Think Payday Loans Alternative Don’t Exist? Think Again and Read On

If you need money in a hurry, you may start considering taking out a payday loan. Additionally, if you have bad credit, you may feel that payday lenders are your only option. There are, however, other credit alternatives available to you.

payday loans alternative

Payday Loans Australia

If you’re keeping an eye on the short term lending industry, you’ll have heard about the recent mayhem around payday loans in Australia. The short term loans market has been stirred up by change over the last decade: and the demand for payday loans has grown exponentially. All the while online lenders have popped up everywhere, and this makes the whole process feel overwhelming. It’s here that many people start looking for a payday loans alternative.

What lender should you choose? And how much should you borrow? Should I take out a personal loan? We want to help you answer all these questions.

Firstly, at Monzi Loans, we can find a lender who will contact you. There is no need to start searching through hundreds of options to find an available lender. We’ll find you a lender without the hassle.

Now, in regards to payday loans, that’s tricky. Let’s start by looking at exactly what are payday loans instant approval.

What are payday loans?

Payday loans are small loans characterised by high interest rates and short repayment terms. Payday loans can often be a convenient way to cover temporary cash shortfalls. Repayments will often be done through direct debit, or by taking a portion of your future paychecks. They are, however, not for everybody. In some situations, it may be preferable to examine the alternatives to payday loans. Monzi is able to find lenders offering personal loans of up to $10,000.

To clear up any uncertainty about what exactly a payday loan is let’s look to the experts. So, ASIC defines payday loans as including high-cost, short-term loan, including small loans up to $2,000 that must be repaid between 16 days and 1 year. Traditionally, payday loans are used to help tie you over to your next payday, hence the name.

If you have less-than-perfect credit, then you may be on the lookout for payday loans no credit check, or payday loans no credit checks Centrelink. It’s understandable. But fortunately, payday loans Australia are not your only option. Monzi Loans can find lenders that offer quick, convenient personal loans.

How do payday loans work?

When you apply for a payday loan, you and the lender will agree upon a loan amount and loan term. Usually, payday loan terms are very short – in some cases, as few as four weeks.

Payday loans are then, typically, paid back through:

1. The lender setting up a direct debit from your nominated bank account, or;

2. A portion of your pay is automatically deducted for a number of pay-cycles.

While the convenience of these loans may seem incredibly attractive, they may often come with eye-watering interest rates and misleading fees and charges.

What about buy now pay later?

In the current consumer market, convenience is a valuable commodity. Because, let’s be honest, our lives are busy. Whether it’s work or family life, sometimes it seems you don’t have time to stop. Additionally, online shopping has, for some, become an integral part of their daily lives.

The new kid of the block is buy now pay later services like Afterpay and ZipPay. In particular. buy now pay later services can be a payday loans alternative, however, it’s not all roses and unicorns.

Services like Afterpay and ZipPay essentially provide credit without an income assessment. Reputable lenders will always assess your financial situation to determine whether you can borrow money. Usually, with buy now pay later services, you use them for small purchases, however, those can add up, quickly. The temptation to just ‘pop it on Afterpay’ can be dangerous – once you start it can be hard to stop. So, let’s look at some other payday loans Australia alternatives.

What are the payday loans alternative?

If you are considering borrowing from a payday lender, you should first weigh up your other options. While payday loans may indeed feel easy and convenient, there is a chance they could leave you in a worse financial position.

Consequently, here is a list of possible alternatives to payday loans. So, before you get in touch with a payday lender, you should consider the following:

Get in contact with your utility provider:

If you are considering applying for a payday loan to help you pay your utility bill, this may be an option for you. This is due to the fact that most utility companies will have their own financial hardship office. Here, you are able to negotiate alternative payment options.

If you feel you are unable to afford your electricity, water or gas bill, you should first get in contact with your provider.

Apply for a Centrelink advance payment:

If you receive Centrelink, you may be able to apply for a Centrelink advance payment. Put simply, you receive a portion of your future Centrelink benefits. These will then be repaid out of your future Centrelink payments, interest free.

Keep in mind, however, that not all Centrelink customers will be eligible. To find out if you qualify, get in contact with the Department of Human Services.

Apply for a no interest loan:

Some creditors will provide no-interest loans. However, these are often set up as a charity initiative, and you must meet eligibility requirements. If you are on a low income and need to pay for household necessities or medical treatments, consider applying for a no-interest loan.

The No Interest Loan Scheme is one such example. You must, however, meet certain eligibility requirements, and loans can only be spent on certain expenses.

Use Monzi’s lender-finder service

Alternatively, you could employ Monzi’s free lender-finder service. With one, simple application, Monzi may be able to find you an available lender. Specifically, Monzi finds lenders offering personal loans of up to $10,000. These loans will generally have much longer repayment periods and lower interest rates and fees.

Why are payday loans bad?

Payday loans may, in some situations, be a good credit option. However, certain aspects of the payday loan model have been criticised by consumers.

Less regard for responsible lending practices

Perhaps the most damaging stereotype of payday lenders is due to the accusations of irresponsible lending practices. This industry has a reputation for preying on vulnerable individuals.

Repayment terms

If you are able to meet your repayments on time, then you will usually avoid large fees. However, failure to meet repayments may result in additional fees and charges that could quickly snowball and spiral you into financial hardship. Due to payday loans often having very short loan terms, the regular repayments can be very high.

Falling into unmanageable debt

It can be easy to fall into the trap of taking out new loans to pay off other, older loans. This can leave borrowers in a debt spiral that can be incredibly hard to get out of.

Guaranteed payday loans no matter what Australia

Generally, when people search for guaranteed approval loans, they are concerned their credit history will prevent them from being approved for other loans. However, lenders that offer a ‘guaranteed payday loan no matter what’, should be treated with serious care. Often, these lenders may charge exorbitant interest rates and high fees and charges.

Even if you have bad credit, there may be lenders who will be willing to provide you with a loan. Luckily, Monzi is able to find lenders who may be able to offer you a personal loan. Personal loans will have longer repayment terms than payday loans, so the weekly or fortnightly repayments could be significantly lower. Monzi is able to find lenders offering personal loans of up to $10,000.

Can you find no credit check payday loans?

People who search for no credit check loans generally are concerned that their poor credit record will get in between them and a loan. Often, this does not have to be the case.

Monzi, for example, works with lenders who consider more than just your credit score. These lenders are prepared to look at your current relationship with money, not just your past mistakes. Why not find out more about bad credit loans?

What about payday loans Centrelink?

If you are receiving Centrelink, you may consider payday loans because you may feel that traditional lenders will automatically decline your application. Now, while lenders like banks are unlikely to consider you for approval, there are still licensed lenders who may be willing to help.

Monzi is able to put you in touch with reputable personal loan lenders, who are able to count regular Centrelink payments as a form of income. Additionally, these lenders may be able to offer you a personal loan of up to $10,000.

How do I get out of using payday loans?

In short, there are a few ways of getting out of using a payday loan. First, you could earn more income. Secondly, you could cut expenses and just repay the loan. These are, however, much easier said than done.

You could, alternatively, use Monzi’s lender-finder service to find a lender who may be able to offer a consolidation loan. You then use this consolidation loan to pay off your payday loans. From there, you’ll then just have one, more manageable repayment.

Even if you have bad credit, Monzi may be able to find you lenders that can offer consolidation loans of up to $10,000.

About Us: Monzi Loans

Monzi Loans is a lender-finder. When you need some quick cash advance for unexpected expenses we are ready to help, anytime. So, instead of the endless googling, and the never-ending cycle of applications, just apply with us for one application and one lender!

The lenders we find typically offer fast loans between $300 and $10,000! So, whether you’re looking for something small or large, we got you covered. You can also choose between 12 to 24 months for your repayment plan, depending on your loan amount. Of course, the lender will have the final say, but, they should work with you to determine the best plan for you.

Who is eligible for a cash loan?

To be eligible to apply for our lender-finder service, simply questions ‘yes’ to the questions below:

  • Are you over 18 years of age?
  • Have you set up internet banking?
  • Do you have a regular income in a personal account for at least 3 months?
  • Do you have an active mobile and email address?

If you answered yes to these questions, then you’re eligible to apply with Monzi Easy Loans. It’s that easy. We know life is busy, so we want to make it that bit easier to borrow money when you need a payday loans alternative.

How It All Works

Applying with Monzi Loans is pretty simple. All you need really is a few spare minutes, an internet connection and a coffee in hand (let’s be honest, every task is easier with coffee!). So,to apply just follow these three simple steps:

Step 1: Apply online

To get started, simply scroll up and begin with our loan calculator. Start by selecting how much you wish to borrow and for how long. Then you’ll get an estimation of your possible repayments. Our calculator will show you examples for weekly, fortnightly and monthly repayments.

Once you are happy with your proposed loan terms, simply click the ‘Apply Now’ button and you’ll be taken to an application. Just enter a few more details, click submit and that’s it! You’ve applied.

Step 2: We Get To Work

After you submit your application, we get to work finding you a lender that can say ‘yes’ without the hassle. All you have to do is get back to what you love. We don’t want you to get bogged down with the boring things in life, so whilst we handle your application, do what you love.

Step 3: Say ‘Hi’ to your New Lender

If we find you a lender we’ll let you know straight away via SMS or email. Then, your new lender should be in touch shortly to go over the finer details. They should assess your application and give you an outcome. Fingers crossed, it’s approved!

When you apply with Monzi Loans, you skip the steps of searching for a lender and submitting endless applications. You just need to apply and let us do the legwork.

Why look for a payday loans alternative?

You might not like the sound of payday loans Australia, but you are looking for a loan, without the hassle of going to a big bank. We think that makes sense. Personal loans should take minutes not days. And the last thing you need in your life is more hoops to jump through. You may, however, be asking if you’re the reason for a loan is valid? Well, we have good news, you can take out a personal loan for a myriad of reasons! Here’s just a few:

The Holiday of a Lifetime

The 9 to 5 grind is getting a bit much and the sunny beaches of Fiji are calling, so it’s time to pack your bags and take off. However, your bank account says otherwise. That’s when you can contact us. We can find lenders that offer travel loans from $300 to $10,000, with different repayment terms depending on the amount you choose to borrow.

Holiday loans can cover anything from accommodation to the airfares! Let us help make your dream holiday come true.

Car Troubles

We all know there is never a convenient time for car troubles. And they can really throw a spanner into your monthly budget. Especially if you don’t have any spare change lying around, then fixing your ride to work can seem like a stretch. So, why not apply with Monzi Loans for a lender that can offer car repair loans? You can apply in just a few minutes and get connected to a quality lender in no time.

Don’t let car troubles keep you off in the rode for long. Get started with Monzi for car-free troubles!


You may have designed a beautiful budget, but a whoops can soon upset even the best-laid plans. Your furry, best friend may swallow something they shouldn’t have, and before you know it, a $4,000 dollar vet bill shows up at your front door. For a quick cash loans solution, apply with Monzi up to $10,000 for vet bill loans or other medical emergencies.

Types of Personal Loans

The lenders we work with offer three types of personal loans as alternatives to payday loans. So, have a look below to see what’s best for you:

Small Loans

Small loans are unsecured personal loans from $300 to $2,000 and can be repaid over 12 months. They are unsecured, so no need to attach security – just apply and receive an outcome in no time! Small loans, without the hassle, from lenders you can trust.

Medium Loans

If you’re after something a little larger, then the lenders we find also offer medium loans from $2,000 to $4,600 and can be repaid over a 13 to 24 month period. Medium loans do require equity as security, such as a car, motorbike, boat or caravan.

Large Loans

Lastly, we can also offer large secured loans between $5,000 and $10,000 and can be repaid over a 13 to 24 month period. Much like medium loans, large loans also require security. You can still apply in minutes and get the lender you need, without the hassle of endless searching.

Check out bond loan here.

So, whatever you’re looking for, Monzi Loans can offer a range of loan amounts that can suit any expense.

Can Monzi help me?

If you have been frantically searching online for payday lenders to cover a cash shortfall, consider using Monzi. We’ll be able to find you a variety of different lenders. So, if you have been searching any of the following terms, consider instead using Monzi’s lender-finder service.

Payday loans AustraliaNo credit check payday loans
Payday loans CentrelinkGuaranteed payday loans no matter what Australia
Weekend payday loans no credit checkBad credit payday loans
Best payday loans AustraliaPayday loans online

Keep in mind, that the terms listed above are simply common search terms. They do not reflect the type of loan or lender that Monzi may be able to find for you. Instead, if you have been searching these terms, Monzi’s lender-finder service may provide a personal loan alternative.

Ready to Apply?

Then, just scroll up and get started with our loan calculator. Then complete a quick application and have a new lender in no time! It’s that easy.

Don’t settle for second best, apply with Monzi Loans for a chance at meeting your next lender.

Let’s be friends

We’re sure you’re experiencing information overload by now, so if you have any questions about our service don’t hesitate to contact us at Also, visit our FAQ page and see if your answer is already waiting for you.

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How customers rate Monzi

Think Payday Loans Alternative Don’t Exist? Think Again and Read On Overall rating: 4.7 out of 5 based on 4 reviews.

Factor In


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


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.

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.

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.

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.