Guaranteed Loans – Learn More About Guaranteed Finance

Guaranteed loans might be advertised by certain credit providers online. Unfortunately, however, offering a loan with guaranteed approval is illegal. If you’re confused, don’t stress. Monzi is here to explain everything – read on!

Please note, certain ideas and products presented in this article may not be offered by Monzi nor 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 guaranteed loan?

A guaranteed approval loan, as the name implies, is a loan that you will be approved for no matter what. Regardless of the information in your credit report or your financial situation, lenders approve you for this loan.

As good as this may sound, guaranteed loans do not exist – well, legally anyway. Moreover, it’s all for a very good reason. Read on as Monzi explores guaranteed approval loans in Australia.

Why is guaranteed approval illegal?

Offering a loan with guaranteed approval is illegal in Australia. This is because all credit providers operating in Australia must lend money responsibly. Moreover, lenders must meet certain obligations in order to be compliant.

Specifically, the responsible lending obligations require the lender to:

  1. make reasonable inquiries into the applicant’s financial situation, as well as their needs and objectives;
  2. take reasonable steps to confirm the above information for themselves; and
  3. make an assessment as to whether the loan product is suitable for the consumer or not.

As you can see, lenders must make a critical assessment of your suitability to the loan. Any lender offering guaranteed approval, obviously, is not putting in any sort of assessment. As such, guaranteed approval goes against responsible lending obligations.

Get a full list of the obligations via ASIC.

Does Monzi offer guaranteed loans?

No – we do not offer guaranteed loans. Instead, we are a lender-finder service that aims to match you with a potential lender offering personal loans.

Furthermore, if we successfully match you with a lender they will assess your application before providing you with an outcome. Approval is, therefore, subject to assessment and never guaranteed.

Finally, each lender in our network is an individual company. As such, we cannot speak on their behalf regarding their assessment policies.

What about no credit check loans guaranteed approval Australia?

As their name suggests, these loans guarantee you approval no matter what. Moreover, the lender will not conduct a credit check.

If you apply for a no credit check loan, you may be able to expect the following:

  • Lender does not access your report. The lender will not request a copy of your report from a credit reporting agency. Therefore, your borrowing history is not taken into account.
  • Details listed. The lender still informs the credit bureau that you applied for a loan.
  • Bank statements. Lenders check the most recent 3 months of your bank statements to judge whether or not you can afford the loan. Moreover, lenders look to confirm the applicant receives a regular income.

Ultimately, however, any loan with guaranteed approval is illegal and you should avoid them at all costs. Moreover, if you use Monzi’s lender-finder service, there is no way to guarantee you being offered a loan without a credit check.

Can I get bad credit loans Australia with guaranteed approval?

Unfortunately, there is no way to guarantee you being approved. After all, every application is subject to assessment.

Understandably, if you have a few too many bad credit listings on your report, you may feel your credit options are limited. Moreover, you may be tempted to apply with lenders offering bad credit loans Australia guaranteed approval. As we have established, these lenders may not be reputable.

Even if you have poor credit, you may still be considered for approval. This is because there are a heap of alternative lending options willing to consider offering bad credit loans. Moreover, these lenders may also be able to focus on your current:

  • income
  • expenses
  • financial habits
  • repayment history with other lenders.

Are there any guaranteed payday loans?

No – as with any credit product in Australia, payday loan approval is contingent on assessment.

Payday loans often refer to loans of $2,000 or less. Moreover, consumers can apply for these loans online and in minutes. Furthermore, payday lenders may have less-strict approval criteria when compared to other finance products.

Due to their relatively open criteria, payday loans Australia are often popular among consumers with poor credit history. To compensate for this risk, however, payday lenders often charge higher rates and fees.

Are there any guaranteed approval loans for bad credit applications Centrelink?

No – there are no guaranteed approval loans for Centrelink customers.

In fact, if you receive government benefits or are on a low income, borrowing small amounts of money may not solve your problems. Moreover, it can be expensive to borrow money and you may dig yourself deeper into debt.

Therefore, please consider all other options available to you before applying for a loan. In particular, consider an advance of your future Centrelink benefits. You can learn more about the Advance Payment on the Services Australia website.

Alternatively, you may be eligible for a micro loan for Centrelink customers. These low or no-interest loans are potentially available from a number of community organisations.

Is there any way to increase my chances of approval?

While it is never guaranteed, you may be able to place yourself in the best position for approval. Moreover, each lender may vary in terms of their eligibility and assessment criteria. Despite this, you can increase your chances of approval by:

  • Over 18. You will need to be a legal adult to apply for credit. In Australia, this means 18 years of age or older.
  • Residency. Depending on the lender, you will may need to be either an Australian Citizen or hold Permanent Residency.
  • Income & expenses Lenders will confirm you are able to afford the loan by considering your income and expenses. Obviously, the more disposable cash you have at the end of each month the more likely you are to be approved.
  • Credit rating. Having a good credit score shows that you consistently make repayments on time. Lenders are more likely to extend credit to less-risky loanees.
  • Repayment history. Lenders also take into consideration your recent payment history with other lenders.

Ultimately, however, each lender is different. Moreover, each applicant is different. Therefore, there is no sure fire way to ensure you are approved.

What are the easiest loans to get approved for?

Unfortunately, Monzi cannot say which loan is easiest to secure approval for. After all, each consumer is different, as is each lender. Therefore, there is no one size fits all answer to this question.

In general, however, a suitable loan product for your situation is one that:

  • meets your needs and objectives; and
  • you are reasonably able to afford.

Moreover, Monzi works with alternative lenders that may be more open to consumers with less-than-impressive credit history. While approval is by no means guaranteed, it may be easier to secure approval through an alternative lender than a traditional lender, like a bank or credit union.

What do I do if I’m offered cash loans with guaranteed approval?

As we mentioned earlier, consumers should be very wary around any lender offering guaranteed loans no matter what Australia. There is a chance it could be a scam. If you feel like you are being contacted by a misleading or fraudulent company, here are a few warning signs to look out for:

  • It seems too good of a deal to be true.
  • Approval is guaranteed.
  • The lender asks for an up-front deposit.
  • The company claims they are Australian but have an international phone number.

Furthermore, check the name of the company against ASIC’s list of companies you should not deal with.

Finally, if you feel you have been the victim of a scam, get in contact with your bank and your local police. Furthermore, report the scam to the relevant authorities. You can find more information here.

Guaranteed loans woman smiling in sunflower field

Protect yourself against scams

Unfortunately, scammers are all too easy to come across these days. Therefore, consider the below list to help protect yourself from scams.

  • Passwords. Having a strong password makes it harder for untrustworthy websites to hack into your information. There are heaps of online guides to making a strong password.
  • Protect your devices. Make sure your computer or laptop is protected with up-to-date antivirus software. Moreover, always log out of your accounts if you share a computer.
  • Secure websites only. Only do business on secure websites. You know it’s a secured website if the url starts with ‘https’ and shows a padlock icon next to it.
  • Avoid public Wi-Fi. Using free public Wi-Fi to log into your online banking or social media may invite scammers in.
  • Licence. Every credit provider operating in Australia must hold a credit licence from ASIC.

Can I get bad credit loans guaranteed approval $5,000 through Monzi?

No – approval is subject to assessment. You can, however, apply for a large secured loan of $5,000. This is because Monzi works with a number of different lenders, potentially able to offer a range of credit products, including:

LoanAmount (AUD)TermSecurity
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

Just bear in mind, your repayment terms may vary depending on the lender.

Moreover, you may need to attach security to a loan valued over $2,000. Depending on the lender, you may be able to use your car, caravan, motorbike or boat as security.

How do I apply with Monzi?

While we cannot offer you guaranteed loans, we can offer you a great lender-finder service. In short, Monzi’s service is quick, convenient and easy to use. Moreover, you can be sure that if you match with a lender, they will be fully-licensed and reputable.

Here’s the step-by-step guide to applying with Monzi.

Step one

Before you apply, confirm you are eligible. Luckily, there are only four criteria you need to meet:

  • 18 years old
  • Australian Citizen or Permanent Resident
  • Have personal email address and contact number.
  • Have personal online banking active.

Scroll up to the loan slider if you meet everything listed above. Moreover, use the loan slider to select the loan you’re thinking of applying for. Once you select the amount and repayment terms, the slider shows a rough estimate of your repayments. Put simply, these are just examples; the actual cost of your loan may vary.

Step two

Click Apply Now once you are happy with your choice. The system now takes you to a number of questions. In short, follow the prompts. We only ask for the important stuff. So, this should be pretty quick!

Kick back once you fill in everything. Our system takes over from here. Moreover, we try to match you with a lender. We’ll let you know how it goes.

Step three

We’ll let you know the outcome. If it’s a win, the lender gets in contact. In short, the lender assesses your application. The lender sends through a contract if approved.

It is important you read the contract. Pay attention to:

  • Amount. Lenders can’t always offer the full amount you apply for on our site. Confirm you are happy with the amount.
  • Rate. Interest is what you pay on top of your loan. The higher the rate, the more you pay.
  • Fees. Lenders also apply fees and charges to your loan. Confirm what these are before signing.
  • Term. Are you given enough time? The longer your term, the more you pay in interest. The shorter your term, the less you pay in interest. However, the repayments are higher. Decide which is better for you.

How do make repayments?

Lenders set up direct debit from your account. Therefore, payments are automatic. You can choose between weekly, fortnightly or monthly. The direct debit stops once the loan settles.

Get in contact with your lender if you can’t afford a payment. They may be able to cancel it if you give them notice.

You may be eligible for financial hardship if things take a turn. For example, you may be eligible if you lose your job or injure yourself.

Get in contact with your lender to apply for hardship. You will need to provide evidence. Evidence of hardship could include:

  • separation certificate
  • medical certificate
  • bank statements
  • pay slips.

Lenders assess your hardship application. Lenders may offer a payment plan or holiday if you’re approved.

Email us if you have questions. Reach us at We’ll reply ASAP!

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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


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%. The minimum and maximum loan term is 12 months. 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.

Loan amount

$2,001 - $4,600


13 months (minimum)

24 months (maximum)


48% Annual Percentage Rate (APR)

67.41% Comparison Rate p.a.


Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principal Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Annual Percentage Rate (APR) for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. 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 (minimum)

24 months (maximum)


21.24% Annual Percentage Rate (APR)

48% Comparison Rate p.a.


Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principal Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Annual Percentage Rate (APR) for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. 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.