Furniture Finance Online – Buy Now Pay Later

Furniture finance lets you redecorate your home now while manageably spreading your repayments over the coming months. Apply for personal loans from $300 to $10,000 with Monzi.

What is furniture finance?

Put simply, furniture finance lets you purchase that couch you’ve been eyeing off for months while spreading the repayments over a short amount of time.

Ultimately, furniture loans can cover the purchase of any piece of furniture, including:

  • Outdoor and garden furniture
  • Coffee tables
  • Chest of drawers
  • Wardrobe
  • Bookcase
  • Armchair
  • Dining room tables and chairs
  • Beds
  • Couches.

Furniture finance may be available from the vendor themselves, or through alternative options. Monzi is one such alternative option. Apply with us and we may be able to match you with a lender potentially offering personal loans of up to $10,000.

What kind of furniture finance does Monzi offer?

Technically, we do not offer finance ourselves; however, we have a wide network of trusted lenders that may be able to offer personal loans from $300 to $10,000. Moreover, you can use these personal loans to cover the cost of renovating your home.

The lenders we work with can potentially offer personal loans which can be sorted into three categories:

LoanAmountTermSecurity
Small personal loan$300 to $2,000Up to 12 monthsUnsecured
Medium personal loan$2,001 to $4,60013 to 24 monthsSecured
Large personal loan$5,000 to $10,00013 to 24 monthsSecured

Bear in mind, the actual repayment terms of your loan may vary to what is presented above.

Is it a good idea to finance furniture?

It may, in certain situations, be a good idea to finance furniture. Ultimately, however, only you can answer this question.

A personal loan for furniture may be a good idea if:

  • it covers the cost of furniture; and
  • you can comfortably afford the regular repayments.

If you think a personal loan for furniture is a good idea, consider Monzi’s lender-finder service. Apply from $300 to $10,000.

Is furniture finance no credit check available through Monzi?

Finance without a credit check may not be available through Monzi’s network of lenders. Ultimately, they may be possible, but there is no way to guarantee you being offered one.

Performing a credit assessment is completely at the discretion of an individual lender. Moreover, Monzi cannot guarantee which lender you will be paired with. Therefore, avoiding a credit assessment may be possible, but never guaranteed.

If you wish to apply for these loans specifically, you may wish to consider an alternative to Monzi’s lender-finder service.

Can you finance furniture with bad credit?

Yes, you can still apply for finance if you have a few too many defaults listed on your credit report. In short, we work with lenders willing to consider bad credit applicants.

After all, when you apply we ask you to enter your online banking logins. We understand this may seem weird initially, but hear us out.

After you enter your online banking logins, our smart loans system is able to securely access read-only copies of the last 90 days of your banking history. Monzi is then able to pass this information on to potential lenders.

Lenders then use these PDF copies of your statements to gain an understanding of your:

  • normal income
  • regular expenses
  • recent repayment history
  • saving habits
  • etc.

To sum up, lenders can quickly get an idea of your current relationship with money. Therefore, lenders may be able to focus on what you do well now, instead of the mistakes you made in the past.

Does financing furniture build credit?

A personal loan for home furniture will impact your credit report just as any loan would. In other words, if you handle your loan poorly, your credit score will negatively be affected.

Specifically, missed payments or defaults will hurt your credit rating. Furthermore, multiple applications for additional credit over a short period of time may hurt your score.

How to compare furniture finance

There are a number of things you should take into consideration when comparing furniture loans or lenders.

  • Amount. Does the lender offer the loan amount you need? Some lenders may only offer small loans, while others may offer larger secured loans.
  • Repayments. Are you afforded flexibility when it comes to repayments? For example, can you choose between a weekly, fortnightly or monthly repayment schedule?
  • Rates and fees. Always consider what rates and fees are applied to a loan, as they will quickly impact what you repay in total. Furthermore, check to see what happens if you miss a repayment.

What is secured furniture finance?

Secured furniture finance is simply a secured personal loan that covers the cost of furnishing your home. Secured personal loans are available from $2,001 and above.

Monzi works with lenders that may be able to offer you a secured personal loan. Generally, lenders are able to accept the following assets as collateral:

  • car
  • caravan
  • motorbike
  • boat.

Note, you must be the registered owner of any asset you wish to use as collateral.

Security acts as a guarantee to the lender you will repay your loan according to your contract. If not, repossession may occur. Lenders then sell your asset to recover some or all of the losses they incurred on your loan.

Because lenders are able to recover their losses, secured loans are generally seen as less risky than unsecured loans. They are, as a result, available at larger amounts and with lower rates and fees.

When will I see my cash?

Processing times vary between lenders. There is, therefore, no set time between approving your contract and having the funds appear in your account.

Keep in mind, lenders only begin processing your funds after you approve your contract. If you approve your contract during normal business hours, your funds will likely appear the same day. Alternatively, approve your contract outside your lender’s normal hours and your funds may not appear until the following business day.

Finally, be aware that no loan transfers take place over the weekend or on public holidays.

What do I do if I’m unhappy with the contract offered to me?

Get in contact with your lender before signing your contract if you’re unhappy with what’s been offered to you.

It is essential you read through your contract thoroughly before approving anything. Realising you’re unhappy with your loan after you approve your contract can lead to all sorts of issues.

As you read through your contract, pay particular attention to the following:

  • amount offered (may not be exactly what you applied for on our site)
  • repayment terms
  • interest rates
  • additional fees and charges.

If you are unhappy with your contract, let your lender know. They will be able to explain everything in your loan contract.

Bedroom furniture on finance

Before you finance bedroom furniture, it is important you consider what kind of space you want to create.

Your bedroom will likely reflect you as a person. For most people, the bedroom is the most personal room in the house. Despite this, there are a few general rules we recommend following when it comes to furnishing your room.

  • Bed location. Naturally, your bed will probably be the biggest piece of furniture in the room. Picking the right location for your bed is important. For larger rooms, we recommend placing the bed in the corner; for smaller rooms, keep it against the opposite wall to the door.
  • Balance. With your bed at one end of the room, it is important you balance it out with another large piece of furniture on the opposite wall. If your room is small, keep the opposite wall free to maximise space.
  • Wardrobes. Taller wardrobes look great in the corner of a room, while smaller ones suit underneath a window. If your room is small, you may have to reconcile between having floor space or storage.

Bathroom furniture

Bathrooms are simultaneously about form and function. Not only do you want to create a space that’s relaxing, inviting and clean, but also something well-organised. Therefore, bathroom furniture will generally revolve around storage.

The first thing to consider is the function of the room. Moreover, a bathroom for a young family is likely to look much different from a bathroom designed for pensioners.

Bathroom furniture can generally be divided into two categories:

  • Floor-standing. These cupboards and shelving units stand on the floor. This allows for large storage that is easily accessible. Too many floor-standing pieces can, however, reduce floor space and may leave your bathroom feeling cramped.
  • Wall-mounted. These smaller items like cupboards or mirrored cabinets are mounted on the wall. This leaves the below floor exposed, which in turn creates the illusion of larger floor space.

Living room furniture finance

Living rooms serve drastically different roles in different homes. For example, some families use this room as the main living space in the house; others, as an area reserved for guests or entertaining.

Regardless of the intended role of your living room, there are a few basic things to remember:

  • Focal point. Every living room needs a strong focal point, whether it be a fireplace, a large window or television. Once you establish the focal point, you can arrange the rest of your furnishings in relation to it.
  • Stimulate interaction. Arrange the furniture in your living room to promote conversation and human interaction. A good rule to follow is to make sure that people can talk to each other without needing to crane their neck.
  • Avoid pushing everything against the wall. Instead of having all your furniture flush against the walls, why not place them closer together to create a more personal arrangement?

Outdoor furniture finance

Australia’s favourite room: the backyard. Creating an outdoor space that is inviting and comfortable will guarantee you and family get as much out of your backyard as possible.

Consider the following when furnishing your backyard area.

  • Pick furniture that is hardy against the elements and low maintenance. While we all love to be as comfortable outside as we are inside, nobody wants to add another room to their cleaning routine.
  • Don’t be afraid to include an outdoor rug. A rug can quickly tie any room together, and your outdoor space is no different.
  • As outdoor furniture is permanently exposed to the elements, it is important you pick high-quality brands that will last.

Furniture loans green couch on timber flooring

Why choose Monzi?

Monzi’s lender-finder service has heaps of benefits for our users. Why do you think past Monzi customers keep returning?

Not convinced? No dramas. Here’s why we think we’re the best lender-finder in the game.

  • Free. Yep – Monzi is 100% free to use; no matter the outcome, you will never pay a cent for Monzi.
  • Fast. We get to work ASAP trying to match you with a potential lender. Depending on when you apply, you might get an outcome within 60 minutes.
  • Convenient. The 100% online application process is super simple and paperwork free. There are instructions at every step, so you should breeze through in no time.
  • Secure. Our system is protected by not one, but two internet security services: Comodo and McAfee. This means your data is always kept completely safe and secure.

What do I do if I can’t afford repayments?

Lenders assess your application to ensure they make an offer you can reasonably afford. Obviously, however, things change. What was affordable a few months ago may now be causing you financial hardship due to unforeseen circumstances. For example, losing your job or splitting up with your partner may hinder your ability to afford your loan.

Luckily, you are not left to fend for yourself. You may, after all, be eligible for a hardship adjustment from your lender.

Get in contact with your lender directly to apply for hardship. Your application will be assessed, so remember to include all relevant documentation. This documentation must show evidence of hardship. This can, specifically, include copies of things like:

  • separation certificate from your employer
  • recent bank statements showing evidence of hardship
  • medical certificate.

Lenders may offer a payment holiday, adjustment, or both if your hardship application is approved.

Ready to apply?

Consumers begin with Monzi’s lender-finder service by scrolling up to the loan slider and making a selection. Remember, the loan slider shows examples of repayments. These are just examples, and the actual cost of your loan may vary.

Monzi means flexibility. In short, you could use your personal loan to cover anything from medical supplies to new tires for your bicycle.

There’s plenty more Monzi over on Facebook, Instagram, Twitter and Pinterest>.

Finally, note that it can be expensive to borrow small amounts of money. Specifically, if you find yourself relying on small amount loans, consider the MoneySmart article on managing debt.

Factor In

Costs

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

Terms

12 months

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

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

Terms

13 months

24 months

Costs

48% annual percantage rate

67.41% comparison rate p.a.

Example

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

Terms

13 months

24 months

Costs

21.24% annual percantage rate

48% comparison rate p.a.

Example

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.