Get a loan today with Monzi Personal Loans. With our lender-finder service, Monzi may be able to pair you with a potential lender in no time. Simply apply on our site and we’ll do our best to match you with a potential lender. If you apply during normal business hours, you may receive an answer within 60 minutes. Interested? Read on!
Is it possible to get a loan today?
Yes! It is absolutely possible to get a loan today, it just may not be guaranteed. In short, if you apply with Monzi during normal business hours, we’ll do our best to provide an outcome within 60 minutes.
If you match with a lender, they’ll assess your application. Moreover, if you’re approved, lenders send through a digital loan agreement. Finally, if you approve your contract within normal operating hours, you may receive a same day loan. Alternatively, you may receive your cash the following business day.
Keep in mind, there are a number of factors that may affect when you see your cash. We’ll explore these later.
Am I eligible to get a loan today?
To be eligible for Monzi’s lender-finder service, there are four criteria you need to meet:
- 18 years of age or older
- Australian Citizen or hold Permanent Residency
- Own personal email address and contact number
- Own personal bank account with online banking active.
Bear in mind, Monzi does not offer loans ourselves. Moreover, each individual lender on our panel will have their own criteria. Therefore, qualifying for Monzi does not guarantee you approval.
How can I get a loan immediately?
While we cannot guarantee you being offered a loan immediately, we might be able to match you with a potential lender super quickly. Moreover, these lenders may be able to process your loan so quickly it feels like an almost instant loan.
Not sure how Monzi works? We’ll explain everything here:
First, scroll up to the loan slider at the top of the page to make a selection. Choose the amount you wish to borrow as well as your ideal repayment terms. Once you’re happy with your selection, click apply now.
Please note, the loan slider shows examples of weekly, fortnightly and monthly repayments. Consider these a guide only. Lenders vary in what they might charge, so the actual cost of your loan may be different.
Next, complete the submission form. We only ask for essential information so this shouldn’t take you too long. Once you complete all the steps your work is over.
If we successfully match you with a potential lender, they’ll be in touch to complete their assessment. Lenders send through a digital loan contract if you are approved.
Your funds are transferred after you approve your contract.
Get a loan today – when will I see my cash?
Lenders process your funds after you approve your contract. While same day access to funds is very possible, it is not always guaranteed due to a number of factors.
- Banking rounds. Certain lenders may have points throughout the day when they process funds. You may only receive your cash the next business day if you approve your contract after this final round of banking.
- Inter-bank transfers. Transfer times between certain banks is quicker than others. Therefore, who you bank with may affect when you see your loan.
- Weekends. Generally, no funds are processed over the weekend. If you approve your contract late Friday night, you may only receive your funds the following business day. The same holds true for public holidays.
How can I borrow $1,000 fast?
While we do not offer loans ourselves, using Monzi’s lender-finder service may speed the process.
Furthermore, the repayment terms for small loans may range anywhere up to 12 months. Ultimately, however, repayment terms may vary between lenders.
If you receive Centrelink, it may be worth considering your options outside of a small loan. After all, borrowing small amounts of money may be expensive and might not solve your issues. For extra information, head to our article on micro loans for Centrelink customers. Alternatively, head to the MoneySmart article on alternatives to payday loans. There you may find all the information that you need to know about payday loans Australia and the potential costs involved.
What kind of loans can I apply for?
Monzi works with a panel of lenders potentially able to offer personal loans. Moreover, these loans can be sorted into three categories:
|Small personal loan||$300 to $2,000||Up to 12 months||No|
|Medium personal loan||$2,001 to $4,600||13 to 24 months||Yes|
|Large personal loan||$5,000 to $10,000||13 to 24 months||Yes|
Keep in mind, the above table is just a guide. When you need money and apply for a loan, the actual terms may vary to what we present above.
Can I get a secured loan today?
Yes, potentially. If you apply for a loan over $2,000, you must attach an asset as security.
Guaranteeing your loan with one of your assets reduces the level of risk for the lender. After all, if you fail on your loan, the lender is able to repossess your asset to recover some of their losses. Don’t stress though – repossession is often only the final resort for lenders.
Due to secured loans being seen as less risky, lenders are often willing to offer larger amounts. Moreover, consumers with poor credit may find it easier to qualify for a secured loan than an unsecured loan.
Online personal loans
Here at Monzi, we love the internet as much as anybody. That’s why our lender-finder service is 100% online.
No matter where you are in Australia, if you have a device and a signal, you can apply for online loans with Monzi.
Here are just a few benefits of having a 100% online business:
- Apply from anywhere at any time
- No physical paperwork
- No queues
- Fast outcomes.
Can I get a loan today with no credit check?
You may not be able to get a loan with no credit check through Monzi’s panel of lenders. In short, each lender we associate with is an individual company. Moreover, each lender may vary in how they assess applicants.
While certain lenders may not access your credit report, others may. Therefore, if you are explicitly looking for a no credit check loan, you may wish to consider alternatives to Monzi.
If, however, you are offered a loan without a credit check, you may be able to expect the following:
- Lender does not access your credit report. In short, your lender will not request a copy of your credit report from a reporting agency.
- Loan details. Despite not checking your credit report, lenders will still let the reporting agency know you applied for a loan.
- Bank statements. Lenders typically check the last 90 days of your bank statements to confirm your financial situation. Moreover, lenders consider a range of factors to judge whether or not you can reasonably afford the loan.
- Income. All applicants must be earning some sort of income.
How can I increase my chances of getting a loan today?
While you cannot receive loan approval no matter what, we can give you a few tips on receiving a quick outcome. After all, the quicker you get an outcome, the quicker you can move to the next step.
To put yourself in the best position to receive a quick outcome, consider the following:
- Business hours. Lenders will have their own operating hours when their staff are working. Aim to apply during these hours to increase your chances of a quick approval.
- Extra information. You should try to provide all relevant information when you first apply. Otherwise, lenders may need to pause their assessment and chase up additional information.
- Contact. Keep an eye on your phone during the assessment process. The quicker you’re able to questions or requests the sooner you’ll receive an outcome.
What is in my contract?
Lenders first assess your application and send through a digital loan agreement if you’re approved. It is, moreover, essential you read through your contract carefully before approving it.
After all, you may run into issues if you approve a contract you’re unhappy with. Therefore, pay particular attention to the following:
- Amount. Due to Australian lending law, lenders may not be able to offer the exact amount you applied for on our site. Therefore, always first confirm you are happy with the amount on offer.
- Term. This is the length of time you’re given to repay your loan in-full. A longer term may result in lower regular repayments but more paid in overall interest; the reverse is true for shorter terms.
- Rate. The personal loan interest rate is the percentage of the principal you repay each year.
- Fees. There may be additional fees and charges on top of your interest and principal. Often, these may include establishment, upfront and ongoing fees.
As we mention above, it is essential that you understand your contract. If, however, there are parts you do not understand, get in contact with your credit provider ASAP. They will be able to walk you through the details of your credit contract.
Is my information kept safe if I get a loan today?
Yes! When you apply through Monzi, you can be sure your data is always kept safe and secure.
Monzi has employed the services of both Comodo and McAfee. In other words, our system is protected by two internet security heavyweights.
This means your login details are never seen by anyone at Monzi, nor the lenders we work with.
Why was my application declined?
Please note that as the lender-finder, Monzi cannot tell you why your application was denied. After all, each lender may assess applications differently and Monzi cannot speak on behalf of lenders.
If your application was declined, get in contact with your lender and they should be able to give you the reason why.
In short, there are a number of different reasons why your application was unsuccessful.
I need help applying
Need a hand lodging your application? No stress. You can get in contact with Monzi on email@example.com. We’ll be able to answer any and all questions you may have.
Just keep in mind, we are unable to speak on behalf of individual lenders. This limits how much we can help. Therefore, get in contact with your lender directly if you have any specific questions about your application or their assessment.
Struggling with debt?
Consumers should avoid taking new credit out to repay old loans. However, many Australians may find themselves in this position.
If you aren’t sure where to begin, get in touch with the National Debt Helpline by calling 1800 007 007. Just keep in mind, the helpline is open from Monday to Friday from 9:30 am to 4:30 pm.