Instant Loan No Credit Check – How It Works

An instant loan no credit check may be a particularly convenient way for people to access emergency funds. While these loans may not always be available from Monzi’s network of lenders, we will still explore exactly what they mean.

Disclaimer: Monzi cannot guarantee whether or not the lender you are paired with will conduct a credit check. A credit check may or may not be part of a lender’s assessment policy. Monzi has no control over the assessment of applications.

What is an instant loan no credit check?

An instant loan no credit check refers to a particular type of loan product. Specifically, these loans can be processed super fast. In addition, a credit check may not be part of the assessment process.

Because of their convenience and relatively open eligibility criteria, these loans may be popular among consumers with poor credit looking for quick access to credit.

Can I get an instant loan no credit check through Monzi?

If you are looking for an instant loan without a credit check, you may want to consider your options outside of Monzi’s lender-finder service. In short, a loan without a credit check might be possible, but there is no way for us to guarantee you being offered one.

Therefore, if you are explicitly looking to avoid a credit assessment, consider looking elsewhere.

Are you, however, concerned your credit score is so poor you won’t be approved any other way? This may not be necessarily true. After all, Monzi works with a bunch of lenders that take a fresh approach to bad credit.

What kind of loans can Monzi find me?

Technically, we aim to match you with a potential lender – not find you loans per se.

However, the lenders we work with are potentially able to offer the following personal loans:

  • small unsecured personal loans from $300 to $2,000
  • medium secured personal loans from $2,001 to $4,600
  • large secured personal loans from $5,000 to $10,000.

Repayment terms vary between lenders; however, as a rough guide, you may be able to expect terms of up to 12 months for small loans and 13 to 24 months for medium and large loans.

What is the easiest loan to get with bad credit?

It is difficult to say for certain which loan is the easiest to qualify for with bad credit. After all, your credit score plays only one part of the assessment process.

In other words, lenders use a range of criteria when assessing your application. This includes, but is not limited to, your:

  • income
  • expenses
  • employment history
  • repayment history with other lenders.

As you can see, lenders consider a number of different factors during the assessment process. As a result, two consumers with identical credit scores are not guaranteed to be approved for the same loan.

How can I get an instant loan online?

Monzi works with a network of lenders that may be able to process your loan lightning fast. You could, as a result, apply through Monzi.

After all, applying on our site is super straightforward. There are instructions at each step of the process. Moreover, our smart system can digitally access a lot of the information we need, meaning applying is usually 100% paperwork free.

Bear in mind though, instant loans refer to very fast processing times. It does not, unfortunately, mean your application is guaranteed to be approved. After all, lenders need to assess your application before providing an outcome.

Responsible lending obligations

As mentioned above, all lenders operating in Australia must perform a certain level of assessment to meet their responsible lending obligations.

In particular, lenders are required to:

  • make inquiries into your financial situation and objectives;
  • take steps to confirm the above information for themselves; and
  • make a final decision as to whether the loan product is suitable for the consumer.

For a more detailed list of the obligations, head over to the Australian Securities and Investment Commission website.

Am I eligible for an instant loan no credit check?

There are four simple criteria you must meet to be eligible for Monzi’s lender-finder service:

  • 18 years of age or older.
  • Australian Citizen or hold Permanent Residency.
  • Have a personal bank account with online banking activated.
  • Have a personal mobile number and email address.

You’re free to apply if you meet everything listed above. Keep in mind, however, that individual lenders will have their own lending criteria. In other words, qualifying for Monzi’s lender-finder service does not guarantee you being offered a loan.

All applications are subject to assessment.

How do I apply for an instant loan no credit check?

Before we begin, please note that you cannot expressly apply for a loan without a credit check. Instead, simply apply on our website and we’ll try to pair you with a potential lender.

Unfortunately, credit checks cannot be guaranteed either way. After all, individual lenders may assess loans differently.

Applying on our website, however, is super straightforward. In fact, there are only three main steps involved:

  1. Select your ideal loan and repayment terms with the loan slider at the top of the page. Click apply now once you’re happy with your selection.
  2. Complete the submission form. Our smart system is able to digitally access a lot of the information we need, so applying is usually 100% paperwork free.
  3. If we’re able to pair you with a lender, they’ll assess your application before providing an outcome.

Keep in mind, all applications are subject to assessment. As such, there is no way to guarantee your approval.

What can I use my personal loan on?

You can use your personal loan to cover essentially any personal expense, hence the name. You could, for example, use your loan to cover:

  • Car repairs. Get back on the road sooner by using your personal loan to cover the cost of a mechanic.
  • Renovation. Walls need a fresh lick of paint? Could your bathroom do with a face-lift? A personal loan may be just the ticket.
  • Travel. Big trip planned but not quite the budget? Don’t stress, Monzi may be able to match you with a potential lender.
  • Consolidation. You can potentially consolidate multiple debts with a personal loan. Just remember to click debt consolidation as the reason for your loan.

Instant loan no credit check laptop on bed

How long does it take to see my cash?

Processing speeds vary between lenders. Moreover, your funds are only transferred after you approve your contract. Depending on the lender, the funds may appear in your account within 60 seconds, while others may take up to 24 business hours.

Here are some things you should be aware of:

  • Weekends. Your lender may not be able to process your funds over the weekend. This also holds true for public holidays.
  • Business hours. If you approve your contract outside of your lender’s normal business hours, you may not see your cash until the following business day.
  • Inter bank transfer times. It may be quicker to transfer funds between certain banks than others.

Ultimately, you should receive your funds the same day if you approve your contract within normal business hours.

Can I apply for an instant loan no credit check online?

Absolutely! In fact, Monzi’s entire application process is 100% online and paperwork free.

The great thing about our online business model is that we can try to help consumers from all over Australia. Don’t believe us? Just take a look at some of the loans past Monzi customers went on to be offered:

Loan typeAmount (AUD)Location
Cash loans no credit check fast approval$400Wentworth, NSW
Personal loans online instant approval no credit check$600Ulverstone, TAS
Instant cash loans no credit check$1,000Wangaratta, VIC

Please note, the figures and terms presented in the above table may not reflect the loan you may be offered. Individual lenders may vary in the loans they offer.

What’s the difference between secured and unsecured?

Any loan valued under $2,000 is unsecured. On the other hand, loans valued above this amount will likely be secured. But, what is the difference? Let us explain.

Lenders may require you to attach one of your assets as security against the loan. This security acts like a guarantee you will repay your loan according to your contract. If you fail on your loan, the lender may repossess your asset to recover some of their losses.

Attaching an asset as security reduces the level of risk posed to the lender. As a result, lenders are often willing to offer secured loans at larger amounts than unsecured. The interest rate for secured loans may also be lower.

Obviously, an unsecured loan is not backed by any such guarantee. Therefore, lenders generally offer unsecured loans at lower amounts.

Can I get an instant loan no credit check on Centrelink?

You may be able to get an instant loan no credit check if you receive Centrelink payments; however, applying for credit may not be your best option.

After all, borrowing small amounts of money can be expensive and may not solve your money issues. You should, therefore, consider all other potential options.

For example, you may be eligible for an advance of your benefits through Centrelink. This is known as an advance payment. You can confirm your eligibility plus the application process on the Services Australia website.

Alternatively, head to our article on micro loans for Centrelink customers. You’ll find a number of community initiatives that may be able to offer low or no-interest loans.

How long does it take to be assessed?

Assessment times vary between lenders. Moreover, the nature of your application may also affect outcome speeds. As such, there is no guarantee of when you will receive an outcome, but will usually be around an hour during normal business hours.

To increase your chances of a quick outcome, consider the following:

  • Business hours. You stand the best chance of a quick outcome if you apply during normal business hours. After all, lenders will have a team of assessors that need to look over your application.
  • All information. Aim to provide all relevant information when you first apply. Otherwise, lenders may need to stall the application while they wait for your information.

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

Look, life happens and circumstances change. One minute you’re plain sailing; the next, dark clouds on the horizon. So, what does one do if they cannot afford an upcoming repayment?

Put simply, get in contact with your lender ASAP. If you’re upfront and honest with your lender and give them enough notice, your payment may be cancelled. Keep in mind, borrowers incur a fee when they cancel their repayment. Moreover, this fee is included in your contract.

On the other hand, your circumstances may change dramatically. Whether it be losing your job, or splitting with your partner, your ability to afford your regular repayments may change dramatically. Luckily, you don’t have to battle it out alone.

Get in contact with your lender if your circumstances change. Moreover, let them know you wish to apply for hardship. In addition, you will need to provide evidence of hardship, which could include:

  • separation certificate from your employer
  • bank statements showing a reduction in income
  • payslips
  • medical certificate
  • etc.

Lenders assess your hardship application after you submit it. If you’re approved, you may be offered reduced repayments, a repayment holiday, or both.

How to read my loan agreement

Lenders send you a digital loan contract if they can make you an offer. It is, however, essential you read through your contract thoroughly before approving anything. In particular, pay attention to the following:

  • Amount. Lenders may not be able to offer the exact amount you applied for on Monzi. As a result, confirm you are happy with what’s on the table.
  • Term. Are you given enough time to settle your loan? Shorter repayment terms may result in higher regular repayments, but less paid in overall interest. On the other hand, a longer term may result in lower regular repayments but more interest paid over time.
  • Interest. Consider what interest rate is applied to your loan.
  • Fees and charges. Confirm you understand all the fees and charges included in your loan contract. In particular, make sure you understand the possible establishment and ongoing fees.

Ready to apply?

Ready to start with Monzi’s lender-finder service? While we may not be able to find you lenders offering an instant loan no credit check, we may still be able to help.

Want more Monzi Loans? Consumers keep in contact via Facebook, Instagram, Twitter and Pinterest.

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.