Online Loans Bad Credit Australia – Easy Finance

Online loans bad credit Australia – what does it all mean? Before you apply for finance online, let Monzi explore your options.

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What are online loans bad credit Australia?

Online loans for bad credit Australia are, essentially, what they say on the tin.

To begin, consumers start their application with these lenders online. Moreover, from start to finish, the entire application process happens online. This means no paperwork and a quick outcome. Depending on when you apply, you may have your cash loan within one business day.

Bad credit loans are available to Aussies with lacklustre credit history. If missed payments, defaults or court orders are listed on your credit report, these loans may be an option worth considering.

Finally, you can apply for these loans from any corner of Australia.

Online loans Australia bad credit – can Monzi help?

Please note that Monzi does not offer loans. Instead, we act as the bridge between our network of lenders and Aussie consumers.

The good news is Monzi may be able to put you in touch with a lender offering online bad credit loans in no time. Applying is so easy and, from there, we’ll try to do the rest.

More specifically, we work with lenders that may be able to offer the following:

  • Small unsecured loans from $300 to $2,000. These loans may come with repayment terms up to 12 months.
  • Medium secured loans are valued between $2,001 and $4,600. These loans are secured and may have longer repayment terms between 13 and 24 months.
  • Large secured loans from $5,000 and $10,000. Consistent with medium personal loans, large loans are secured and may come with terms ranging from 13 to 24 months.

All small loans under $2,000 are unsecured.

Finally, you may be eligible for larger loans up to $30,000 if you meet certain criteria.

Which loan company is best for bad credit in Australia?

A few missed payments here, a court order there and your credit history may start looking a little bruised. This may not be an issue until you apply for credit products. Specifically, traditional lenders like banks and credit unions may be very wary of poor credit.

Luckily, there are still options available to you.

Monzi, for example, may be able to match you with a bad credit lender in no time. In short, the lenders in our network are less concerned with your history and more concerned about your current relationship with money.

Finally, please note that your credit history is only one aspect of your online cash loans bad credit Australia application. In other words, lenders will consider a number of other factors being granting approval; for example:

  • income
  • expenses
  • spending and savings habits
  • repayment history
  • debt to income ratio.

In other words, two consumers with identical credit scores may receive different outcomes from the same lender. Therefore, there is no objective answer to this question.

Do I qualify for Monzi’s bad credit online loans Australia?

Please note, we do not offer online loans bad credit Australia; however, we may be able to point you in the direction of a lender that does.

First, you need to qualify. Luckily, there are only four simple criteria you will need to meet:

  • All applicants must be at least 18 years of age;
  • hold an Australian Citizenship or Permanent Residency;
  • have 3 months of recent banking history on an online account; and
  • have a personal contact number and email address.

Did you say yes to everything listed above? Great! Scroll up to the loan slider to begin.

Is it possible to get a loan with very poor credit history?

Your credit history is one out of a myriad of different criteria lenders consider. Therefore, a very poor credit score does not automatically disbar you from approval.

For example, consider Sarah. Sarah came out of bankruptcy a few years ago, so her credit score leaves a lot to be desired. She is, however, approved for an online bad credit loan because:

  • She has a great recent history of paying lenders back on time
  • Sarah earns a sufficient income
  • She applies for a secured loan and uses her car as collateral.

As you can see, this question is a bit like asking how long is a piece of string. In other words, there are too many variables at play to provide an objective answer.

How do I apply for online loans bad credit Australia?

Monzi’s lender-finder makes it easy to try and match with a potential lender. Our service is simple, fast and streamlined. We get results quickly!

The entire lender-finder process happens over three steps:


Work out how much you want to borrow and use the loan slider to make a selection. Next, fill in some pieces of information we need and lodge your application.

Note: the loan slider presents examples of the repayments you may expect on online loans. These are, however, just examples and do not necessarily reflect the loan you’re potentially offered. Therefore, use these examples as a very rough guide only.


Once we have your application we try to pair you with a lender. Apply during normal hours and you may receive an outcome within 60 minutes.


If we match you with a lender, they will first assess your application and get in touch if they can make you an offer.

What happens if the lender approves me?

Lenders first assess your application. If you meet their criteria, lenders send through a digital loan contract.

We cannot stress enough how important it is for you to read through your contract carefully before approving anything. Specifically, make sure you are happy with the offer. In particular, pay attention to the:

  • interest rates
  • fees and charges
  • repayment terms
  • loan amount.

Lenders may not always be able to offer the exact online loans bad credit Australia you applied for on our site. They will, however, do their best. Therefore, confirm you are happy with the amount offered.

Finally, you are under no obligation to approve the contract offered to you. If you are unhappy with anything in your contract, get in contact with the lender. Alternatively, you are free to decline and walk away from the contract. If, however, you approve a contract you’re unhappy with, you may encounter some issues down the track.

Can I get online bad credit loans instant decision in Australia?

Realistically, no lender is able to provide a truly instant decision. What do we mean by this? Well, it is unlikely you will be able to click apply and have an outcome within seconds. We do, however, work with lenders that can potentially assess your application in under an hour.

This all boils down to the fact lenders need to spend a certain amount of time assessing your application. After all, credit providers must lend money responsibly. Central to responsible lending is:

  • making inquiries into the consumer’s situation, as well as their objectives;
  • taking steps to confirm the above information for themselves; and
  • making a final assessment as to whether the contract is suitable for the consumer.

When can I expect to see online loans bad credit Australia in my account?

You may be able to see your small loans fast, depending on when you approve your contract.

For example, if you approve your contract during normal business hours, you may receive your cash the same day. Ultimately, this depends on inter-bank transfer times.

If, however, you approve your contract after your lender’s normal hours, your funds may not be processed until the next business day. This may also hold true for weekends and public holidays.

Bear in mind, lenders generally have rounds of banking throughout the day. Lenders process funds during these rounds. Therefore, approving your contract after the lender’s final round may result in a delay.

Debt consolidation loans for bad credit instant decision Australia

Debt consolidation loans allow consumers to roll all their existing debts into one loan. Many consumers find it easier to better manage their repayments with one loan. Remembering one repayment a month is easier than remembering six, after all.

Here are a few of the potential benefits of debt consolidation:

  • Ease. More convenient to manage one debt instead of several. Moreover, you only have to deal with one lender.
  • Budget. Budgeting may become easier. Rather than having to remember several repayments, simply remember one.
  • Save. You may save money if you consolidate your debts into a loan charging a lower interest rate. In addition, you may also avoid paying several sets of fees each month.

Are you considering consolidating your existing debt? Monzi may be able to point you in the direction of a lender! We work with lenders potentially offering up to $10,000.

Finally, Monzi does not offer financial advice. Please consider professional and independent advice on debt consolidation loans may help your unique situation. Call 1800 007 007 from anywhere in Australia for free financial advice on how to deal with debt.

Bad credit payday loans online Australia

Payday loans are simply small unsecured loans of up to $2,000. Generally, payday lenders only offer these small amounts, potentially with repayment terms as short as a few weeks or months.

Lenders offering personal loans, on the other hand, are also able to offer larger secured loans with longer repayment terms.

Ultimately, both are potential options for people looking for online loans bad credit Australia.

Can I get guaranteed approval for bad credit loans on Centrelink?

Absolutely not! We understand that consumers in a tight financial pickle look for a level of certainty; however, guaranteed approval is illegal and in direct contradiction to responsible lending.

Responsible lending revolves around the idea of protecting consumers from unsuitable loan products. A loan product may be considered unsuitable if:

  • the consumer’s financial needs and objectives are not met; and/or
  • the consumer cannot afford the repayments without experiencing hardship.

Obviously, any lender offering guaranteed approval pays no heed to responsible lending. Be very wary if you encounter these lenders. There is a chance they are less-than-reputable or even a scam.

Can I apply for a $5,000 loan with bad credit?

All consumers are welcome to apply with Monzi, regardless of their credit history.

The first step is to work out how much money you want to apply for. Once you have done that, use the loan slider to begin the application.

A $5,000 personal loan falls within the large secured loans bracket. As such, you will need to use an asset as collateral against the loan. Lenders may be able to consider the following asset as collateral:

  • car
  • caravan
  • motorbike
  • boat.

I need help with online loans bad credit Australia!

Get in contact with Monzi directly if you’re having trouble applying. You can reach us at While applying is super easy, we do understand it’s not always plain sailing. Get in touch with us directly and we’ll walk you through any questions you have.

Unfortunately, we cannot call you over the phone with regards to your application. We can, on the other hand, answer any and all questions you may have over email.

If, however, you have a lender-specific question, get in contact with them directly. As each lender Monzi works with is a separate company, we cannot speak on their behalf.

Before applying

Consider all other options before you apply for loans online bad credit Australia. Borrowing small amounts of money may not solve your financial problems and can often be expensive.

If you are considering a loan to help you cover existing debts, please first consider MoneySmart. MoneySmart explains how small amount credit contracts work and also produces alternatives.

Finally, call 1800 007 007 from anywhere in Australia to access free and independent financial counselling from the National Debt Hotline.

Benefits of Monzi

We’re the best lender-finder service in Australia; just ask our past clients.

Here are just a few of the top benefits of Monzi.

  1. No time-wasting. Applying is so simple and may only take you a few minutes. From there, we’ll get to work as quickly as possible and you may have an outcome within 60 minutes during business hours.
  2. 100% Online. Every step of our process takes place online. To apply, all you need is an internet connection and a few spare minutes.
  3. No paperwork. Our system is able to digitally access your bank statements from your online banking account.
  4. Stress-less credit checks. A credit check may happen on your application; however, lenders will always look to focus on more.
  5. Trusted network. Over time we’ve built up a strong network of lenders able to offer a variety of loan products from $300 to $10,000.


What are you waiting for? Scroll up to begin.

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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.