Finding loans for bad credit in Australia may feel challenging, but it doesn’t have to be. At Monzi, we may make it simple to get started. You may submit one quick online application form, and we may try our best to match you with a responsible lender who may offer bad credit loans suited to your circumstances.
Whether you’re searching for personal loans for bad credit, small loans bad credit, or even quick loans bad credit, our process is designed to help you find loans easily online and access funds quickly when you need them most.
What Are Bad Credit Loans?
Bad credit loans are often unsecured personal loans that may be available to people with a less-than-perfect credit history or a bad credit score. If you’ve missed payments, had defaults, or hold a low credit rating, some non bank lenders might still consider your loan application. These loans may range from small to large according to financial situation, employment, and the lender’s criteria or assessments of repayments.
Can I Get a Loan with Bad Credit?
While Monzi cannot guarantee loan approval, we may connect you with lenders who may consider applications from people with poor or very bad credit history. Some traditional lenders assess more than just your credit report they might also review your income, expenses, bank statements, and other financial factors to determine affordability and suitability.
Types of Bad Credit Loans
- Small loans – typically smaller amounts to cover short-term needs.
- Personal loans – larger loan amounts that may help with bigger expenses.
- Low credit score loans – typically for those who may not meet standard lending criteria.
Each lender in our network sets its own criteria, so outcomes may vary. Monzi is a lender finder, not a direct lender currently, meaning we may match your loan application with potential lenders who may be eligible to assist.
Why Use Monzi for Bad Credit Loans?
- 100% online application form.
- Quick, secure, and simple to apply
- We may match you with trusted Australian lenders holding an Australian credit licence
- No paperwork- submit bank statements digitally
- Available for a range of loan types, loan terms, and amounts
Responsible Lending
All lenders in our network operate under Australian credit laws and follow responsible lending obligations under ASIC’s RG 209 guidelines best to our knowledge. They assess applications based on affordability, suitability, and your current financial situation to help ensure loans are sustainable.
Ready to See Your Options?
You may start your loan application in just a few minutes. There might be no obligation to accept a loan offer, and checking your options may not impact your credit score. If a loan is approved, funds might be transferred directly to your bank account quickly.
Apply today to find out if you may be matched with a lender offering bad credit loans, loans with bad credit, or personal loans with competitive interest rates, personalised rates, and flexible repayment options, including direct debit payments.
Bad Credit Loan FAQs
What is a bad credit loan?
It refers to a personal loan for people with a less-than-perfect or bad credit rating. Lenders may consider your overall finances, rather than just your credit score.
Do you offer personal loans for bad credit?
Monzi may be able to connect you with lenders who may consider applications from people with bad credit score or past credit issues
Can I get a car loan with a bad credit score?
Some lenders may offer car loans based on your income and repayment ability, not only credit history.
How long does the application take?
Online applications often take 5–10 minutes, with documents like bank statements submitted digitally.
May a loan improve my credit rating?
Making regular repayments may help you build a positive payment history, depending on your lender.
Are credit checks performed?
Some lenders may run credit checks or multiple credit enquiries after initial assessment.
What fees and charges should I expect?
Loan contracts may include fees and charges such as establishment fees, monthly account fees, and early repayment fees.
What is the comparison rate?
The comparison rate combines the interest rate and main fees into a single percentage to help show the true cost of a loan.
Can I get a lower interest rate with bad credit?
Rates may be higher for bad credit loans, though some lenders offer personalised rates based on your financial situation.
Is security required for bad credit loans?
Most bad credit loans are unsecured, but some lenders may offer secured options.
Can I apply for a new loan while repaying a previous loan?
Some lenders may consider this if your affordability and repayment history support another loan.
How long is the loan term?
Loan terms may vary by lender and type, typically from a few months to several years.
What happens if I miss repayments?
Missing repayments may affect your credit rating. Contact your lender if you experience financial hardship.
How do I repay my loan?
Some lenders may offer direct debit payments aligned with your pay cycle for convenience.
Are there non bank lenders?
Yes, many non bank lenders specialise in offering loans for bad credit and may offer more flexible ways.
How quickly can I get cash?
If approved, funds may be transferred to your bank account quickly, often within one business day.