One Hour Loan? Are They Possible? Monzi Investigates

If you’re in the midst of a financial emergency and need a one hour loan of up to $10,000, chances are you need things to move quickly. This is where Monzi’s lender-finder service may be able to help. In short, our automated system scans through a range of lenders to try and match you with an available credit provider. Best of all, we may be able to provide you with an outcome in just 60 minutes.

Monzi is a lender-finding service. We do not offer financial advice. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

man-searching-for-one-hour-loan

What is a one hour loan?

If you’re looking for a one hour loan, we know you want your money fast. Like other quick or fast approval loans, one hour loans are personal loans that get assessed in a hurry.

Keep in mind that different lenders vary in their processing times. As a result, one hour is not a guarantee. The time taken to receive your outcome may take more than an hour, depending on the lender as well as the nature of your application. However, lenders will do what they can to process your application ASAP.

If you’re looking for a one hour cash loan of between $300 and $10,000, Monzi might be able to help. Our lender-finder service can potentially match you with a great lender in just 60 minutes. Once matched, you will deal with your lender directly.

The table below outlines a few examples of loan products that may be available online:

One hour loanAmount (AUD)
One hour cash loan$500
Cash loan in one hour$1,500
Cash loans fast$2,000

The table above in no way reflects the loans potentially offered through Monzi’s network of credit providers.

Short-term loans

Need cash today but don’t want to get locked into a long-term commitment? At Monzi, we work with a number of lenders that offer short term loans.

The lenders we work with are flexible and they may be able to structure repayments to suit your needs. In some cases, you can have your loan repaid in just 12 months.

Want to spread the costs out a little bit more? Repayment periods of 13 to 24 months may also available. Keep in mind that repayment terms will depend on your loan amount as well as the lender you’re dealing with.

If you’re looking for a cash loan in one hour consider submitting an application with Monzi.

I need a one hour loan: what are my options?

The cash needs of our users are many and varied. While some users are just looking for small loans of a few hundred dollars, others are looking for several thousand dollars.

In order to ensure we can meet the needs of all our users, we work with a large network of lenders who each offer a number of different loan products.

Depending on how much you’re looking to borrow, your loan will fall into one of the following three categories.

Small loans

Small personal loans range from $300 to $2000 and in most cases will be repaid over a 12 month period. Generally, small loans are unsecured, meaning you’re not required to attach an asset as collateral.

Medium loans

Is a small loan not going to cover it? Medium loans are available with amounts ranging from $2,100 to $4,600. Medium loan repayment periods, in most cases, will range from 13 to 24 months. Unlike small loans, medium loans are secured loans meaning you will be required to attach an asset as collateral.

Large loans

Need to borrow even more? Large loans range in size from $5,000 to $10,000 and have possible repayment periods of 13 to 24 months. All large loans are secured loans given that you are borrowing a significant sum of money.

Can I apply for a one hour loan if I’m receiving Centrelink payments

Yes!

Just because you receive Centrelink payments doesn’t mean you should be unable to secure credit. At Monzi, we can potentially match you with lenders who offer loans to people receiving Centrelink payments.

In assessing your application, these lenders will consider your financial situation as a whole to determine your ability to afford repayments. If, through their assessment, you meet the required criteria, you may be considered for approval.

Keep in mind that when it comes to Centrelink loans, each lender will do things a little differently. While some lenders may not consider certain Centrelink benefits as income, others will. Put simply, it is at the discretion of the lender as to how they assess your application.

Furthermore, all applications are subject to an assessment. As a result, there is no guarantee your application will be approved.

Can I get a one hour loan with bad credit?

At Monzi, we’re here to help as many Australians as possible, regardless of their financial history. While bad credit can be a death knell when it comes to trying to get a loan with a bank, at Monzi, there are no such concerns. In short, we work with some lenders that may take a different approach.

While your credit history may be considered, your current financial situation is often just as important. A few credit mistakes in your past don’t have to define you. If you’re managing your finances well and you’ve got things back on track, there’s no reason you should be unable to borrow.

So, if you’re struggling to find a willing credit provider to offer you bad credit loans, why not try Monzi? Within our network, there may be a few lenders willing to offer bad credit loans.

Credit checks: are they a necessity?

If your credit score isn’t where you’d like it to be, you can find yourself having to resort to searching things like “one hour cash loans no credit check Australia.”

Luckily for you, there may be alternatives available. Monzi and our network of lenders understand that having perfect credit often isn’t a reality. If you have bad credit but need a one hour cash loan, we may be able to help you.

First things first, as a lender-finder, Monzi will not conduct a credit check on you.

If you are successfully paired with a lender, a credit check may be conducted as part of your assessment. Although, each lender has a different set of procedures they follow when assessing an application.

If you do have a poor credit history, don’t stress. The lenders that Monzi associates with will likely go beyond just a basic credit check. Your income and expenses will be taken into account too, giving the lender a clear idea of how you’re managing your money.

With this, if you’re in a comfortable financial position, you may still be able to access the one hour loan you require.

Payday loans: what are they and can Monzi help me find them?

A payday loan is a type of short-term loan that typically comes with very short repayment periods as well as high fees and rates. Repayment terms may be as short as 4 weeks.

To answer the second question, Monzi may be unable to find you a lender that can offer you a one hour payday loan. Instead, we specialise in finding you lenders who offer personal loans.

Personal loans are typically more manageable for borrowers. Interest rates and fees applied are reasonable and repayment periods typically range from 12 to 24 months. If you’re looking for personal loans up to $10,000, Monzi can help.

Am I eligible for to apply with Monzi?

Want Monzi to help you find a lender? Make sure you check these simple boxes:

  • You are an Australian citizen OR a permanent resident.
  • You must be at least 18 years old.
  • Have been receiving a regular income for the past three months.
  • Have an active email address and phone number.

Certain you meet all the criteria? Then it’s time to move onto your application.

Applying with Monzi

To make life easy for our users, we’ve made our application process really simple. To apply with Monzi all you need to do is:

  1. Apply: Select the amount you wish to apply for and provide the required personal details. Once you’ve done that, click submit.
  2. Search: Once you’ve completed your application, there’s no work left for you to do. Our automated system will collate your information and set about trying to find an available lender to assess your application.
  3. Outcome: If it all goes to plan, we can potentially find you a lender in just one hour. If we do, we’ll let you know and from there, your lender will be in touch to conduct an assessment of your application.

One hour loan: money in one hour?

If you submit an application during business hours with Monzi, our automated system aims to find a match for you in 60 minutes. Once we put you in touch with a lender though, we are unable to say with any certainty how long it will take for the cash to appear in your account.

If you’re applying for a one hour loan, your lender will do what they can to process your application without delay. However, there will be some processing time involved, given that all applications are subject to an assessment. In most cases, if you have provided all the required information and applied during normal business hours, you should receive an outcome promptly.

Should your application be approved, you’ll be sent a loan contract. Lenders will transfer funds after you’ve agreed to and signed the contract. At that point, you’re at the mercy of your bank and the associated inter-bank transfer times.

If you’ve applied and been approved during normal business hours, it may be possible to receive your cash on the same day you apply. Applications received outside normal hours or on weekends may encounter delays.

One hour loan instant approval: fact or fiction?

We know you want your cash loans fast, however, “instant approval” won’t actually mean you get approved instantly. More often than not, when you see a lender promoting things like “loans online instant approval”, they’re promoting the fact that they will assess your application so quickly, it will feel instant.

This is different from instant or guaranteed approval loans where no assessment of your application would take place.

If you do come across lenders offering guaranteed approval, be careful. In Australia, there are rules in place around responsible lending. Lenders are required to undertake an assessment of your loan before approving anything.

While you may be in a hurry, understand that these rules are in place to protect the consumer. It’s all about the lender assessing the suitability of the loan for you and whether or not you can afford it.

A lender who by-passes these checks is likely not reputable and you may end up getting scammed.

Responsible lending in Australia

As mentioned, Australia has legislation in place designed to protect borrowers. This legislation takes the form of a number of obligations a lender must comply with before extending credit.

The obligations centre around the key focus that licenced lenders must not agree to a loan contract with an individual, if the contract is unsuitable for the individual. In other words, the borrower must be able to make repayments without significant financial hardship.

How do lenders comply with their responsible lending obligations?

In order to meet their responsible lending obligations, lenders are required to take three steps.

  1. Lenders must make reasonable inquiries into the borrower’s financial situation as well as their requirements and objectives regarding their loan.
  2. Lenders are required to take reasonable steps to verify the applicant’s financial situation. This will differ between lenders, however, will typically involve an examination of your credit history, income and expenses.
  3. Based on the information they obtain, lenders must make a financial determination as to whether the loan is suitable for the applicant.

While instant or guaranteed approval can seem great when you have no time to waste, always remember that the assessment process is about doing what’s best for you.

For more details regarding responsible lending, visit the ASIC website. They may be able to tell you all you need to know.

What goes into a one hour loan assessment?

Given that you know an assessment will take place, you’re probably wondering what’s involved.

Put simply, the ultimate goal of a lender’s assessment is to determine your ability to repay your loan. Lenders don’t want to extend credit to people who are going to default on their loans, so they complete an assessment to determine whether or not you’ll be able to make your required repayments.

In most cases your assessment will examine:

  • Credit Worthiness: Based on your credit history, your creditworthiness is a way to measure how likely you are to repay your loan.
  • Income: How much are you earning? Salary, other cash inflows (E.g. share dividends, etc.).
  • Expenses: What are your costs day-to-day? Can include rent, food, utilities as well as any other outstanding debt obligations.
  • What’s suitable? How much can you afford to borrow and repay?

Through careful consideration of all of these elements, the lender is then able to make an informed decision as to whether to approve or deny your application.

What should I think about before applying for a one hour loan?

Before you even consider submitting an application with Monzi, it’s important to understand what you’re getting yourself into. A one hour loan can be a great financial tool but if managed improperly, it can become a headache. Having a clear idea of your financial situation is the best way to ensure you can keep your loans under control.

If you’re not sure what you need to consider, make sure you’ve asked yourself the following questions:

  • What’s my income?
  • What are my expenses?
  • How much do I need to borrow?
  • Do I have any other options?
  • What repayment period suits my situation?
  • Should I make repayments weekly, fortnightly or monthly?
  • What fees and rates will I be charged?

By asking yourself these questions, you’ll have a great idea of your financial situation. From there, you can confidently enter any loan agreement knowing what you need and can afford.

Online vs traditional lenders

In the past, the only way to get a loan was through a bank. You’d have to make an appointment and sit through a meeting just to apply for a loan.

Lucky for you, you’re now living in the golden age of online finance.

The internet age has brought with it a ton of quality, licenced lenders who you can find with just a few clicks. Applying and securing finance online has never been easier.

Unfortunately though, there’s almost too much choice out there. This can make it tricky for consumers wondering what to look for.

With the vast number of lenders out there, it makes sense to use a lender-finder service like Monzi. We’ll make finding a lender a convenient and 100% stress-free experience for you. If everything goes to plan, we might be able to match you with a great lender in no time.

The Monzi experience: what makes it so great?

At Monzi, we think our service is great and will make finding a lender simple and convenient. Admittedly though, we are a little biased.

If you’re still not sure if it is right for you, here are a few of the other great benefits that come with applying through Monzi:

Easy applications

From start to finish, applying with Monzi takes just a couple of clicks, a few personal details and zero complicated elements. We’ve made it easy for you, so you can get back to doing what you want to be doing.

Our efficient and effective automated system

Monzi’s automated system is the hero we all need. When you apply, it will scan through an array of potential lenders to try and find one that’s available to assess your application. There’s zero research required on your part and if you apply during business hours, you may have an outcome in just one hour.

Repayments how you want them

When you apply with Monzi, you get a say. As part of your application, you will select how much you wish to borrow, your ideal repayment period (E.g. 15 months) as well as how frequently you would like to make repayments (weekly, fortnightly or monthly).

If you’re successfully matched with a lender, they will take this information into account to determine your repayments. It’s all about ensuring your obligations are manageable to give you the best chance of repaying your loan comfortably.

We’re an online service

At Monzi, we are committed to helping as many Australians as possible find a lender that may be able to offer them a one hour loan. Our 100% online model is part of this commitment.

No matter what corner of our vast country you find yourself in, you can submit an application with Monzi. It doesn’t matter if you’re in the city or the bush, as long as you have an internet connection, you can connect with Monzi.

Licenced lenders

Through our time, we’ve been able to establish a network of lenders that we trust to do what’s right by our users. The lenders you may be matched with are all licenced, reputable and of the highest quality.

Nothing’s ever hidden

When you take out a loan, nothing gives you peace of mind like transparency. The last thing you want is to be stressed out, worrying about what hidden traps might be built into your contract, designed to take advantage of you.

Monzi’s network of licenced lenders won’t hide anything from you. Once your application is approved, you’ll receive a loan contract which will clearly detail all the fees, rates and charges involved. As long as you read it carefully before agreeing, you won’t encounter any nasty surprises.

We’re helpful

Not sure how everything works? That’s OK, having questions is normal. We’re always happy to help our users with any concerns they may have.

If you have a few queries or questions you would like addressed before applying, you can email us at hello@monzi.com.au. We’ll do our best to provide you with a thorough response that addresses all your concerns.

If you are looking for a quick reply, the best results will come from emailing us during normal business hours. Although, we do endeavour to respond to all inquiries promptly.

I am unable to afford my one hour loan repayments

If you think you’re going to miss an upcoming repayment, ensure you get in contact with your lender ASAP as late payments will result in a fee. If you do make contact early, however, your lender may be able to work with you to develop a plan of how to manage the situation.

Should you suffer a major change in circumstances (i.e lose your job) and lose your ability to afford your repayments, you will be required to apply for financial hardship through your lender.

A financial hardship application requires you to outline the reason why you are no longer able to meet your loan obligations. In most cases, supporting documentation (e.g. evidence of termination, medical certificates) will need to be provided.

If your application is approved, new repayment terms may be instituted which allow you to meet your obligations in a way that is manageable for you.

Don’t delay: apply today

Think Monzi’s right for you? Apply now.

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.