Easy Approval Loans? We Could Match You With A Lender Today!

Easy approval loans – what do they entail? And, am I eligible for one? Monzi has a trusted network of lender partners that may be able to approve your application. Have bad credit and/or receive Centrelink? Monzi might be able to help you out.

Easy approval loans making woman laugh

What are easy approval loans?

Lenders offering easy loans may, generally, be more understanding of your situation compared to traditional lenders.

For example, if you have a poor credit rating, you may find it difficult to be approved for a bank loan. However, you may be eligible to apply for a short-term loan offered by an online lender.

In addition, consumers who receive Centrelink, may not be eligible for a bank loan. However, some online lenders may still be able to consider applicants who receive Centrelink.

Easy approval loans – what you need to know

While many borrowers looking for easy loans want simple assessment criteria, there are other aspects of the loan borrowers should be concerned about.

Easy approval loans AustraliaLoans easy approval online
How long does it take to be approved?With most easy loans, you can lodge an application 100% online. From there, approval times are up to the individual lender’s assessment policies. Generally, however, you could expect to have an outcome within 24 hours of applying**.
Secured or unsecured loan?For loans of $2,100 and over, most lenders will require an asset to be used as collateral. Often, this can come in the form of your car, caravan, motorbike or boat.
Interest rates.Pay attention to the interest rates offered by lenders. Certain loan products may carry a different interest rate than others.
Fees and charges.Lenders may differ in the fees and charges associated with the loan. For example, you may incur a penalty fee for late payment.

Easy approval personal loans vs. payday lenders

If you’re searching online for easy approval loans, there is a chance you may be considering a payday loan. After all, payday lenders seem to offer very open eligibility criteria and a simple application process. Plus, the funds could apparently be in your account within 60 minutes.

However, payday loans aren’t always the quick-fix they seem to be. In particular, some payday lenders may have very short, inflexible repayment terms. Therefore, the consumer’s regular repayments may be difficult to manage.

We’ve broken down the main differences between payday lenders and personal loans below:

Payday lenders:

  • Usually, $2,000 and less.
  • Quick transfers.
  • Bad credit considered.
  • Centrelink considered.
  • Repayment terms as short as 4 weeks.

Personal loans:

  • Up to $10,000.
  • Quick transfers.
  • Bad credit considered.
  • Centrelink considered.
  • Repayment terms from several months to years.

Keep in mind, the above lists are just a guide. Individual lenders may vary.

Case study – Ned shops around for loans

New laptop bought with easy approval loans

Ned needs a new computer for next semester. After some research, he decides on a new Apple laptop. When he looks at the price, however, he realises his regular budget probably cannot afford to buy the computer outright.

Ned decides to look around at his options for credit. Initially, he looks at payday lenders – as he qualifies easily for a loan and the cash will be in his account quickly. However, then he sees the repayment terms on this loan is as little as four weeks. Ned realises, therefore, that his $2,000 loan repaid over four weeks would be unmanageable.

Instead, Ned looks to a lender offering personal loans. Ned realises he can qualify for the same amount of money. In addition, his repayments now go over a 12 month term. This allows Ned to fit his repayments around his lifestyle.

Which bank is easiest to get easy approval loans?

Many major banks in Australia offer personal loans. Depending on the bank, the amounts offered, the repayment terms and eligibility criteria may all differ. In addition, because consumers all have different individual situations, one bank might be easier for one consumer, while another might be easier for someone different.

In short, Monzi cannot speak to which bank is easiest to secure approval from. However, consumers can visit the Moneysmart page on borrowing basics for additional information.

Why was I rejected by the bank?

Being rejected for a bank loan can be disheartening; all the anticipation and excitement is then shot down in flames.

It is, however, important to find out why you were rejected. Consumers are legally able to request a written copy of the lender’s final assessment.

While lenders may differ in terms of their assessment criteria, there are a few common causes for loan rejection.

  • The consumer’s credit report had too many defaults. Defaults include overdue payments of 60 days or more where the debt collection process has begun.
  • The credit report also revealed missed payments to a credit provider which are more than two weeks overdue.
  • Lenders also consider your regular income and expenses, as well as any existing debts. Your application may be declined if the credit provider thinks you may struggle to afford the repayments.
  • The consumer does not have enough savings to prove they will afford the loan repayments.

Why do lenders assess applications?

You may be wondering why lenders go to so much trouble assessing loan applications. After all, why can’t they just offer guaranteed approval loans bad credit?

In short, lenders need to confirm the loan product is not unsuitable for the consumer. Examples of a loan product being unsuitable for the consumer include:

  • where the consumer is unable to afford the loan repayments, or only under significant financial stress; or
  • the credit contract does not meet the consumer’s requirements and objectives.

In other words, credit providers need to lend money responsibly. They cannot provide credit to a consumer they know would be unsuitable for their situation. So, while loan rejection may be frustrating, it may also be in your best interest.

Is there anything I can do to improve my chances?

Being rejected for a loan may be annoying. The good news, however, is anybody can improve their chances of being accepted by a lender. Although, it may just take a little extra hard work.

  • Check your credit report. Consumers can access a free copy of their credit report from various providers. Consult your credit report to get an idea of how to work on a better credit history.
  • Reduce your debts. Certain types of debt should be prioritised. Consult ACIS’s Moneysmart website for additional information.
  • Debt reorganisation. In some situations, it may be a sound idea to consolidate your existing debts. In short, instead of having multiple repayments to deal with, you’ll only have the one consolidation loan.
  • Seek counsel. Seeking financial counselling may help get your finances back on track. Find a financial counsellor near you.

How can I get instant easy approval loans?

If you need cash in your account quickly, you may consider applying for an instant loan. Instant loans are loans that may give you an outcome quickly after applying. And, if you’re approved, your funds may be accessible on the same day as you applied.

Monzi’s lender-finder service may be able to make this even easier. In short, we try and match you with a lender who may be able to approve your application. Here’s how you can find instant loans through our lender-finder service:

  1. Head to www.monzi.com.au.
  2. Select loan amount and repayment terms.
  3. Complete the submission form.
  4. Wait as we scan through lenders.
  5. We’ll let you know the outcome via text and email.
  6. If we’re successful, your new lender will be in touch.
  7. Your lender will assess your application.
  8. If you’re approved, they’ll send through a contract.
  9. After you approve your contract, they’ll send through your money.
  10. You could even have your money the same day as approving the contract.**

**Access to funds is dependent on inter-bank transfer times.

How to find lenders offering easy approval cash loans

Monzi’s lender-finder service may be a great way to match with the lender you’re looking for. After all, it can be difficult to navigate through the world of online lenders. It seems like half are just waiting to decline your application ASAP, while the other half can’t wait to spring expensive fees and charges on you. Luckily, Monzi may be able to help you out.

In short, we aim to pair everyday Aussie consumers up with a lender that may fit their criteria. Below is a detailed outline of how to get started with Monzi’s lender-finder service.

Apply online

The first step is scrolling up to the loan slider at the top of the page. From there, consumers can select the amount they wish to borrow, as well as their ideal repayment terms. Finally, once they’ve made their selection, they are able to move to the next step.

Kick back

All Monzi needs from you here is to complete the online submission form. We only ask for the essentials, so you should be able to complete the application within a few minutes. From there, our automated system will scan through different loan products.

We’ll let you know the outcome via text and email. So, regardless of whether we’re successful or not, you’ll always be kept in the loop.

Meet your lender

If we successfully match you with a lender, they’ll be in touch. Next, they will conduct an assessment of your application. Finally, if you’re approved, the lender will send through a digital loan contract.

It is very important you read through your loan contract carefully before approving anything. In particular, pay close attention to the fees and charges associated with your loan.

Only approve your loan contract if you understand everything you’re reading. If you are unsure about anything included in your contract, get in contact with your lender immediately. Generally, they should be able to walk you through all aspects of your contract.

Can you borrow easy approval loans with bad credit?


If you have bad credit, it may prove difficult to be approved for a loan from a bank or credit union. However, not all lenders are the same.

Monzi may be able to pair you with a lender potentially offering bad credit personal loans from $300 to $10,000! However, all applications are subject to assessment.

What’s the easiest loan to get with bad credit?

It is impossible to say which loan is the easiest to get with bad credit. After all, the easiest loan for one consumer may not be the easiest for another.

However, Monzi works with lenders that may be able to focus on more than your bad credit. Therefore, if you’re looking to find personal loans, there is a chance Monzi may be able to help you.

This is because Monzi’s network of lenders is able to use some of the latest in intelligent banking technology. In particular, when you lodge an application, you’ll be asked to provide your internet banking credentials. This is so lenders are able to access a read-only copy of your bank statements.

Therefore, lenders can get a better feel for you and your relationship with money. In particular, they can see your income, your regular expenses, and how you’ve been keeping up with your other repayments. In addition, by accessing your bank statements digitally, you won’t have to supply or scan any paperwork.

Why is my credit history important?

After looking for easy approval loans online, you are likely to see a lot of lenders concerned about your credit. However, many borrowers are not actually sure why their credit rating is so important.

Essentially, your credit report and credit score let credit providers know how creditworthy a consumer is. In other words, your creditworthiness is your borrowing power as a consumer, based on your past history of borrowing money. In particular, your creditworthiness depicts how reliable you are as a borrower.

A consumer’s credit rating can directly influence how much lenders are willing to offer you. Additionally, your credit rating may also dictate what interest rates and other terms you’re offered.

What does my credit score mean?

Experian and Equifax are two of the largest credit reporting bureaus in Australia. These bureaus collect information on your credit history from lenders, courts and other organisations and compile it into your credit report.

Your credit score, in turn, is a numerical representation of the information included in your credit report. This information includes:

  • Your personal information.
  • What kind of credit providers you have used in the past.
  • The amount of credit you have borrowed.
  • The number of credit applications and enquiries you’ve lodged.
  • Any overdue or unpaid loans.
  • Any debt or personal insolvency agreements.

Next, Experian and Equifax will give you a credit score between zero and 1,000 and zero and 1,200 respectively.

Can I get a personal loan with a credit score of 550?

Yes! Well, it is possible.

However, it is at the discretion of the lender themselves to approve or decline your application. In addition, there are too many variables at play to give a definitive answer to this question.

Keep in mind, Monzi’s network of lenders are able to look at more than just your credit score.

Can I get a car loan with a credit score of 500?

Again, it is difficult to provide a definitive answer.

After all, different lenders may assess applications differently. A consumer with a credit score of 550 may be granted approval easily, while others may not.

I need a $5,000 easy approval loans

Need a $5,000 easy approval loan? You may be able to find a lender through Monzi!

A $5,000 personal loan is offered as a large secured personal loan by Monzi’s lenders. What does this mean exactly? Well, you will need to attach an asset as collateral against the loan.

Lenders may be able to accept your car, motorbike, caravan or boat as security. However, you will need to be the registered owner of the vehicle you wish to use as security.

How do qualify for a loan of $5,000? To be considered for approval you will need:

  • to be the registered owner of a vehicle to be used as collateral; and
  • able to afford the repayments within your regular income and expenses.

No job? No worries

You may still be eligible for a loan if you are unemployed. Monzi works with lenders that may be able to offer easy approval loans for unemployed Aussies.

You will, however, need to be earning some sort of income. After all, lenders will need to make sure you can afford the repayments. How then, does this happen if you’re unemployed? Let us fill you in.

If you are unemployed but receive Centrelink, you may be eligible. This is because some lenders may be able to regard regular Centrelink payments as income. Conversely, if you are unemployed but own an income-earning asset, you may be considered for approval. This could be, for example, a rental property you own that earns you income.

In short, lenders will need to confirm your regular income can comfortably afford both your usual expenses as well as your repayments. If they can do this, you may be considered for approval.

Never trust a sure thing

While looking for easy approval cash loans, you may have come across lenders offering guaranteed approval loans. This is, understandably, a very attractive prospect. After all, who wouldn’t want to be assured approval no matter what?

However, consumers should be very careful of any lender offering guaranteed approval. This is because lenders are required by law to conduct some sort of assessment on applications.

Moreover, if lenders wish to meet their responsible lending obligations, they are required to take the below three steps.

  1. Make inquiries into the consumer’s financial situation, as well as their requirements and objectives.
  2. Take reasonable steps to verify the consumer’s financial situation.
  3. Make an assessment as to whether the loan product is not unsuitable for the consumer.

As a result, any lender offering quick easy approval loans guaranteed approval is obviously not conducting a critical assessment of the application.

What about easy approval payday loans

Monzi is unable to pair you with any payday lenders. This is because our network of lenders are able to offer personal loans, not payday loans.

Easy approval personal loans are different from payday loans. In particular, personal loans can range up to $10,000, and have repayment terms of several months to multiple years.

Payday loans, on the other hand, may only go up to $2,000. In addition, they may even have repayment terms as short as four weeks!

Monzi finds variety

Monzi has built up a network of lenders that may be able to offer personal loans from $300 to a whopping $10,000!

In other words, if you just need a small cash injection to cover some bills, you can use Monzi to find a lender. If you’re looking for something larger to help fund your small business plans or the trip of a lifetime, Monzi may be able to find you a lender.

This variety of loans can be divided into three broad categories:

Easy loans online approvalLoan amount (AUD)Repayment termsSecured required
Small personal loan$300 to $2,00012 months
Medium personal loan$2,100 to $4,60013 to 24 months
Large personal loan$5,000 to $10,00013 to 24 months

The repayment terms offered on your actual loan may vary depending on the lender you’re paired with.

Am I eligible?

We have aimed to keep our eligibility criteria as open as possible. Put simply, we want to help as many Aussies as we can access the quality online lenders they need.

To use Monzi’s lender-finder service, just make sure you meet the following criteria:

  • At least 18 years old.
  • Hold an Australian Citizenship or Permanent Residency.
  • Have a personal email address and mobile number.
  • Received an income into a personal bank account for the last 3 months.

Can Monzi still help if I receive Centrelink?

At Monzi, we’ve made it our mission to pair everyday Aussies with quality lenders online. As a result, we may be able to match you with a lender, even if you receive Centrelink.

You will need to have been receiving Centrelink into a personal bank account for at least the last 90 days.

Individual lenders, however, may have their own regulations surrounding Centrelink as income. In other words, while one lender may accept a certain type of Centrelink benefit, another may not. In short, it is up to the individual policies of the lenders themselves to approve or decline your application.

When you apply, keep your myGov details handy.

Apply now

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Email our customer service team over on hello@monzi.com.au if you have any questions.

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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.