Borrow Money Online – Up To $10,000. Here’s How

To borrow money online can often sound harder than it is. Well, if you’ve ever wondered how it’s all done, we may be able to help. Monzi, your friendly neighbourhood lender-finder is here to give you the rundown.

Monzi Loans is a lender-finding service. We do not offer financial advice. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website about money lenders relate to your unique circumstances.

How much money can I borrow online?

The actual loan amount you may be approved for will vary from lender to lender. This is due to the fact that lenders will assess your application based on a number of factors, many of which vary from lender to lender.

The lender should take into account your bills and costs of living, including food, transport, entertainment, and if you have any current loan repayments. Local living standards vary, so the terms of money lenders Gold Coast can be quite different from money lenders Cairns despite both places being in QLD.

Keep in mind, however, that individual lenders will use their own assessment criteria. Monzi works with lenders who may be able to offer personal loans from $300 to $10,000.

How do money lenders work?

A money lender provides easy loans at a given interest rate. They either provide financing or disburse loans up front, charging an interest rate on the amount borrowed. This is at a fixed or variable interest rate. Additionally, lenders may also charge annual fees, service fees, transaction fees, and other costs.

What kinds of money lenders are there in AU?

There is a large variety of lenders in Australia. However, these can usually be broken up into three broad categories:

  • Banks: You are most likely the most familiar with more traditional lenders. Banks can offer the convenience of a large branch network, as well as internet banking options.
  • Mutuals, or member-owned lenders: Building societies, credit unions and member-owned banks are known as mutuals. These institutions are owned by members, not shareholders.
  • Non-bank lenders: These are privately owned institutions that are neither banks nor mutuals. These institutions must still, however, abide by the same laws and regulations that govern all credit transactions in Australia.

Depending on your situation you may be more suited to some lenders than others. In short, it is best to evaluate your own situation, and what you are looking for in a lender.

How do I choose a money lender?

When comparing money lenders, it is key to balance what you want out of a lender vs. your current circumstances. For example, if you are in need of fast cash, you may prefer to approach an online short-term lender, as opposed to a bank.

Additionally, aim to find a lender that can offer the amount you’re looking for and the loan terms that suit you. Also, be fully aware of the fees and rates, as well as understanding the difference between fixed and variable interest.

Depending on whether you’re applying for a long or short-term loan, the loan term can vary dramatically. Take care to make sure you can afford the instalments as agreed in the repayment schedule.

Is it possible to borrow money instantly?

Depending on your lender, your loan application speed will vary. For example, Monzi’s lender-finder service is so quick, it may feel almost instant, however, the time frames of application depend on who you are matched with. Therefore it should only take you a few minutes to fill out our online application form. Next, our automated system will scan through hundreds of different loan products to try and find you a lender. We’ll be in touch with the outcome.

From there, you’ll deal with your lender directly. Processing times will, however, vary between lenders. Generally, though, lenders will begin the process as soon as you send back your signed loan contract. Keep in mind, access to funds will also depend on inter-bank transfer times.

Borrow money against a vehicle

With some lenders, you may be able to use your vehicle as security against a loan product. By attaching security against the loan, you may be able to increase the amount you can be approved for, as well as potentially increasing your likelihood of being approved.

For example, Monzi is able to find lenders offering secured personal loans ranging from $2,100 to $10,000. On the other hand, Monzi finds lenders offering small unsecured loans, that range from $300 to $2,000.

Unsecured personal loans are riskier for lenders. With a secured loan, on the other hand, if a borrower is unable to repay their loan, the lender, as a last resort, may be able to repossess their vehicle. This is done in a bid for the lender to recoup some of their losses.

There are secured and unsecured options for people with bad credit history.

I need to borrow money fast

If you have an emergency expense and need a cash loan, some lenders may fit your situation better than others. Cash advance lenders, for example, may be able to process your loan much faster than a bank. Additionally, you should factor in the time it takes to search and apply for lenders. Finding lenders online can be tedious, especially if you are unfamiliar with the industry.

Monzi can, therefore, take a lot of the stress and guesswork out of finding an online lender. So, if you’re looking for a lender, consider using Monzi’s lender-finder service. With one application, we’ll sort through hundreds of different loan products to find you an available lender. Therefore, if you’re looking for a lender offering personal loans between $300 and $10,000, get in contact today!

Consult a borrow money calculator

A borrowing calculator is a tool that many credit providers supply to give you an estimate of your borrowing power. Generally, however, these calculators are geared towards borrowing a large amount – like a mortgage.

If you are interested in finding out more about your home loan borrowing power, you may want to consult the Canstar calculator.

Can I borrow money fast if I’m unemployed?

If you are unemployed, there may still be options available to you. You could, for instance, apply for a payday loan.

Payday loans are, usually, a small short term loan that is repaid over a number of weeks. Payday loans, however, often have high fees associated with their rates. Additionally, if you do not pay off your payday loan within the prescribed repayment period, you may be charged additional fees and finance charges.

On the other hand, you could apply for a personal loan. A personal loan will usually have a longer repayment period than a payday loan. Additionally, personal loan lenders may have higher eligibility criteria than a payday loan.

Monzi works with lenders who may regard regular Centrelink payments as a form of income.

Should I borrow money from a bank?

While banks may be a tried and tested option for borrowing money, they may not be the best choice for every situation. If you are, especially, looking to borrow a small amount of money, or have bad credit, it may be a good idea to consider other options.

However, if you do want to borrow from a bank, you may need to meet some pretty stringent eligibility criteria. Additionally, banks may take days, if not weeks, to transfer your cash. This, especially, can be a major drawback if you need a loan fast.

How can I borrow money with bad credit?

There are lenders that may be willing to approve your loan application, despite your bad credit. Many bad credit loans are treated the same as personal loans. In other words, you borrow a set amount of money and repay it in fixed instalments, either weekly, fortnightly or monthly.

Monzi works with lenders who may be able to look past your bad credit record. See, when we ask for your banking details, we are in turn, able to provide lenders with a read-only copy of your bank statements. This allows them to focus on your current relationship with money, not just your bad credit.

Equifax is one of the country’s leading credit reporting bureaus. Your Equifax score is a common expression of your credit rating:

  • 0 – 509: Below average to average credit score
  • 510 – 621: Average credit score
  • 622 – 725: Good credit score
  • 726 – 832: Very good credit score
  • 833 – 1200: An Excellent credit score

Can I borrow money with no credit check?

In short, yes – there may be lenders willing to provide you with a loan without conducting a credit check of their own. Often, these no credit check lenders will charge high interest rates and may have a high level of fees and charges.

As the lender-finder, Monzi cannot guarantee whether or not the lender you’re paired with will conduct a credit check.

Monzi’s network of lenders, despite conducting credit checks, are not solely concerned with your credit record. Instead, if they are able to see you have been responsible with your current finances and debts, they may still consider you for approval.

Can I get money today?

It is possible to have your loan appear in your account on the same day you apply. Keep in mind that access to funds will be dependent on a number of factors and every lender may have different processes in place when dispersing your funds. So, here’s what you need to be aware of:

  • When you approve your contract: Most lenders will only transfer your funds when they receive a signed loan contract. If you, however, send back your loan contract after a certain time, they may not be able to transfer your funds until the following day. So, get in contact with a lender directly to find out when they do their final round of banking each day.
  • Weekend transfers: Most lenders will be unable to transfer any funds over the weekend. It is best to get in contact with your lender directly, to find out more about their transfer policies.
  • Inter-bank transfer policies: Inter-bank transfer times will also affect how quickly you can access your loan.
  • Supply all information: Be sure to supply all relevant information correctly on your loan application. If you have missed certain pieces of information, the lender may not be able to transfer your funds until they have everything they need.

What happens to the average Aussie?

According to a recent report, two-thirds of Australians are faced with major and unexpected costs in their lifetime, collectively exceeding $52 billion. The most common expenses include car repair, property renovation, medical bills and holiday and travel costs. Over a third of Aussies have struggled with car repair or replacement costs and 25% with medical bills.

Additionally, 80% of Aussies find a credit card to be an easier and more convenient source of funds than a personal loan. It appears, however, that credit cards are becoming an unfeasible source, with national credit card debt amounting to $45 billion. The same report states that the average interest rate on a credit card is 17%. Therefore, a person with just $2,000 of credit card debt racks up hundreds in interest in just a year.

Money lenders in Australia: the best choices aren’t the most obvious

If credit cards aren’t the best option, should you apply for a loan from a bank? Apparently, big lenders don’t always offer the best terms. The loan market is expanding, and small loans providers sometimes offer more attractive terms.

Money lenders near me: things to consider

Before applying for a loan, be aware of the following risks:

Excessive debt

Any borrower is exposed to the risk of too much debt. Therefore, familiarize yourself with a lender’s associated costs and make sure you’re making enough money to cover them. Don’t apply for more money than you need, and assure yourself you can make instalment payments as agreed.

Borrow money to buy shares

Borrowing money to buy shares can be a smart way to augment your income. You can make money as long as your investment grows at a rate that exceeds that of your loan costs. However, buying shares with cash is less risky than taking on debt.

Additionally, you can use the equity on your home to take out a loan. Equity loans enable you to utilise the capital gains of your house without needing to sell it. In short, your home equity is the current value of your property minus how much you owe on the mortgage. Ideally, you can use this loan to buy shares that will generate a profit on top of the cost of the loan. However, the disadvantage of this approach is that the borrower could be putting their residence at risk.

Margin buying

When you purchase on margin, you get a loan from your investment firm to cover part of your investments. This type of transaction, however, is very high-risk.

Can I apply for bond loans?

Some lenders offer the option to protect bonds with insurance. This can help tenants to manage other upfront rental costs better and recover the full bond at the end of the tenancy. On average, rental bond loans amount to $2,000 and are valid for tenancies of 6 months to one year. Borrowers repay bonds in fortnightly or monthly instalments. Find out more about loans for people on Centrelink and no credit check loans with Monzi.

woman in yellow jumper with two thumbs up wanting to borrow money

How to borrow

Monzi makes finding online lenders as easy and as quick as possible. Therefore, if you’re looking to match with lenders fast, trust in Monzi’s 100% online lender-finder service. Ready to find a lender? Well, here’s how we can help:

  • Step 1 – Enter your ideal loan

    Scroll up to the loan calculator at the top of this page, and enter in your ideal loan amount and the repayment period.

  • Step 2 – Click Apply Now

    You’ll be given a general idea of what your weekly, fortnightly and monthly repayments may look like.

  • Step 3 – Details

    Next, enter in a few details. We’ll ask you for your online bank credentials, as well as a few questions about yourself. Don’t stress, though, there is no paperwork involved.

  • Step 4 – We Search

    Now, we do the hard work and search through hundreds of loan products to try and find you a lender.

  • Step 5 – Say Hi

    If we’re successful, we’ll let you know, and your new lender should be in touch shortly. If we, unfortunately, are unsuccessful, we’ll let you know as well.

  • Step 6 – Approve

    Your lender will conduct an assessment of your application, and if you’re approved, send through your loan contract. Next, thoroughly read through your contract. Finally, if you are happy with everything, sign and send it back. The lender will then start transferring your funds.

  • Step 7 – Repay

    Once you’ve received your loan, the next step is to repay your loan. Generally, a direct debit will be set up between you and your lender. Once you have repaid your loan completely, the direct debit will automatically stop.

What can I use Monzi for?

People borrow money for a plethora of reasons. In particular, people appreciate the flexibility of personal loans. In other words, you can use your personal loan to cover all sorts of expenses:

And the list goes on! So, if you have a reason to borrow, consider how Monzi could benefit you.

Is Monzi for me?

Monzi has already helped thousands of Aussies find a lender who can help. Therefore, below are some popular search terms that have lead people to Monzi. So, if you have been searching for any of the following terms, you should consider letting Monzi help you find a lender:

SearchAmount $ (AUD)Approved
Borrow money against vehicle700
Borrow money online instantly1,650
Need to borrow money fast2,200
Borrow money no credit check2,600
I need to borrow money8,750

Disclaimer: The above table is for demonstrative purposes only. The figures and terms presented do not, in any way, reflect the amount of the loan you may be approved for, nor the terms and conditions of your loan.

Finally, you’re free to apply from anywhere in Australia; from cash loans Melbourne, to easy online loans in South Australia. Wherever you are, Monzi can try to help.

Ready to apply?

If you’re looking for a payday loans alternative, then Monzi is the lender-finder for you.

Think of us as your one-stop-shop for all things finance. While we may not offer loans ourselves, we know a thing or two about them.

For example, check out our guide to leasing vs. buying a car with a loan.

Let’s stay in touch

We’re sure you’re experiencing information overload by now, so if you have any questions about our service don’t hesitate to contact us at Also, visit our FAQ page and see if your answer is already waiting for you.

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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.