We can find bad credit loans for emergencies

bad credit loans

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 bad credit standing in the way of your bucks! If this sounds like your situation right now, you’re no doubt wondering if there’s any such thing as bad credit loans.

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

We know how it is. Your car breaks down at the worst moment. Your hot water system gives up in the middle of winter. Or you lose your job and realise how little attention you paid to your savings account. Whatever your reasons for needing the cash, we can help you find a lender to provide you with it.

We specialise in finding bad credit loans. 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 bad credit loans!

Introducing Monzi Loans

We are not lenders, we are 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 bad credit loans online. So, we’re here to cut that time down exponentially and cut the stress from the process.

Monzi 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.

Who can use Monzi Loans?

Before we get into the details of how the application process works, you’re no doubt keen to find out if you qualify to apply. You’re in luck – our basic criteria are super simple! 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 have permanent residency in the country. Monzi Loans is an Aussie-only service;
  • And, finally, you will need to prove that you have been receiving a regular income into your bank account for at least 90 days

Other than that, we don’t discriminate. Receiving Centrelink? No worries. Bad credit? It’s all good.So, how does it work?

Right. Now for the nitty-gritty. The entire process of applying for bad credit loans via Monzi Loans takes place online. There’s no need to leave your home at any point. So, feel free to stay in your pyjamas once you’ve decided to 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. Then let us know if you’d like to pay on a weekly, fortnightly or monthly basis.

The application form calls for a few personal details

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.

On the second page, we ask you to tell us a little bit about why you want to borrow the money. We’re nosey like that. We don’t need to know every little detail. A basic explanation of around 25 characters should be sufficient.

Remember – be honest with yourself and with us. We don’t mind finding bad credit loans for your end of year holiday as long as we’re aware that that’s what it’s for!

We also grab a read-only copy of your bank statements and if we find you a lender, we’ll securely transfer your statement. The whole process doesn’t take too long though, so don’t stress if you have places to be. We’ve made sure it’s as quick and easy as possible.

We’ll then gather all your application information and make sure you match the basic criteria. If you do match the basic criteria we then get to work on trying to find you a lender who may be able to help you out with bad credit loans! See, we told you it was fast and painless.

If we’re able to find you a lender you’ll now deal with them directly, our job is done. If the lender that we find for you is able to approve you, they will discuss your contract terms with you directly.

It’s as simple as that. 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.

Why choose Monzi Loans?

We feel sure that our convenient application process has convinced you to use our loan-finding service. Just in case it hasn’t, here are a few other reasons that will!

Quick turnaround times

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

Customer service is key

We pride ourselves on trying to make our clients’ lives easier. The fact that you’re applying for bad credit loans is already a sign that you are going through a rough time. We get that. So 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.

We understand that nobody is perfect

If you tried to apply for a personal loan through a bank, with bad credit, you would likely encounter a few raised eyebrows. To say the least!

The Monzi Loans team isn’t here to judge you. We understand that nobody is perfect. We all make mistakes. Your bad credit history won’t deter us from finding a potential lender to assist you. Bad credit doesn’t make you a bad person, after all.

We are Australian lender-finding specialists who have your back. Specialists who try to streamline the process of obtaining cash when you need it.

How much can I borrow?

As we are the lender-finder and not the actual lender, we cannot guarantee how much your loan will cost you. Every lender is different and as such, has different fees and charges, We can, however, provide you with an example of what costs and fees may look like. Remember that this is an example only and actual fees may differ.

Monzi Loans can find SACC’s, MACC’s and LACC’s!

Here’s the low-down…

A small amount unsecured loan, $300 up to $2,000:

  • A 20% establishment fee
  • A 4% monthly fee that will be applied on the anniversary date of your loan every month

A medium amount secured loan, $2,001 – $4,600:

The costs of a medium amount secured loan are a little different. You can expect something the following:

  • An establishment fee of $400
  • An interest rate of 48%* per annum. Keep in mind that the more you pay off your loan, the less interest you will be charged.

*Comparison rate of 67.41% per annum. This comparison rate is based on a medium amount secured loan and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate.

A large amount secured loan, from $5,000 to $10,000:

The costs of a large amount credit contract are again a little different. You can expect something like the following:

  • An interest rate of 21.24%* per annum. Keep in mind that the more you pay off your loan, the less interest you will be charged. This is called reducing interest

*The maximum comparison rate for interest is 48% per annum. This comparison rate is based on a large amount secured loan and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate

Also, just remember, that if you’re interested in applying for larger loans of $2,001 – $4,600 or $10,000, they may be secured loans so, you would need to provide a vehicle such as a car, truck or motorbike that can be used as security.

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. They would never disclose any personal information about your application to your employer.

Is there an extra charge for missed or late payments?

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 bad credit loans, you can expect to pay a direct debit dishonour fee. You can chat with your lender about this.

What if a client stops making payments?

If you stop making your repayments, you run the risk of having a default listed on your credit file. This is something that you should try to avoid at all costs!

A default on your credit file will stay there for 7 years and will lead to even worse credit than you already have. Along with this, your account could also be passed on to an external debt collection agency. Don’t let this information scare you away though. This action is usually a final step for lenders.

If you do find yourself in a challenging financial situation, contact your lender and chat about it. It really is the best thing to do. Most lenders will be happy to alter your repayment plan. They will also be able to advise you as to whether or not you are eligible to apply for Financial Hardship.

Whatever you do, don’t stress

Apply, and let us see if we can help you. You’ll be guided through the application process and if we are able to, we’ll find you a lender who can get you an outcome pronto. You’ll get an offer first, which we know you’ll go through so that you know what you can expect to pay and when to pay it, and you’ll be able to ensure that a loan really is the right solution for you.

So, there you have it. You’re just a few clicks away from the relief of having the lender-finding service you need. Fill in our application now and get the loan-finding service to trust for bad credit loans Australia on your side!

How customers rate Monzi

We can find bad credit loans for emergencies Overall rating: 4.7 out of 5 based on 4 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.