Loan Bad Credit Application – $300 To $10,000

Loan bad credit application through Monzi’s lender-finder service. Apply on our website during normal business hours, and we may be able to match you with a lender in under 60 minutes. 100% online application with fast outcomes.

Loan bad credit: Monzi can help

Poor credit history may limit your options when you need a loan. Luckily there are lenders who can help.

These lenders understand that bad credit doesn’t tell the whole story. As a result, they’ll put in the time to assess your complete financial situation.

At Monzi, we might be able to help you access bad credit loans. Submit an application and we’ll try to pair you with an available lender to assess your claim.

Through Monzi, you can potentially access cash loans from $300 to $10,000 with repayments ranging from 12 to 24 months.

Let’s go.

Can I get a loan bad credit on Centrelink?

You may be able to get a loan bad credit on Centrelink. If you earn a sufficient income and meet other criteria, you may be considered for approval.

You should, however, consider all other options available to you. After all, borrowing small amounts of money can be expensive and may not solve your problems.

Therefore, consider the MoneySmart article on alternatives to taking out credit. Alternatively, see what micro loans for people on Centrelink may be available from community initiatives.

Small bad credit loans

Monzi works with lenders who offer loan products of all shapes and sizes. In fact, you can borrow up to $10,000.

However, if you’re only dealing with a minor expense then this will not be necessary. Luckily, we work with a host of lenders who may be able to offer small amount loans.

Small loans are typically unsecured and account for amounts from $300 to $2,000. Best of all, they’re usually a short-term commitment with repayment terms of up to 12 months.

As a result, a small loan could be a quick cash solution to help you cover those minor cash-shortfalls.

Payday loans for bad credit instant approval

You’ve probably heard of payday loans, but what exactly are they?

Well, they’re usually defined as emergency loans for when you need cash to cover an expense that can’t wait until payday.

As a result, payday loans are often offered as small unsecured loans of $2,000 and less. Moreover, payday loans often have brief repayment terms, sometimes as short as four weeks!

If you apply with Monzi, we’ll do our best to pair you with a lender offering personal loans of up to $10,000!

Bad credit cash loans guaranteed approval

Unfortunately, when you apply for a loan, approval is not certain.

This is because, under Australian lending law, all applications must be assessed. In short, it’s about protecting you. Lenders are required to investigate your financial situation in order to determine if the credit you have applied for is suitable for your needs and objectives.

For more details regarding responsible lending and assessments, the Australian Securities and Investments Commission website can fill you in.

Am I eligible to apply with Monzi?

Ready to apply? Make sure you check these four boxes first:

  • At least 18 years of age.
  • Australian Citizen or Permanent Resident.
  • Own an active email address and mobile number.
  • Have an online bank account with at least three months of history.

How do I apply?

When you’re ready to begin, just follow these four steps:

  1. Select how much you wish to borrow and your ideal repayment period using Monzi’s loan slider.
  2. Enter the required personal and financial details.
  3. Sit back while we try to pair you with an available lender from our network.
  4. If you’re successfully paired with a lender, they will contact you to begin the assessment process.

Loan bad credit hands pointing at laptop screen

How can I get a loan with bad credit?

In short, apply with Monzi.

We work with a number of understanding lenders who may be willing to consider bad credit applicants.

Rather than focusing on your past credit mistakes, these lenders look at the whole picture. While your bad credit reflects one element of your financial situation, it usually doesn’t tell the whole story.

As a result, your current budget will be assessed too. By analysing your budget, lenders can potentially calculate the repayments that would work for you.

While approval is not certain, a poor credit score won’t be the only consideration. Apply with Monzi and we may be able to pair you with a lender who is understanding of your situation.

Which loan company is best for loan bad credit?

Unfortunately, Monzi is unable to say which lender is best. This is due to the fact that it may vary based on your financial situation.

What we can say is that we work with plenty of great lenders. All the lenders in our network are fully-licenced and take their responsible lending obligations seriously.

Apply today and we’ll aim to match you with one of these lenders in just 60 minutes. Monzi’s lender-finder service can make it simple and convenient to find top-notch lenders online.

Loan bad credit: can you get a loan with a credit score of 550?

Absolutely! A credit score of 550 should not stand between you and approval.

Be aware however, your credit score is only one piece of the puzzle that lenders consider. You could have a credit score of 550 and still be declined because of:

  • poor recent repayment history with other lenders; and
  • inconsistent income.

Ultimately, approval is never guaranteed. Moreover, lenders consider a wide range of criteria when assessing your application.

Is it possible to get a $5000 loan with bad credit?

Yes.

At Monzi, we work with lenders who offer personal loans from $300 to $10,000 to individuals with bad credit.

If you’re looking to borrow $5,000 then you’ll be applying for a large loan. Key features of large loans include:

  • $5,000 to $10,000
  • Secured: you must attach an asset as security
  • 13 to 24 month repayment period

The actual repayment term of your large loan may vary.

Apply now

Scroll up and begin. Consumers use the loan slider to begin the application.

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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.