cherry blossom tree thinking about bad credit loans

Why is my credit rating important?

It is important to have good credit because it can directly affect the amount lenders are willing to offer you. In addition, your credit file may even determine what kind of terms and interest rate you’re offered.

Lenders look at both your credit report and your credit score. We will, however, explain the difference between the two terms below.

What is a credit report?

In essence, your credit report contains information about your history as a borrower. Credit reporting bureaus collect this information from credit providers, courts and other organisations, and compile it into one report.

The table below outlines a few examples of the information included in your credit report.

Personal detailsName, date of birth, current address, employment information etc.
Credit cardsInformation on the credit cards you hold.
Arrears brought up to dateAny overdue and unpaid debts that have now been settled.
Credit applicationsA record of any credit you’ve applied for. This also includes being a guarantor on a loan.
Debt agreementsIncludes bankruptcies, debt agreements, personal insolvency agreements and court judgements.
Credit liability informationDetailed information on each credit product you’ve had in the last two years. Includes what type of product, the credit limit, opening/closing dates etc.
Repayment historyInformation on the date your repayments were due, whether or not you made your repayments on time, the dates you missed repayments etc.

What is a credit score?

Your credit score is, essentially, the numerical representation of the information included in your credit report. In other words, it is a snapshot of your creditworthiness.

Experian and Equifax are two of the largest credit reporting agencies in Australia. Each will be able to calculate your credit score on a scale of zero to 1,000 (Experian) or zero to 1,200 (Equifax). The higher your score, the more creditworthy a consumer is perceived to be.

Creditworthiness simply means how suitable an individual is considered to receive financial credit. In other words, your creditworthiness is based on your past borrowing history, included in your credit report.

Consumers are able to get a free credit score from various online providers:

What does my credit score mean?

When consumers are looking for bad credit finance, it is important they understand their credit score. At the most basic level, the higher your score, the better you are seen to be as a borrower.

We will, however, explore this deeper. Therefore, the table below outlines the various credit bands.

Credit bandExperianEquifax
Excellent800 – 1,000833 – 1,200
Very good700 – 799726 – 832
Good625 – 699622 – 725
Fair / Average550 – 624510 – 621
Weak / Below average0 – 5490 – 509

How do I interpret my credit score?

More specifically, your credit score can be interpreted by the likelihood of incurring an adverse event on your credit file. In short, an adverse event includes a range of bad credit listings such as a default, bankruptcy or court appearance.

  • Weak / below average. It is more likely an adverse event will be recorded in the next 12 months.
  • Fair / Average. It is likely you will incur an adverse event in the next 12 months.
  • Good. It is less likely an adverse event will occur in the next 12 months.
  • Very good. Adverse events are unlikely to be recorded on your credit file within the next 12 months.
  • Excellent. Adverse events are highly unlikely to happen within the next 12 months.

Loans for people with bad credit

There’s nothing more panic-inducing than needing money (that you don’t have) to deal with an emergency. Unless, of course, you also have poor credit standing in the way of your bucks! So, if this sounds like your situation right now, you’re no doubt wondering if there’s any such thing as loans for people with bad credit?

We’re pleased to tell you that when you apply via the Monzi Fast Loans lender-finder service… yes, there is!

We know how it is. To begin, your car breaks down at the worst moment. Next, your hot water system gives up in the middle of winter. Finally, you lose your job and realise how little attention you paid to your savings account. Therefore, whatever your reasons for needing the cash advance, we can help you find a lender to provide you with it. Borrow money 100% online now! Find your quick cash loans here.

Bad credit loans Australia guaranteed approval

Consumers should be incredibly wary of any lender offering bad credit cash loans guaranteed approval. After all, it is technically illegal for lenders to guarantee a personal loan no matter what. This is because all credit providers are required by law to assess whether or not a loan product is suitable for the consumer.

More specifically, lenders are required to follow the responsible lending obligations laid out by the Australian Securities and Investments Commission (ASIC). These obligations have been designed to protect the consumer from being offered credit contracts that are unsuitable for their situation.

Credit providers are able to meet their responsible lending obligations through three steps:

  1. Make reasonable inquiries about the consumer’s financial situation, as well as their requirements and objectives.
  2. Take reasonable steps to verify the consumer’s financial situation.
  3. Based on the information obtained in the first two steps, make an assessment as to whether the credit contract is not unsuitable for the consumer.

Examples of a credit contract being unsuitable for the consumer would include:

  • The consumer is unable to afford the repayments, or only under substantial financial hardship.
  • The contract is unable to meet the consumer’s requirements and objectives.

I have been offered guaranteed approval

If you have been offered guaranteed approval no matter what, be cautious. In short, there is a chance this credit provider may be less-than-reputable, or even a scam.

Additionally, if you are concerned the lender you are dealing with is not legitimate, cease all contact with them immediately. You can consult ASIC’s list of companies you should not deal with. Finally, you can see whether or not the lender is licensed by ASIC.

In short, it is much better to deal with a realistic lender offering bad credit loans than a lender offering guaranteed approval.

We specialise in finding bad credit lenders

While we can’t guarantee approval of your loan application, we can guarantee that we’ll try and match you up with a lender that might be able to help you out with small loans as well as loans for people with a poor credit history!

Introducing Monzi Loans

We are not lenders, we are cash loans lender-finders. Our job is to help partner you up with a lender who might be able to help you out.

It could take you hours, if not days if you were to do your own research into poor credit loans online. So, we’re here to cut that time down exponentially and remove the stress from the process.

Monzi Fast Cash Loans has done the hard work for you. As a result, you save yourself the time and stress that often goes hand in hand with the process of applying for cash loans for bad credit history. Go here to learn more about bond loan, secured personal loan, payday loans and payday alternatives and travel loans.

How to get personal loans with bad credit

Having bad credit may reduce the number of loan options available to you. Traditional lenders like banks are typically unlikely to approve you for a loan if your credit record is below-average. Therefore, you may consider applying with a short term lender. Short term lenders have, in general, more lenient lending criteria.

In addition, personal loans can be used to cover a wide variety of personal expenses. Personal loans differ from payday loans in a few key areas.

For example, payday lenders may offer very short repayment terms (as a few as 4 weeks sometimes). Therefore, this can translate into high, inflexible repayments. Personal loans, on the other hand, often have repayment terms of several months.

Additionally, payday loans are often small unsecured loans of $2,000 and under. Conversely, personal loans can be both secured and unsecured, and may even go up to $10,000!

By using Monzi’s service, you can be put in contact with an available lender who may be able to offer a personal loan of up to $10,000.

How to consolidate loans with bad credit

If you have multiple debts and repayments, it may be a good idea to consolidate your debts with a consolidation loan. A consolidation loan simply pays off your existing loans. Therefore, instead of having multiple debts and repayments to worry about, you’ll only have one to remember.

So, even if you have bad credit, you may be approved for a consolidation loan. Monzi can find you lenders who may offer consolidation loans. So, with one application, you could be put in touch with lenders potentially offering consolidation loans of up to $10,000.

Where to get loans with bad credit

It may prove difficult to be approved for a loan from a traditional lender like a bank or credit union. Generally, these lenders will place a larger emphasis on your creditworthiness when assessing your application. If you have poor credit, however, all hope is not lost.

There are lenders willing to offer personal loans to people with poor credit. Additionally, many of these lenders can be found online.

Monzi works with lenders that may be happy to consider offering personal loans to borrowers with bad credit. These lenders will give your loan application a fair assessment, and not just solely focus on your credit score. Instead, they may be able to focus on your current relationship with money.

How can I get a loan without a credit check?

If you are looking for a loan, but are concerned your credit score will prevent you from being approved, you have the option of applying with a no credit check lender. No credit check loans, however, are often associated with payday lenders. Therefore, Monzi may be able to find you an alternate lender option.

Here at Monzi Loans, we understand. So, that’s why we aim to find lenders that look at more than just your credit score. Put simply, Monzi cannot guarantee whether or not the lender you’re paired with will conduct a credit check on your application. However, we can guarantee they will focus on more than just your credit score.

How can I get fast money with bad credit?

At Monzi, we understand that when you need credit, chances are you need it fast. Therefore, we’ve designed our lender-finder service to be as quick as possible. Next, once you’ve filled in our application, we’ll aim to start searching through loan products ASAP.

Your lender will conduct their own assessment of your application. Finally, your lender will send through a loan contract if you’re approved.

Generally, lenders will transfer your funds once you have approved your loan contract. Access to funds, however, is dependent both inter-bank transfer times, as well as your individual lender. In other words, Monzi cannot guarantee when you will have access to your loan.

Can I get a bad credit same day loan?

Depending on the lender you’re paired with, it may be possible to receive your loan the same day you approve your contract. There are, however, variables at play that may affect when you have access to your loan.

  • Business hours: if consumers approve their loan contract outside of their lender’s normal business hours, their loan may not be transferred until the next business day.
  • Weekend: while some lenders may be open, many banks cannot process transfers over the weekend. Therefore, if a consumer approves their contract late on Friday night, their loan may not be transferred until the next business day.
  • Bank transfer policies: individual banks may handle this kind of transfer differently. Therefore, which bank you’re with may affect how quickly you can access your loan.

While we cannot guarantee when you’ll receive your loan, understanding the above variables may increase your chances of accessing your cash loan sooner.

Who can use Monzi?

In short, we have aimed to keep our eligibility criteria as open as possible. As a result, we have just four things that all applicants will need to meet:

  • First of all, you’ll need to have a working contact number.
  • Never fun to say, but no kids. You need to be an adult. All applicants must be at least 18 years of age.
  • You also need to be an Australian Citizen or hold Permanent Residency.
  • And, finally, you will need to prove that you have been receiving a regular income into your bank account for at least 90 days.

Is Monzi right for me?

After being in the lender-finder game for a while, we’ve realised that people need loans for all sorts of reasons. Therefore, if you find yourself searching online for any of the following terms, Monzi might be able to find you a lender that might be able to offer you a personal loan.

Keep in mind this is for demonstration purposes only, and does not reflect the actual loan you may be approved for.

Bad credit loansAmount (AUD)Approved
Cash loans for bad credit$400
Small loans bad credit$1,100
Fast loans for bad credit$2,000
Loans for people with bad credit$2,400
Quick loans bad credit$3,000
Money loans with bad credit$4,500
Online loans for bad credit$9,000

Loans for people with bad credit on Centrelink

Monzi works with a network of lenders that may be able to regard regular Centrelink payments as a form of income. Moreover, lenders will look to see if a consumer’s regular Centrelink payments will be enough to cover their normal expenses as well as their repayments.

Looking for loans for people on Centrelink? No stress! Monzi might be able to help.

So, how does it work?

Right, now for the nitty-gritty. Put simply, the entire Monzi process takes place online. As a result, there’s no need to leave your home at any point. Therefore, you can feel free to stay in your pyjamas when you apply for a bad credit loan.

The first step is to visit the homepage of our website. Here, you’ll fill in a form with a few basics. Start by telling us the exact amount that you wish to borrow (move the slider), and how long you’d prefer to have to pay it off. Finally, let us know if you’d like to pay on a weekly, fortnightly or monthly basis.

Keep in mind, the repayment terms presented in the slider are just a guide. In short, the actual repayment terms of your loan may vary depending on the lender you’re paired with.

What we’ll need from you

To begin with, we’ll need your name and email address along with your mobile number. From there, click Apply Now, and the site will redirect you to the next page.

Next, we’ll ask you to tell us a little bit about why you want to borrow the money.

In addition, we’ll also ask for you to provide your internet banking details. The whole process doesn’t take too long though, so don’t stress if you have places to be. In short, we’ve made sure it’s as quick and easy as possible.

If we’re able to find you a lender you’ll now deal with them directly. Finally, your lender will conduct an assessment of your application. If you’re approved, they’ll send through a digital loan contract.

It’s as simple as that. After all, you already have enough stress to deal with, so we’re out to make the process as simple and stress-free as possible for you.

We understand nobody is perfect

We understand that nobody is perfect and that we all make mistakes. Your credit history won’t deter us from trying to find a potential lender to assist you. After all, bad credit doesn’t make you a bad person.

In short, we’re lender-finder specialists helping everyday Australians to find reputable lenders that take their responsible lending obligations seriously.

How much can I borrow?

Monzi may be able to find you lenders that can offer small, medium and large personal loans.

Small personal loans are loans between $300 and $2,000. Next, lenders may offer medium personal loans. Medium personal loans range between $2,001 and $4,600. Finally, large personal loans range from $5,000 and $10,000.

Lenders may require security to be attached to their medium and large personal loans. Lenders will usually accept assets like your car, motorbike, caravan or boat as collateral. You must, however, be the registered owner of the vehicle to attach it as security.

Can you find me a bad credit loan guaranteed approval $5,000?

As we mentioned earlier, we cannot guarantee any approval from any lender. After all, any lender offering guaranteed approval is going directly against their responsible lending obligations.

While we cannot offer guaranteed approval, we may be able to pair you with a lender who might be able to offer $5,000.

A $5,000 personal loan is known as a large secured personal loan. Therefore, you will need to attach one of your assets as security against the loan. This can be in the form of your car, motorbike, caravan or boat. You must, however, be the registered owner of the vehicle to use it as security.

What about a $30,000 loan with bad credit?

A $30,000 loan is likely only available from a traditional lender like a bank or credit union. There may, in addition, be certain private lenders that may be willing to lend $30,000. However, it may prove very difficult to be approved for any loan of $30,000 with poor credit history.

Therefore, your best option may be to work on improving your credit file before applying for a loan of this size.

What about privacy?

While your lender may do a quick employment check, there’s nothing to fret about. Remember, yours is not the first employment check they’re doing, so you can rest-assured that lenders employ well-trained operators. Additionally, they would never disclose any personal information about your application to your employer.

Is there an extra charge for missed or late repayments?

Yes – that’s another cost that you need to be aware of. The extra charge for missed or late payments will vary from lender to lender. That said, it will always be clearly outlined in your contract. Regardless of whether you have been granted small or medium personal loans, you can expect to pay a direct debit dishonour fee.

If you have any questions regarding the fees and charges associated with your loan, you need to get in contact with your lender directly.

Bad credit loans financial hardship

If there is a drastic change in your circumstances that affect your ability to make repayments (i.e. lose your job/no longer able to work), you may be eligible to apply for financial hardship.

To apply for financial hardship, you will need to get in contact with your lender. Next, you will need to provide proof of hardship. More specifically, this may be in the form of a medical certificate or proof of termination of employment. Next, your lender will assess your claim of hardship. Finally, if you’re approved, your lender may be able to offer you a payment plan.

Apply today!

So, what are you waiting for?

How customers rate Monzi

Bad Credit Loans - Fast Finance Online For People With Poor Credit Overall rating: 4.9 out of 5 based on 10 reviews.

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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


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%. 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

24 months


48% annual percantage rate

67.41% comparison rate p.a.


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


13 months

24 months


21.24% annual percantage rate

48% comparison rate p.a.


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.