Loans For Bad Credit Aussies Up To $10,000

Loans for bad credit history with Monzi. Apply today and you may be matched with a potential lender in no time. Apply for up to $10,000. All credit profiles welcome to apply. Approval always subject to assessment.

What are loans for bad credit?

Loans for bad credit are credit products potentially available to consumers with poor credit history. If you have one too many defaults or missed payments, bad credit personal loans may be an option.

A few credit mistakes in your past can leave your credit score in bad shape. Worst of all, this may hinder your ability to be approved for a loan.

Well, that’s how things used to be. These days, luckily, there are plenty of lenders who understand that your credit history doesn’t necessarily tell the whole story.

With this change in philosophy, there is a number of alternative lenders who are now willing to offer bad credit loans to those individuals with subpar credit. You may get your cash today and can spread the costs over the coming months or years.

With Monzi, you can apply for bad credit personal loans from $300 to $10,000. Apply and you might be matched with a great lender before you know it. Get started today!

24/7 instant cash loans for bad credit with Monzi

Monzi makes it simple to find great lenders online. Our lender-finder service is all about matching every day Aussies with a range of credit providers who can provide the finance they need.

All the lenders in our extensive network offer a variety of loan products, meaning we might be able to help you out no matter your cash need. From as little as $300 all the way up to $10,000, Monzi’s got you covered.

So, when you’re ready to get started, just scroll to the top of the page and begin your application. We’re ready and willing to try to help you out. Let’s go.

Examples of possible loans offered by our lenders can be seen below:

Loans for bad creditAmount (AUD)Approved
Unsecured bad credit loans$500
Cash loans for bad credit$1,500
Quick loans bad credit$3,000

Disclaimer: you may not be eligible for the amounts or loan types presented above. Approval is always subject to assessment.

Payday loans for bad credit instant approval

Payday loans are about speed. You can borrow up to $2,000 and may be approved for loans fast. Moreover, the rapid repayment periods (sometimes as short as just a few weeks) mean you’re not locked into a long-term commitment.

In short, they’re one option to solve your urgent cash dilemmas. However, they’re not the only option. Personal loans are available too. While they are similar to payday loans, there are key differences.

With personal loans for bad credit, you may be able to borrow up to $10,000. Not only that, with repayment periods that can range from 12 to 24 months, these loans might be more manageable for the borrower.

At Monzi, we aim to pair our users with lenders offering personal loans. As a result, if you are hunting payday loans in particular, you may need to do your own research.

Can I get loans for Centrelink customers with bad credit?

You may be able to get loans for Centrelink customers with bad credit if you meet certain criteria. Lenders will assess your income and expenses before granting approval.

Within Monzi’s extensive network of lenders are a few credit providers who might be able to help. They may be understanding of your situation and willing to offer loans that some lenders may not.

One thing to keep in mind is that lenders do view Centrelink payments differently. While some consider these payments to be legitimate income, others may not. Moreover, it may also depend on the payment type that you receive.

As a result, approval may be contingent upon the policies of the lender that you are paired with.

Before applying for cash loans for people on Centrelink with bad credit, please consider all your options. After all, borrowing small amounts of money can be expensive and may not solve your financial issues. For more information, head to the MoneySmart website. Alternatively, you can call the National Debt Helpline directly on 1800 007 007 or visit their website.

Instant loans for bad credit

Cash emergencies usually strike at the worst possible time. While we all aim to manage our finances responsibly, having the cash-on-hand to cover every expense you encounter often isn’t possible.

If you’ve got a pressing expense that you can’t delay, instant loans could be the right choice for you. You get your cash ASAP while the costs are spread over the coming months. That means there’s no need to compromise your current budget.

When it comes to instant loans, one thing to keep in mind is that they aren’t truly instant. In Australia, lenders must assess all loan applications. As a result, there will always be some processing time involved.

Therefore, instant loans instead refer to loans where you receive an outcome in what feels like no time at all.

Loans for the unemployed with bad credit

Out of work but looking for a loan? Monzi may know some lenders who might be able to consider your application.

In short, we work with a variety of lenders, some of who may be willing to take on a range of less-than-ideal circumstances.

There is, however, one significant condition. If you are unemployed you will need to provide evidence that you are earning a regular income in some form (e.g. Centrelink payments or rent received from an owned asset).

As we mentioned, however, borrowing small amounts of money can be expensive and may leave you in a worse financial position than before you took out the loan. Therefore, please consider all other options available to you. For example, micro loans for Centrelink customers may be available from certain community initiatives.

Where can I find loans for people with bad credit?

You may be able to find certain lenders willing to offer loans to people with bad credit through Monzi’s lender-finder. These lenders may be able to offer up to $10,000.

While your credit history reflects one part of your financial situation, it certainly doesn’t tell the full story. As a result, lenders have changed how they go about assessing your application.

While they may look at your credit history, they’ll also look at your income and expenses too. By getting an idea of your budget, lenders can determine if your loan repayments reasonably fit within your normal budget.

While approval ultimately remains in your lender’s hands, your bad credit history may not stop you from accessing the loans you need.

What negatively affects your credit score?

The following credit listings will have a detrimental effect on your credit score include:

  • Missed payments
  • Credit defaults
  • Maxing out your credit limit
  • Bankruptcy
  • Applying for credit too regularly: multiple credit inquiries in a short time can lower your credit score.

Loans for bad credit man sitting at desk sun shining through window

Loans for bad credit: improve your credit score today

Bad credit loans can be a lifesaver when you need cash and your credit score isn’t where it should be. However, they shouldn’t be relied upon.

Lenders may apply higher interest rates or fees to bad credit loans meaning they can be an expensive short-term cash solution. That’s why you should start taking steps to improve your credit score today.

While there’s no instant fix, if you are disciplined and implement responsible borrowing habits over a long period, you can slowly but surely improve your credit score.

Key tips include:

  • Paying your bills on time
  • Rely on credit only when it’s absolutely necessary
  • Pay off your existing debts
  • Find the best deal before applying for credit (e.g. lowest interest rate)
  • Monitor your credit report for inaccurate listings.

Easy loans for bad credit

Easy lenders simply refer to credit providers that cut through the rigmarole of traditional finance. Unlike certain credit providers, these easy lenders are more understanding of your circumstances.

Whether it’s bad credit, unemployment or low income, they may be able to help. Their requirements for approval may be more lenient which allow them to offer loans to individuals previously considered to be high-risk.

In saying this, approval isn’t certain. Easy lenders may be more willing to work with you however, they will still assess your application like any other. As a result, they retain the right to approve applications where they see fit.

Am I eligible to apply with Monzi?

While at Monzi we aim to help as many Aussies as possible find great lenders, we do have a few boxes you must check before applying:

  • At least 18 years of age.
  • Australian citizen or permanent resident.
  • Have a current phone number and email address.
  • Earned a regular income for the three months prior to your application.

How do I apply?

Monzi’s application process is simple. You can have it completed in just a few minutes meaning you’ll be able to get on with your day sooner.

So, when you’re ready to apply, just follow these three steps:

Step one: apply

First, tell us how much you wish to borrow and your ideal repayment period. Then, enter the required personal details and hit submit.

Step two: search

This is where we take over. Once we receive your application our automated system will scan our lender network to try and pair you with an available lender willing to assess your application. This may take as little as 60 minutes if you apply during business hours.

Step three: outcome

We’ll be in touch to let you know the outcome of our search. If you are successfully paired with a lender then they will contact you to complete an assessment.

Which loan company is best for bad credit?

There are a number of lenders willing to offer loans for bad credit history. Unfortunately, Monzi cannot say which is best for you.

We work with a host of lenders who all offer a range of loan products. When you apply, we will try to pair you with one of these lenders.

What we can say is that all of the lenders in our network are trusted, licenced and understanding. They will take the time to assess your application to ensure that the loan is right for your circumstances.

Loans for unemployed with bad credit fast

Monzi and our network of lenders work fast. How fast?

Well, if you apply during business hours then it’s possible to receive your cash on the same day you apply.

When you apply with Monzi, we aim to pair you with a lender in just 60 minutes. Your lender will then waste no time assessing your application to provide you with an outcome ASAP. At that point, access to your cash will be determined by your bank’s transfer times.

Unfortunately, however, same day loans are not always possible. Typically, it is wise to account for a wait time of up to 24 business hours.

Where can I get an unsecured loan with poor credit?

Apply with Monzi and you may be able to get an unsecured loan with poor credit. We work with a number of bad credit lenders, potentially able to offer secured and unsecured personal loans.

With so many lenders out there promising personal loans for people on Centrelink with bad credit and other such loans, it can be impossible to know what to look for.

That’s where a lender-finder like Monzi can help make your life a little bit easier. Rather than researching an endless number of lenders to find one that’s understanding of your subpar credit history, just submit a simple Monzi application.

From there, we’ll search our network of trusted lenders to find one that’s available to assess your claim; best of all, it’s fast. Apply during business hours and you might have an outcome in just one hour.

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

Yes it is possible to get a $5,000 loan with bad credit, just not

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

One thing to keep in mind, however, is that if you are borrowing more than $2,000 then you will be applying for secured loans for bad credit.

With a secured loan, the borrow is required to attach an asset as security. If the borrower defaults on their repayments then the lender may take steps to repossess the asset in order to recover their losses. Examples of assets used as security include cars, boats, caravans or even jewellery.

Security is typically not required for loans under $2,000.

I’m a pensioner: can I access loans for bad credit?

Yes, potentially.

If you’re a pensioner (e.g. aged or disability) you are still eligible to apply with Monzi. From there, we may be able to pair you with a lender who offers loans for pensioners with bad credit.

However, approval is not guaranteed. Not all lenders are willing to offer loans to pensioners meaning it may come down to the lender that you are paired with. Moreover, you will need to prove that you are earning sufficient income.

Can you get a car loan with bad credit?

Yes. Some lenders may be willing to offer car loans for bad credit.

Typically, these loans will be secured with your new car acting as the security. However, this will depend on your loan.

In further good news, if you’re a pensioner or Centrelink customer you’re also eligible to apply. Obviously, however, you will still need to prove that you are earning a sufficient income to make the required payments.

So, are you ready to cruise the streets behind the wheel of your new car? Apply with Monzi. You can potentially borrow up to $10,000 to cover the cost of your vehicle.

Consolidation loans for bad credit

Managing multiple debts at one time is almost guaranteed to cause you stress. Keeping track of the many interest rates, fees and repayments can quickly become unmanageable.

If you find yourself in this situation, debt consolidation loans may be an option worth considering.

In short, debt consolidation loans for bad credit roll all your debts into one, easy-to-manage loan. You’ll only have to worry about one interest rate, one lender and one regular repayment. Best of all, with its fixed term, you’ll know exactly when your debt will be repaid.

Before applying for a debt consolidation loan, ensure it is right for you. For more information about what debt consolidation involves visit the relevant Moneysmart article. Alternatively, check out our guide to comparing consolidation loans.

Before applying

While loans for bad credit Australia can be a handy option when you find yourself short on cash, they are not a perfect solution.

Borrowing more than you need or can afford is a recipe for disaster. Interest payment, fees and charges add up quickly and can soon become unmanageable. In the worst-case scenario debt spirals, defaults or even bankruptcy can occur.

That’s why it’s important to have a complete understanding of your financial situation before applying for cash loans for bad credit. Know exactly how much you can afford to borrow and what repayment amount would work for your budget.

Other factors to consider include:

  • Your current expenses
  • Any major upcoming expenses
  • Your ideal repayment period
  • The interest rate applied
  • Any outstanding debts you currently have

What information do I need to provide when I apply?

Lenders will differ in the information they require to assess your claim. In saying that, there are a few things you should have on-hand before you apply for guaranteed loans for bad credit.

Providing all the required information when you apply ensures your application can be assessed without delay.

So, before you get started, make sure you have access to the following details:

  • Personal information (name, date of birth, etc.)
  • Contact details
  • Online banking information
  • Proof of income
  • An estimate of your current expenses
  • Any other relevant details (E.g. MyGov login).

Apply today

Ready to begin your Monzi journey? Scroll up and begin your application now!

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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


12 months


20% upfront establishment fee

+ 4% monthly fee


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


13 months

24 months


48% annual percantage rate

67.41% comparison rate p.a.


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


13 months

24 months


21.24% annual percantage rate

48% comparison rate p.a.


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.