Cheap Personal Loans Explained

Cheap personal loans may not be available through Monzi’s lender-finder service. If, however, you have poor credit history, Monzi may still be able to match you with a lender offering personal loans. Each lender in Monzi’s network may vary in what they charge, meaning you may not receive a cheap loan through our service.

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.

Cheap personal loans

With cheap personal loans, lenders will offer lower interest rates and fewer fees. As a result, a greater portion of your repayment can do toward paying off your principal loan balance. With this, you can potentially pay off your loan quicker than you otherwise would have been able to.

If you’re looking to access cheap loans, there are potentially two options. First, if you’ve got a good credit history then lenders may offer more competitive rates. On the other hand, applying for a secured loan and guaranteeing it with an asset could lower the interest rate you’re charged.

In most cases, with these loans you can borrow amounts ranging from $300 to $10,000. These amounts are then divided into a series of even repayments that you must make over periods ranging from 12 to 24 months.

Cheap personal loans Australia and Monzi

Hi, we’re Monzi. We’re one of Australia’s leading lender-finder services. In short, while we may not be able to guarantee you being offered a cheap loan, we can make it simple and convenient to find potential lenders online.

With Monzi, all it takes is one application. From there, our automated system aims to pair you with an available lender willing to assess your application. Apply during business hours and you can have an outcome in as little as 60 minutes.

Best of all, you can potentially access cash loans ranging from $300 to $10,000 and divide the costs evenly over the coming 12 to 24 months.

The below table shows examples of the loan products you may not be able to get if you have poor credit history.

LoanAmount ($AUD)
Cheap loans unsecured$1,000
Low interest cash loans$1,500
Cheap loan secured$2,500

Cheap personal loans calculator

With a personal loan calculator you can get an idea of your total loan costs and repayments. Simply enter the key details of your loan (e.g. interest rate, term, amount) and you’ll receive total cost and repayment estimates. These calculators are offered for free, online by a range of financial institutions and can be an extremely useful tool.

Alternatively, check out Monzi’s loan slider at the top of the page. Simply drag the bar across to your preferred loan amount and then select your repayment term (where applicable). Subsequently, you will be provided with estimates of what your weekly, fortnightly or monthly repayments may be.

However, keep in mind that any figures generated by loan calculators or Monzi’s loan slider are estimates. Use them to determine whether a personal loan could be an affordable option for you. In addition, the personal loans available through Monzi may not be any cheaper than standard loans.

Cheap small personal loans

Have a minor expense due but lack the funds to cover it? Cheap unsecured personal loans from $300 to $2,000 could provide the quick injection of cash that you need.

These loans are as simple as can be. With no security required, all you need to do is apply, be approved and then make your regular, scheduled repayments. Best of all, with a 12 month repayment period, they’re a short term commitment. Get the cash you need now and get out of debt quickly.

Does that sound like something you need? Unfortunately, Monzi may not be able to match you with a lender offering these unsecured loans.

Cheap personal loans: something a little larger

A $2,000 loan won’t always cut it. Luckily, If you encounter major medical bills or face expensive car repair costs, Monzi might still be able to help. In short, the lenders that we work with offer medium and large loans too.

While small loans only range up to $2,000, medium and large loans cover cash amounts up to $10,000. With this, you’ll have the choice of repayment terms ranging from 13 to 24 months.

Finally, keep in mind that personal loans over $2,000 must be secured by an asset (e.g. your car). So, before you apply, ensure that you own an eligible asset that can be used as security.

Each lender in Monzi’s network is a separate company. Therefore, we cannot guarantee how much you will be charged.

Cheap personal loans for bad credit

In the past, bad credit could make accessing credit difficult. Now, though, things have changed. There are now a host of lenders who may be willing to consider bad credit applicants. If this is you, then you’re in luck.

It’s all about taking a different approach. Rather than zeroing in on your credit history, lenders look at the bigger picture. Your credit history reflects your past but it doesn’t necessarily reflect your present. With this, lenders will look at your current financial situation too in order to determine your suitability for credit.

As a result, if you’re earning a consistent income then you may be approved in spite of your credit history. However, in saying this, lenders retain the right to approve applications where they see fit. Given this, approval is not certain.

Finally, lenders charge higher rates on bad credit loans in order to compensate for the additional risk. Therefore, you will not be offered cheap loans if you have poor credit.

Cheap personal loans online

Credit has been in the midst of a revolution lately. While in the past you had to go to the bank for a loan, these days it’s so much easier. Every day it seems like there’s a new online lender entering the market. As a result, you’re spoilt for choice.

These lenders exist solely online. That means you can apply and be approved all from the comfort of your own home (or wherever you choose). There’s no paperwork or drawn out meeting required. Lenders will assess your application in a hurry so you can receive an outcome in no time.

How do I apply with Monzi?

Monzi’s lender-finder service cannot guarantee you cheap loans, however, we may be able to make it easy to match with a potential lender. While you might be itching to begin your application, first you must make sure that you’re eligible. At Monzi, we have four boxes that you must tick. Check them out:

  • Australian citizen or permanent resident.
  • 18 years of age or older.
  • Possess an active email address and mobile number.
  • Hold a current online bank account with at least three months of history.

Once you’ve confirmed your eligibility, applying is simple. Just follow these steps:

  1. Select your loan amount and repayment term.
  2. Enter the necessary personal and financial details. Submit your application.
  3. Wait while our system attempts to find an available lender to assess your claim.
  4. We’ll be in touch with an outcome. If we were successful in our search then your lender will contact you to begin the assessment process.

What information will I need to provide?

In order to complete your assessment, there is some vital information that your lender will require. As a result, when you apply, it’s important that you provide all the necessary details. In short, it’s the easiest way to ensure your assessment can be completed without an issue so you can get an outcome ASAP.

So, before you begin, ensure you can provide the following:

  • Personal information (name, date of birth, etc.)
  • Internet banking details
  • Proof of income
  • An estimate of your expenses
  • Your loan amount and preferred term
  • Details of any outstanding debts
  • Any other relevant details (e.g. Centrelink benefit payment information)

How can I get a cheap personal loan with low interest?

A lower interest rate is the easiest way to save money on your total loan costs. In short, the less interest you pay, the more you will be able to repay on your principal amount.

With this, if you’re looking to access a more competitive rate then there are potentially a couple of options.

Firstly, if you’ve got a strong credit history and a track record of consistently making repayments on time then lenders may be prepared to offer better rates. In short, this is simply due to the fact that your default risk is lower.

On the other hand, if your credit history isn’t the best, then consider applying for a secured loan. By guaranteeing the loan with an asset, there’s less risk for the lender. As a result, it may be possible to access a better rate.

In saying this, your lender will ultimately determine your rate. These two factors simply represent two examples that could potentially help.

How much are repayments on a $10,000 loan?

In short, without further details it is impossible to say. Lenders will calculate your repayments based on your interest rate and repayment term.

As a guide, the longer your repayment term (e.g. 24 months), the smaller your regular repayments will be. Obviously, the opposite will be true too. If you select a shorter term then your regular repayments will be larger.

In short, it’s up to you to ensure that you get the balance right. Aim to pay off your loan in an efficient manner with repayments you can afford. A repayment term that is too short or too long can cause issues or may be entirely unnecessary.

Cheap personal loan man leaning against off white wall

How can I get an instant loan?

One simple way could be to apply with Monzi. Our lender-network contains a number of credit providers willing to offer instant loans. If you’ve got a pressing expense, that’s exactly what you need.

In saying this, it’s worth understanding what an instant loan is. In short, you won’t get your cash the second you apply. This is due to the fact that lenders must assess all loan applications to determine your suitability for credit. As a result, there will always be a little bit of processing time involved.

With this, an instant loan simply refers to loans where you receive an outcome so fast that it feels like no time has passed.

Responsible lending

So, we’ve established that assessments are a must, but why are they?

Well, it comes down to Australia’s responsible lending legislation. This is outlined in Chapter 3 of the National Consumer Credit Protection Act 2009.

In short, lenders must not enter credit contracts with consumers that are unsuitable for the consumer’s means and objectives. In order to determine this, lenders must take three steps.

  • The lender must make reasonable inquiries into a borrower’s financial situation as well as their objectives for the loan.
  • They must take reasonable steps to verify this information.
  • Based on the information gathered, the lender must make a final determination regarding whether the credit is suitable for the borrower.

If you’re after further details. Check out the Australian Securities and Investments Commission website for a more comprehensive responsible lending breakdown.

Personal loans cheap: Monzi’s here to help all Aussies

Whether you’re looking for cheap personal loans Sydney or cheap personal loans Adelaide, it doesn’t matter with Monzi. In short, our lender-finder service is available Australia-wide. Moreover, we’re here to help Aussies from all walks of life. Just make sure you meet our eligibility criteria before you apply.

Given that we’re 100%, all you need is an internet connection. If you’ve got that then you’re ready to begin. It doesn’t matter which corner of our great country that you inhabit.

Contact us

Do you have questions, queries or concerns about Monzi’s lender-finder service? Get in touch. Email us at and we’ll do what we can to provide you with a great answer ASAP. After all, we want you to be totally comfortable with us before you apply.

In saying this, keep in mind that we are only about questions related specifically to our organisation and service. Contact your lender directly if you have questions regarding a current, outstanding loan. Monzi cannot speak on behalf of other organisations meaning we will be unable to answer your questions.

I’m going to miss an upcoming repayment: what do I do?

If you cannot afford an upcoming repayment then contact your lender ASAP. You will be charged a fee if you miss a repayment, however, with enough warning you may be able to reach an agreement with your lender on how to manage the situation. So, be proactive and make contact early.

On a more serious note, if you suffer a significant change in circumstances (e.g. lose your job) which leaves you unable to afford repayments then you will need to apply for financial hardship. Lenders will have hardship departments in place and will be able to guide you through the process. If your application is approved then revised repayment terms may be implemented.

Apply now

Scroll up and use Monzi’s loan slider to begin your application today.

Factor In


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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


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%. The minimum and maximum loan term is 12 months. 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.

Loan amount

$2,001 - $4,600


13 months (minimum)

24 months (maximum)


48% Annual Percentage Rate (APR)

67.41% Comparison Rate p.a.


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 Annual Percentage Rate (APR) for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. 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 (minimum)

24 months (maximum)


21.24% Annual Percentage Rate (APR)

48% Comparison Rate p.a.


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 Annual Percentage Rate (APR) for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. 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.