Bad Credit Loans – Fast Finance For People With Poor Credit

Bad credit loans up to $10,000 approved ASAP. All credit scores welcome. Unsecured and secured available. Easy application with no paperwork. Apply now!

two girls using iPhones to apply for bad credit loans

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.

Unsecured $5,000 personal loans

If you do not have bad credit, you may be eligible for credit through a traditional lender, like a bank or credit union. Generally, these lenders may be able to offer up to $5,000 unsecured and with more competitive rates than bad credit lenders. If your credit score is looking a little battered, you could consider applying for bad credit loans.

What is a bad credit loan?

A bad credit loan is a loan product offered by a credit provider to a consumer with a poor credit history. As a result, these loans may be a convenient option for borrowers who do not have good credit scores. Examples of this loan type can include payday loans, loans with no credit check or bad credit personal loans.

Generally, there are two types of personal loan: secured and unsecured. With an unsecured loan, the borrower approves the contract and commits to repaying their loan within 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, bad credit car loans and certain personal loans.

The table below outlines some of the more common bad credit personal loans you’ll see advertised online.

Bad credit loansBad credit personal loans
Loans for bad creditBad credit loans Australia guaranteed approval
Cash loans for Centrelink customers with bad creditBad credit personal loans guaranteed approval Australia
Bad credit loans AustraliaSmall loans bad credit
Payday loans for bad credit instant approvalLoans for unemployed with bad credit

How do I know if I have bad credit?

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 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 unimpressive credit: loans for bad credit consumers. Put simply, these loans are designed to help consumers who have been knocked back by traditional lenders in the past.

Luckily, any credit score can be improved through discipline. Specific details on how you can improve your credit score are presented below.

What does it mean to have bad credit?

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

Fast money with bad credit

Quick loans for consumers with poor credit are 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 loan.

Looking for bad credit unsecured personal loans with very fast approval? Monzi could potentially match you with an available credit provider.

$5,000 bad credit loans Australia guaranteed approval

Consumers should be incredibly wary of 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 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. 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.

What are bad credit personal loans?

Put simply, they are a type of personal loan that is potentially available to consumers who lack a glittering credit record.

  • 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).

Unlike cash loans no credit check fast approval, lenders may perform a credit check on bad credit loans applications.

Introducing Monzi Loans

We are not lenders, we are cash loans lender-finders. Monzi may be able to quickly pair Australian consumers with online credit providers.

Monzi Fast Cash Loans has done the hard work for you. As a result, you save yourself the time and hassle of applying for cash loans for bad credit history.

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

24/7 instant cash loans for bad credit

Monzi’s lender-finding service is 100% online. Consumers can lodge an application from our website in minutes. Moreover, our service allows consumers to lodge an online application 24 hours a day, 7 days a week.

If you lodge an application outside of normal business hours, there may be a delay on your outcome.

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

How to apply for loans with bad credit

All applications take place online. 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. Finally, credit providers will conduct an assessment of your application, and get in contact if they can make you an offer. A digital loan contract will be sent through if the application is approved.

Case study – Maddy uses security

Maddy has just started a new corporate job in the city. She wants to take her daughter and herself for a holiday in Fiji at the end of the year to celebrate.

She finds a great deal online that includes flights, as well as hotels and activities while in Fiji. Despite not having adequate savings, she feels this offer is ideal.

Therefore, Maddy decides to apply for a personal loan so she is able to secure the trip now. Then, she plans to repay her loan in the months leading up to her holiday. However, during Maddy’s time at uni, her repeated use of credit cards have driven her credit score down.

Luckily, Maddy owns a small car she is able to use as security. Therefore, her application is approved, and she is able to secure her daughter and herself their dream holiday.

With her new salary, Maddy is debt-free before she leaves for her trip.

Loans for people with bad credit

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 via the Monzi Fast Loans 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 help you find a lender to provide you with it. Borrow money 100% online through our lender-finder service.

I have been offered guaranteed approval

Be cautious if you have been offered guaranteed approval no matter what. In short, there is a chance this credit provider may even be a scam.

If you are concerned the lender you are dealing with is not legitimate, cease all contact with them ASAP. 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 personal loans than any lender offering guaranteed approval.

We specialise in finding bad credit lenders

We’ve already helped countless Aussies with poor credit match with credit providers offering bad credit loans with fast approval, including:

  • small loans
  • Cash loans for Centrelink customers with bad credit
  • Loans for single mothers on Centrelink with bad credit
  • Quick loans bad credit

How to get personal loans with bad credit

Having a bruised credit record 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 substandard. Therefore, you may consider applying with a short term lender. Short term lenders have, in general, more lenient lending criteria.

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.

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

Where to get loans with bad credit

Traditional lenders like banks and credit unions may be unwilling to approve Australians with poor 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 payday loans for bad credit instant approval. 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 bad credit personal loans. Personal loans are often available at larger amounts than bad credit 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 bad credit Australia.

How can I get a loan without a credit check?

If you are concerned about your credit score, you could apply with a no credit check lender. No credit check loans, however, are often linked with payday lenders. Therefore, 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 credit score.

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.

Bad credit FAQs

What is a sub-prime interest rate?In short, a sub-prime interest rate is higher than the average rate due to the risk of the borrower. For example, a medium secured loan may have an APR of 47.8%
Can I apply if I have been bankrupt?You are welcome to apply if you meet Monzi’s eligiblity criteria and are currently bankrupt or discharged from bankruptcy. Approval, however, is at the discretion of individual lenders within our network and therefore is not guaranteed.
Will I be approved with unpaid defaults?There may be lenders within our network willing to consider your application, but approval is not guaranteed.
Does bad credit mean slow approvals?No, not neccessarily. Each application is assessed on a case-by-case basis.
Will my bad credit last forever?No. If you consistently show good borrowing habits, your credit score will improve. See our below section on improving your credit score.
Can I get a loan with very bad credit?Your credit score is only one part of a myriad of different criteria that lenders consider. For example, you may be considered for approval if have very poor credit but good recent history in paying back other lenders. Approval is always subject to assessment.

Who 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, you will need to show you’ve been receiving a regular income for the past 90 days.

Why choose Monzi?

In short, we’re confident we are one of the best lender-finders in the business, and here’s why:

Quick turnaround

Our application process is speedy and easy. Therefore, our system is able to search for lenders as quickly 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, you may have questions about your application. You can get in contact with our customer support team at

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.

Loans for people with bad credit on Centrelink

Bad credit 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 poor 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 bad credit on Centrelink. However, this may not always be the case.

Monzi may, on the other hand, match you with a lender potentially offering personal loans for people on Centrelink.

Can I get a loan if I’m unemployed?

If you are unemployed and have bad credit, you may feel like your options are very limited. However, if you receive government benefits, you may be eligible for personal loans for people on Centrelink with bad credit.

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.

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

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 apply for a bad credit loan.

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, 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.

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.

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 available from $300 to $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 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 bad credit loan guaranteed approval $5,000?

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.

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.

How can I improve my credit score?

There is no quick fix to improving one’s credit score. There may be credit fix or credit repair companies that can challenge incorrect listings on your credit report. While they promise to fix your credit history, they may not live up to expectations. Moreover, you may be charged 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 below lists outline what kind of borrowing habits will affect your credit.

Positively affects credit score:

  • Paying bills at the right time.
  • Avoid applying for new credit cards or loans.
  • Settling outstanding loans and credit card debt.
  • Consistently making your repayments on time.
  • Having an available credit limit higher than your usual credit balance.

Negatively affects credit score:

  • Applying for credit cards or bad credit loans too often.
  • Rejected for credit card or loan applications.
  • Making late repayments on credit cards or loans.
  • Bills or repayments of at least $150 overdue by 60 days or more.
  • Getting 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 talk to a free and independent financial counsellor to aid them in repairing their credit. On the other hand, you can call the National Debt Helpline on 1800 007 007 from anywhere in Australia.

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 entities, and compile it into one report.

Examples of what information is included in your credit report are listed below:

  • Personal details. Name, date of birth, current address, employment information etc.
  • Credit cards. Information on the credit cards you hold.
  • Arrears brought up to date. Any overdue and unpaid debts that have now been settled.
  • Credit applications. A detailed record of any credit products you have applied for. This also includes being a guarantor on a loan.
  • Debt agreements. Includes bankruptcies, debt agreements, personal insolvency agreements and court judgements.
  • Credit information. Detailed 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 history. Information on how you have been handling repayments.

What is a credit score?

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

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

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.

To make things easier for you, use the below lists to help interpret your credit score.


  • Excellent: 800 – 1,000
  • Very good: 700 – 799
  • Good: 625 – 699
  • Fair / average: 550 – 624
  • Weak / below average: 0 – 549


  • Excellent: 833 – 1,200
  • Very good: 726 – 832
  • Good: 622 – 725
  • Fair / average: 510 – 621
  • Weak / below average: 0 – 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.

What about privacy?

While your lender may do a quick employment check, there’s nothing to fret about. Lenders are experts at conducting employment checks discreetly. Also, they will never disclose any personal information to your employer.

Is there an extra charge for missed or late repayments?

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.

Get in contact with your lender for questions regarding fees and charges.

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 and offer a payment plan if you’re approved.

Access more information

For more information about other options available to you, head to ASIC’s Moneysmart. Here, ASIC shows you how small amount loans work, as well as options for managing bills. In other words, Moneysmart explains how loans work and suggests options for managing bills and debts.

Apply today!

All applications take place online.

Factor In


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


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.

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


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.

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.