Bad Credit Payday Loans? Find Something Larger

Hunting bad credit payday loans to cover an urgent cash shortfall? Before you agree to a loan, make sure you know what you’re getting into. While a payday loan may be one option, personal loans could be a viable strategy too. Monzi’s lender-finder service may be able to connect you with a lender offering personal loans.

Bad credit payday loans – an explanation

While bad credit payday loans may seem complicated, they’re pretty simple once you break them down.

For starters, a payday loan is a small loan (typically under $2,000) offered by a payday lender. Applications are processed quickly while repayment periods are brief. You might have the cash in your account on the same day you apply and have the loan paid off in a matter of weeks or months.

Bad credit refers to a pattern of bad credit listings on an individual’s credit file. With this, traditional financial institutions are typically less willing to extend credit to these individuals.

Therefore, bad credit payday loans are a type of small loan, processed quickly and available to consumers with a less-than-impressive credit history.

The table below lists some possible loan products that may be available online:

Payday LoanAmount (AUD)Approved
Payday loans for bad credit instant approval$500
Bad credit payday loans$1,500
Payday loans bad credit$1,800

The information presented in the table above does not necessarily reflect the loan product you may be offered through Monzi’s service.

Who is Monzi?

Monzi is one of Australia’s leading lender-finder services. A lender-finder, put simply, seeks to connect borrowers with lenders.

In other words, we are not a lender and do not offer loans. We work to try and match borrowers with an available lender who can potentially offer them a loan that is suitable for their needs and objectives.

If you apply during regular business hours, Monzi may be able to match you with a lender in just 60 minutes. All you need to do is submit one, simple Monzi application. Use the loan slider at the top of the page to get started.

Can Monzi find lenders offering quick payday loans bad credit?

If you apply with Monzi, we may not be able to match you with a lender offering bad credit payday loans. Instead, we aim to match you with one of our many lenders offering personal loans.

If you’re searching for pay loans, a personal loan may be a viable alternative. Just like a payday loan, you get the cash you need to cover those unexpected expenses and cash shortfalls.

Payday vs. personal loans

So, what’s the difference? While they may seem similar, there are some key differences to be aware of.

Payday loans Australia are unsecured loans of amounts up to $2,000. Applications are assessed rapidly so you potentially get the cash you need on the day you apply. All loans are repaid quickly so there’s no long-term commitment. Repayment periods start from as little as 16 days.

By comparison, personal loans cover amounts ranging from $300 to $10,000 and can be either unsecured or secured. Unlike payday loans, you may be eligible for up to $10,000 with personal loans.

If you’re short on cash and not sure what to do, submitting an application with Monzi may be one option for you. A lender in our network may be available and could potentially offer you a personal loan.

If you’re seeking to be matched with a payday lender, this may not be possible with Monzi.

Can I use a payday loan to cover a small expense?

Yes. In fact, that’s their main purpose.

Small payday loans for bad credit could be a viable option if you find yourself overwhelmed by a short-term cash emergency. Your application is assessed swiftly so you can potentially have access to your cash before you know it.

As mentioned, payday loans typically refer to loan amounts up to $2,000 that are repaid over a very short period. From as little as 16 days up to a few months.

Given the short-term nature of payday loans bad credit Australia, they may come with high regular repayments.

Are payday loans bad credit on Centrelink available?

While nothing is certain, the answer is: potentially.

If you’re receiving benefit payments from Centrelink, that alone won’t classify you as ineligible. In most cases, lenders will still assess your application to determine whether the loan is suitable for your needs.

Be aware though that not all lenders view Centrelink payments the same. While some will view them as a legitimate source of income, others may not. This will obviously have some bearing on your assessment and may explain your outcome, whether approved or denied.

While we cannot provide a guarantee, lenders offering payday loans Centrelink bad credit may be out there. As mentioned though, lenders take differing perspectives when it comes to Centrelink payments so approval is far from certain.

Payday loans for bad credit instant approval

While intuitively the use of the term instant approval seems to suggest that your application will be assessed instantly, that’s not quite true.

With all applications, there will be some waiting time. In Australia, responsible lending legislation requires lenders to assess loan applications in order to determine whether or not the product is suitable for the borrower.

Put simply, instant approval is not literal. However, lenders will work quickly to assess your application and provide you with an outcome in what feels like no time. This is the essence of instant approval.

Given this, these loans are simply a form of payday loans bad credit which lenders process as fast as they can to provide you with what feels like an instant outcome.

Payday loans for bad credit history

The move away from traditional lenders like banks and credit unions has bought with it a new approach to extending credit. While in the past, bad credit was a no-go, these days lenders are much more inclined to look past it.

It’s all about a fresh perspective. Your bad credit reflects your past but is not necessarily representative of your present.

In assessing your application, lenders may assess your income and expenses too. That way, they can get a clear idea as to whether or not the loan you’ve applied for is affordable. If your financial situation is comfortable, you won’t necessarily be denied based on your credit history.

If you’re hunting bad credit loans but you’re not sure where to begin, Monzi’s lender-finder service might be here to help. While it may not be possible for us to match you with a payday lender, we can potentially match you with a lender who deals in personal loans and is understanding of bad credit.

With Monzi, it’s simple. Lodge an application and we’ll do what we can to find an available lender for you. With our lenders, personal loans range from $300 to $10,000 so there’s potentially something for everyone.

Explaining poor credit history

Your credit history is essentially a personal file that records your past borrowing behaviour. It lists all the loans you’ve applied for, agreed to, repaid or defaulted on.

In assessing applications, lenders will lean on this information to determine your suitability for a loan.

Bad credit is a reflection of your past negative borrowing behaviours. If you have a history of defaults, delinquency or poor borrowing habits, lenders will see this. If you’ve got bad credit, lenders may view you as a risk.

Put simply, your application may be denied as the lender may believe that there is a significant likelihood that you will not repay your loan on time and in full.

If any of the following listings are present on your credit file, your credit score will likely be negatively affected:

  • Past bankruptcy
  • Defaults
  • Missed or late repayments
  • Court judgements relating to past debts
  • Multiple credit enquiries in a short period of time

Do all assessments include a credit check?

In assessing applications, lenders will take a number of steps to verify your financial situation. What’s important to note though, is that lenders go about assessments differently.

With this, and given that Monzi does not assess your applications, it is difficult for us to say with certainty whether a credit check will be conducted. While some lenders will, others may not.

Remember though, that if your credit history isn’t stellar, that won’t necessarily be the end of your assessment. Lenders offering easy payday loans bad credit take a different perspective than traditional financial institutions and may be willing to assess your income and expenses as well.

Am I eligible to apply with Monzi?

At Monzi, we are understanding and welcoming of all situations and circumstances. If you’ve got bad credit, that doesn’t mean you cannot submit an application. All we ask is that you meet four simple criteria.

  1. Be 18 years or older.
  2. Hold an Australian Citizenship or be a Permanent Resident.
  3. Have an email address and phone number.
  4. Have an internet banking account with a minimum of three months of banking history.

What do lenders offering instant payday loans bad credit assess?

As mentioned, all loan applications will be subject to an assessment. With this, you’re probably wondering what exactly lenders are looking for in order to determine the outcome of your application.

To simplify it, lenders are looking at a few key factors. While lenders vary in terms of their exact policy, in most cases, they will consider the following:

  • Your creditworthiness: A measure of the likelihood that you will repay your loan. This is typically based on an assessment of your credit history.
  • Income: First, lenders need to verify that you do have a source of consistent income. Lenders will also assess how much you are earning.
  • Expenses: When compared to your income, lenders can assess what your current budget is and what you can afford to repay.
  • Loan amount and repayment period: Lenders use this information to calculate your repayments. This can then be compared to your budget to determine if the loan is suitable.

Payday loans for unemployed and bad credit

If you’re unemployed and have bad credit, it will likely be difficult to be approved for a loan. That’s not to say it is impossible; however, it will simply come down to the lender you are dealing with.

As part of your assessment you will likely need to prove you earn income in some form. While this won’t be a wage, it may include benefit payments or rent payments received from an owned asset.

While some lenders may be more forgiving, ultimately, they need to assess the likelihood that you will repay your loan. If you’re out of work and have bad credit, you may present a default risk and lenders could view your application unfavourably.

As mentioned though, lenders do go about things differently. While you’re welcome to submit an application, approval will never be guaranteed.

Online payday loans for bad credit

Accessing credit online has never been as easy as it is today. A simple google search will yield hundreds of hits, potentially connecting you lenders offering the cash you need.

With so many lenders though, it can be difficult to know where to begin. Using a lender-finder service like Monzi makes it simple and convenient.

While admittedly, we may not find a payday lender for you, we work with a range of great personal loan lenders who may be able to offer a loan product that works for you.

Apply today and our automated system will try to match you with an available lender.

Finally, consider MoneySmart’s page on payday loans.

Bad credit payday loans shown in assortment of Australian banknotes

Comparing lenders

Now more than ever, there are a diverse range of online lenders out there who may be willing to extend you credit. While some are payday lenders offering bad credit loans, others specialise in personal loans.

If you’re hunting for lenders alone, there are some things to take into account when deciding which lender is right for you.

Payday or personal

Which lender-type is right for you? Payday loans tend to have shorter repayment periods meaning there’s no long-term commitment. On the flip side, personal loans are repaid over months or years meaning repayments tend to be more manageable.

What rates and fees will be applied?

The rates and fees applied are what you are required to repay on top of your principal amount. Given this, it’s important to compare lender policies to ensure you get the best deal.

Who is the lender?

Before you reach an agreement with a lender, complete a thorough background check. Ensure they are licenced, reputable and comply with their responsible lending obligations. Read their reviews to get an idea of past customer experiences.

The benefits of using Monzi

While Monzi’s lender-finder service makes finding a lender simple and convenient, there are a few other benefits that maybe you hadn’t considered yet.

  • Rapid applications: We only require the key details, meaning an application may be lodged in minutes. Therefore, you can get back to doing the things you want to be doing.
  • Speedy Outcomes: Apply during business hours and you may be matched with an available lender in just 60 minutes.
  • Available 24/7: The Monzi website is online day and night meaning you can submit an application at a time of your choosing. Although, submitting an application after hours may mean you have to wait until the following business day for an assessment.
  • A secure system: Our system is protected by internet security providers Comodo and McAfee so you can rest easy knowing your data is safe.
  • Quality lenders: Monzi associates with licenced and reputable lenders. In addition to this, Monzi typically work with lenders offering personal loans rather than bad credit payday loans Australia.

Contact us

If you have any questions about the service offered by Monzi or our process in general, don’t hesitate to get in touch. Email us at and will do what we can to provide you with a fast response. Although, keep in mind that contact received during business hours will be met with the quickest replies.

If you have specific questions that relate to payday loans for bad credit, contact a lender directly. Monzi do not offer these loan products or any loan for that matter, and as such, it is unlikely that we would be unable to answer your questions.

Apply today

Don’t delay. Submit an application with Monzi now.

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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.

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.