Debt Consolidation Loans Online From $300 to $10,000

Debt consolidation loans can combine your multiple debts into one, easy-to-manage loan. Not only can you simplify your life, but you may also save money! Apply with Monzi and we may be able to match you with a lender offering consolidation loans from $300 to $10,000.

Monzi 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 relate to your unique circumstances.

Debt consolidation loans Australia

Do you have multiple outstanding debts? Whether it’s a credit card, personal loans or a mortgage, managing a number of debts at one time is stressful.

Keeping track of all the associated rates, fees, charges and repayments can quickly become difficult. At times, it may feel like there’s no light at the end of the tunnel.

That’s where consolidation loans can help. These loans bring all your existing debts together into one single loan. As a result, you only have to worry about making one regular repayment.

Best of all, these loans may come with a fixed term, meaning you’ll know exactly when your debt will be repaid.

This, however, is just a brief overview. There’s so much more to consider with debt consolidation loans. So, let’s go.

Best debt consolidation loans Australia: Monzi’s lender-finder service

Hi, we’re Monzi, one of Australia’s lender-finder services. What we do is simple; we aim to match those looking to borrow with a potential lender.

When it comes to debt consolidation, however, we are unable to say which one is right for you. Ultimately, it will come down to your own unique financial situation.

What we can do, however, is potentially matching you with one of the many great lenders in our network. They may then be able to offer you the consolidation loans you need from $300 to $10,000.

Possible loans offered by Monzi’s lenders can be seen below:

Consolidation loansAmount (AUD)Approved
Consolidation loans for bad credit unsecured$900
Debt consolidation bad credit$1,500
Large debt consolidation loans$3,000

The loan you might be offered through our network may not neccessarily reflect what is shown above.

Personal loans for debt consolidation

With a debt consolidation personal loan, you get the cash you need to consolidate your debt. From there, you’re then required to make one regular repayment over a fixed term.

At Monzi, we work with lenders who can potentially offer personal loans that range from $300 to $10,000. Depending on the amount of money you need to borrow, you will be applying for one of three loans.

Each loan differs slightly so it’s important to understand which one is right for you. See below for details:

Small loan

  • $300 to $2,000
  • Unsecured
  • Repaid over 12 months

Medium loan

  • Loans from $2,100 to $4,600
  • Secured
  • Repayments periods from 13 to 24 months

Large loan

  • Loan amounts from $5,000 to $10,000
  • Secured
  • Repaid over 13 to 24 months

Bad credit debt consolidation loans

>Poor credit history doesn’t have to stand in the way of accessing finance online. These days, there are a ton of understanding lenders who might be willing to offer bad credit loans.

While we’d all love to have perfect credit, that’s just not a reality. Monzi works with lenders that understand this.

While they may investigate your credit history, it likely won’t be the only thing that’s considered. In other words, your current financial situation can be just as important too.

So, if you think consolidation loans for bad credit are right for your financial situation, check out Monzi. Our lender-finder service might make it easy to find online loans for bad credit today.

Interest free loans

The lenders that Monzi associate with may be able to offer a range of different loan products. That means whether you’re looking for small loans or something a little larger, Monzi might be able to help.

However, an interest rate will always be applied to your loan. This rate will be outlined to you in your loan contract and will determine how much you are required to repay on top of the principal amount that you borrowed.

If you are looking for inerest free loans, Monzi cannot help you. You will need to do your own research and look elsewhere.

Debt consolidation loans calculator

If you are keen to know how much you could save by consolidating your debt then you’re in luck. There are a host of online loans tools that can help.

These free calculators allow you to enter how much you currently owe to give you an estimate on what your repayments would be on loans Australia.

In short, they’re a great place to start. They may be able to help you determine if debt consolidation is right for your financial situation.

Unsecured consolidation loans bad credit

Unsecured loans are typically offered for amounts of under $2,000. As they’re unsecured, there’s no need to attach an asset as security. Simply, make your required repayments until the loan is paid off.

On the other hand, if you’ve got a little bit more debt to consolidate then you will need to secure your loan with an asset. This asset could be your car, boat or caravan to name a few.

In short, this asset acts as a guarantee that you will make your repayments. Lenders are taking a risk by lending you money. In the event that you default on your repayments they may take steps to repossess the asset in order to recover their losses.

Consolidation loans for bad credit online decision

Monzi’s lender-finder service is 100% online.

From start to finish, there’s no paperwork or face-to-face meetings; all you have to do is apply.

From there, our system will aim to pair you with an available lender ready to assess your loan in just one hour. However, this is contingent upon you applying during business hours.

At the end of the day, Monzi’s lender-finder service is the convenient way to access online loans bad credit.

Debt consolidation loans bad credit lenders

If some lenders are potentially willing to offer certain bad credit loans, then you’re probably wondering what they will consider.

In short, they’ll look at your financial situation as a whole. While your credit history is one part of this, your current budget (i.e. income less expenses) can be just as important too.

Given that you’re looking to consolidate your debt, they will also need to know how much debt you have outstanding.

By looking at the full picture, the lender can then determine if you should be offered bad credit debt consolidation unsecured.

While approval is never guaranteed, a dodgy credit history may not be the be-all and end-all when it comes to your application.

Debt consolidation with bad credit rating: how to improve your credit score

If you’ve been dealing with debt for a while then there’s a good chance your credit score has taken a hit.

Luckily, it is possible to recover. Improving your credit score requires time and discipline but it can be done.

Just implement effective borrowing habits and maintain them over time. Slowly but surely you’ll start to see improvements.

Tips to improve your credit include:

  • Don’t rely on credit unless you need it
  • Pay off your debts ASAP
  • Pay your bills on time
  • Find the best deal when you borrow money (e.g. lowest interest rate)
  • Monitor your credit report

Do debt consolidation loans hurt your credit score?

All loans have the potential to impact your credit score. However, whether the effect is positive or negative will depend on how you manage your loan.

Initially, you may see your credit score drop. This is the effect of opening a new credit account. With this, lenders will conduct a hard credit inquiry and the average age of your credit will reduce. Both of these factors may have a negative impact.

In the long-run though, if you make your repayments on time and manage your loan well, then it’s possible to see improvements. However, if you continue to miss repayments or struggle with your debt, then it is certainly possible that your credit score may be negatively affected. As a result, you may find it difficult to access loans in the future.

What kind of credit score do you need to get a debt consolidation loan?

In short, it depends.

Most lenders will implement some form of minimum credit score requirement. However, exact scores may vary between lenders. As a result, it is impossible to provide a clear answer.

In any case, keep in mind that having a high enough credit score is not all that it takes to receive approval. Lenders assess your income and expenses as well as other factors related to your financial situation to determine your outcome.

What questions should I ask before applying for debt consolidation loans?

While consolidation might seem like a great solution if you’re struggling to keep track of your debts, it is by no means a perfect solution. As a result, there are many questions that you must ask yourself before applying. These include:

  • What is my current amount of outstanding debt?
  • How much interest am I currently paying and will a debt consolidation loan reduce this?
  • Are there any fees applied for repaying my current loans and debts early?
  • Will I save money by consolidating my debts?
  • Am I eligible for a debt consolidation loan?
  • Is my credit good enough to be approved for a loan?

Am I eligible to apply with Monzi?

Before you begin your application, ensure you check these four boxes:

  • An Australian citizen or permanent resident
  • At least 18 years of age
  • Have a current mobile phone number and email address
  • Earned a regular income for three months prior to your application

How do I apply?

It’s really simple!

Just follow these three steps:

Step one: apply

First things first you need to tell us how much you wish to borrow as well as your ideal repayments. Then, enter the required personal details and hit submit.

Step two: wait

After you submit your application, we take over. Our automated system scans our lender network to try and pair you with an available lender to assess your application. Apply during business hours and this may take just 60 minutes.

Step three: outcome

Whether we find a match for you or not, we’ll be in touch to inform you of the outcome. If you’re successfully paired with a lender then they will be in touch to assess your application.

Finally, lenders send you a digital loan contract if you’re approved.

Debt consolidation loans with orange and white life ring

Guaranteed debt consolidation for bad credit

We’ll make it simple: lenders cannot offer loans with guaranteed approval.

This is due to the fact that in order to comply with their responsible lending obligations, lenders must assess all applications they receive. That means, they’ll take steps to investigate your financial situation in order to determine if the loan you’ve applied for is suitable for your circumstances.

It’s about protecting you as a borrower. You will not be offered loans with bad credit if they are found to be unsuitable for your needs or financial situation.

If you do come across lenders promising guaranteed approval, avoid them at all costs. They are failing to comply with Australia’s lending laws which can potentially put you at risk.

Debt consolidation for Centrelink customers

Receiving Government benefit payments? You won’t automatically be ruled ineligible for a loan.

When it comes to debt consolidation bad credit loans for Centrelink customers, however, it’s important to understand that lenders will differ in their approaches.

While some lenders will view benefit payments as income, others will not. Moreover, lenders may view certain payment types differently too (e.g. youth allowance).

Ultimately, if you are receiving Centrelink payments, approval of your loan is at the mercy of the individual lender and their assessment policies.

If you are struggling with debt, call the National Debt Helpline on 1800 007 007.

Consolidation loans for bad credit and unemployed

When you’ve got bad credit and you’re unemployed, finding a lender may feel like an uphill battle. However, there may be some lenders willing to help.

First of all, if you are unemployed and apply for a loan you will have to prove that you are earning income in some form. This could include rent from an asset or benefit payments.

Ultimately, taking out new credit may not solve your financial problems. If you are struggling with debt, consider the Government’s MoneySmart website.

How does a debt consolidation loan work?

In order to consolidate your debt with a personal loan you will need to take the following steps:

  1. Calculate how much you need to borrow to consolidate your debt. Make sure you include any exit fees or charges applied for paying off your existing debts early. An online personal loan calculator may come in handy with this.
  2. Do your research: find the right loan at the best possible interest rate.
  3. Apply for the loan.
  4. Use the amount you borrowed to pay off your current outstanding debts.
  5. Make your scheduled repayments on the single personal loan until your debt is repaid.

Why should I consolidate my debt: the benefits

As with most things in life, debt consolidation comes with both positives and negatives.

In short, before you decide to consolidate your debt it’s important to understand exactly how it could affect your financial situation.

In any case, the benefits typically associated with debt consolidation loans Australia bad credit include:

Reduce your long-term costs

When done correctly, the major benefit of consolidating your debt is that it can save you money. If you’re paying fees and interest on a number of debts, costs can soon add up. Consolidating your debts means you only have to pay fees and interest on one loan which can potentially save you a ton.

Manage your repayments easily

When you consolidate your debts that means you’re only dealing with one lender, one repayment and one set of fees. In short, it’s a lot easier than having a number of different debts on the go at once.

Get your debt under control

Is your debt spiralling out of control? Are you struggling to keep track of what you need to repay? Easy debt consolidation can help get you back on track by providing a clear path to repaying your debts.

The downsides of Aussie debt consolidation

While debt consolidation can make managing your debts much simpler, they are not always the perfect solution. Moreover, there are a number of downsides and drawbacks that mean debt consolidation may not be right for your financial situation.

Depending on your circumstances and the loan you are offered, potential issues may include:

  • There may be cheaper debt management options.
  • Longer repayment periods can result in you paying more interest.
  • If you’ve already defaulted on some repayments, loan approval may be difficult.

Compare consolidation loans: what to look for

If you opt to search for your own low interest debt consolidation loans, then it’s important to know what you are looking for.

Finding the right loan can potentially save you a ton of money while making your life easier too. So, consider these factors when comparing personal loans:

  • The interest rate: typically, the lower the better.
  • Fees and charges: lenders may apply late, account, early-exit or administrative fees. Read your loan contract carefully.
  • Repayment periods: how long will you be making repayments for?
  • The lender: check their reviews online. Make sure they have a history of providing excellent service for their customers.

Can you be denied for debt consolidation?


No debt consolidation loans or any other type of cash loan will come with guaranteed approval. In short, lenders will always assess your application to determine if the loan that you’ve applied for is reasonable and suitable for your circumstances. As a result, it is always possible that your application may not be approved.

If you do come across a lender promising guaranteed approval loans then, as we’ve already mentioned, it’s a good idea to avoid them. Australia has strict lending protocols in place to protect borrowers and guaranteed approvals are a clear violation of these.

As a result, you should only ever apply with a trusted, licenced lender. An easy way to do this is to use Monzi’s lender-finder service. Apply and we’ll do what we can to match you with one of the top-notch credit providers from our network.

What is the current interest rate on a debt consolidation loan?

In short, Monzi cannot say. As we are a lender-finder service only, we cannot say what the interest rate on your loan may be. Moreover, your rate may vary based on several factors meaning the rate applied to your loan may be different from the one applied for someone else.

In any case, common factors that may impact your interest rate include:

  • Your loan amount: lenders may charge different interest rates on small loans compared to large loans.
  • Secured or unsecured: lenders typically view unsecured bad credit loans as riskier. As a result, they may come with higher interest rates to account for this.
  • Your credit history: lenders often reward good credit borrowers with lower rates given that there is a lower likelihood of default.

At the end of the day though, your lender will determine your interest rate. So, check their website before applying and read your contract thoroughly before agreeing. That way, you’ll know exactly what you must pay.

What lenders should I avoid?

While there are a ton of great lenders out there who will do things by the book, there are also a few that you should avoid.

First and foremost, you should always avoid lenders who are not licenced. To check if a lender is licenced, just head to their website and see if their credit number is listed for you.

In addition to this, other indicators of less reputable lenders include:

  • An unwillingness to discuss your repayment amount.
  • Rushes to outline all rates, fees and loan charges.
  • Asks you to sign a contract without reading it.

In any case, if you’re after a lender and want to avoid the hassle and stress then consider Monzi. We will only ever pair you with a licenced lender and it can make accessing loans online as easy as can be. Get started today.

What should I do before applying?

Before you apply, it’s vital to have an understanding of your current financial situation and outstanding debts. That way, you can determine how much you need to borrow and what you can afford to repay.

With this, your first step should be to make a record of your current debts. Look at the amount you owe as well as the interest rate, any early exit fees and your current repayment amount. From there, add up the total debt amount to determine the amount of money you need to borrow.

Following this, you must consider your budget too. Assess your income and expenses to get an idea of what repayments you could afford. Moreover, find ways that you could cut costs to potentially save money that you could put toward repaying your outstanding debts.

Once you have completed these steps, you can then apply for a debt consolidation loan if you feel it is right for you.

What other types of debt consolidation are there?

While quick loans are one option for you when you’re looking to consolidate your debts, they’re not the only one. As a result, there may be a more suitable option for your circumstances.

Firstly, if you’re struggling with credit card debt, then a balance transfer could be an option. In short, you can transfer your current debts across one or more cards on top a single new card. Typically, this card will come with a lower introductory rate which can save you money. However, once the initial period lapses, ensure that your interest rate will be lower than it otherwise would have been. Compare credit cards to determine if this is an option for you.

In addition to this, if you currently have a variable rate mortgage then you may be able to refinance to consolidate your debt through this. In other words, your current debt will be added to your outstanding mortgage balance. However, consult with your lender to determine if this is an option for you.

Ultimately, it’s up to you to determine which option is right for you. So, do your research and consider the pros and cons before applying.

My bank offers debt consolidation loans: should I apply with them?

If you are currently struggling with debt, then applying for a debt consolidation loan through your bank could be an option. However, while it may be convenient, it may not necessarily be the best loan option.

In most cases, you’ll only be able to find the best deal if you shop around. In other words, compare lenders and the loan products they offer to find the loan that works best for you. A small interest saving here or fewer fees there can potentially save you a ton and can make managing your loan much more achievable.

On the other hand, if you opt not to apply with your bank and want to find a lender offering cash loans online, then consider applying with Monzi. Our lender-finder service makes it easy to apply for debt consolidation loans up to $10,000. Use the loan slider at the top of the page to begin your application today.

Can I get a loan after I’ve consolidated my debts?

Yes, however, it’s essential to think carefully about whether it is the correct choice for you.

If you have successfully managed to repay your debts via consolidation then taking out a loan after this is potentially unwise. After all, you’ll quite possibly be back to where you started.

However, at the end of the day, it is your decision. If you have repaid your debts and wish to apply for another instant loan then you are welcome to use Monzi’s service again. Just make sure that it is necessary and the right choice for your circumstances.

Finally, remember that approval is not certain.

What’s the best debt consolidation loan?

The best consolidation loan for you may be different from someone else. As a result, it’s difficult to provide one-size-fits-all advice. Instead, you will need to consider how the terms of the loan suit your situation and debt repayments.

With this, the most important thing is to ensure that your loan will save you money. While consolidation may make your life easier, if you are paying more, then it will all be for nothing. In addition to this, check the repayments and terms to ensure it’s affordable for you.

In any case, if you do wish to apply for a debt consolidation loan then consider Monzi. Submit a simple loan application through our website and we’ll do our best to pair you with an available lender who can potentially offer loans up to $10,000. It could be a simple and convenient way for you to find a lender online.

Why you should apply with Monzi

Sure, Monzi makes finding a lender simple and convenient, but that’s not it.

When you apply with Monzi, you’ll encounter so many of these great additional benefits. Check them out:

There’s no paperwork

That’s right! Applying for loans Australia through Monzi is 100% online. That means there’s no complicated forms or paperwork required. Just enter the details we need and your application is ready to go.

Rapid Outcomes

Apply during business hours and you might be paired with a high-quality lender in just 60 minutes. Moreover, your lender will assess your application ASAP. If it all goes to plan you might get your cash on the same day you apply. Although this isn’t guaranteed.

Manageable repayments

Our lenders offer loans with repayment periods that can range from 12 to 24 months. You’ll also get to choose between weekly, fortnightly or monthly repayments. That means you can tailor your repayments to suit your budget.

Apply from anywhere

Whether you’re seeking debt consolidation loans Perth or you inhabit the East Coast, Monzi can help. We aim to help Aussies everywhere find great lenders. If you have an internet connection and meet our eligibility criteria then you can apply with Monzi.

Great Lenders

Over time, we’ve developed a network of A+ lenders. They have your best interests at heart and will do things by the book. Nothing’s ever hidden meaning all the rates, fees and charges applied to your loan will be included in your contract.

Contact Monzi

If you have questions about Monzi or what our lender-finder process involves then get in touch. Email us at and we’ll do our best to get back to you soon.

On the other hand, if you are looking for financial advice or to know if debt consolidation is right for your circumstances we will be unable to help. Monzi is simply a lender-finder service meaning you should instead seek qualified financial advice.

How do I avoid getting into trouble with debt again?

In short, you must implement effective strategies to manage your money better. As a guide, this could include changing the way you monitor your spending, keeping an up-to-date budget or avoiding using credit whenever possible.

Luckily, all of these changes are relatively simple. However, they do require discipline to be effective. If you can stick to them over time though you may reap the benefits. You can start to save money and you’ll no longer have to worry about the sleepless nights and anxiety that come with debt.

Finally, if you are looking to make changes to your spending, then do your research. There are a host of free and accessible resources online that can make it easy for you to manage your budget. Moreover, there may also be a range of experts that you can contact for advice.

Realistically, you have nothing to lose from learning to manage your money better. So, why not try it?

Apply today

Ready to begin? We’re ready and waiting to accept your application today. So, scroll up and apply now!

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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.