Bad Credit Loans – Same Day Loans Bad Credit Online

Bad credit loans up to $10,000. All credit scores welcome. Unsecured and secured loans available with an easy online loans application! Same day access to loans may be possible but this is not guaranteed.

Monzi is a lender-finding service. We do not offer financial advice. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

What are bad credit loans?

Bad credit loans are simply loans available to consumers with poor credit history. If your credit report contains multiple missed payments or defaults, traditional lenders may be unwilling to offer you a loan. Bad credit loans, on the other hand, work a little differently.

In short, bad credit lenders will focus on your current relationship with money, rather than just your past.

Keep in mind that lenders will interpret a poor credit score with you being a risky loanee. Moreover, lenders will likely charge higher rates and fees to compensate for this added risk.

Common examples of bad credit loans include payday loans, loans with no credit check and certain short term loans.

Bad credit personal loans explained

Bad credit personal loans may be available to consumers with below-average credit. Not only that, personal loans can be used to cover any personal expense, from medical bills to travel money.

Generally, there are two types of personal loan: secured and unsecured. With small unsecured loans, the borrower approves the contract and commits to repaying their loan with certain terms and conditions.

Secured loans, on the other hand, also use one of the borrower’s assets as collateral against the loan. Typically, secured loans include mortgages, car loans and certain personal loans.

Finally, you may even be eligible for these loans if you receive Centrelink.

The table below outlines some examples of loans that may be offered by Monzi’s lenders.

Bad credit loans AustraliaAmount ($) AUDApproved
Small loans bad credit500
Loans for bad credit800
Cash loans for Centrelink customers with bad credit2,500
Bad credit loans no credit check5,000

Keep in mind the table above is for demonstrative purposes only. The actual terms of your loan may vary. Moreover, Monzi cannot guarantee if you will be offered a loan without a credit check.

How do bad credit loans work?

Bad credit loans work a little differently to a traditional personal loan. Moreover, if defaults or missed payments have left your credit score in tatters, you could consider applying for loans for bad credit.

Once the consumer applies for a specific amount, the credit provider will assess their application. If the application is approved, the lender will make an offer.

Consumers then make repayments according to the loan terms. Repayments stop once the consumer has repaid their bad credit loan.

These loans for bad credit, however, are more expensive than standard personal loans. In other words, lenders will charge higher rates and fees to compensate for the added risk.

While these lenders will still take your credit history into account, they will also take into consideration your:

  • income
  • expenses
  • repayment history
  • saving habits
  • asset used as security (if applicable).

What is bad credit?

Bad credit is essentially your track record of failing to repay your loan according to the contractual terms. Moreover, bad credit may also be a result of loan defaults, multiple applications for credit in a short space of time, as well as rejected applications.

Essentially, your credit history helps lenders gauge whether or not to lend to you. Consumers with bad credit will be perceived as a risky loanee.

How do I know if I have bad credit?

Access a free copy of your report from credit reporting agencies to know if you have bad credit. Depending on the agency, your credit score will range anywhere from zero and 1,000 or zero to 1,200. Put simply, the lower your credit score, the worse your credit is.

Have you had difficulty securing a loan from a bank or a credit union? There may be a chance your credit score is doing you a disservice. In particular, there could be several different reasons why your credit history is affecting your application, including:

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

Keep in mind that you may receive a credit score of 350 from one credit reporting agency and 400 from another. As such, it may be worth accessing your score from multiple different credit reporting bureaus.

Should I trust lenders offering $5,000 bad credit loans Australia guaranteed approval?

You should never trust any lender offering 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 lend money responsibly.

More specifically, lenders are required to follow the responsible lending obligations laid out by the Australian Securities and Investments Commission (ASIC). Consumers are then protected from being offered credit contracts that are unsuitable for their situation.

Credit providers can 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. 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.

Can I apply for 24/7 instant cash loans for bad credit with Monzi?

Monzi’s lender-finding service is 100% online meaning you can apply for 24/7 instant cash loans for bad credit.

Consumers can lodge an instant loan application from our website in minutes. Moreover, our service allows consumers to submit an online application 24 hours a day, seven days a week.

If you apply outside of regular business hours, your outcome may be delayed.

For example, if you apply for weekend cash loans online, you might not get an outcome until the next business day.

Do lenders offer car loans for borrowers with bad credit?

Most of us can’t live without our vehicles. Whether you need it to take the kids to school or for your commute to work, having a safe and operating car is a necessity.

With this, if you need a new set of wheels, the good news is that there may be lenders willing to offer bad credit car loans. In other words, you can borrow the cash you need to purchase a new vehicle today and spread the costs evenly over a fixed period of months or years.

At Monzi, we work with lenders who can potentially offer personal loans up to $10,000. You may use these loans to cover a variety of expenses, even the purchase of a new car. Best of all, many lenders in our network will consider bad credit applicants.

So, when you’re after car loans bad credit, Monzi may be able to point you in the right direction.

What are fast cash loans bad credit?

Fast cash loans for bad credit are a type of quick loan available to borrowers with a history of not making repayments on time.

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 lender. In other words, Monzi cannot guarantee when you will have access to your funds.

Are you looking for bad credit unsecured personal loans with very fast approval Australia? Monzi could potentially match you with an available credit provider in no time.

Are there loans for people with bad credit?

There are loans available to people with bad credit history. These lenders can be found through Monzi.

There’s nothing more stressful than needing money (that you don’t have) to deal with an emergency.

We’re pleased to tell you that when you apply with Monzi’s lender-finder service… yes, there is!

Imagine your car breaks down at the worst moment. 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 potentially help you find a lender to provide you with it. Borrow money 100% online through our lender-finder service.

How can I get personal loans with bad credit?

You can potentially get a personal loan with bad credit through Monzi; we work with an extensive network of lenders able to consider 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 you have a bad credit history. Therefore, you may consider applying with a lender offering short term loans bad credit. Short term lenders have, in general, more lenient lending criteria.

Personal loans differ from payday loans no credit check in a few key areas.

For example, payday loans in Australia may come with brief repayment terms (as a few as four weeks sometimes). Therefore, this can translate into high, inflexible repayments. Personal loans, on the other hand, often have repayment terms of several months.

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

Is it easy to get a bad credit loan from the bank?

In general, it may not be easy to get a bad credit loan from the bank.

Traditional lenders like banks and credit unions may be hesitant to approve Australians with a bad credit history. As a result, consumers may need to look elsewhere to find loans for people with average credit. Luckily, there are still online options available.

For example, consumers could apply with lenders offering bad credit payday loans. Payday loans are often relatively easy to qualify for and may come without a credit check. Despite being advertised as easy loans for bad credit, payday lenders may not be your best option. Specifically, payday lenders may only be able to offer small loans of $2,000 and under with inflexible terms.

On the other hand, consumers may be able to qualify for personal loans. Personal loans are often available at larger amounts than payday loans, and may also have more flexible repayment terms. Moreover, Monzi may be able to match you with a lender potentially offering cash loans Australia.

Can I apply for debt consolidation loans with bad credit?

Yes, as we’ve mentioned, Monzi knows more than a handful of lenders willing to consider applicants without stellar credit. As a result, if you apply with us today, we may be able to match you with a credit provider who can offer bad credit debt consolidation loans.

However, if you’re unsure of what consolidating your debt involves, allow us to explain.

In short, a debt consolidation loan allows borrowers to access the cash they need to pay off their existing debts. As a result, they’re left with one loan, one regular repayment and one interest rate. Essentially, the goal is to simplify and streamline debt repayments to give borrowers a more straightforward path to being free from debt.

Having said this, before making any decision regarding debt consolidation, ensure you do your research and consider your financial situation. A great place to start may be Moneysmart’s refinancing and debt consolidation guide.

Can I get a bad credit same day loan?

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. Consumers may not have their loan transferred until the next business day if they approve the contract outside of business hours.
  • Weekend. While some lenders may be open, many banks cannot process transfers over the weekend. If you approve your contract late Friday night, you may not have access to funds until the next business day.
  • Bank transfer policies. Certain banks may handle this kind of transfer differently. Therefore, which bank you’re with may affect how quickly you can access your loan.

Understanding the above variables might increase your chances of accessing your cash loan sooner. Same day loans are potentially available from $300 to $10,000.

Instant loans for bad credit: Monzi’s explanation

We get it. You need your cash this instant. While instant cash loans bad credit seem like the perfect loan product for you, it’s worth knowing exactly what they are.

In short, with bad credit loans instant approval, you won’t receive your cash the second that you hit ‘submit.’ Instead, your application must be assessed.

This is due to Australian legislation that requires lenders to assess all applications received. This is to ensure that the credit the borrower applies for is suitable for their needs.

As a result, while lenders will aim to provide an outcome ASAP, there will always be some waiting time involved.

Should I apply for a secured loan if I have bad credit?

In short, whether you should apply for a secured or unsecured loan will be determined by your ideal loan amount. To make this clearer, at Monzi, we work with lenders who may offer unsecured personal loans bad credit instant decision up to $2,000. However, larger loans must be guaranteed with an asset (e.g. your car).

In any case, if you do apply for secured loans for bad credit, make sure that you have an eligible asset. Borrowers most commonly secure loans with their car, however, lenders may be able to accept motorbikes, boats or caravans too.

Finally, one thing to note is that lenders may offer lower rates on secured loans. This is because the loan is guaranteed. In other words, if you fail to meet your repayments, then the lender can potentially take steps to repossess your asset to recover their losses.

As a result, before you apply, it’s crucial to consider the risks and possible consequences.

What do lenders assess when I apply for bad credit loans?

So, what exactly do lenders assess to determine your suitability for credit?

In short, they’re looking to determine whether or not you have the capacity to repay any money that you borrow. In other words, will your repayments fit comfortably with your budget?

To do this, they’ll examine your income and expenses. By assessing the balance between the two as well as your loan amount, lenders can get an idea of how the repayments would suit you.

Beyond this, they’ll usually assess your credit history as well to understand your overall reliability as a borrower. Obviously, if you have a history of defaults, then you’ll be considered more of a risk than someone with a perfect repayment history.

By combining all the information they gather, lenders can then reach an outcome in regards to your application for cash loans bad credit Australia.

What should I consider before applying for bad credit loans?

Bad credit loans are one option that you have at your disposal if you find yourself short on cash. However, before you submit a loan application, ensure that they are right for you.

Poorly managed loans can not only strain your budget, but they can also harm your credit score too. As a result, you might find it difficult to access credit again in the future.

That’s why it’s crucial to assess your finances before applying. That way, you can ensure that you only borrow the amount that you need while also ensuring that you know what repayments would suit your budget.

So, before applying, make sure that you consider the following:

  • What’s your income?
  • What are your day-to-day expenses (e.g. food, rent, etc.)?
  • How much do you need to borrow?
  • What repayments amount would suit your budget?
  • Do you have any significant, upcoming expenses or on-going payments?
  • Can you cut costs anywhere to reduce your bad credit loan amount?

Why is my credit report so important?

Your credit report and credit score reflect your history and behaviour as a borrower. For lenders looking to offer you quick loans bad credit, it is an essential resource that they can use to learn about you.

As part of their assessments, lenders are looking to determine how trustworthy you are. That is, if they lend you money, what is the likelihood that it will be repaid without issue? This is usually referred to as your creditworthiness. Lenders assess this by looking at your repayments history and other credit listings, such as defaults or credit inquiries.

If you’ve got a good credit score and have a history of making repayments on-time, then lenders will likely be satisfied that you are not a default risk and will often be willing to offer you a bad credit loan. On the other hand, a series of missed repayments or defaulted loans in your past may make it difficult to access the credit you require.

Can I remove bad credit listings from my credit report?

No.

In most cases, listings on your credit report will remain for between two to seven years. As a guide, your repayment history is maintained for two years. On the other hand, overdue accounts and new credit applications, may remain for up to five years. Major credit issues (e.g. court judgements) can remain for up to seven years.

On the other hand, if you are monitoring your credit report and discover an incorrect listing, then it’s possible to get it removed. These errors could include debts listed for the wrong amount, debts listed twice or even accounts created as a result of identity theft.

To rectify these errors, simply contact the reporting agency or credit provider and they may be able to remove it for you. If they fail to do so, then there may be other formal steps that you can take.

Can you fix your bad credit rating?

Yes.

While bad credit finance may be an option for you today, you don’t want to have to always rely on these loans for bad credit history. So, why not take steps to improve your credit score and credit history?

While there are no immediate remedies, if you can implement effective borrowing habits and remain disciplined over a long period, then eventually you should see results. If everything goes to plan, you could leave behind your days of applying for bad credit loans.

As a guide, handy tips that can potentially improve your credit history include:

  • Keep your credit card balances low.
  • Pay your bills on-time
  • Only open new credit accounts when necessary.
  • If opening a new account, shop around to find the best deal (e.g. lowest interest rates or fewest fees).
  • Monitor your credit report regularly for errors.

Introducing Monzi

We are not lenders, we’re one of Australia’s leading lender-finders. Monzi may be able to pair Australian consumers with online credit providers quickly.

Monzi has done the hard work for you. As a result, you save yourself the time and hassle of applying for cash loans for poor credit.

Monzi may also be able to pair you with a lender potentially offering:

  • bond loans
  • secured personal loan
  • payday loans alternatives
  • travel loans

Finally, our network of lenders may be able to offer up to $10,000. Within this, there are three categories of personal loans bad credit:

  • Small unsecured personal loans ($300 to $2,000)
  • Medium secured personal loans ($2,100 to $4,600)
  • Large secured personal loans ($5,000 to $10,000)

Who can use Monzi?

Most Australian adults can use Monzi. In short, we have aimed to keep our 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.
  • All applicants must be at least 18 years of age.
  • You also need to be an Australian Citizen or hold Permanent Residency.
  • And, finally, lenders look at the past 90 days of your bank statements to confirm you’ve been receiving a regular income.

Note that you are not guaranteed approval, even if you meet the above criteria.

Bad credit loans application made by two girls on mobile phones

Why choose Monzi?

You should choose Monzi because we’re simple and convenient. In short, we’re sure we are one of the best lender-finders in the business:

Quick turnaround

Our application process is speedy and easy. Therefore, our system can search for lenders as fast as possible. However, consumers’ applications may not be processed until the next business day if they apply after hours.

Customer service is key

We pride ourselves on trying to make our clients’ lives easier. After all, if you’re applying for loans for people with bad credit history, you may have questions about your application. You can get in contact with our customer support team at hello@monzi.com.au.

Complete transparency

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.

What are loans for people with bad credit on Centrelink?

Loans for people on Centrelink are a means of accessing credit for people that receive government benefits. You may qualify for cash loans for people on Centrelink with bad credit, depending on the lender’s own assessment policies.

You can also apply for a cash loan even if Centrelink payments make up most, or all, of your income. Approval, however, will be at the discretion of the credit provider.

Moreover, consumers receiving benefits may feel their only chance of approval rests with lenders offering payday loans for bad credit instant approval. However, this may not always be the case.

Monzi may, on the other hand, match you with a lender potentially offering cash loans for Centrelink customers with bad credit.

Can I get loans for unemployed with bad credit?

If you are unemployed and have a bad credit history, you may not be able to get a loan. However, if you receive government benefits, you may be eligible for cash loans bad credit Centrelink.

Consumers should consider Monzi if they are looking for emergency loans unemployed, and want them to be processed fast. In short, our lender-finding service might be able to match you with a lender in no time.

However, keep in mind we cannot guarantee your application will be approved. After all, lenders will always assess your application before granting approval.

Finally, if you are a recipient of benefits payments, consider whether taking out a loan is a smart choice for your situation. As a guide, look into other government support (e.g. bad credit Centrelink loans) that may be more appropriate for your circumstances.

So, how does it work?

Put simply, the entire Monzi process takes place online. Therefore, you can feel free to stay in your pyjamas when you use our service.

The first step is to visit the homepage of our website. First, select the amount you’re thinking of applying for. Finally, let us know if you’d like to pay on a weekly, fortnightly or monthly basis.

Keep in mind that 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 will ask you to outline your reason for borrowing money.

In addition, we’ll also ask for you to provide your internet banking details. In short, we have endeavoured to make our application as quick and easy as possible.

If Monzi successfully pairs you with a lender, they will conduct an assessment of your application. Finally, lenders will offer a digital loan contract if you’re approved.

Bad credit loans: how much can I borrow?

You can potentially borrow up to $10,000 through Monzi.

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

Small personal loans are available from $300 to $2,000. Next, lenders may offer medium personal loans. Medium personal loans range between $2,100 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 bad credit 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 $5,000 bad credit loan with guaranteed approval?

No, we cannot find you lenders offering bad credit cash loans guaranteed approval.

As we mentioned earlier, we cannot guarantee approval from any lender. However, 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. Lenders are often able to accept a car, motorbike, caravan or boat. You must, however, be the registered owner of the vehicle to use it as security.

However, again, you will not be offered guaranteed approval loans if you apply with Monzi.

How can I get a loan without a credit check?

To get a loan without a credit check, you could apply with a no credit check lender. No credit check loans, however, are often linked with payday lenders.

Monzi may be able to find you an alternate lender option.

That’s why Monzi aims to find lenders that look at more than just your credit score. Put simply, Monzi cannot guarantee whether or not a credit check will happen. However, we can guarantee they will focus on more than just your bad credit rating.

Keep in mind that all lenders and credit reporting agencies are separate entities. Therefore, Monzi cannot speak on their behalf.

Bad credit loans FAQs

We’ve built up a wealth of knowledge after so many years in the game. So, if you still have any questions or doubts about bad credit loans, read on!

What is a sub-prime interest rate?

An above-average rate is a sub-prime prime interest rate. Lenders will usually charge these higher rates on bad credit loans to make up for the additional risk.

Can you apply for a personal loan with poor credit history?

Yes, you can apply for a personal loan if you have a poor credit history. Monzi looks to help consumers from across Australia, regardless of their credit.

Can I apply for a bad credit loan if I have been bankrupt?

You can apply if you have been bankrupt in the past. Lenders may vary in their policies, so you are not guaranteed approval.

Am I able to refinance a loan with poor credit?

Yes, you can refinance a loan with bad credit. Depending on the loan, you may be considered for refinancing with a lower interest rate.

Will I be approved if I have unpaid defaults?

You are not guaranteed to be approved if you have unpaid defaults. Approval is always subject to assessment and at the discretion of the individual lender.

Will my bad credit influence approval times?

Your bad credit will not influence approval times. In general, bad credit loans will be assessed within the same timeframe as typical loans.

Will my bad credit score last forever?

Your bad credit score will not last forever. Anybody can improve their credit over time by consistently showing good borrowing habits.

Can my business apply for a bad credit loan?

Yes, your business can apply for bad credit loans. However, at Monzi, we only work with lenders who may offer personal loans for bad credit. As a result, you must do your research to find a lender who may offer small business loans.

Bad credit loans and 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 hardship, 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 and offer a payment plan if you’re approved.

Get in contact with your lender ASAP if you are in a pinch. Otherwise, credit reporting agencies may record bankruptcies and other bad credit listings on your report.

Apply today!

At Monzi, we ready and waiting for you to apply. Scroll up and begin your application now!

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When you’re seeking bad credit loans, make Monzi your first choice!

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.

The Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. 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

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.

The Interest Rate for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. 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.