Bank Loans – Monzi’s Ultimate Guide To Your Credit Options

Bank loans may come in a range of forms. From personal loans to car loans and even home loans, your bank may offer a credit product that fits your needs. After an alternative? Monzi could match you with online credit providers offering cash loans from $300 to $10,000 today. Easy applications. No paperwork. Fast outcomes. Apply today.

Please note, certain ideas and products presented in this article may not be offered by Monzi nor the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, legal or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

Your introduction to bank loans

Banks loans are exactly what you would expect. They are loans, of any kind, that are offered by banks. As a guide, bank loans may range from small amount loans such as personal loans and credit cards up to more significant loans like home loans and business loans.

In most cases, bank loans will come with a standard principal and interest structure. In other words, you borrow money today and then repay it via a series of even instalments over a fixed period with interest. As a result, you will always repay more than you borrow when you take out a bank loan.

So, that covers the basics. However, there’s so much more that you need to know. That’s why Monzi has assembled this guide to bank loans for you. Not only that, but we’ll also at your loan options offered by other lenders too. Let’s go.

What is a bank loan calculator?

A bank loan calculator is handy tool that you must use when you need a loan. In short, a loan calculator will provide you with estimates of your repayments and total loan costs based on the details of your proposed loan.

To get started, simply log onto the website of your preferred bank and locate their loan calculator. From there, you will be prompted to supply a number of details including your loan amount, personal loan interest rate and repayment term. Following this, the calculator will generate estimates of your loan costs and repayments. Best of all, these calculators are adjustable, meaning you can see how your costs are impacted by a change in your interest rate or term.

However, keep in mind that these figures are designed to be estimates. As a result, you may use them to see how the loan might fit with your budget, but understand that your final costs and repayments will be determined by your lender if your application is approved.

Finally, loan calculators come in many forms. For instance, you may find business loan calculators, car loan calculators and principal and interest loan calculators. With this, find the one that fits with the loan you need.

What types of loans can I get from a bank?

When you need credit, banks are often the first port of call. Realistically, this makes sense, given that they have been the primary source of loans for decades, if not centuries. To give you an idea, we’ve assembled a quick list of the bank loans you may apply for today. Check it out:

  • Personal loans
  • Car loans
  • Home loans
  • Business loans
  • Credit cards
  • Lines of credit
  • Land and construction loans

However, remember that there may be other forms of bank loans too. These are just some of the more common options for Aussie borrowers. To get a complete list, visit your bank’s website or contact them directly.

What are the interest rates on bank loans?

Unfortunately, that’s not a question that Monzi can answer. After all, your bank loan interest rate may vary based on your loan amount, the type of loan that you apply for and your financial situation or credit history.

To make this more clear, the interest rates offered on personal loans will usually be much different to those offered on car loans or home loans. In most cases, variable or fixed-rate home loans will come with the lowest rates, while personal loans may have the highest. Moreover, an unsecured personal loan will usually have a higher rate than a secured loan.

In addition to this, as mentioned, your credit history may play a part too. On the one hand, if you’ve got a good credit score and have shown to be a reliable borrower in the past, then you may be rewarded with a lower rate. On the other hand, if you’ve got bad credit, your rate may be higher to compensate for the additional risk.

Given this, as you can see, Monzi cannot say what the interest rate may be. As a result, you should do your research and connect with various banks to determine what rate you may be offered on the loan you need.

Can I get bank loans online?


Almost every bank will offer you the option to apply for loans online. This may include personal loans, car loans and, in some cases, mortgage loans too. All you need to do is ensure that you have the necessary information on-hand before you begin your application. As a guide, this may include identifying documents, bank statements and other financial details.

However, if you would rather apply in-person, then this may be an option too. Just head to your nearest bank branch and they should be able to guide you through the process. After all, while applying online may be convenient, sometimes it’s nice to have a dedicated customer service professional there to help. This is one advantage that banks will always have over lenders who operate exclusively online.

Again, though, ensure you have all the information you need before heading to the branch. Otherwise, your application may be delayed.

How do I get a bank loan?

Each bank will vary slightly in their application process. However, as a guide, the online bank application process will usually follow a similar structure to this:

  1. Confirm that you are eligible to apply.
  2. Gather the necessary details. This may include 100 points of ID, your bank details and/or statements, employment information, details of your assets and liabilities and other information that may be relevant.
  3. Submit your application via the online platform.
  4. If your application is successful, the bank will send you a contract outlining the terms and costs. You must read it thoroughly. If you are happy with the terms, then sign it.
  5. Your bank will transfer the money to you.

Note that lenders vary in their requirements and procedures. This simply provides a framework that you can use to get an idea of how the process may go. Moreover, keep in mind that the application process may be different if you are a pre-existing bank client compared to a new customer.

Which banks give instant loans?

When you think of instant loans, you probably assume that you will receive an outcome straight away. While this intuitively makes sense, unfortunately, it’s not quite what will happen.

After you submit your application, the bank must then conduct an assessment. While they may provide you with loan pre-approval or give an indication as to whether or not you will be successful, it will generally take anywhere from a few hours to a few days to receive your outcome.

As a result, instant bank loans likely won’t be available. Instead, you’ll always experience some processing times. If you are after a fast outcome loan, then why not apply with Monzi. Our lender-finder may match you with a lender before you know it. Borrow money from $300 to $10,000 now.

Which bank has the easiest personal loan approval?

Banks will vary in their eligibility and qualifying criteria. As a result, Monzi is unable to say which organisation may offer the easiest approvals on bank loans. However, if you are looking to improve your chances of being approved, there may be a few things that you can do.

Firstly, you should only apply for an amount that you can afford. If you apply for an amount that would be unreasonable based on your current income and expenses, then it’s likely that your application will be declined. So, assess your budget to determine how much you need and how much you can afford to repay.

In addition to this, make sure that you provide all the information that your bank needs. That way, they can conduct a complete assessment of your application. If information is missing, then your outcome may be delayed or denied outright.

Finally, make sure that you are managing your money well. With this, cut down any unnecessary spending and take steps to improve your credit score (if required). Doing these things may increase the likelihood that your loan application will be successful.

What credit score is needed for a bank loan?

Many banks and lenders will impose minimum credit score requirements. As a result, if you do not reach the threshold, then your application will be denied. However, the minimum score may vary and will likely depend on the loan that you’ve after.

As a guide, if you would like to apply for a first home loan, then your credit score must be high. As lenders are allowing you to borrow hundreds of thousands of dollars, they want to ensure that you’re reliable, trustworthy and will repay the money you borrow. By comparison, the minimum credit score required will usually be lower. However, you should always strive to have the highest credit score possible.

If you’re not sure where your credit score current stands, that’s OK. You can check your credit score online with ease. From there, you may determine if you are eligible for the loan you desire.

Will a bank give me a loan with bad credit?

Banks often take an unfavourable view of bad credit. As a result, if you do have a few defaults on your credit report and your credit score isn’t as high as you’d like it to be, then you may struggle to receive approval from a bank. In any case, all may not be lost.

If you need loans for people with bad credit, there may be some lenders who operate online that may be willing to consider your application. In short, rather than focusing only on your credit, they’ll assess your financial situation to determine if the loan repayments would be affordable for you.

Apply today with Monzi and we may put you in touch with one such lender offering loans from $300 to $10,000. However, approval is not certain.

Finally, note that while personal loans with bad credit may be accessible, it can be difficult to get a home loan or car loan with bad credit. As a result, you may need to investigate strategies you can use to repair your credit.

Can I get a bank loan without statements?

Generally, banks will look at your statements when assessing your loan applications. That way, they can get an idea of your current financial situation and spending habits. From there, they can determine whether or not the loan you’ve applied for and the associated repayments will be suitable for your budget.

Given this, it’s unlikely that you will be able to get a loan without bank statements. These loans, often referred to as low doc loans, may have been offered in the past. However, with the tightening of lending restrictions following the Global Financial Crisis, banks and other lenders will almost always require your bank statements to conduct an assessment.

Can I get a bank loan with no credit check?

Typically, you cannot.

While no credit check loans may seem like a useful option if your credit isn’t the best, banks usually will not offer these loans. In short, whenever you apply for a loan, your lender will almost certainly conduct a credit check to assess your reliability as a borrower. This isn’t exclusive to banks either, as personal loan lenders, car loan lenders and credit card providers will usually conduct these checks too.

That said, banks are typically more stringent when it comes to credit requirements. Moreover, cash loans with no credit check may be offered in certain circumstances by a small handful of non-conforming lenders. However, keep in mind that these loans will still be listed on your credit report, even without a credit check.

What bank is the best for personal loans?

Unfortunately, Monzi cannot say.

When it comes to deciding which bank loan is the best, it’s usually a matter of perspective. In other words, the best bank loan for you based on your financial situation may not be the best bank loan for another borrower. With this, it’s up to you to decide which is best.

To give you an idea, make sure that you consider the terms, the costs and the bank itself. If you are with a bank who offers personal loans, then it may be easier to apply with them than it is to apply with a different bank. However, if you can get a lower rate elsewhere, then it pays to make the switch. Do your research and cast a wide net to determine which bank may offer the best personal loan for you.

How do I choose which bank loan is right for me?

While we’ve already touched on it briefly, the easiest way to choose the right option is to compare your loan options. If you simply select the first loan that you come across, then there is no way for you to know if that’s the right choice. Instead, you must assess the features and costs of multiple loans simultaneous to determine which may be right for you.

So, if you’re looking to compare loan, make sure you assess the following:

  • The costs: banks charge fees and interest on loans. As a result, where possible, aim to find the lowest costs possible. With this, compare comparison rates to see how the annual costs stack up.
  • The terms: does the bank offer an affordable and manageable repayment term for your situation? Ensure the repayments won’t leave your budget stretched thin.
  • Secured or unsecured: do you need to provide an asset to guarantee your loan? Banks may offer secured and unsecured loan options. As a guide, unsecured personal loans may come with higher interest rates, given the additional risk.
  • The bank: applying with your current bank may be easier as many of your details are on record. However, look around to see if other banks can offer you a better deal.

For more information, Moneysmart has provided an easy guide to personal loans. Check it out now.

Money in a pot showing a bank loan

Are there any alternatives to bank loans?


Don’t fall into the trap of thinking that applying with a bank is your only option. These days, there are a ton of great lenders operating online too that may be able to provide the cash loans you need. Moreover, you may even find car loan and home loan lenders too.

The best thing about online lenders is that they often provide flexibility. While banks tend to be more conservative, you may be able to access loans for bad credit, loans on Centrelink or even loans if you are unemployed through some online lenders. As a result, these lenders may provide more accessible credit for a wide-range of Aussie borrowers.

If this sounds like something you need, you can apply with Monzi. We may connect you with lenders offering loans for Aussies from $300 to $10,000. Apply now.

Monzi: the lender-finder for you

While we’ve provided you with this handy and informative guide to bank loans, it’s about time we introduced ourselves. We’re Monzi and we’re a lender-finder service that could help you today.

In short, as a lender-finder, we work with an extensive network of Aussie lenders who can offer cash loans from $300 to $10,000. When you apply with us, we’ll scan through our network to try and find an available lender willing to assess your application. As a result, our service provides a hassle-free alternative when you want to avoid searching through an endless list of potential lenders.

So, if you decide that you prefer the convenience of instant cash loans online, then Monzi can help. While we can’t help you with bank loans, we may put you in touch with an online Aussie lender in a hurry. Apply today.

Are online personal loans cheaper?

Online loans often come with greater flexibility and less hassle than bank loans. However, whether they are cheaper or not may depend on the lender that you are dealing with and the type of loan that you apply for. As a result, Monzi cannot say with certainty if you can get a cheaper loan online.

Given this, it’s often a good idea to compare lenders and banks. While comparison sites can make this easy, you may also be able to visit each organisation’s website and use their loan repayment calculators to get an idea of the costs involved. From there, you can determine which loan is the cheapest.

Finally, if you are looking for a car loan or home loan, then online lenders can often offer competitive rates. As they do not operate branches, their total costs are lower. With this, they may be able to give you an interest rate that may compare favourably to a rate offered by the bank.

However, again, do your research to determine which option is right for you. Moreover, consider factors such as your credit history that may impact your outcome too.

Do online lenders offer loans for people on Centrelink?

Yes, some may.

In most cases, banks are hesitant to offer loans to people on Centrelink. However, at Monzi, we know many lenders who will do things differently. As a result, if you receive benefit payments, then some lenders may still consider your application for approval.

In short, these lenders may consider benefits payments to be a source of income. As a result, if you’ve got your budget under control and the repayments would be affordable for you, then you may be offered a loan. As a result, if you need Centrelink loans up to $10,000, apply with Monzi now.

However, note that lenders may vary in their attitudes towards benefit payments. While some may accept benefits as income, others may not. As a result, your outcome may depend on the lender you are dealing with and their assessment policies.

Finally, keep in mind that quick cash loans can be expensive, given the interest rates and fees that are applied. As a result, if you are a low-income earner or receive Centrelink payments, then it may be more appropriate to investigate more affordable alternatives (e.g. Centrelink advances) to address your cash shortfall.

Can I get same day loans online?

At Monzi, we pride ourselves on our ability to work fast. If you apply during business hours and provide all the necessary information, then we may pair you with an available lender in just 60 minutes. However, we cannot guarantee if same day loans will be possible, given that it’s out of our control.

If we successfully pair you with a lender, then we pass your application onto them. At that point, they’ll conduct an assessment and provide you with an outcome. While in some cases you may be approved on the same day, processing times vary. Moreover, even if you receive approval on the day you apply, the associated interbank transfer times will dictate when you can access your cash.

So, when you need fast cash loans from $300 to $10,000, apply with Monzi. While same day approvals may be possible, aim to account for a waiting time of at least one business day.

Should I apply for a bank loan or a quick loan online?

In short, it’s up to you. Given that both may have benefits, you have to weigh up the pros and cons to determine which option is best for your situation.

On the one hand, banks have long been trusted as a safe and responsible lender of credit. Moreover, they can usually offer a range of products such as variable home loans, car loans and personal loans.

On the other hand, they may not be as flexible as online credit providers. As a result, if you’re looking for a bad credit personal loan or cash loans fast, then you may favour online loans over bank loans. In addition to this, there are many online home loans and car loans that may be offered with competitive rates.

At the end of the day, it’s your decision to make. If you decide to apply for a personal loan online, then Monzi’s here to help. Apply for cash loans from $300 to $10,000 now.

What about payday loans online?

If you’re in the market for fast loans online, you’ve probably stumbled across payday loans. What are they? Allow us to explain.

While definitions do differ, generally speaking, payday loans refer to small, unsecured cash loans of up to $2,000. With this, payday loans often impose brief repayment terms (i.e. just a few months) and may apply high interest rates. As a result, they’re not always the most affordable loan option.

In any case, at Monzi, we may not be able to match you with payday lenders. That’s because we work with Aussie lenders offering personal loans up to $10,000. In short, these loans come with repayment terms ranging from 12 to 24 months, meaning they are often a more manageable option when you need today. As a result, if you want payday loans online, you may need to do your own research.

Am I eligible to apply with Monzi?

So, you’ve opted to forgo a bank loan and instead apply online with Monzi. That’s great. However, before you begin, make sure that you meet Monzi’s eligibility criteria. If you do not, then your application may not progress.

See Monzi’s eligibility criteria below:

  • At least 18 years old.
  • Australia citizen or permanent resident.
  • Can provide an active Australian mobile number and email address.
  • Have an online bank account, where your income is deposited, with at least three months of transaction history.

How do I apply?

Now that we’ve got the eligibility criteria out of the way, we can move onto applying. With Monzi, it’s easy. All you need to do is follow these simple steps:

  1. Use the loan slider to select your ideal loan amount and repayment term. However, keep in mind that loans under $2,000 come with fixed, 12-month repayment terms.
  2. Complete your application by providing the necessary personal and financial information. Then, hit ‘submit’.
  3. Take a break and let Monzi take over. Once we receive your application, our automated system will attempt to match you with a lender ASAP.
  4. Stay by your phone as we’ll contact you with an outcome. If we find an available lender willing to assess your application, then they will reach out to begin the next steps.

Note that if you apply during business hours, then we may be able to pair you with a lender in just 60 minutes. However, approval is not certain and we can never guarantee if you will be successfully matched with a lender.

Get in touch

If you decide to apply online for a personal loan, Monzi might make it easy for you to find a lender today. With this, if you have any questions about our service or what we can do for you, then get in touch. At Monzi, we’re a friendly bunch and will do what we can to address any questions or concerns you may have.

You can contact us at From there, we’ll do our best to get back to you promptly with an answer that addresses your queries. However, keep in mind that we only monitor this account during business hours. Not to worry, though. We’ll respond as soon as we’re back in the office.

Finally, note that we can only answer questions about our service. In other words, we cannot speak to your bank loan options or whether your application will be approved. For these questions, you may need to contact a bank or lender directly.

Need a bank loan? Consider an online loan instead!

You don’t have to ask yourself ‘where can I find a loan agency near me?’ Monzi is 100% online.

Apply with Monzi today!

We’re a fast and easy lender-finder service that may make finding lenders a breeze. Rather than endlessly scrolling through search results, submit one simple application. From there, we’ll take over and could have you paired with an available lender in 60 minutes. You can borrow amounts from $300 to $10,000. Let’s go.

Scroll up to Monzi’s loan slider or hit the ‘Apply Now’ button. We’re always ready to hear from you.

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Want to know what else banks can do for your money? Why not check out our article on term deposit rates?

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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 (minimum)

12 months (maximum)


20% upfront establishment fee

+ 4% monthly fee


Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The comparison rate on loans between $300 and $2000 could be up to 199.43%. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440. WARNING: This comparison rate is valid 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

$2,100 - $4,600


13 months (minimum)

24 months (maximum)


47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.


Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid 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. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000


13 months (minimum)

24 months (maximum)


17% Annual Percentage Rate (APR)

36% Comparison Rate p.a.


Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489.

The starting interest rate for a Personal Loan is 17%. Comparison Rate 36% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489. WARNING: This comparison rate is valid 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. Credit criteria and terms and conditions apply.