Loan Enquiry – What You Need To Know About Monzi

Loan enquiry – all your questions about Monzi and our lender-finder service answered. If you’re thinking of enquiring about a loan, you’ve come to the right place. We’ll explain everything you need to know about our service.

Monzi loan enquiry

Before we begin, we had better introduce ourselves. We’re Monzi Personal Loans, the greatest lender-finder service this side of the Mississippi.

What do we do? Well, the clue’s all in the name. In short, we try to match Aussie consumers with a potential lender from within our panel. Moreover, our panel of lenders specialise in offering personal loans, potentially from $300 to $10,000.

So, while we don’t offer loans ourselves, we may be able to pair you with a lender offering loans quickly. With Monzi, it’s one application and one outcome. Simple, right?

Loan enquiry – what can I apply for?

As we mentioned, we specialise in trying to match you with a lender from within our network. Furthermore, lenders may be able to offer personal loans. Specifically, lenders may offer:

Personal loanAmountTermSecurity required?
Small$300 to $2,000Up to 12 monthsNo
Medium$2,001 to $4,60013 to 24 monthsYes
Large$5,000 to $10,00013 to 24 monthsYes

Bear in mind, however, that the above values and terms are a guide only. In other words, the repayment terms or security requirements may vary depending on the lender as well as your own personal situation.

Why not consider using a repayment calculator? You may be able to get a rough idea of what your interest and principal payments might look like.

Eligibility

Consumers must make sure they’re eligible before applying with Monzi. Specifically, there are four criteria you must meet. They are:

  • 18 years of age or older
  • Australian Citizen or Permanent Resident
  • Have personal email address and contact number.
  • Have a personal bank account with online banking active.

You’re free to apply once you meet the above criteria.

Loan enquiry – how to apply

Using Monzi’s lender-finder service is straightforward. Moreover, our website is easy to navigate. Despite this, we’ll run through how our service works.

First, head to our website and use the loan slider to make a selection. Choose your ideal amount and repayment terms. Next, click apply now once you’re happy with your selection.

Second, complete the submission form. In short, we only ask for essential information so this shouldn’t take too long. Submit your application and kick back!

Finally, we’ll try to match you with a lender. Moreover, if a lender from our network accepts your application, they’ll be in touch to complete the application. Just remember, lenders need to perform their own assessment before providing an outcome.

Lenders send through a digital loan contract if they can make you an offer.

Do I need security to apply with Monzi?

You only need security if you apply for a secured loan. Secured loans are valued above $2,000. Therefore, you will need an asset registered in your name to be eligible. Lenders can accept the following as security:

  • cars
  • caravans
  • motorbikes
  • boats
  • other vehicles registered in your name.

Keep in mind, your lender may repossess your vehicle if you fail to repay your loan. Moreover, lenders begin repossession to recover some of the losses they incur. Repossession is, however, the last resort for lenders.

Loan enquiry lightbulb on blackboard with chalk

Can I make a loan enquiry online?

Yes! In fact, Monzi’s entire process is 100% online.

While we won’t go through the process of applying again, our online system is super easy to use. In short, all you need is an internet connection and a device.

Therefore, it doesn’t matter if you’re on the bus home from work or if you’re cuddled up on the couch one lazy Sunday. Wherever you are, you can apply with Monzi.

Is it possible to get a loan without a credit check?

Technically, it may be possible to be offered a loan without a credit check. However, because Monzi does not assess loans, we cannot guarantee you being paired with a lender that does offer no credit check loans.

If you find yourself searching online for loans without a credit assessment, you may feel your credit history is really bad. So poor in fact, you feel you will not secure approval any other way. This is, ultimately, not always true.

When you apply with Monzi, our system pulls read-only versions of your bank statements. Monzi then passes this information on to potential lenders, who can, in turn, quickly get an understanding of your:

  • repayment history
  • income
  • expenses
  • financial habits.

Lenders, as a result, may be able to focus on the above. Therefore, even if you have really poor credit, lenders may still consider you for approval.

Is it possible to get a same day loan?

Yes! It is absolutely possible to receive your funds the same day you apply. However, same day access to funds is not guaranteed.

In short, there are a number of different variables that can affect when you see your cash.

  • Transfer times. Transfer times between different banks may vary. This may, in turn, affect when you see your cash.
  • Business hours. Consumers may only receive their funds the next business day if they approve their contract outside of normal business hours. This also includes weekends and public holidays.
  • Application. Lenders may pause their assessment of your application if they need to chase up additional information. Therefore, aim to provide all relevant information when you first apply.

Loan enquiry – outcome times

Each application is different. Moreover, each lender is different. As a result, there is no guarantee when you will receive an outcome.

In general, you may receive an outcome within 60 minutes. This is, however, contingent on you applying during normal business hours. Apply outside of these hours and you may not receive an outcome until the following day.

Keep in mind, lenders will have a team of employees that physically assess your loan. Obviously, they need their rest too.

Finally, remember that you’re free to apply 24/7 on Monzi. You may, however, only receive an outcome during normal operating hours.

How do I read my contract?

Lenders send you a digital loan contract if they approve your application. Moreover, it is essential you read through your contract carefully. Only approve your contract if you understand everything within it.

Pay particular attention to the following:

  • Amount. Lenders may not always be able to offer the exact amount you apply for on our site. Therefore, confirm the amount they offer and whether or not you’re happy with it.
  • Rate. Interest is what you will pay on top of the principal, expressed as an annual percentage rate. This will have a big impact on the total cost of your loan.
  • Fees & charges. In addition to interest, lenders also charge certain fees. Often, these will be in the form of upfront, ongoing and penalty fees.
  • Terms. Your repayment term is the time you’re given to repay your loan. Depending on your lender this may range anywhere from several months to years.

Bear in mind, rates vary between lenders. Moreover, there may additional features worth considering. For example, are you able to make extra payments on your loan without incurring a fee?

What is the maximum I can apply for?

If you meet certain criteria, you may be able to apply for large secured loans from $10,000 to $30,000.

Obviously, the criteria for these loans will be stricter than smaller personal loans. Moreover, you will need to attach an asset of adequate value as security.

Depending on the amount you apply for, as well as your lender, your repayment terms may range between 12 and 36 months.

Is there any way to guarantee approval?

Unfortunately, there is no way to guarantee approval. In fact, any lender offering approval no matter what should be avoided at all costs. Why? Let’s explain.

All credit providers in Australia must lend money responsibly. Moreover, there are specific obligations lenders must meet in order to be compliant:

  • Make inquiries into the applicant’s financial situation, as well as their objectives.
  • Take steps to confirm the applicant’s financial situation.
  • Use the above information to gauge whether the loan product is suitable for the consumer.

As you can see, offering guaranteed approval is against the law. Make sure you always do a comparison of different lenders.

Ready to apply?

Scroll up to the loan slider to begin!

Want more Monzi? There’s plenty more out there. Consumers looking to invest should read our guide to investment loans. Are you a business owner? Check out what we have to say about small business loans. Even if you’re thinking of studying a trade, Monzi has an article on how you can access support.

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.