Online Payday Loans Alternatives Through Monzi

In a pinch and need a source of funds now? Online payday loans could be one option to help get you through a tough financial period. They’re not your only choice though. Personal loans can be just as effective and may come with more manageable rates and repayment periods. If you think this could be an option for you, Monzi’s lender-finder service may be able to help.

Online payday loans explained

While online payday loans sound great in theory, it’s important to have a complete understanding of what exactly they are before you get started. To give you a hand, we’ll break it all down.

A payday loan is small, short-term loan for amounts typically up to $2,000. Loans are repaid over a period as short as 16 days or up to a few months. When you apply for a payday loan, lenders waste no time in conducting an assessment meaning you can potentially have your cash in no time.

Most importantly, many payday lenders are 100% online, meaning you can apply for 24/7 loans at a place that suits you best. You could be at home on the couch, on the train or even at work.

That’s all there is to it; online payday loans in a nutshell.

If you’re after a few examples of possible loan products available, check out the table below:

Online loansAmount (AUD)Approved
Payday loans online$500
Online payday loans$1,500
Online payday loans no credit check$1,800

Just keep in mind, the information presented above may not reflect the loan you’re potentially offered.

Monzi’s lender-finder service

While we’ve mentioned payday loans online, the first thing to know is that Monzi is not a payday lender. In fact, we are not a lender of any variety.

Put simply, Monzi is a lender-finder. That means we make it simple and convenient for everyday Australians looking for a loan to connect with a great lender.

If you’re looking for a loan and not sure where to start, all it takes is one simple application. From there, our automated system attempts to match you with an available lender in just 60 minutes.

One thing to know though is that, at Monzi, we aim to match our users with lenders offering personal loans, not payday loans. If you’re pursuing online payday loans Australia then you may need to do your own research.

Personal loans are similar to payday loans, however, there are a number of key differences. To help you out, read on and we’ll give you a rundown on both.

Payday and personal loans – what’s the difference

When looking at the two loans, the key differences often boil down to amounts offered and repayment periods.

Payday loans are short-term loans of amounts up to $2,000 that are repaid over as little 16 days up to a few months. Small payday loans online, as the name suggests, exist to tide you over until your next pay period if you find yourself short on cash. If approved, you get your cash ASAP so you have the cash to cover those expenses that just can’t wait.

By comparison, personal loans are much more diverse. Loans can range from as little as $300 all the way up to $10,000 and repayment periods can stretch across 12 to 24 months. With the long-term commitment, your repayments are often more manageable and the rates and fees applied are typically lower than those applied to payday loans.

Which loan is right for me?

Unfortunately, Monzi is unable to say which loan is best for you.

Ultimately, it is up to you and will be determined by your needs, objectives and preferences. If you want your loan repaid quickly then a payday loan might be for you. If you’d prefer to spread the costs out to better fit your budget then a personal loan could be the better choice.

Just keep in mind that Monzi aims to match you with lenders offering personal loans. Therefore, if you’re hunting for personal loans, our lender-finder service may be for you.

Will my bad credit history stop me from getting a loan?

If you’ve got bad credit then you’re certainly not alone. There are plenty of everyday Australians in a position just like you.

Luckily, it won’t necessarily stand in the way of you getting a loan. While in years gone by, bad credit was viewed as a deal-breaker, new-age lenders have taken a bit of a different perspective.

You credit history reflects your past but not necessarily your present. If you’re managing your budget well, earning a consistent income and the repayments would fit comfortably with what you can manage, a few past mistakes may not be an issue.

Are there payday lenders offering online payday loans for bad credit?

Yes, there may be online payday lenders in the marketplace willing to take on bad credit loans. However, Monzi may not be able to connect you with them.

Our aim is to match you with lenders offering personal loans up to $10,000. If you’ve got bad credit, some lenders in our network may be able to look past this and consider your financial situation as a whole.

Put simply, a poor credit score won’t be the be-all and end-all when it comes to your application.

Do payday lenders conduct credit checks?

If you apply online for a payday loan, your application may be subject to a credit check.

Lenders assess all applications and there are a number of steps they may take. Credit checks are potentially one of them.

There are no guarantees though; it simply comes down to the individual lender’s policy. Some lenders will always conduct a credit check, while others may not.

If a lender opts to by-pass a credit check, they’ll assess your claim by looking at your financial situation including your income and expenses instead. That way, they can determine if the loan is right for you.

Does instant approval mean there’s zero waiting time?

Not quite.

If you see lenders promoting things like online payday loans instant approval Australia, there are a few things you need to understand.

Most importantly, understand that instant approval loans shouldn’t be taken literally. Instead, it refers to assessments that are completed so swiftly and without delay that it feels like no time has passed. In reality, there will always be some waiting time involved with payday loans online instant approval.

This is due to the fact that in Australia, all loan applications must undergo an assessment in order for lenders to comply with their responsible lending obligations. Lenders are required to take certain steps to verify your financial position to determine if the loan is affordable for you.

So, while online payday loans no credit check instant approval may not be a reality, lenders will typically do what they can to provide you with an outcome ASAP.

Can I access my cash on the same day I apply?

While it is potentially possible to receive your payday loans on the same day you apply, nothing is certain.

If you apply during regular hours, lenders may be able to assess your application and provide you with an outcome in no time. If approved, they’ll transfer you the cash immediately, at which point, you’ll be in the hands of the bank and the associated interbank transfer times.

Put simply, if everything goes to plan you may be able to receive your funds on the day you apply. Although, this is dependent on a number of factors.


If you’re looking to apply with Monzi, we do require you to meet four criteria. Don’t worry though, they’re super simple.

  1. Be at least 18 years of age.
  2. Hold an Australian Citizenship or Permanent Residency.
  3. Have a current email address and phone number.
  4. Have an internet banking account with at least three months of banking history.

Easy online payday loans – securing finance has never been easier

In the past, to get a loan you’d have to meet with the bank. Scheduling a meeting, organising your documents, taking time out of your day, it just sounds like a hassle. Thankfully, those days are long gone.

In Australia and around the world, online lenders have taken over. These days a simple Google search will return hundreds of online lenders, offering easy loans and cash ASAP.

They make it fast too. There’s no need for lengthy meetings or faxing of documents, it’s 100% online. You can receive an outcome almost instantly and some applications don’t even require a credit check.

With a wide range of lenders, it can be difficult to know where to begin. That’s where a lender-finder like Monzi may come in handy. Lodge a simple application and you can potentially be matched with a great lender in no time.

With a wide range of lenders, it can be difficult to know where to begin. That’s where a lender-finder like Monzi can come in handy. Lodge a simple application and you can potentially be matched with a great lender in no time.

Payday loans for Centrelink customers online

Just because you’re receiving payments from Centrelink doesn’t mean you will be ineligible to apply for instant online payday loans. Some lenders may offer payday loans on Centrelink.

Lenders are typically understanding of a wide range of circumstances and you can rest assured knowing that your application will be assessed like any other.

Do understand though that lenders may view Centrelink payments differently. If benefit payments make up most or all of your income, some lenders may not view this as legitimate income, while others might. It will simply come down to the lender you’re dealing with.

As such, Monzi is unable to provide any guarantees as to whether your application will receive easy loan approval if you are receiving Centrelink payments. What we can say is that some lenders may be understanding of your situation.

Are payday lenders trustworthy?

There’s no doubt that payday lenders tend to cop a bad rap. While there are some disreputable lenders out there that prey on those suffering financial hardship, there’s no need to paint the industry with a broad brush.

There are plenty of reputable lenders out there that are willing to help their customers access the cash they need. While they may not be for everyone, payday loans may be an option that allows you to manage a short-term period of financial hardship.

In saying this, Monzi may not be able to match you with a payday lender offering payday cash loans online. Instead, we do what we can to find you an online lender offering personal loans that may be a payday loan alternative.

How do I know if the lender I am dealing with is reputable?

Given that most payday lenders operate exclusively online, your first port of call should be their website. You’ll get a good idea of their reputability plus most lenders will detail the fees, policies and payment structures applied to the online payday loans they offer.

Next, it’s worth completing a quick google search to try and find their reviews. That way, you can gain an insight into past customer experiences to further determine if they’re right for you. It goes without saying but if the reviews are less-than-stellar, steer clear.

If you’re looking for total peace of mind, consider applying with Monzi. While we aim to match you with lenders offering personal loans rather than payday loans, all our lenders are licenced, reputable and transparent so you know you’ll only be matched with a great lender.

Woman sitting on bed with laptop applying for online payday loans

I think I’m dealing with a dodgy lender

If you fear you are dealing with a dodgy lender offering payday loans that aren’t legitimate, here are some warning signs to look out for:

  • Lenders offering a guaranteed approval.
  • Lender does not have a license from ASIC.
  • Asked to make upfront payments before receiving the loan.
  • Lender asking you to deposit the upfront payment into a bank account, cryptocurrency, or through purchasing a gift card.
  • Emailed from a generic or suspicious email address.
  • Offered a suspiciously low interest rate.

How do I compare lenders offering payday loans online Australia?

To help you determine which lender is right for you, it’s important to understand your needs and objectives as a borrower.

First, you need to determine what kind of commitment you want. If you need cash now and want your loan repaid ASAP, instant payday loans online may be the right choice. On the other hand, if you’re looking for something a little more manageable where repayments are made over a longer period, a personal loan is probably for you.

Once you’ve decided which loan you would like, comparing lenders is easy. Examine the fees and rates as well as the repayment terms each lender offers. From there, you can pick the one that works best for your circumstances.

To make things easy, consider submitting an application with Monzi. Our lender-finder service can match you with a lender in just 60 minutes, saving you the hassle of having to compare lenders yourself.

Making repayments is easy

If you use Monzi’s lender-finder service, you might be able to tailor your repayments to fit your needs. As part of your application, you will be able to request your ideal repayment period which may range from 12 to 24 months (depending on your loan).

In addition to this, you’ll have the option to make repayments weekly, fortnightly or even monthly. A simple tip is to pick the one that aligns with when you receive your income. For example, make fortnightly repayments if you are paid fortnightly.

Once that’s all sorted, making repayments is simple. Implement a direct debit from your account and repayments will be automatically withdrawn from your account until your loan is repaid. At that point, withdrawals will cease.

Get in touch

At Monzi, the experience of our users is important to us. Before you get started, we’re happy to answer any questions you may have about Monzi or our lender-finder service.

Direct your contact to and we’ll do our best to answer any questions, queries or concerns you may have. Responses will be quickest for correspondence received during business hours.

In short, you may need to contact your lender directly if you have questions specific to your loan. Moreover, as a lender-finder service only, we will not be aware of the details of your loan.

Apply today

Think Monzi’s lender-finder service is right for you? Head to the top of the page to begin your online application.

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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


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%. The minimum and maximum loan term is 12 months. 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.

Loan amount

$2,001 - $4,600


13 months (minimum)

24 months (maximum)


48% Annual Percentage Rate (APR)

67.41% Comparison Rate p.a.


Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principal Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Annual Percentage Rate (APR) for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. 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 (minimum)

24 months (maximum)


21.24% Annual Percentage Rate (APR)

48% Comparison Rate p.a.


Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principal Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Annual Percentage Rate (APR) for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. 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.