Bad Credit Payday Loans? Consider A Personal Loan Today

Do you need 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 might be an alternative. Monzi’s lender-finder service may be able to connect you with a lender offering personal loans. Bad credit applicants welcome. Apply now.

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 for fast cash are processed quickly, while loans are repaid over a few months. As a result, these are short term loans. 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 unsecured 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
Small payday loans$300
Payday loans for bad credit instant approval$500
Quick easy payday loans for bad credit$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 match borrowers with an available lender who may offer them a suitable loan for their needs and objectives.

If you apply during regular business hours, Monzi may be able to match you with a lender offering fast money loans in just 60 minutes. All you need to do is submit a 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 quick bad credit payday loans. Instead, we aim to match you with one of our many lenders offering fast personal loans, which may be payday loan alternative.

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

Payday vs. personal loans: 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. Payday loan applications are often assessed rapidly, so you potentially get the cash you need on the day you apply. All loans are repaid quickly, meaning there’s no long-term commitment. Repayment periods start from just a few weeks.

By comparison, personal loans cover amounts ranging from $300 to $10,000 and can be either unsecured or secured. Moreover, repayment terms might range from months to years.

If you’re short on cash and unsure what to do, applying 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 small payday loans for bad credit to cover something minor?

Yes. That’s their primary 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, meaning, if approved, you might have your cash before you know it.

As mentioned, payday loans typically refer to loan amounts up to $2,000 that are repaid over a brief period. As a guide, your repayment term may range from a few weeks 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, you’re still welcome to apply. In most cases, lenders will assess your application to determine whether the loan is suitable for your needs.

Be aware, though, that not all lenders will offer loans to Centrelink borrowers and they may vary in their views of benefits payments. While some will consider them as a legitimate source of income, others may not. Obviously, this will have some bearing on your assessment and may explain your outcome, whether approved or denied.

While we cannot guarantee if you will be offered a loan no matter what, lenders offering payday loans Centrelink bad credit may be out there. As mentioned, though, lenders take differing perspectives regarding Centrelink payments, so approval is far from certain.

Payday loans for bad credit instant approval

While intuitively, using 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 to determine whether 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 cash loans online.

Given this, these loans are simply a form of payday loans for bad credit, which lenders process as fast as possible to provide you with a seemingly instant outcome.

Payday loans for bad credit history

The move away from traditional lenders like banks and credit unions has bought a new approach to offering credit. While in the past, bad credit was a no-go, these days, online lenders are much more inclined to offer cash loans for bad credit.

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 of whether 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 seeking payday 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 understands bad credit.

With Monzi, it’s simple. Apply 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. Best of all, it’s 100% online. Just like with bad credit online payday loans, you can apply for personal loans from the comfort of your own home.

Payday loans Australia bad credit: your credit history explained

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.

Note that some lenders may still offer cash loans for people with bad credit. However, approval is not guaranteed. To be offered pay day loans bad credit, you must show that you are in a secure financial position and managing your budget effectively.

Do all assessments include a credit check?

In assessing applications, lenders will take several steps to verify your financial situation. What’s important to note, though, is that lenders may go about assessments differently. In other words, each provider will have their own policies and procedures they follow.

With this, Monzi cannot say whether you will avoid a credit check. Lenders may conduct credit checks at their discretion and, more often than not, these checks will be included in your loan assessment. That said, you may access loans without a credit check in some rare situations.

In any case, remember 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. As a result, easy loan approval may still be possible.

Am I eligible to apply with Monzi?

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

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

If you check these boxes, we’ll do our best to match you with a lender from our network. However, we cannot guarantee if your application will be successful.

Bad credit payday loans shown by gold coins in a jar

What do lenders offering instant payday loans bad credit assess?

As mentioned, all instant payday loan applications will be subject to an assessment. With this, you’re probably wondering what exactly lenders are looking for 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 qualifying criteria, in most cases, they will consider the following when you apply for bad credit loans:

  • Your creditworthiness: A measure of the likelihood that you will repay your loan. This is typically based on an assessment of your credit history (i.e. a credit check).
  • Income: lenders must verify that you have a source of consistent income. Moreover, this income must be sufficient to cover your loan repayments and day-to-day expenses.
  • Expenses: When compared to your income, lenders can assess your current budget and what you can potentially 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 must show that you earn some form of income. While this won’t be a wage, it may be benefit payments. However, often lenders require you to have a primary source of income, other than these payments.

While some lenders may be more forgiving, ultimately, they must assess your ability to afford your loan. If you’re out of work and have bad credit, you may present a default risk. Moreover, you may lack the capacity to make your repayments. Therefore, your application may be unsuccessful.

While you’re welcome to apply, approval will never be guaranteed. Moreover, if you are unemployed, it may be best to find an alternative. For instance, consider government support that may be available through Centrelink. After all, bad credit loans can be expensive and may not be suitable for your situation.

Online payday loans for bad credit

Accessing instant loans online has never been easier than it is today. A simple Google search will yield hundreds of hits, potentially connecting you lenders offering the cash you need. From fast payday loans for bad credit to instant cash loans, you’ll find that you’re not short of options.

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 bad credit loans that work for you.

Apply today from $300 to $10,000 and our automated system will try to match you with an available lender.

Finally, consider MoneySmart’s page on payday loans.

Are there any secured payday loans?

Generally speaking, unsecured payday loans are far more common than secured payday loans. After all, many payday lenders may only offer payday cash loans of up to $2,000. As a result, they must be unsecured. This means that there’s no need for you to worry about attaching an asset as security.

That said, if a $2,000 loan won’t cut it and you need to borrow a little more, you can apply with Monzi. We work with lenders who might offer secured personal loans up to $10,000. With this, you must own an eligible asset that can be used as security. As a guide, loans secured against your car are the most common form of secured loan.

Can Monzi find me small emergency loans for bad credit?

Yes.

As you might expect, there is plenty of crossover between urgent payday loans for bad credit and small emergency loans. At Monzi, we work with lenders who offer personal loans from small to large. You can apply from $300 to $10,000. If you’re dealing with a cash emergency, this might be one option for you to consider.

Whether you decide to apply for a bad credit payday loan or a personal loan is up to you. While both have their benefits, you must decide what’s right for you. Ultimately, Monzi might make it easy for you to find a lender today.

Comparing lenders

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

If you are trying to find a lender, there are some factors you must consider to decide which one is right for you.

Payday loans or personal loans

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.

How much will it cost?

You must repay any money you borrow with fees and interest. Given this, it’s important to compare lenders based on the costs that you may encounter when taking out a loan. As a guide, looking at the comparison rate is usually a good place to start.

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 you can apply in minutes. Therefore, you can get back to doing the things you want to be doing.
  • Speedy Outcomes: Apply during business hours and we could match you with an available lender in just 60 minutes.
  • Available 24/7: The Monzi website is online day and night, meaning you can apply at a time of your choosing. However, applying after hours may mean you have to wait until the following business day to receive an outcome.
  • 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 works with licenced and reputable credit providers. In addition to this, we endeavour to match you 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 hello@monzi.com.au today. Just keep in mind that contact for the quickest response, you must contact us during business hours.

If you have specific questions that relate to payday loans for bad credit, contact a lender directly. Monzi cannot speak on behalf of another organisation. Moreover, we do not offer these loans or any loan for that matter (e.g. bad credit loans, fast cash loans, etc.). As a result, we may be unable to answer your questions.

Apply today

Don’t delay. Apply with Monzi now.

When you want bad credit payday loans, Monzi’s lender-finder might prove to be a great alternative. We could match you with an understanding lender in just 60 minutes.

Scroll up to Monzi’s loan slider to apply now.

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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. 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 (Principal 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 (Principal 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.