Low Rate Personal Loans – Monzi Explores

Low rate personal loans from $300 to $10,000. Are they available? Monzi’s here to investigate. Apply through our lender-finder service and you may be paired with a lender in just 60 minutes. A few credit mistakes in your past may not stand in your way. Apply today.

Please note, certain ideas and products presented in this article may not be offered 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 are low rate personal loans?

In order to explain, it’s easier to break it down.

Firstly, low rate loans refer to your interest rate. As you are probably aware, all loans must be repaid with interest and the interest rate determines how much you must pay. Given that interest is charged as a fixed percentage of your outstanding balance, a lower rate is usually better.

Moving onto the second part, a personal loan is a lump-sum cash loan offered to borrowers that is repaid over a fixed period (e.g. two years). Borrowers are able to use this money to cover an expense today and can divide the costs evenly over the coming months or years.

Bringing this together, low rate personal loans are potentially an accessible and affordable loan option for borrowers.

However, note that if you apply for a personal loan then your lender will determine your interest rate. As a result, we cannot guarantee if you will be offered a low rate. You must simply consult with your lender or read the terms of your contract before agreeing to a loan.

Introducing Monzi

Hello there. We are Monzi. One of Australia’s leading lender-finder services.

As a lender-finder service, we exist to pair everyday Aussies borrowers just like you with a range of some of Australia top online credit providers. In other words, we can potentially make it quick and convenient for you to find lenders online.

With Monzi, all it takes is one easy application. From there, we’ll do the leg work while you relax. Best of all, if we successfully pair you with a lender, then they will contact you to assess your application so that you can potentially receive an outcome before you know it.

As a guide, examples of loan products that may be offered by Monzi’s lenders can be seen in the table below:

LoanLoan amount ($)
Unsecured personal loan$1,000
Quick loans online$2,500
Fast cash loans bad credit$3,000

Low rate personal loans Australia: how much can I borrow?

At Monzi, the lenders that we work with may offer cash loans from $300 to $10,000. While we cannot say if you will be offered low interest personal loans, there may be a cash amount to suit your needs.

With such an extensive range of cash amounts on offers, lenders typically will assign your loan to one of three categories. Each category will vary, so it’s essential to understand which loan you will be applying for. See below for details:

Small loan

Small personal loans come with the following features:

  • $300 to $2,000
  • Unsecured loans
  • Repaid over 12 months

Medium loan

  • $2,100 to $4,600
  • Secured loans
  • 13 to 24 months repayments

Large loan

  • $5,000 to $10,000
  • Secured loans
  • Repaid over 13 to 24 months

Low rate personal loan alternatives

At Monzi, we work with lenders who may offer personal loans from $300 to $10,000. Unfortunately though, we cannot say if they will offer low interest rates on these loans. As a result, you may be looking for an alternative.

Luckily, there may be a few options for you. However, Monzi is unable to provide specific advice. After all, what’s available to you may depend on your unique financial situation.

In any case, if you’re looking for a cheap personal loan or government assistance then you could investigate whether you can access a cash advance through Centrelink. Moreover, certain schemes (e.g. NILS) have been developed to offer accessible finance for borrowers who meet a number of eligibility criteria.

These may be two options for you. However, you must determine if you are eligible.

How can I get a lower rate on my personal loan?

While we cannot say if you will be offered a low rate loan, there may be a few ways that you could potentially access a lower rate than what you otherwise may have been offered.

Firstly, you could consider applying for a secured personal loan. In short, secured loans cover amounts over $2,000. As part of your agreement, you’ll need to attach one of your assets as security (e.g. your car). If you fail to make your repayments then your lender may take steps to repossess your asset to cover their losses.

Your other option could be to improve your credit score. While this will take time if your credit isn’t the best, it is possible. In some cases, lenders may offer more favourable terms if you are able to show that you are a reliable borrower. As a result, you could potentially be offered a cheaper personal loan.

However, ultimately, your lender will determine the rate you are offered.

What can I use low interest rate personal loans Australia to cover?

The best thing about cash loans, bad credit or otherwise, is that you can use them to cover most personal expenses. All you need to do is provide the reason when you apply.

While this may seem like a small matter, it’s important to always tell the truth. If a lender finds out that you’ve lied about your reason for applying then your application may be denied. Moreover, you may find it extremely difficult to find another willing lender in the future.

In any case, some common reasons that Aussie borrowers apply with Monzi include:

However, this is just a quick list. There may be many other reasons that you need to apply with Monzi and we’ll always do what we can to help. Moreover, note that Monzi cannot say if you will be offered low rate personal loans unsecured.

Low rate personal loans bad credit

At Monzi, we work with a few lenders who may consider offering loans for bad credit. Unfortunately, we cannot say what your interest rate may be. As a result, if you’re looking for a low rate then you may need to do further research.

In any case, when it comes to bad credit loans, it’s worth exploring how lenders may assess your application.

In short, while they will take a look at your credit, they’ll also assess your current financial situation too. By analysing the balance between your income and expenses, lenders can potentially get an idea of what repayments might be affordable for you.

Given this, it may be possible to access finance with bad credit. However, approval is not certain. Your lender reserves the right to approve or deny applications where they see fit.

Can I get low rate personal loans without a credit check?

In short, it may be possible. However, Monzi cannot provide any guarantees.

For most lenders, credit checks represent a crucial step to determining your suitability for credit. Based on their findings, they can see how reliable you are as a borrower and can calculate the likelihood that you will repay your loan without issue.

Having said this, there may be a handful of lenders who offer no credit check loans to bad credit borrowers. However, note that if you apply with Monzi, then we cannot guarantee if you will be offered one such loan nor can we guarantee if you will be offered personal loans with low interest rates. It will simply come down to the policies of your lender.

Finally, keep in mind that a credit check isn’t always the be-all and end-all. These days, most lenders will look at the bigger picture. In other words, while lenders may consider your credit, they’ll also analyse your financial situation too. As a result, cash loans without a credit check may not be your only option.

Can I get a low rate personal loan with a 450 credit score?

Your credit score reflects your history as a borrower. The higher your score, the more trustworthy and reliable you’ve been in the past.

When it comes to applying for a loan, this score will matter. In short, lenders will assess your credit report to determine your creditworthiness. In other words, what is the likelihood that you will repay your loan?

With this, lenders will often impose a minimum credit score requirement. However, the exact number may vary between lenders. As a result, it’s difficult to say whether or not a 450 credit score will be sufficient.

In any case, always remember that your credit score alone will not determine your outcome. Lenders will conduct an assessment to determine how your ideal quick cash loan would suit your circumstances. As a result, your current employment status, income, expenses and outstanding debts may be just as important too.

Apply with Monzi: am I eligible?

At Monzi, we aim to help as many Aussies as possible find credit providers online. However, we do have a few necessary eligibility criteria that you must meet if you want your application to progress.

No need to worry, though. They’re as easy as can be. See below:

  • Australian citizen or permanent resident
  • At least 18 years of age
  • Have a current email address and contact number.
  • Possess a personal online bank account with at least three months of transaction history.

How do I apply with Monzi?

Applying with Monzi couldn’t be any easier. All you need to do is complete a few quick steps. As a result, you can potentially have your application completed and submitted before you know it.

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

  1. Use Monzi’s loan slider to select your loan amount and repayment term (note that loans under $2,000 come with fixed 12-month repayment terms).
  2. Complete Monzi’s application form by entering the required personal and financial details. Then, submit it.
  3. Kick back and relax as we take over. Once we receive your application, our automated system will set about scanning our network to potentially find an available lender willing to consider your application.
  4. We’ll let you know the results of our search. If you apply during business hours, then you may receive an outcome in just 60 minutes. If we successfully pair you with a lender, then they will touch base to begin the assessment process and potentially make you an offer.

Can I get low rate personal loans on Centrelink?

If you have a lacklustre credit history and receive Centrelink benefit payments, it may still be possible to access credit. Having said this, it’s important to understand that availability of loans for people on Centrelink may depend on policies of the lender that you are dealing with. Moreover, we cannot guarantee what interest rate your lender will offer.

In short, while there may be several lenders who consider benefits payments as a legitimate source of income, others may not. As a result, this may affect your outcome if these payments account for some, or all, of your current income.

In any case, at Monzi, we may know a few lenders who may potentially offer loans to Centrelink customers. However, note that when you apply, we cannot guarantee if you will be paired with one such lender. Moreover, approval is never certain and lenders will assess your circumstances to determine if a loan is suitable for you.

What about if I’m unemployed?

Unfortunately, both having bad credit and being unemployed are red flags for lenders. As a result, if you’re unemployed with bad credit then finding a lender prepared to consider your application will often be tricky.

However, it may not be impossible. Although, in order for lenders to consider your application, you must prove that you are earning some form of regular income. As we’ve already mentioned, for some lenders, this may include benefit payments. However, policies do vary.

At the end of the day, without income, your application for loans while unemployed will not progress, given that you will almost certainly lack the capacity to make your repayments. Moreover, even with a source of income (e.g. benefit payments), approval is never certain. After all, your income is not the only thing that lenders will assess.

Low rate personal loans debt consolidation: are they available?


Consolidation loans are one of the most frequent reasons that people apply with Monzi. However, if you’re not sure about what debt consolidation is, then allow us to explain.

In short, debt consolidation loans involve borrowing the money required to repay your current outstanding debts. As a result, you’ll only need to worry about one loan. Essentially, it’s about simplifying your debt repayments.

At Monzi, we work with lenders who may offer these loans from $300 to $10,000. However, before you jump into an application, do your research to determine if this is an appropriate option for your financial situation. Moreover, remember that we cannot guarantee if you will be offered a loan with a low rate.

Finally, keep in mind that approval is never certain.


I need a $30,000 low rate personal loan: can Monzi help?

Unfortunately, we cannot.

At Monzi, we work with lenders who may offer bad credit loans online from $300 to $10,000. As a result, if you’re hunting large low rate personal loans secured of up to $30,000, you must do your research.

The good news is that there may be many lenders who can potentially help. As a guide, you may want to approach a bank given that they are often viewed as the primary source of these loans.

However, it’s totally up to you. Shop around and compare banks with online lenders. Ultimately, it’s your responsibility to find the lender that suits you best.

Can I apply for loans on the weekend?


The great thing about Monzi is that we’ve made our website available 24 hours a day, seven days a week. As a result, you can apply whenever you like. That includes on the weekend.

However, it’s important to note that if you apply on the weekend, then you may experience delays. While we’ll do what we can to pair you with an available lender from our network, lenders often do not process applications during these times. Moreover, even if a lender assesses and approves your application, banks may not process cash transfer until the following business day. As a result, delays often occur.

Guaranteed approval loans for bad credit applicants: are they offered?

In short, no.

Due to Australian legislation, lenders are obligated to perform an assessment on all applications that they receive. As a result, there is no such thing as guaranteed approval loan.

Instead, lenders will always take the time to assess your financial situation to determine whether or not the loan you’ve applied for is suitable for you. Based on their findings, they’ll provide you with an outcome.

Finally, note that if you do find a lender offering loans guaranteed no matter what then you should avoid them. Assessments exist to protect you to ensure that you can afford any loan you are offered. As a result, they are always necessary.

Payday loans for bad credit instant approval: what are they?

If you’re after a small loan quickly then a payday cash loan may be an option for you. In short, these loans typically cover amounts from $300 to $2,000. Moreover, they are often repaid over a brief period. As a result, they’re just a short-term loan commitment that can help you get by.

Unfortunately though, at Monzi, we aim to match you with lenders offering personal loans. As a result, if you’re after payday loans for bad credit instant approval, then you may need to do your own research. While payday loans are typically only offered for amounts up to $2,000, personal loans may be available up to $10,000.

In addition to this, understand that if you would like a low rate low then a payday loan may not be the best option for you, given that interest rates are often high.

What will the interest rate be on my loan?

In short, we cannot say.

In most cases, lenders will calculate your personal loan interest rate based on a range of different factors. As a result, there is no single answer.

To make this more clear, your interest rate may vary based on whether you are applying for a secured or unsecured loan. Moreover, it can also change based on your credit history. For instance, fast loans for bad credit often come with higher rates given that they are a riskier investment for lenders. Finally, rates may vary between lenders too.

Given this, if a lender offers you a loan then you must read your contract carefully. It will outline all your costs, rates and repayments. As a result, reading it will ensure that you don’t encounter any surprises down the line.

Where can I find low rate personal loans online?

While there may be many ways to find lenders online, if you’re after a simple and convenient way then maybe you should apply with Monzi. While we cannot guarantee if you will be offered low rate unsecured personal loans, we can potentially pair you with a lender in just 60 minutes.

In short, our lender-finder service can potentially make it easy for you to be paired with great lenders online. Best of all, you can potentially borrow amounts ranging from $300 to $10,000 with a host of manageable repayment terms on offer too.

Having said this, how you go about finding a lender is up to you. Do your research to determine which lender is right for you. Or, if you think Monzi’s lender-finder service will take away the hassle, then you’re free to apply with us. Just scroll up and use our loan slider to begin your application now.

What is the easiest low rate personal loan to get with bad credit?

It’s true that not all lenders are the same. In other words, while some will have strict qualifying criteria, others won’t. As a result, if your circumstances aren’t quite perfect (e.g. low-income earner or bad credit applicant) then these easy approval loans could be a viable credit option for you.

Having said this, always remember that while some lenders may be more lenient than others, that does not mean that approval is certain. These lenders will still have a range of requirements that you must meet if you wish to be approved. This may relate to not just to your credit history, but your income, expenses and savings too.

Will I receive a low rate personal loan on the same day I apply?

Yes, potentially. However, given that there are numerous steps involved, you may need to wait until the following business day.

In short, if you apply for a personal loan with Monzi then we will aim to pair you with a lender in just 60 minutes. From there, your lender will be in touch and may waste no time assessing your application so that you can receive an outcome ASAP.

If everything goes to plan and your application is approved then your lender will transfer your money to you. At that point, access to your cash will be determined by the lender’s banking rounds as well as the associated inter-bank transfer times.

So, given this, while same day loans may be possible, they won’t always occur. As a result, before you apply, aim to account for a waiting time of up to one business day. Moreover, remember that your lender may not offer personal loans low rate.

Can you pay off low rate personal loans early?

Yes, potentially.

Many lenders will offer the option for you to repay your loan early. However, note that this will often incur an early exit fee. As a result, before you pay off your loan, consult your contract or contact your lender to determine whether or not you will need to pay an additional fee.

In addition to this, keep in mind that while repaying your loan early and getting out of debt ASAP seems like a great idea, there is no pressure to do so. If you cannot manage this and would like to stick to your regular repayments, that’s fine. Repaying your loan early just may be an option to consider if you’re fortunate enough to be in a position to do so.

Low rate personal loans comparison

Comparing loans really isn’t that difficult. However, borrowers will often overlook this step. As a result, they can potentially miss out on accessing a lower rate or a more favourable repayment term.

So, if you’re looking to compare loans, low rate or otherwise, consider the following factors:

  • Comparison rate: Combines your interest rate and fees into an annual percentage that represents your total loan costs. Use it to compare loans based on cost.
  • Terms: how long do you have to repay your loan? Does this suit your current budget?
  • Loan amount: make sure that your lender offers the loan amount you’re after.
  • The lender: ensure that your lender is licenced and check their user reviews online to get an idea of how they’ve treated borrowers in the past.

For further details, check out Monzi’s personal loan comparison guide.

How do I know if I’m dealing with the right lender?

In short, if you apply with Monzi then we will only ever match you with a licenced credit provider. With this, you can guarantee that they will do things by the book. As a result, they should only offer you a loan that is reasonable and affordable for your circumstances.

If you opt to find your own lender though, then that’s okay too. However, there are a few steps that you should take to ensure that you are dealing with a suitable lender.

Firstly, read their website carefully. Ensure that they offer the loan products you require and make note of the fees and rates you will be charged. Most importantly, ensure that their Credit Licence Number is listed for you. In addition to this, read reviews online to get an idea of how they’ve treated borrowers in the past.

Based on your research, you can potentially determine which lender is right for you.

Low rate personal loans and responsible lending

In Australia, lending is highly regulated. In short, these regulations come in the form of responsible lending obligations.

The central concept of these obligations is that a lender must not offer a credit contract to a borrower that is unsuitable for the borrower’s needs and objectives.

To determine whether or not a loan is suitable, lenders must take the following three steps:

  1. Make reasonable inquiries into a borrower’s needs, objectives and financial situation.
  2. Must take reasonable steps to verify this information.
  3. Based on their findings, the lender must make a final determination as to whether the credit is suitable for the borrower and communicate it to them.

For further information, make sure that you visit the Australian Securities and Investments Commission website.

Why did the lender deny my application?

Unfortunately, Monzi is unable to say.

As a lender-finder, our aim is to pair you with an available lender from our network. However, once this occurs, we are no longer involved in the process or your assessment. As a result, we are unable to say why your lender denied your application.

Having said this, generally speaking, if your application was unsuccessful then it often means that you failed to meet one or more of the lender’s necessary qualifying criteria. This could relate to your current financial situation, credit history or a number of other factors. If you contact your lender, then they can potentially outline exactly where your application fell short.

Finally, on a positive note, remember that even if your application is unsuccessful today, you can apply with Monzi again in the future. However, before doing so, ensure that you’re in a more secure financial situation.

Do I have to accept the loan I was offered?


At the conclusion of your assessment, your lender may offer you a loan. However, it’s important to understand that you can decline the offer.

If you decide that it is not right for you or you are unhappy with the terms you were offered then you are free to decline. Just inform your lender that you do not wish to proceed and your loan application will be cancelled.

Having said this, one thing to be aware of is the fact that you won’t always be offered the same loan that you apply for. In short, lenders retain the right to alter the terms (e.g. amount or repayment term) to make it more suitable for your circumstances. As a result, don’t be surprised if your lender offers terms that vary slightly from your initial application.

Issues with repayments and financial hardship

Lenders understand that life doesn’t always go to plan. As a result, if you encounter an issue with your repayments then there may be options for you.

Firstly, if you find that you are unable to afford an upcoming repayment on your easy cash loan, then you must contact your lender ASAP. A missed repayment will incur a fee. Although, with sufficient warning, your lender may assist you to develop a plan for how to manage the issue.

On a more serious note, if you suffer a major change in your circumstances that leaves you unable to make your repayments then you will need to apply for financial hardship. To do this, you must contact your lender and they will guide you through the process.

In most cases, you will need to provide supporting evidence as well as an estimate of what you can afford to repay. Your lender will then consider this information and they may implement changes. For instance, your repayments may be modified or a repayment holiday may be instituted.

Questions, queries and concerns

Do you have a question about Monzi or our lender-finder service that we haven’t answered?

Get in touch!

Email us at hello@monzi.com.au or submit a quick and easy contact form through our website. Once we receive your email, one of our customer service team will aim to get back to you with a response ASAP. Although, just remember that we only monitor this account during business hours.

In addition to this, we can only ever answer about our organisation and service. So, contact your lender directly with questions about fast cash loans that you’ve taken out or the personal loan rates that they may offer.

Apply today

Looking for personal loans online?

Monzi may be able to help point you in the right direction. Borrow cash amounts ranging from $300 to $10,000.

Scroll up and use Monzi’s loan slider at the top of the page to begin your application now. Let’s go!

Keen to learn more? Check out Monzi’s guide to buying and selling online or getting an ABN for your business.

Factor In


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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 (minimum)

12 months (maximum)


20% upfront establishment fee

+ 4% monthly fee


Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The comparison rate on loans between $300 and $2000 could be up to 199.43%. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440. WARNING: This comparison rate is valid 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.

Loan amount

$2,100 - $4,600


13 months (minimum)

24 months (maximum)


47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.


Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid 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. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000


13 months (minimum)

24 months (maximum)


17% Annual Percentage Rate (APR)

36% Comparison Rate p.a.


Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489.

The starting interest rate for a Personal Loan is 17%. Comparison Rate 36% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489. WARNING: This comparison rate is valid 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. Credit criteria and terms and conditions apply.