Money Loans Explained By Monzi

Money loans are potentially available online from $300 to $10,000. Get the cash you need now and divide the cost evenly over the coming months or years. Keen to know more? Read on for Monzi’s comprehensive breakdown.

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.

Money loans explained

Money loans from $300 to $10,000 sound great, right? But what are they?

In short, these loans are standard, lump sum cash loans designed to get you the cash you need, when you need it. Whether your car’s broken down or it’s time for a new washing machine, these loans may be an option for you.

Best of all, there’s no need to compromise your current savings. With money loans, your repayments are divided into a series of even amounts, spread over the coming months or even years.

Through Monzi’s lender-finder service, we may be able to pair you with an available lender willing to offer the money you require. Just use our loan slider at the top of the page to begin your application.

Apply now.

Instant cash loans online

Online finance has never been more accessible than it is today. Do a quick search online and you will find that there is no shortage of lenders out there willing to offer the cash you need.

Best of all, they’ve made it simple too. Applications can be completed in minutes and there’s no paperwork or meetings required. The 100% online process means you can apply, be approved and receive your cash all from the comfort of your own home (or anywhere).

However, if you’re not sure where to begin, applying with Monzi could be a great first step. When you apply, we’ll aim to match you with a licenced, available lender in just 60 minutes. It may be the easy and convenient way to find a great lender online.

Money loans fast: what expenses can I cover

With money loans, you can cover almost any legitimate personal expense that you encounter. This is important because when you apply, you’ll need to provide a reason.

While the list of possible expenses is endless, some are more common than others. As a guide, frequent reasons for applying with Monzi include:

  • Car repairs and servicing
  • Household maintenance
  • New technology or appliances
  • Medical, vet or utility bills
  • Rental bond
  • Debt consolidation.

Who will give loans with bad credit?

While in the past finding lenders willing to consider bad credit applicants may have felt like a struggle, things may be different these days. Armed with a different approach, lenders are now much more willing to offer bad credit loans.

In short, rather than simply looking at your credit score, lenders will assess your budget (income and expenses) too. That way, they can get an idea of what might be affordable for you.

As a result, if you have worked your way into a secure financial situation then your poor credit history might not matter. You will still be able to access the cash loans you need.

In saying this, keep in mind that bad credit loans often come with higher interest rates due to the greater risk for lenders.

Fast cash loans no credit check

Credit checks are one tool lenders use to assess your suitability for credit. In short, they illustrate your history and reliability as a borrower. However, they aren’t always necessary.

In fact, some lenders may be willing to bypass credit checks entirely and offer no credit check loans. So, if you’re worried that your bad credit may be a problem, this probably sounds like the loan product you need.

In saying this, few lenders will offer these loans. As a result, their availability will depend on the lender that you are dealing with and their individual assessment policies.

In any case, as we’ve already mentioned, as credit check isn’t all there is to an assessment. Lenders will look at your complete financial situation meaning a credit check isn’t necessarily the be-all and end-all.

Easy cash loans

Are you currently in a less-than-ideal financial situation? Maybe you’ve got bad credit, earn a low-income or maybe you receive Centrelink benefit payments. Accessing credit is going to be difficult, right?

Luckily, that’s not necessarily the case. Some easy lenders may have requirements and criteria that aren’t quite as strict as other lenders. As a result, they may offer loans to individuals with circumstances that aren’t quite ideal.

However, approval is not certain. While these lenders may have more lenient criteria, your application will be assessed like any other to determine if you are suitable for credit.

Small money loans

Pesky, minor expenses have a habit of appearing at the worst possible moments. If you’ve haven’t quite got the required cash-on-hand, one option could be to apply for a small cash loan.

In short, small unsecured loans typically range from $300 to $2,000 and are repaid over just 12 months. They’re a short term commitment that gets you the cash you need now to cover those expenses that just can’t wait.

At Monzi, we work with a number of lenders who specialise in offering small loans. Submit an application today and we may be able to pair you with one such lender in just 60 minutes.

Money loans: something larger

Unfortunately, not all expenses are minor. As a result, small loans won’t always cut it. Luckily, lenders offering personal loans offer medium and large loans up to $10,000 too. That means we may have you covered no matter your cash need.

Small, medium and large loans do differ slightly in their features so it’s important to understand which you will be applying for before you begin. Check out the features of medium and large loans below:

Medium loans

  • $2,100 to $4,600
  • Secured
  • 13 to 24 month repayment term.

Large loans

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

Instant approval loans need cash today

So, you need an instant loan? Before applying though, it’s important to understand exactly what that means.

In short, with an instant loan you won’t get your cash the second that you apply. This is because, in Australia, lenders are required to assess all applications in order to determine if the loan is suitable for the borrower’s needs and objectives.

As a result, there’s always going to be some processing time involved. Given this, an instant loan simply refers to a loan where you receive an outcome in what feels like no time. However, this time may range from minutes to hours depending on your application and lender.

Money loans hand putting coin into plastic piggy bank

Responsible lending

Given that we’ve mentioned assessments, it’s worth outlining what’s involved.

Based on the National Consumer Credit Protection Act 2009, lenders must not enter into a credit contract with a borrower that is unsuitable for the borrower’s needs and objectives.

This is determined through three responsible lending obligations that outline the steps lenders must take to determine this. These steps are:

  1. The lender must make reasonable inquiries into a borrower’s financial situation, needs and objectives.
  2. They must take reasonable steps to verify this information.
  3. Based on the information they’ve gathered, lenders must provide a final assessment as to whether the loan is suitable for the borrower.

Visit the ASIC website for further details on responsible lending. It may outline all the information you need to know.

How do I get emergency money?

Facing a cash emergency? Have an expense that just can’t wait? With emergency money loans, you may be able to access the quick cash you need.

In short, with emergency loans you can apply at the time that suits you best. That might even be a weekend or a weeknight. From there, lenders will aim to provide you with an outcome ASAP so you can get your cash soon.

One thing to keep in mind is that applications received outside of business hours and on weekends may encounter delays. This is due to the fact that often lenders do not complete assessments during these times and banks may not process transfers either. As a result, you may need to wait until the following business day to access your cash.

Which loan is best?

In short, this will depend on your circumstances. Loans vary not only in their amount but in their repayment term too.

For instance, you can repay a small loan ($300-$2,000) over just 12 months. On the other hand, a larger loan may come with a repayment term of between 13 to 24 months.

As a result, Monzi is unable to say which loan is best. It will simply be up to you. As a guide, only borrow the amount you need. Moreover, try to repay your loan in an efficient manner while still ensuring your regular repayments are affordable and manageable.

Can I get a money loan with a 450 credit score?

Yes, potentially.

As discussed, lenders are now more willing than ever to assess bad credit applicants. In fact, a credit score of 450 is not a poor score for alternative lenders.

Lenders will consider your financial situation as a whole to determine what may be affordable for you. If you meet all the required criteria then your application may be approved.

However, lenders retain the right to offer bad credit loans where they see fit. As a result, approval is not certain.

How can I get a $3,000 loan?

One simple way is to apply with Monzi. Through our lender-finder service, you can potentially be paired with an available lender willing to offer the money loans you need. Best of all, you’ll have the choice of repayment terms ranging from 13 to 24 months.

All it takes is one simple application. You’ll need to provide your preferred loan amount as well as a number of personal and financial details. At that point, our automated system takes over and seeks to find an available lender willing to assess your application.

From there, we’ll get out of the way and your lender will assess your application. So long as you meet all the required criteria, your application will be approved and you might have your cash before you know it.

Money loans repayments

When you apply, you’ll have to make a few decisions. Not only will you have to decide between repayments periods ranging from 12 to 24 months, you’ll also need to choose between weekly, fortnightly or monthly repayments.

In short, select the one that works best for your circumstances. A great tip is to sync your repayments with your income. If you are paid monthly, make monthly repayments. However, it’s ultimately your decision.

Making repayments is easy too. Simply establish a direct-debit from your account and they’ll be automatic. You won’t need to lift a finger. All you need to do is ensure you have the required funds in your account on the relevant dates.

Money loans and Monzi: apply today

Keen to access loans online through Monzi’s lender-finder service? Borrow cash amounts from $300 to $10,000.

The below table shows examples of the loans past Monzi customers went on to be approved for:

Short term loans$800Blacktown, NSW
Easy loans$3,000Redcliffe, QLD
Quick cash loans$10,000Whyalla, SA

The above table is just a guide. The actual loan you may be offered may not reflect what we present above.

Finally, get in contact with us at if you have any questions regarding our lender-finder service.

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


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.