Cash Advance? Find A Better Alternative With Monzi

A cash advance can either refer to a credit card’s cash-out feature, or a type of short term cash loan, repaid over a number of weeks. Monzi, on the other hand, provides neither of these products. Instead, Monzi is a lender finder that may be able to put you in touch with a lender who may be able to offer a personal loan up to $10,000.

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.

What is a credit card?

First things first: what exactly is a credit card? While we’re sure you all have a rough idea, it still pays to lay out a solid definition.

Put simply, a credit card lets you borrow money when you purchase a specific item. Moreover, these cards are part of everyday life as most people will find themselves short on cash at some point. Alternatively, credit cards may be an option for people who do not want to pay the full purchase amount straight away.

If you repay your debt within the prescribed time frame, you usually pay no interest. Fail to do so and your provider begins to charge interest on what is owing.

Credit cards are offered by most banks in Australia.

What is a credit card cash advance?

An advance is a service offered by credit card providers. In addition to making purchases, most credit cards will also allow you to withdraw money, as cash. It is similar to withdrawing money from the ATM with your debit card, except the cash comes from your line of credit, which will then be repaid with interest.

While this service may, in certain situations, be a convenient option if you’re short of cash or in an emergency, they can end up costing more than it would be to make transactions with your card. This is because credit card providers charge a separate, usually higher, interest rate.

What is considered a cash advance on a credit card?

An advance on a credit card does not only refer to the withdrawal of actual cash from an ATM. It does, additionally, refer to cash-like transfers. This includes the following:

  • Cash withdrawals. Obviously, you can use your credit card to withdraw cash. This can be done through an ATM, a physical bank branch or by getting cash out at a supermarket. Your credit card provider views all of this, as well as things like buying foreign currency, as cash advances.
  • Gift cards. Loading money onto a gift card functions essentially like cash. Load money on with your credit card and your provider will charge you for the advance.
  • Gambling. Your provider will charge you for using your credit card to fund gambling transactions. Keep in mind, this may also extend to any food or drink purchased within the gambling establishment.
  • Unpaid balance transfers. If you fail to repay your debt within the promotional balance transfer period, your lender may start charging you your card’s advance rate.
  • Online transfers. Transfers from your credit card online to your savings or spending account.
  • Utilities Certain providers may charge this rate to consumers using their card to to pay for utility bills, like gas, electric, phone or internet.
  • Government payments. Your provider may charge you the advance rate if you use your card to pay Government charges, like the ATO.

Credit card cash advance – pros and cons

If you have an eligible credit card, you can get a credit card advance at a bank or ATM. It has the same pros and cons as a physical lender – convenient, but may be costly. Yet, these are popular for various reasons. For example, while a lot of Aussies carry credit cards for day to day spending, they may find themselves at a place that only accepts cash, like a market.

While a credit card advance may, in some situations, be very useful, they may also create unhealthy borrowing habits. Before you know it, you could find yourself in a spiral of debt, while you watch your credit score crumble before your eyes.

You could, alternatively, use a lender-finder like Monzi. Monzi can put you in touch with a lender offering personal loans that could be used on anything from a bond loan and travel loan. You could even use it to pay for car maintenance! But more on Monzi later!

What is the cash advance fee?

Most credit card issuers will charge either a flat fee or a percentage of the cash amount, usually whichever is greater.

Alternatively, you can divide the interest rate for the advance by the number of days in the year (365) and then multiply this number by the amount withdrawn. Finally, multiply the result by the number of days from the transaction to the day you pay it. After all, an advance of your cash will start gaining interest straight away.

Finally, remember if your provider charges as cash advance fee, be sure to add this number to your final figures. This will be the total cost of your advance.

Ultimately, the fee will vary from lender to lender. To find out exactly what your fees would be, you should get in contact with your credit card provider directly.

Which banks charge higher rates for an advance?

Unfortunately, Monzi cannot speak on behalf of other companies or lenders. Therefore, we cannot ourselves tell you which bank charges higher rates for an advance.

In general, however, a withdrawal from your credit card can provide you with some emergency cash in a short amount of time. In addition, you can use your cash to pay for things your credit card can’t, like other bills. Therefore, lenders see these as a greater risk.

To compensate for this added risk, lenders charge a higher rate for withdrawals. Moreover, these rates can help deter consumers from withdrawing cash.

Things to consider before withdrawing cash

Using your credit card to withdraw cash from an ATM is not the same as making a normal purchase. In short, there are a number of unique factors to consider before you withdraw. For example:

  • Minimum amount. Credit cards can cover any transaction, no matter how small. ATMs however, often have a minimum withdraw limit of $20.
  • Max limits. Most cards have daily, weekly and monthly advance limits. For example, it is not uncommon to have a maximum daily withdraw limit of under $500.
  • Advance paid first. Any payments you make go towards the balances with the highest interest rate. As a result, your advances will be repaid before anything else.
  • Interest. Depending on your provider, the rate for withdrawing cash may be around 20% or more.
  • Fees. You repay a fee on top of the interest. Depending on your provider, this may be a percentage of the withdrawal or a flat fee.
  • Ineligible transactions. These advances are deemed ineligible if you use them for things like earning reward points or meeting the minimum spend amount.

The total cost of a credit card cash advance

In general, withdrawing cash with your credit card should be seen as a last resort. Moreover, there are additional charges that can make this type of transaction quite expensive.

If you withdraw cash, you may be charged some or all of the following:

  • Advance fees. Often charged as a percentage of the cash withdrawal amount. To put it in an example, if you withdraw $1,000 with a fee of 4%, you pay a $40 advance fee. Keep in mind, this adds to the balance on your card and interest is calculated accordingly.
  • Higher interest. Providers calculate interest from the day you make the transaction.
  • ATM fees. If you use a third-party ATM, you may be charged a transaction fee. Again, lenders add this charge to the total cost of your withdrawal.
  • Overseas. You may attract other charges including fees for using an ATM or converting currency if you withdraw cash overseas.

Ultimately, remember that providers add all of the above charges to the total cost of your advance. This leads to even higher interest rates.

Does a credit card cash advance hurt my credit score?

To begin, a cash advance is generally not listed on your credit report when you take it out. As a result, simply getting an advance may not affect your credit immediately.

However, any advance will come with extra fees as well as a higher rate. Moreover, these may quickly add up and you may find yourself struggling with repayments. If you start missing payments, defaulting or paying late, your credit score will be affected.

This may have adverse effects in the future. Specifically, it may be difficult to secure approval for future credit applications.

What do I do after I withdraw cash?

After using your credit card to withdraw cash, ideally, you should aim to repay it as soon as possible. If you withdraw cash in an emergency, a couple days before being paid, be sure to pay down your advance as soon as possible.

Remember, you will also be charged an ATM transaction fee if you use a machine that does not belong to your financial institution. On the other hand, you do not need to pay a fee if the machine belongs to your lender.

Are there any alternatives to a credit card cash advance?

Yes, there are a number of alternatives you could consider if you wish to avoid the additional fees and interest rate of a cash advance. More specifically, you could consider the following:

Debit Cards

One alternative you could consider is using your own debit card to withdraw cash. After all, your debit card is your own money.

Moreover, there are potentially no fees involved if you use your own bank’s ATM.

The benefits of using your debit card to withdraw cash include:

  • You use your own money so you do not get deeper in debt.
  • No interest.
  • No fees if you use your own bank’s ATM.

Obviously, however, not everybody is able to withdraw their own money. Otherwise, they wouldn’t be considering a credit card cash advance.

Direct debit transfer

Alternatively, if you’re able to, you could consider a direct transfer from your account. This may be an option if you need to make a payment straight away and the entity you are paying has a direct transfer facility.

The major benefits of this obviously includes no interest charged or any advance fees.


The third option you could consider, if you do not have your own money available, is to apply for a loan. These days, there is a myriad of online options of lenders willing to extend credit to a range of consumers.

These options could potentially have more reasonable rates than withdrawing cash with your credit card. Moreover, if you need your funds quickly, many lenders are able to offer same day loans.

Pay on demand apps

Pay on demand Australia is a new type of personal finance. In short, rather than applying with a lender, you can apply for a pay advance. This involves borrowing a portion of your future wages today. In other words, you can apply for a $100 advance and then this will be deducted from your next pay cheque. As a result, you can get your pay now and avoid the commitment associated with a loan.

Earn extra cash

If you’ve got some old furniture lying around or have a TV you no longer need, then you could sell these items as a way to get some extra cash in your pocket. In most cases, buy swap and sell platforms such as Facebook Marketplace or Gumtree will be the easiest place to start. Alternatively, you could pick up odd jobs on apps such as Airtasker or complete paid surveys. At the end of the day, if you can earn enough, then you may avoid borrowing money.

What are cash advance loans?

Outside of withdrawing cash with your credit card, cash advances can also refer to short term loans in Australia.

This is rather an umbrella term. In other words, these loans could refer to a large personal loan paid over several years, or a smaller payday loan.

Can Monzi offer me a cash advance loan?

Monzi cannot offer you a loan ourselves. Instead, we may be able to match you with a lender offering personal loans. This is because we are a lender-finder service.

In short, we’ve made it our mission to help as many Aussies match with credit providers as possible. Moreover, our service is simple, streamlined and completely safe.

Specifically, our panel of credit providers are potentially able to offer personal loans from $300 o $10,000.

What is a loan with no credit check?

This is a type of short term loan that does not require a credit check. In other words, your loan application will be assessed solely on your current ability to repay your loan.

With most of these loans, you go to the lender’s website, complete an application, and wait for your money. You may, additionally, need to provide the lender proof of income, such as a bank statement. These loans are popular with some people with poor credit as they are able to access funds quickly.

Monzi, however, may not be able to match you with one of these lenders.

In short, each lender in our network is an individual company, with their own assessment policies and procedures. Moreover, Monzi cannot speak on behalf of these companies. Therefore, we cannot guarantee you being offered no credit check loans. Instead, same day loans with bad credit or other similar products may be more suitable.

Short term loans vs. cash advance loans

Monzi aims to put our customers in touch with a market of short-term lenders.

Short term loans are another term for cash advance loans. In other words, if you need quick and easy loans, you could consider using a short term lender. After all, Monzi may be able to find short term lenders that may offer fast loans.

In short, applying with Monzi may only take a few minutes. Moreover, if you apply during normal business hours, we may be able to give you a response within 60 minutes.

Monzi works with lenders who might be able to offer personal loans of up to $10,000.

I’m on government benefits. Can I get cash in advance?

If you receive certain types of Centrelink benefits, you may be eligible for a Centrelink advance payment. This is, simply, where you receive an advance of your benefits that is then repaid out of your future Centrelink payments, without interest.

If you’re eligible and want to apply for an advance payment, here’s how:

  1. Sign in to myGov and select Centrelink.
  2. View advance payments.
  3. Apply for an advance payment.
  4. Review and submit.
  5. Get your receipt.
  6. Sign out.

To find out if you are eligible, or for a more detailed explanation on how to apply, visit the Services Australia website.

Often, an advance of your benefits is far more preferable to taking out credit. After all, borrowing small amounts of money can be expensive and may not solve your financial issues.

Can Monzi find 1 hour cash advance direct lenders?

Monzi may not always be able to pair our clients with payday lenders. If you’re searching for easy online credit, Monzi could potentially match you with lenders offering loans from $300 all the way up to $10,000.

Even though Monzi may not be able to match you with a payday lender, we work with short term lenders who may be able to process your loan application swiftly allowing you to access fast cash. While each lender may differ, you could expect to receive your loan within 24 hours of approving your loan contract. Access to funds, however, is dependent on inter-bank transfer times.

So, if you want to find a lender offering personal loans up to a maximum of $10,000, look no further than Monzi.

Instant advance online no credit check

You may see these loans advertised online by certain payday lenders. However, payday lenders may not be your only option.

While certain lenders who offer payday loans may not conduct credit checks, Monzi may still be able to help if you have poor credit. This is because we work with lenders who may be able to offer personal loans to Aussies with poor credit.

Monzi has a user-friendly site with quick application forms that can be filled in and submitted on any computer or phone.

These loans offer fast and convenient access to cash. While this may seem initially attractive, often the drawbacks can outweigh the benefits. Costs start accumulating and can quickly get out of control.

Borrowers may end up applying for a second, third, even fourth loan to repay the previous one. Ultimately, they may owe thousands on what may have started out as just one hundred dollars.

We find lenders potentially offering poor credit cash Australia

If you have bad credit, you may feel that your poor credit may stand between you and being approved for the loan you want. When you apply with Monzi, however, we’ll do our best to find you a lender that may be able to say yes to bad credit loans. While the lender we find may conduct credit checks, this shouldn’t deter you.

Put simply, may be able to look at more than just your credit score and consider your current relationship with money. So, if you have bad credit and are looking for instant loans online, why not take a chance on Monzi? We may be able to pair you with a lender who might offer cash loans for bad credit history.

Cash advance loan being denied by woman in blue top

Monzi’s cash advance online alternative

Why should consumers choose Monzi’s lender-finder service? Because we may be able to pair you with a reputable lender in no time, and without the hassle.

Keep in mind, however, that lenders require applicants to have been receiving a regular income for the past three months or more, which is why we access a copy of your bank statements. Don’t stress though – they’ll be viewed in read-only format, and your details will be permanently deleted once your statements have been accessed.

We provide you with the option of filling in one application form and getting access to a panel of lenders. This makes applying for loans in Brisbane, Sydney, Melbourne, or anywhere in Australia, super easy and convenient.

Our eligibility criteria

To be eligible to apply with Monzi, you will need to be a citizen or Permanent Resident of Australia and at least 18 years old. You must also provide a valid mobile number and email address.

Keep in mind, however, that you will need to have been receiving some sort of regular income into your personal bank account for the last three months. Additionally, we work with lenders who may offer loans for people on Centrelink. This is because these lenders can potentially regard regular Centrelink benefits as a form of income.

How to apply with Monzi Loans

Monzi’s application process is not only convenient, but also streamlined and simple to use. In short, we want to make it simple to find lenders offering easy loans online. So, just follow these three simple steps and you could be on your way to meeting your next lender.

Step 1: you apply online

Firstly, consumers can lodge an application 100% online. As a result, consumers can apply for cash loans from any internet-capable device. Just complete an application, and we’ll get right to work.

You can start by scrolling up and selecting your loan amount and repayment terms by using our loan calculator. Next, select how much you wish to borrow and for how long. You’ll then see an example of your possible repayments.

Keep in mind, however, these are just an example. Your actual repayments may differ. Finally, click Apply Now.

You’ll then be asked to fill out a few more details. Once you have finished, click submit!

Step 2: we get to work

After you submit your application, we’ll get to work trying to find you a lender that can help. Here, our automated system will take over, meaning consumers can sit back and relax. We’ll contact you via SMS or email if we need any additional information.

Step 3: meet your new lender

If we find you a lender, we’ll send your application straight to them. They will subsequently assess your application and determine an outcome. Finally, if a lender is able to make you an offer they will be in contact directly.

After completing the above three steps, could potentially be meeting your new lender in no time.

A solid cash advance alternative in an emergency

Australians who are stuck with surprise medical bills, have had an accident, or who find themselves in a financial emergency can find a lender fast with Monzi. Monzi, as well as the lender we work with, understand the financial disaster can strike at any time.

We will, therefore, always do our best to work as quickly as we can. Keep in mind, however, that most lenders operate during normal business hours. Therefore, if you apply on the weekend, your application may not be approved until they are next back in the office.

Is Monzi for me?

Monzi has, already, helped pair thousands of everyday Aussies with a lender. Below are some examples of some common search terms that have lead people to Monzi, as well as the loan product their future lender was able to approve.

Search TermAmount $ (AUD)Approved
Cash Advance600
Instant Cash Advance Online No Credit Check1,500
Cash Advance Fee1,900
Credit Card Cash Advance6,000
Cash Advance No Credit Check8,600

Keep in mind, lenders may not offer loans that reflect what is presented above.

You will need to attach an asset as security against any loan over $2,100. Lenders may accept your car, motorbike, caravan or boat as security.

Small amount loans work differently to secured loans. In other words, a small loan of $2,000 and under do not require an asset to be used as collateral.

Seek professional advice

Talk to a free and independent financial counsellor by calling 1800 007 007 from anywhere in Australia to talk about your personal financial situation and your options. In addition, your financial counsellor can give more options for managing bills and debts.

On the other hand, consider visiting ASIC’s Moneysmart website. This website shows you how small loans work, suggests other options and provides information on other options for managing.

How do I repay my loan?

Thought using Monzi’s lender-finder service was easy? Wait until you hear about repaying your loan.

In short, when lenders fund your loan, a direct debit is set up from your account. Therefore, your repayments are automatically deducted according to your repayment cycle (weekly, fortnightly or monthly).

If, however, you cannot afford an upcoming repayment, get in contact with your lender as soon as possible. In general, if you are upfront and honest with your lender, and give them enough notice, they may be able to cancel or reschedule your repayment. Keep in mind, however, there is often a contractual fee attached to this.

Has something drastic happened in your life? Are you no longer able to afford your repayments? You may be eligible for financial hardship. Here’s how you can apply for hardship:

  • Get in contact with your lender’s hardship department.
  • Let them know you’re applying for hardship.
  • Provide evidence, including:
    • bank statements
    • separation certificate from employer
    • medical certificate
  • Your lender assesses your claim and offers a repayment plan if they approve you.

Apply with Monzi in minutes

You can apply with Monzi for cash loan lenders. In short, our streamlined system works efficiently to supply an outcome as soon as possible. So, if you’re looking for quick cash loans, submit an application and we’ll try and get straight to work finding you a lender that can say yes!

Instead of submitting hundreds of applications, just submit one with us! We’ll do all the legwork and find you a lender that can give you a fair go.

Want more Monzi? Nice! Stay in touch on Facebook, Instagram, Twitter and Pinterest.

Credit card cash advance FAQs

Still have a few queries around withdrawing cash using your credit card? No worries – we’ll aim to answer a few of the more frequently asked questions here:

Do providers see bill payments as a cash advance?

This is a slightly more complicated question to answer, so bear with us.

Ultimately, it all depends on who you are paying. Moreover, has your biller set up BPAY to include credit cards as payment? If so, your credit card provider will process this payment as a normal transaction.

On the other hand, if your biller does not not accept credit card payments, you may still be able to go through with the transaction. However, your credit card provider will likely process this as an advance.

My new card comes with 0% interest promotional period. Will this apply to an advance?

In general, the majority of 0% interest periods only extend to standard transactions or balance transfers.Therefore, an advance transaction is unlikely to fall within the promotional rate.

Ultimately, however, Monzi cannot speak on behalf of all providers in Australia. Therefore, it pays to get in contact with your provider directly for more information.

Can I balance transfer cash advance debt to a new card?

If you meet the eligibility criteria for a new card, you can transfer any debt from cash withdrawals. This means you can take advantage of the introductory interest rate period.

Bear in mind, the minimum eligibility criteria for a credit card generally involves the following:

  • At least 18 years old
  • Meet the minimum income requirement
  • Meet residency status
  • Have acceptable credit history.

Factor In


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


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.