Bad Credit Unsecured Personal Loans With Very Fast Approval!

Bad credit unsecured personal loans with very fast approval available up to $2,000. Consumers can use Monzi’s easy online application today.

Woman sitting at messy desk with hands on head laptop showing bad credit unsecured personal loans with very fast approval

What are bad credit unsecured loans with very fast approval?

Before we explore your options, let’s quickly define what we are looking for.

Firstly, bad credit loans are available to consumers with a lacklustre credit history. At times, a poor credit score may interfere with your ability to secure a loan. After all, traditional lending institutions may be more critical of bad credit. Bad credit lenders, however, may be more accepting.

What are unsecured loans? Put simply, no asset guarantees one of these loans. Generally, unsecured loans are available up to $2,000, but certain lenders may qualify you for up to $5,000. Monzi works with lenders offering secured and unsecured loans up to $10,000.

Finally, fast approval refers to a speedy assessment process. Unfortunately, however, it does not mean guaranteed approval – but we’ll get to all that later.

Can Monzi offer bad credit unsecured personal loans with very fast approval?

Technically, we are a lender-finding service. Therefore, we don’t actually offer loans ourselves. Instead, we try and pair you with available credit providers that can!

Monzi has built up a trusted network of credit providers over time. Moreover, these lenders can potentially offer loans from $300 to $10,000!

Small personal loans are loans from $300 to $2,000. These loans are unsecured and may come with a repayment term of 12 months.

Any loan from $2,001 to $4,600, however, is known as a medium loan and may require security. Additionally, lenders may be able to offer repayment terms ranging from 13 to 24 months.

Finally, large loans are valued between $5,000 and $10,000! These loans are secured and may have the same repayment terms as medium loans.

Always be aware, repayment terms are determined by the lender. As a result, we cannot guarantee you will be offered terms that reflect what’s presented above.

How did I get bad credit?

While you’re searching online for cash loans bad credit, you may be asking yourself how you got in this position in the first place?

A poor credit score happens as bad credit listings accumulate on your credit file. In short, multiple bad credit listings will have a negative impact on your score. Bad credit listings can include the following:

  • Bankruptcy
  • Debt agreements
  • Defaults
  • Writs, summons and court judgements
  • Late and missed payments
  • Multiple credit enquiries.

The good news is anyone can improve their credit score. Just as bad credit listings will have a negative impact on your score, good borrowing habits will improve your score.

How much can I borrow with bad credit unsecured personal loans with very fast approval?

Generally, you can apply for unsecured loans up to $2,000. Certain lenders, however, may be able to consider unsecured loans up to $5,000.

It is important to note, the lenders Monzi works with are potentially able to offer loans up to $10,000. Unsecured loans, however, are usually only available up to $2,000. Why the difference? Let us explain.

When you apply for a secured loan, you use one of your assets as a guarantee. Specifically, your asset acts as a guarantee you’ll repay your loan on time. If you do not repay your loan on time, the lender can recover their losses through repossession.

With unsecured loans, obviously, the lender has no asset to repossess. Unsecured loans are, therefore, seen as riskier than secured. As a result, lenders are usually only willing to offer smaller amounts.

Are there secured loans available?

Absolutely! If you apply for a loan over $2,000 you will generally need to attach security.

Monzi’s panel of lenders may be able to offer secured loans from $2,100 to $10,000. Keep in mind, however, you will need to be the registered owner of the vehicle you wish to use as security.

Lenders may be able to accept the following as security:

  • Caravan
  • Car
  • Motorbike
  • Boat.

Can I get a $5,000 loan with bad credit?

Yes, but you will likely need to apply for a secured loan.

Attaching an asset as security to the loan will very often increase your chances of approval.

Additionally, if lenders can see you earning a regular income, one able to cover your normal expenses and repayments, you may be considered for approval.

How quick are bad credit unsecured personal loans with very fast approval?

Time is of the essence when covering an emergency or unexpected expense. After all, a deadline breathing down your back can add an extra element of stress.

Luckily, applying with Monzi is easy and may only take a few minutes. We only ask for the important information and our smart system is able to digitally access a lot of the information we need – paperwork free!

If we do pair you with a lender, however, processing speeds may vary. Lenders are free to assess applications as they see fit. For example, certain lenders may perform a credit check, while others may not.

Furthermore, the nature of your application may affect outcome times. In other words, lenders may be able to assess one application in an hour, but another may take longer.

Finally, keep in mind that the following can affect how quickly you receive an outcome:

  • The lender’s assessment procedures
  • Your application
  • Whether or not the lender needs to chase you up for extra information.

Are instant unsecured loans possible?

Yes! Monzi works with a wide network of lenders able to assess your unsecured loan application ASAP. These loans of $2,000 and under and may be repaid over 12 months.

Depending on when you apply, you may get an outcome within the hour. Lenders offering unsecured loans do vary, so this 60 minute timeframe is not guaranteed.

Can I get my cash on the same day I apply?

Same day approval loans are definitely possible, just not guaranteed.

Unfortunately, Monzi cannot guarantee same day access to your cash for a number of reasons.

For example, if you approve your contract late on a Friday night, you may not receive your money until the following business day. This is because most lenders are unable to offer loans with weekend transfers. After all, banks generally cannot transfer cash over the weekend or public holidays.

Furthermore, inter-bank transfer times will determine when you see your cash. In other words, consumer A may receive their money quicker than consumer B, because of who they bank with.

Are bad credit unsecured personal loans with very fast approval instant?

Unfortunately, instant approval may not actually mean instant. In other words, it is not as if you will click Apply and have the money in your account within a split second. Instead, instant approval means loans that can be processed so quickly, it may feel almost instant.

After all, lenders need to confirm that the loan product is suitable for your situation. To do this, credit providers take certain steps:

  • Inquire into the consumer’s financial situation, needs and objectives.
  • Take steps to verify the consumer’s financial situation.
  • Make a final assessment on whether or not the loan product is suitable.

Am I eligible?

Consumers need to meet four criteria to be eligible for Monzi’s lender-finder service.

  1. At least 18 years of age
  2. Australian Citizen or Permanent Resident
  3. Have a personal mobile number and email address
  4. Earn a regular income into a personal bank account.

Consumers are free to apply if they meet all of the above. Unfortunately, we cannot guarantee approval.

How can I increase my chance of approval?

As each lender within our network is a separate company, we cannot speak to their assessment policies or procedures. In other words, we cannot guarantee what will increase your chances of being approved for bad credit unsecured personal loans with very fast approval.

Certain lenders may be able to offer easy approval for a consumer with really bad credit. Other lenders, however, may take a closer look at your whole relationship with money.

Generally, lenders will look to confirm at least the following:

  • The consumer is earning a regular and consistent income.
  • The consumer’s income is sufficient to cover both normal living expenses and repayments.
  • Consumer displays good repayment history with other lenders and credit providers.

Can Monzi guarantee me very fast approval?

Unfortunately, we cannot speak on behalf of the credit providers in our system. Therefore, we cannot guarantee how long it will take to receive an outcome. In short, some lenders may be able to provide you with an outcome in an hour, while others may take longer.

Furthermore, keep in mind that you are never guaranteed approval. After all, lenders need to confirm the loan product is suitable for your situation. As we mentioned above, lenders take certain steps to gauge a loan product’s suitability.

Considered a loan product unsuitable if:

  • it does not meet the consumer’s needs and objectives; and
  • the consumer is unable to afford their repayments without experiencing financial hardship.

In fact, any lender offering you guaranteed approval is potentially untrustworthy.

How do I know if a lender is dodgy?

Monzi’s lender-finder service will only pair you with reputable credit providers licensed by ASIC. Despite this, it is always good to be aware that scams do exist online.

Here are some red flags to watch out for:

  • The so-called lender asking you to make upfront before receiving your loan. They may disguise this as insurance, tax or initial repayments.
  • Lender getting you to deposit this upfront repayment into a suspicious bank account, cryptocurrency wallet or gift cards.
  • Being offered an amount that is more than you applied for or require.
  • Offered a suspiciously low interest rate.

If you’re worried you’re dealing with a dodgy lender, consider ASIC’s list of companies you should not deal with.

Finally, if you feel you’ve been scammed, get in contact with your bank and local police department. Furthermore, report any misconduct to ASIC directly.

Consider applying for bad credit unsecured personal loans with very fast approval through Monzi. All lenders on our panel are legitimate and have an Australian Credit Licence.

What are cash loans?

As their name suggests, cash loans are a type of loan that can be spent like cash. In other words, you can use these loans to cover any personal expense; from dental costs, home improvement or for a new computer, it’s all possible.

Moreover, Monzi’s online business model means we can help consumers from any corner of Australia. Regardless of whether you live in Perth or Brisbane, Monzi can try and help.

The below table shows some of the loan products consumers have been able to secure through Monzi.

Cash loans onlineApproved amount (AUD)
Bad credit cash loans$600
Small fast cash loans$1,500
Instant cash loans no credit check$2,000

Be aware that the above table may not always reflect the loan you’re potentially offered through our system.

I have really bad credit – can I get a no credit check loan?

Unfortunately, we cannot guarantee you being offered a loan without a credit check. As we mentioned above, lenders may all vary in terms of their assessment procedures. Because Monzi cannot speak on behalf of any other company, we cannot guarantee a no credit check loan.

Be aware, however, that a credit check does not have to send shivers down your spine. In fact, many of the lenders within our network are potentially able to look past your credit history and focus on your current situation.

In short, despite your credit history, you may be considered for bad credit unsecured personal loans with very fast approval.

What happens if I default on bad credit unsecured personal loans with very fast approval?

Unlike a secured loan, defaulting on an unsecured loan will not result in repossession. There are, however, still consequences.

First of all, your credit file will list the default. Moreover, this will have a negative impact on your credit rating.

Outside of this, the lender may pass your account on to a debt collector. Debt collectors might get in contact with you to:

  • Give details about the account
  • Demand payment
  • Explain what happens if you don’t pay.

Debt collectors must always respect your privacy. Moreover, the law never allows them to harass you. Despite this, they have many avenues to get in contact with you.

There are restrictions on when debt collectors can get in contact with you:

  • Phone: Not allowed to call you more than 3 times a week. Plus, can only call between 7.30 am to 9 pm weekdays and 9 am to 9 pm weekends.
  • In-person: Should not meet you face-to-face if business can be done over the phone or email. However, debt collectors may visit you at home as a last resort.
  • Social media: Debt collectors should only use social media if they are confident only you will read it.

Ready to apply?

Apply online via our website. Consumers with any questions can email us at hello@monzi.com.au.

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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. 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.