Loan Agency Near Me – Monzi Explains What You Need To Know

A loan agency is a company that may be able to facilitate your loan. Depending on how much you are seeking and what you intend to use the money for, consider a loan agency. You can choose from sole lending institutions, your bank, or a personal loan. To apply for a fast cash loan, get started with Monzi. We could match you with lenders offering cash loans from $300 to $10,000.

Please note, specific ideas and products presented in this article may not be on offer 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 loan agency?

You can find loan agencies for every type of loan you can think up; however, one loan agency will often offer a plethora of services for you to choose from. Your first option is to go directly through the bank. The bank usually has the power to grant everything from mortgage loans and auto loans to education loans.

However, not everyone decides to go directly through the bank. Often, because this often involves lengthy processes and a lot of financial jargon that the average person may not be versed in. Another option is to operate through a smaller loan agency that will deal with the banks and paperwork on your behalf.

A personal loan agency can have smaller-scale loans approved without the hassle. Through Monzi, you can apply for instant cash loans from $300 to $10,000. Best of all, it’s 100% online, meaning less paperwork, and you won’t have to leave the house. We may be able to match you to a lender within 60 minutes. Limiting the processes and removing the components of a traditional bank loan.

How does a loan agency work?

Depending on the type of loan you are seeking, the agency you choose may vary. If you opt for a mortgage broker for a home loan, the loan agency will revolve around the relationship between your lender and the bank. Your loan funding will come from a bank or credit union, not the broker. Instead, your broker will organise all the paperwork and take you through the motions without you having to interact with the bank itself. This can be very helpful if you haven’t taken a loan before and are confused about what you need to do.

Peer to peer lending for personal loans works similarly. With a personal loan through Monzi, you will get matched to an independent lender or company that may fund your loan. However, when you operate through Monzi, you provide us with all your information, and we try our best to find a lender willing to help. From there, your lender will conduct an assessment to determine if you should be offered a loan.

Are loans bad?

In short, no. Loans themselves are not necessarily bad. They can be a handy option if you use them appropriately and responsibly. Types of debt mark the line separating good and bad loans. You can get both good and bad debt, and recognising the difference is an excellent way to protect yourself financially.

Good debt is for expenses that will help you progress in life. The three most common types of good debt are loans for property, education, and your business. This is because these motivations can contribute to building your net worth. If you or your family requires one of these loans, it may be worth the debt.

Bad debt, on the other hand, is unproductive debt. Whether it’s for depreciating assets or for a cause that won’t permit you to build net worth, you should avoid it. Using a loan for a vehicle, clothes and consumables, borrowing to invest, or borrowing the pay off existing debt may be examples of this. However, car loans and other similar products often are necessary

Ultimately, it falls to you to manage your budget and money effectively, particularly when it comes to loans. Practising safe borrowing techniques and mentalities may save you from trouble further down the track. If you are currently struggling with your finances, there are solutions for you. Consider reaching out to a financial adviser or a government service.

Where can you go for a loan?

As established, you can go to several financial institutions for a loan, depending on your needs. However, one option you may not have considered is whether to have your loan funded by a bank or a credit union. Banks are more popular; however, if you haven’t already, you could consider becoming a member of one of Australia’s credit unions.

Credit unions are financial institutions that are membership-based. The members of these unions pool their money together and provide it to other members who require it. Credit unions can offer you credit cards, home and personal loans, savings and transaction accounts, and term deposits just like a bank can.

On the other hand, operating through a lender-finder loan agency such a Monzi will introduce you to small lender companies or independent lenders. Apply today from $300 to $10,000. Applicants with bad credit or who receive Centrelink benefit payments are welcome.

Will a loan agency check your credit report?

Typically, your loan agency will check your credit report when you apply for a loan. The stricter an agency’s policies, the more likely they will perform a full enquiry into your financial history and credit report. However, this isn’t always the case. Smaller lenders, such as Monzi’s lenders, may offer no credit check loans. In this case, they will instead look into your other information.

This will most likely include your income, employment, and any information available on your current debt. They will also be more likely to be sympathetic to life circumstances. Ultimately, you must show that you are earning a consistent income and have your budget under control.

Unfortunately, Monzi cannot guarantee that the lender we match you with won’t perform a credit check. This is as each of our lenders have their criteria and processes they like to stick to. However, if you do have to undergo a credit check, your lender may still be willing to keep the above information in mind. In short, some lenders may offer bad credit loans for Aussies with a few mistakes in their past. That said, approval is at your lender’s discretion.

What is the easiest way to get a loan?

If you have good credit and meet your lender’s criteria, any loan can be relatively easy to get. However, if your credit isn’t a strong point and you don’t have the most reliable income, you may be exploring the options left for you. It’s safe to say you may not be able to get a large loan, such as a mortgage, with bad credit. Instead, the option for you may be a personal loan.

However, a personal loan through a bank may have stricter criteria than a personal loan agency offering online loans. Monzi knows mistakes can happen and that not everyone has the same financial guidance; we’re willing to try our best to make the process easier for you. In short, we could match you with one of the many understanding loan agencies that we know.

Keep in mind that the best thing you can do for yourself is to build good financial habits and raise your credit score.

How much money can you get from a loan agency?

Depending on the type of loan, your credit report and the strength of your income, the amount you could potentially be granted may vary. On the one hand, mortgages can range in the hundreds of thousands of dollars. By comparison, personal loans usually won’t be as large. Ultimately, the amount that you can borrow is referred to as your borrowing power.

Monzi may be able to help you get access to amounts between $300 and $10,000. If you don’t qualify for the amount you applied for, your lender may offer modified terms to better suit your budget. Moreover, given the variety of cash amounts on offer, you may be able to apply for unsecured loans or secured loans.

Keep in mind that the larger your loan, the longer your repayment term may be and the more you will repay. Therefore, it’s best to only borrow the amount that you actually need.

How fast can you get your loan approval?

It’s hard to say precisely how long it will take for you to get your loan approval. If you opt for a bank and broker as your loan agency and seek a mortgage, then the process may take weeks. While banks are slowly catching up digitally in terms of what they can complete online, they still run through a vetting period where a vigorous assessment of your application occurs.

On the flipside, at Monzi, we work with lenders who may offer instant cash loans from $300 to $10,000. If you apply during business hours and provide all the necessary details, you might even receive same day loan approval. From there, if you sign your contract before the close of business, you might even receive the cash in your account on the day you apply.

That said, it’s important to remember that processing times may vary. While we’d all love to receive a one hour loan, this won’t always be possible. Often, it’s wise to account for a waiting time of at least one business day just in case.

How fast can you get money in the bank?

It is hard to give specifics. Often, you should expect to allow at least one business day to transfer funds. With smaller loans like the ones Monzi’s lenders may be able to give you, same day cash might be possible. However, this will depend on what time you apply and how long it takes for your application to be processed.

Please note that although you can apply with Monzi whenever and wherever you like, if you apply outside business hours, then your lender may not be able to process your application until the following business day. This means, if you place your application late at night or on the weekend, you may have to deal with some waiting time. This also includes public holidays. Furthermore, even if you get same-day approval, if you sign your contract after the last banking rounds for the day, then your cash may not arrive until the next business day.

While this may be somewhat frustrating, it’s important to remember that a loan agency will conduct an assessment on your application. Ultimately, they want to ensure that you can afford to repay the loan you are offered. As a result, they will take the time to investigate your financial situation. This is why instant loans may not be possible in a literal sense.

Can a loan agency give emergency loans?

An emergency loan is, as the name suggests, a loan to be used in an emergency when you’re out of other options. Typically, these loans are just personal loans that you can put towards your crisis, whether a hospital trip, burst pipe, or car repairs. You can get these loans from whichever loan agency you like.

Monzi, however, understands that it’s an emergency for a reason, and you should have your money as soon as possible. We will do our best to match you to a lender who may be able to help in as little as 60 minutes. We can’t guarantee when the cash will make it to your bank account or if your application will be successful. Yet, we will do our best to take away the hassle and stress of finding a lender online. Don’t waste your precious free time, just submit one easy application with Monzi. You might receive a fast outcome today.

Woman searching online for a loan agency with a coffee

Why isn’t your loan being approved?

In some instances, regardless of the loan, you are seeking, you might not be approved. This can be disheartening and lead to a lot of questions. Here are some common reasons you could be disapproved, despite the loan type:

  • No capacity to service the loan: in short, this means that you lack the ability to afford the loan. Generally, this will relate to your income and expenses.
  • Unstable employment: if you are consistently in and out of jobs and have an irregular income, your lender may label you a risky client.
  • Poor credit history: if your credit score is below par and you have some past loan defaults, then a loan agency may be unwilling to work with you.
  • You have poor spending habits: lenders like to see that you can manage your finances well. If you have terrible budgeting skills, this may lead them to believe that you will not make your repayments on time.

Ultimately, Monzi cannot say exactly why your application was unsuccessful. We are a lender-finder only. We simply aim to match you with a lender and will not conduct an assessment. Therefore, if a lender declines your application, you must contact them directly. They may outline exactly where you fell short.

What are the criteria for loan approval?

Here is a list of things that make your loan agency want to approve your loan:

  • The strength of your credit score: having a good credit score will put you on the right track. Having an above-average credit score may entitle you to more significant amounts and improve your image in the eyes of your lender.
  • The size of your deposit: the more significant the deposit, the more likely you will receive loan approval.
  • The consistency of your job and income: having a consistent position and paycheck will show your lender that you are serious about your application and should be able to repay it.
  • Low existing debt: before applying for a new loan, it’s usually best to try and pay down any existing debt that you have. This may include credit card debt or other personal loans.

Remember that with a personal loan, there’s no need to pay a deposit. However, if you apply for a loan over $2,000, then you may need to provide security on the loan. As a guide, lenders may offer you a loan against your car, boat, caravan or motorcycle. If you are unable to provide this, then you will only be eligible for an unsecured personal loan.

Finally, keep in mind that approval isn’t certain. Lenders vary in their qualifying criteria and assessment policies. Moreover, they will aim to act in a responsible manner. Therefore, if you fail to meet the requirements, you may not be offered a loan.

Where else can you get money?

If you are tight on cash, there are several options you can first try. The first option may be to apply for any benefit payments that you are eligible for. Through Centrelink online, you may be able to access social welfare designed to assist Australians in need. Do your research to determine if there are any payments that you qualify for.

After this, you could consider selling what you don’t need. Maybe you have an old couch or TV cabinet lying around. Post an ad on Facebook Marketplace and interested buyers in your region should reach out. If you can arrange a deal, then you should receive cash in your pocket in no time. It’s quick and easy to use.

If you have a credit account, you may choose to take a credit card cash advance. This can be even simpler than a personal loan. Just expect that you will need to pay a small upfront fee and interest on the amount you borrow.

Finally, consider taking a small second job, such as driving for a rideshare company or volunteering for jobs around the neighbourhood. It doesn’t have to take a lot of effort to make a bit of extra cash.

Can you decline an offer from a loan agency?

You can decline any offer a loan agency gives you. If you don’t like the terms a lender offers, and haven’t signed a contract, it’s within your rights to refuse. You can even reject the loan if you have simply changed your mind.

If you apply for a personal loan through Monzi and don’t like the terms or the lender, simply inform them that you no longer wish to proceed your application. Unfortunately, after you have signed your loan contract, you won’t be able to decline it. So, read it carefully and ensure it is right for you before agreeing to anything.

Can a loan agency give you an instant loan?

Instant loans are typically just small personal loans that receive approval within the day. Unless a company and a bank are working alongside each other 24/7, you will receive your money based on when you applied. If you apply on the weekend or late at night, you may not receive your loan outcome until the next business day.

With Monzi, while you can apply for 24/7 loans, application received outside of normal hours may experience delays. After all, like most businesses, lenders do stick to standard operating hours. If you’re after an instant loan with the quickest possible outcome, aim to apply during normal hours.

How long does a loan agency offer last?

An approval offer from a traditional lender may remain open for 60 to 90 days. This does vary depending on your lender. So, if you need to take some time to consider whether you want to accept the loan, check how long you have first.

The lender’s that work with Monzi all have individual terms. The chances are that most applicants have already made up their minds about whether they will accept or decline. However, if you have not, ensure that you check how long your lender’s offer will last upon receiving a contract. Beyond this, it’s critical that you read your contract before agreeing. Take note of all the associated costs and terms.

Pre-approval from a loan agency

In some instances, you may be able to receive home loan pre-approval from your loan agency. Essentially you obtain pre-approval after meeting with your lender or broker to calculate what you are entitled to borrow without signing a contract.

Often, pre-approval can be beneficial when going to auction. Pre-approvals allow you to narrow your search, and negotiate and bid with more certainty, should you happen to locate the dream home. While pre-approval isn’t a requirement in the home loan process; it’s a great way to gauge where you’re at and whether you need to adjust your methods or goals.

Loan agency and Monzi

If you are in the market for a loan of $300 to $10,000, why not consider applying with us? Our company is 100% online, meaning you can apply for your desired amount whenever and wherever you like.

Once you click the ‘apply now’ button and tell us a bit about you, we’ll get to work. We’ll try our best to match you to a lender in as little as 60 minutes. If we’re successful, a lender will get in touch with you to take over the process.

If you have queries about the nitty-gritty details, don’t be afraid to ask our friendly team at hello@monzi.com.au.

What can I cover with a personal loan?

Aussies use personal loans to cover a variety of common expenses. As a guide, some of the most popular reasons for applying with Monzi include:

Is your expense not listed above? That’s OK! There are dozens of other reasons why you might apply with Monzi. We’d love to hear from you now!

Do you want to be pals?

Maybe you aren’t in the market for a personal loan today. Or perhaps you were just approved and liked our style. Whatever your story, make sure you don’t forget us later.

Check us out on Facebook, Instagram, Twitter and Pinterest. That way, you’ll constantly be in the loop.

Finally, to learn more, check out Moneysmart’s guide to personal loans.

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 (minimum)

12 months (maximum)

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%. 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

Terms

13 months (minimum)

24 months (maximum)

Costs

48% Annual Percentage Rate (APR)

67.41% Comparison Rate p.a.

Example

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

Terms

13 months (minimum)

24 months (maximum)

Costs

21.24% Annual Percentage Rate (APR)

48% Comparison Rate p.a.

Example

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.