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.

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 loan 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 instant decision. 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 unwilling to offer cash loans for bad 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 before offering loans to people with bad credit; 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. Instead, some lenders may be able to offer bad credit personal loans with very fast 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.

Online cash loans bad credit Australia for any expense

Do you need a cash loan?

The good news is that they can cover almost any personal expense that you encounter. Whether your car’s broken down or you have vet bills to pay, Monzi might be able to help you access the cash loans that you need.

While that’s two quick examples of common expenses, other reasons for applying with Monzi include:

One thing to keep in mind is that when you apply, you must be truthful in your reason for applying. If your lender discovers that you have lied on your application, your application will be rejected. Moreover, you may find it difficult to access credit in the future.

Online loans bad credit Australia: what if I’m unemployed?

If you’re without a job then accessing credit will be difficult. After all, without a consistent income stream it will be difficult to make your regular repayment obligations. However, there may still be some lenders willing to offer loans for unemployed individuals.

Having said this, in order to be approved, there are many conditions that you must still meet. Most importantly, you will need to show that you are receiving a regular income in some form. This won’t be a wage, however, some lenders may accept benefit payments as a source of income.

Without this, your application will not be approved as you will be ineligible for credit.

In addition to this, even with a source of income, approval is not certain. You must still meet the lenders requirements and thresholds in order to access credit.

Will I get my cash on the same day I apply?

Potentially, however, Monzi is unable to provide any guarantees. In many cases, you may need to wait until the following day to access your cash.

Having said this, if you wish to access your cash same day then there are a few things that you can do that may help. Most critically, you must apply during business hours. Moreover, you must supply all the necessary details when you apply to ensure that your lender can conduct an assessment without delay.

If you do these two things then Monzi may be able to pair you with a lender in just 60 minutes. From there, your lender can potentially assess your application and provide you with an outcome before you know it.

At that point, if your application is approved then your cash will be transferred to you. With this, access to your money will then be determined by the associated transfer times between banks.

So, while same day loans for bad credit borrowers may be possible, there are a number of steps involved. As a result, try to account for a waiting time of up to 24 hours.

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 and might connect you with a lender offering fast easy cash loans today!

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.

The comprehensive guide to your credit history

If you’ve got bad credit then it’s worth understanding how you got there. That way, in the future, you can potentially avoid those past mistakes and become a more responsible credit consumer.

So, to help you out, Monzi has assembled this all-encompassing guide to your credit history. We’ll look at credit reports, credit scores and the things that you can do to become a better borrower. Let’s go.

What is my credit report?

Your credit report is a comprehensive record of your credit activities and behaviours. In short, it exists so that lenders and other credit providers can get a quick idea of your overall trustworthiness as a borrower. Rather than having to scout around and seek out information, lenders can simply assess your credit report where all your credit information is compiled in one easy location.

In Australia, credit reports are usually held by three reporting agencies: Equifax, Experion and illion. Depending on the accounts that you’ve held, you may have a report with only one agency or all three. Moreover, agencies source information from different places meaning listings may differ.

What’s listed on my credit report?

Your credit report is essentially a record of all your credit-related activities. As a result, it will contain a range of listings that relate to the credit contracts that you hold.

As a guide, listings may include:

  • Your personal details (e.g. name and address)
  • Hard credit inquiries
  • Current credit accounts
  • Repayment history
  • Overdue accounts and defaults
  • Bankruptcies, court judgements and debt settlements

However, this is just a quick list. Other listings may appear on your credit report.

How long do credit listings remain?

In short, it depends on the type of listing. As a guide, entries on your credit report will remain on there for a period of between two and seven years.

On the shorter end of the scale, your repayment history (e.g. making loan repayments, paying bills, etc.) is only maintained for two years.

On the other hand, more serious listings such as defaults, debt agreements, debt relief and bankruptcy will remain for five to seven years. In addition to this, hard credit enquiries that occur when you apply for credit will remain for five years too.

How is my credit score calculated?

Credit reporting agencies calculate your credit score using a complicated formula that considers all the information listed on your credit report.

This algorithm will consider a range of factors including the types of credit contracts you hold, your patterns of applying as well as the age of your credit accounts.

Ultimately, you’ll end up with a credit score that falls somewhere between 0 and 1,000 or 1,200 depending on the credit agency that you are dealing with. Obviously, the higher your score is, the better.

Your score will then be designated as excellent, very good, average, fair or low depending on the number.

Is it possible to improve my credit score?


However, there is no quick-fix. If you want to improve your credit score then you will need to implement effective borrowing habits today and stick to them for a long period. If you can do this then slowly but surely you will begin to see improvements as your past mistakes are replaced.

In terms of strategies, key behaviours to implement to improve your credit score include:

  • Pay your bills and debts on-time
  • Don’t miss repayments
  • Keep credit balances low
  • Only open new credit accounts when you need to.
  • When opening a new credit account, shop around to find the most favourable terms (e.g. lowest comparison rate).
  • Monitor your credit report regularly to ensure that there are no errors.

Can I access my credit report?


All consumers in Australia can access one free annual copy of their credit report. To access it, all you need to do is contact the relevant report agency (e.g. Equifax) and make a request. It will then be mailed to you and should arrive within approximately 14 days.

If you need more than one copy within a year period or wish to receive your report sooner, that’s okay. However, you will need to pay a small fee.

Finally, monitoring your credit report regularly is a great habit to get into. Errors or incorrect listings may appear from time-to-time and can have a detrimental impact on your credit. By checking regularly, you can pick up those mistakes and have them resolved before they cause you problems.

online loans bad credit Australia woman on laptop sitting on green chair

Can I get online bad credit loans instant decision 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 a same day cash loan. 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 or applying for weekend loans may result in a delay.

Online bad credit loans Australia: what do lenders assess?

When it comes to bad credit finance, lenders will have to look at more than just your credit history. While that may be one part of the assessment process, lenders will typically focus their attention more so on your financial situation.

By analysing your current budget (i.e. income and expenses), lenders can get an idea of whether or not you are in a secure financial position as well as your capacity to repay any money that you borrow.

If you are able to comfortably afford your repayments then you may be approved even with a few credit mistakes in your past.

However, always remember that approval is not certain. Moreover, while some lenders offer bad credit loans, others may not. As a result, approval may depend on the lender that you are dealing with.

No credit check loans for bad credit borrowers

Credit checks are one important tool that lenders use to assess a borrower’s suitability for credit. However, they may not always be necessary. In fact, some lenders may be willing to offer loans without a credit check.

As a result, to assess your application, they’ll focus solely on your financial situation. By analysing the balance between your income and expenses, lenders can get an idea of what might be affordable for you. If your repayments would suit your budget, then you may be offered a no credit check cash loan.

Having said this, we cannot guarantee that these loans will be offered. While some lenders may, most will not. It will simply come down to the products offered by the lender that you are dealing with.

In any case, if you are a bad credit borrower, it’s worth noting that a credit check isn’t the be-all and end-all of your application. Lenders may look at your financial situation too. As a result, a no credit check loan may not be necessary as you may simply be offered a bad credit loan. Although, it will be up to your lender.

Debt consolidation loans for bad credit online 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 bad credit 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. Just remember that Monzi might not be able to match you with lenders offering bad credit payday loans.

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. If you would like to safely apply for bad credit cash loans for Centrelink customers, then give Monzi a try. We’ll do our best to match you with a trusted Aussie lender today.

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.

What is the easiest loan to get with bad credit?

In short, Monzi is unable to say with certainty which lender offers the easiest loans. As a result, you may need to do your own research. Alternatively, you could simply apply with Monzi and you may be paired with a great lender in just 60 minutes.

Having said this, it’s worth understanding what’s meant by ‘easy loans.’ In general, they refer to loans offered by some lenders who may have criteria that aren’t quite as strict as others. As a result, they may be an accessible credit option for bad credit borrowers, low-income earners or even people receiving benefit payments.

However, as with all loans, approval is not certain. While these lenders may have slightly more lenient criteria, you will still need to meet a range of requirements and thresholds in order to receive approval.

Can I get a loan with a 300 credit score?

Yes, potentially.

A credit score of 300 is assigned to the lowest possible category and is usually referred to as low or below average. However, it won’t immediately mean that you are ineligible for credit.

Lenders vary in their minimum credit score requirements meaning that it is possible that some credit providers may be willing to offer the loans that you require.

Having said this, if you do have a credit score of 300 then in order to be approved, you will need to prove you are in a secure financial position too. This means that there must be a comfortable balance between your income and expenses that your repayments would fit comfortably within.

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.

Bad credit loans online Australia: approved anywhere

Online credit options have changed the game. While in the past you had to visit a bank to get a loan, things these days are so much easier. In short, you can apply and be approved all from the comfort of your own home or wherever you choose.

In other words, access credit has never been easier. At Monzi, we believe we’re part of this too. When you need to find a lender, one simple way is to use Monzi’s lender-finder service.

All you need to do is submit one simple application. From there, our automated system will set about trying to match you with an available lender from our network. Best of all, you can borrow up to $10,000 with repayments terms ranging from 12 to 24 months.

Keen to apply? Scroll up and use Monzi’s loan slider to begin your application today.

Why was my application denied?

In short, at Monzi, we cannot say why your application was rejected. After all, we are simply a lender-finder service. As a result, once we’ve matched you with a lender, we are not longer privy to the details of your assessment or loan.

In most cases, if your application is denied then you failed to meet one of the lender’s necessary qualifying criteria. This could be related to your credit history, financial situation or the loan that you’ve applied for.

For a clear answer, contact your lender and they may be able to inform you exactly where you went wrong.

In any case, if your application is unsuccessful today, you are welcome to apply with Monzi again in the future. If you work yourself into a more secure financial position then it may be possible that your next application will be successful.

How do I repay my online loans bad credit Australia?

Making your repayments is simple. However, before we get there, it’s worth noting that you will have a few decisions to make first.

Firstly, when you apply for loans over $2,000, you will need to select your preferred repayment period. As a guide, you’ll have options ranging from 13 to 24 months. So, aim to pay off your loan efficiently while still ensuring that your repayments are affordable.

In addition to this, you’ll need to choose between weekly, fortnightly or monthly repayments. It’s totally up to you so pick the one that you think fits best with your circumstances. As a handy tip, aligning your repayments with your wage is never a bad idea.

Finally, making your repayments. Just establish a direct-deposit from your account and they’ll be automatic. All you need to do is ensure that there is enough money on your account on the relevant dates.


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 (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.