Fastest Personal Loans – Does It Pay To Be Quick?

In some cases, if you are looking for a personal loan, you’re looking for the fastest personal loans. Whether it’s an emergency that requires fast loans or a miscalculation that requires small loans, personal loans can help.

There are several situations where it may be suitable to go slow and savour the process. Such as applying for a mortgage loan. However, if you’ve encountered some emergency dental work or a broken-down car, you may need the fastest personal loans to fix the problem. Let’s discuss when and where to use these cash loans so that they can benefit you.

Please note that specific ideas and products presented in this article may not be on offer by Monzi or 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 personal loan?

A personal loan is a loan that you can use for almost any purpose. These loans are generally smaller in size. However, some lenders may be able to offer substantial amounts. The best thing about personal loans, however, is the flexibility they can provide you with. As you can use one of these loans for almost any purpose, they can stand in the place of several specific loans. For example, car loans, medical loans, dental loans, and vet bill loans. The list can be endless.

Not only this, however, but personal loans can also cater to various credit scores. This is because private lenders generally offer the majority of personal loans. Private lenders often have more malleable criteria than a financial institution’s, such as a bank. Therefore if your credit isn’t looking so great, you have the opportunity to turn to someone who can listen. Potentially even someone who can offer you no credit check loans.

Monzi, particularly, works with a network of lenders who may be more willing to work with a range of credit scores than other lenders. Therefore, if you are in this type of situation where you need someone to listen to you, consider using the Monzi lender-finder.

How fast can a personal loan be?

One of the other benefits of personal loans is that they can be fast. If you’re in a pinch, same day cash loans are desirable. Depending on your lender and their process, the speed of a personal loan may vary. For example, if you apply for a loan through Monzi’s lender-finder, you’ll encounter a process that is 100% online and paperwork free. This is great for removing unnecessary steps from the process.

Monzi can’t speak about how every lender operates. However, if you use one of the lenders in the Monzi network, you may be able to get same-day cash or same day approval loans depending on when you apply. Traditionally, however, non bank lenders may be more likely to offer fast personal loans than a bank. Consider this before applying for any loan, as if you are in a rush, this could influence your approval time.

Compare personal loans

But how do you find which of the fastest personal loans is best for you? There are several ways to find a lender that can help you. The first and potentially easiest is to use the Monzi lender-finder. This way, Monzi can take the hassle out of finding a lender that might help with your desired amount.

However, if you would prefer to conduct the lender search independently, there are comparison tools available. These are free online tools that you can use to help you find the fastest personal loans. These tools can highlight the most common loans on the market, typically financial institution loans. They will give you a side-by-side comparison of the attached interest rates, comparison rates, loan terms, application fees, and monthly repayments.

These are great for helping you narrow down a wide range of options to one or two choices that you can investigate further. This can be tedious and time-costly, however. So, if you are in a hurry, a lender-finder can potentially save you time and speed up the process.

How quickly can you get your money?

Monzi can’t speak on behalf of every lender. However, when you are looking for the fastest personal loans, you will want to know how soon you can get your money. Through Monzi, it is possible to receive same day cash when you’re after quick money. However, this does hinge on when you apply, the size of your loan, and the promptness of your lender.

The time you apply, however, will be the most crucial factor. You can apply for loans 24/7 with Monzi. Meaning if something happens at midnight, you can apply then and there as the issue arises. Although, you cannot match to a lender outside of business hours. Meaning you will have to wait until the start of the next business day for the process to move forward.

If you apply on a Friday night, you won’t be able to continue until Monday morning. Once you match, the process can move quite quickly. When you sign your contract, the money can be on its way. Generally, though, like Monzi, the banks cannot process transfers outside of business hours. Meaning that you may also have to account for this and any extra time for cross-bank transfers.

Why might you need the fastest personal loans?

There are several reasons you may need to locate the fastest personal loans. However, as you can use personal loans for almost anything you like, they could take the place of several other loan types.

You might need the fastest personal loans for:

These are only a few of the options available to you. Essentially, anything you may require a cash boost for is ideal for using the fastest personal loans. Ideally, you won’t need payday loans online to fix an issue. However, if you do, a personal loan can stand in place as a potentially safer alternative.

What’s the process

The loan process will vary by loan type, size and lender. Personal loans often have a short and straightforward process due to their nature. However, if you seek a first home loan, you can expect a much more intense process and timeline. Monzi can’t speak for the operation of every company in circulation; we also can’t tell you exactly how each of our lenders may operate. Every lender has their way of running their company and terms and regulations that you’ll need to meet.

We can, however, give you a rough idea of your fastest personal loans process through our lender-finder. It really is easy. This is as you can complete the process from your lounge room without the need for hard copy paperwork. Once you place your application through our lender-finder, we’ll get to work searching for a lender who may be able to help you. This can potentially happen in as little as 60 minutes if you apply during business hours.

If we are successful, your lender will reach out to you soon after. They will conduct their required checks and offer you a contract if you meet their criteria. Once you sign it, the money will be on the way. Please note that when this money arrives will depend on bank operations and is out of your lender’s control.

Why are personal loans faster than other loans?

Personal loans are generally faster than most other loan types due to the simplicity of their criteria. This means that personal loan lenders typically won’t require as much paperwork or be as strict with their standards. If you compare this to a home loan, for example, you are likely to be setting yourself up for a process that could take multiple weeks to a month before you reach approval. This is since the checks, and the requirements for such a large loan can be immense. However, as personal loans usually involve smaller amounts, your lender may not need to be quite as thorough.

Another thing that can potentially remove a large chunk of time is the lack of a credit check. If you seek a small amount of money via a private lender, they may not require a credit check. This does not mean you will receive approval without any reviews whatsoever. As your lender can potentially be more personable, they may be willing to hear you out and gauge your worthiness off of several other factors.

How much can you get approved for in a day?

Monzi cannot give you an exact figure of how much same day cash you may receive approval for. However, through the Monzi lender-finder, you may have the option of up to $10,000. Although, if you aim for an amount under $2,000 that doesn’t require collateral, your chances of obtaining same day approval may increase.

This does, however, come back to whether you meet your lender’s criteria. If you can’t show that you have had a regular income for the past three months, you may not qualify. Even if you have an excellent credit score, without the basics – such as a reliable income – you won’t obtain any type of loan.

Same day cash with Monzi

Whilst Monzi can’t guarantee you will be able to obtain same-day cash through our lender network. We may be able to help you find a lender in as little as 60 minutes. This is great when contrasted with carrying out the lender finding process yourself. If you don’t know where to start with finding a lender for your loan, it can be pretty tricky.

Monzi can potentially streamline the process for you. And, if you match with a lender that you feel isn’t going to work with you well, you can always decline a contract. What’s more, is you may be able to reuse the lender-finder to match again. Please note that Monzi cannot guarantee you will find a different lender the second time.

Finding the fastest personal loans

What credit score do you need for the fastest personal loans?

There isn’t a sole answer to this question with any lender, let alone the Monzi lenders. Generally, if your credit score is good or better, you should be able to apply in some capacity for most financial institution loans. Having a good or better credit score may also increase your chances of receiving approval for larger credit applications throughout the Monzi lender network.

Don’t worry. If your credit score is below the ‘good’ bracket and your credit report is looking shabby, this won’t rule you out. Our lenders aim to provide the flexibility that will allow them to work with you in instances where a bank lender might not. Providing you qualify to use the Monzi lender-finder, and we can match you, your lender may be more willing to hear you out and adequately evaluate your situation. Rather than basing their decision on your credit score.

Please note that a declined application is in your best interest. By law, Australian lenders cannot lend to you if they don’t believe you have the capacity to repay your loan. If you are currently struggling with money, a loan may not be the way. For more information on where to get help, the Australian government’s MoneySmart site has a page on financial hardship that may be a good start point.

Private lender personal loans

If you haven’t heard of private loans before, private lenders are lenders that do not belong to a financial institution. This means that they don’t work for a bank or a credit union, and the money they loan is their own. The lenders in the Monzi network are private lenders. As with all things financial, however, there are advantages and disadvantages to using private lenders.


  • Criteria flexibility: A viable option if you have bad credit.
  • Personable: May be more inclined to consider your entire situation.
  • Customer service: You are less likely to get lost in the system.
  • Low set-up costs: The Monzi lender-finder is free to use.


  • Economic changes: Private lenders are at greater risk if a crisis hits.
  • Ensure you choose a trustworthy lender: Monzi may be able to help you here.

If you are looking for someone to take a chance on you, a private lender may be your best bet. Private loans may also be some of the fastest personal loans, especially when combined with the Monzi lender-finder.

Financial institution personal loans

There are advantages and disadvantages to private lender personal loans, as there are for bank lender personal loans. Here are some points to consider about financial institutions when searching for the fastest personal loans.


  • Lower interest rates: Banks don’t have to overcompensate with interest for flexible criteria like private lenders do.
  • Stability: If society encounters a crisis, your bank loan may be more secure.


  • Less flexibility: Bank lenders have to abide by the rule book.
  • Credit scores: Your credit report will be the focal point of your application.

You can obtain personal loans through a bank. However, if your credit score is less than satisfactory, you will more likely gravitate towards a private lender. Make your decision based on your circumstances and values.

Do you need a credit check for same day cash?

There is no precise answer to this question. It may depend on your:

  1. Lender: Each lender operates differently from the other. Even if you are only applying for a small sum, they may still require a credit check. If this is the case, please note that this does not mean you can’t receive approval. Monzi lenders may also take into account your lifestyle and other relevant factors.
  2. Loan size: Your credit score may carry more relevance as your loan size increases. If you have bad credit and want to avoid a credit check, you may successfully do so by applying for a smaller amount.
  3. Loan type: If you seek the fastest personal loans, a credit check may not be necessary. However, if you are looking to buy a house, your lender may want to know that you can be responsible.

Whether or not you need a credit check when seeking same day cash depends on the situation. However, note that a credit check may not be the worst-case scenario if your lender does require one.

Emergency personal loans

Emergency loans are amongst the fastest personal loans available as they are for when you require instant money. Ideally, you will never have to take a loan in an emergency, as it often means something has gone wrong. If you do, however, and you don’t have the time to do your research for a lender, Monzi may be able to help.

Our application aims to be simplistic. Providing you have a valid mobile number, email address and three months of bank statements showing a regular income, we may be able to help. The only other thing you’ll need is to be over 18 and an Australian citizen or permanent resident. If you can verify this and answer our questions, we will try our best to locate you a match. From there, your lender may reach out to you and hopefully have a contract to sign.

This can help take the stress off your shoulders, mainly if someone in your family is ill or injured. It may also help get you back on the road if you have had to cover certain unforeseen car repairs. Monzi will try our best to help you out where possible.

Other ways to get quick cash

In some instances, however, a loan may not be the best option for you. In fact, before taking any form of loan, you should consider which options you have available to you. The danger of taking a loan when you are already struggling is that you can worsen your situation by adding extra debt. Here are some alternatives before looking for a loan:

  • See whether you are entitled to any aid via Centrelink or government grants.
  • If you are already receiving Centrelink payments, you may be able to request a cash advance.
  • Speak with a financial counsellor via the national debt helpline for aid in refining your budget.
  • Look for interest-free government assistance loans; these can be very useful in times of struggle – if you qualify.
  • Use your credit card instead if you feel that you will be able to make the repayments.

These are just some ideas; they may not work for everybody. However, weighing out all your options before making a decision is intelligent money management. There is hope, and there are people who can help you in tough times.

Can you get the fastest personal loans while unemployed?

Is it wise to search for the fastest personal loans if you don’t have a job? This depends on your circumstances. If you are in a transition period between jobs and can still show a regular income, you may be able to attain approval while unemployed. Whether this is a clever idea is also circumstantial. If you have been out of work with no money coming in for quite some time, the story may be different.

It is really up to your lender’s discretion as to whether you will receive approval. However, if you think you can still satisfy their criteria, you are welcome to apply through Monzi’s lender-finder. It won’t cost you a cent to match through us.

Can you get the fastest personal loans while on Centrelink?

As your result is circumstantial if you are unemployed, such is also the case if you receive Centrelink payments. In some instances, Centrelink payments – if they are regular and large enough – may qualify as a stable income. Thereby your lender could grant you loan approval.

You will need to show that you can still support yourself and your family at the same time as repaying your Centrelink loans. Generally, these payments are only enough to live on. However, if you have a second stream of income, you may improve your chances. If you are desperate for extra cash, first try asking Centrelink for a cash advance rather than looking for the fastest personal loans.

Fast cash loans

Fast cash loans come under all sorts of names. You may have also seen fast small loans, quick easy loans, or quick loans bad credit. Regardless, these are simply alternate names for speedy personal loans available to you when life goes awry.

You might have realised, as you progress through life, you can’t predict what’s going to happen tomorrow. This means that if what does happen isn’t so great, you’ll have the option of accessing some extra cash to get you through.

Can you get fast loans in an hour?

It may be possible, via various lenders, to obtain fast loans in an hour. This is not something anyone can guarantee, and nor can Monzi. However, our goal is a quick application process, and we may be able to find you a lender in as little as 60 minutes.

You are more likely to meet the goal of same-day loan approval if you apply in the morning. We may find you a lender at the beginning of the day, and you might get to sign a contract by the end. This is all circumstantial; however, approval within the day is attainable.

How do you improve your credit score?

If you want to increase your approval chance for the fastest personal loans or any other loan type, your biggest ally will be time. Credit repair Australia is possible if you search ‘how to fix my credit’ although, as you cannot wipe your credit report clean, positive reinforcement is your best bet.

Installing productive habits while waiting for information to remove itself from your credit report can ensure effective changes. These behaviours include repaying your debts promptly and not applying for credit too frequently. If you are looking for aid with repairing your credit, some companies may be able to help. Please note, however, that some of these companies may be scams, and you should do your research before engaging with a company’s services.

Monzi’s fastest personal loans

All of the lenders you encounter through the lender-finder may be offering some of the fastest personal loans. However, you won’t know until you try. If you are ready to place a loan application, we are ready to help.

All you’ll have to do is click ‘apply now’ or scroll up to our loan slider and tell us how much you want. From there, we’ll need a few details about you and then we can get to work securing a match.

If you have any questions before beginning the process, however, don’t hesitate. You can contact our friendly team at We’re ready, waiting and happy to help you with your application.

Check out our social media

Recently finished a loan process? Wanting to engage with the lender-finder in future? A great way to keep in touch is by following our social pages. Monzi has Facebook, Instagram, Twitter and Pinterest. Here we post updates and share our latest articles, meaning you’ll be staying in the loop.

We hope we’ll get to see you there!

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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.