Have you found yourself punching payday loans for bad credit instant approval into Google? Before you go any further, get to the bottom of what they entail. Furthermore, why not consider Monzi’s lender-finder as an alternative?
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.
The definition of payday loans for bad credit instant approval
Ever wondered exactly what payday loans for bad credit instant approval actually means? While it may seem like a mouthful, it all makes a lot more sense once you break it down.
Bad credit, obviously, refers to those borrowers with a few too many bad credit listings on their credit file. As a result, these consumers may not be eligible for traditional finance from a bank or credit union.
Finally, instant approval refers to lenders that are able to assess applications very quickly. Instant, however, should not be taken literally, as lenders must spend a certain amount of time assessing whether or not a loan product is suitable for the consumer. Despite this, these lenders may be able to work so quickly, it might as well feel almost instant.
As a result, these loans refer to a small unsecured loan, available to consumers with bad credit from lenders that work very quickly.
What is the difference between a payday loan and a personal loan?
As we mentioned above, a payday loan generally refers to a loan of $2,000 and under, repaid over a short period of time. Keep in mind, however, certain lenders may be able to offer Australian payday loans of up to $5,000.
Personal loans, on the other hand, can be used to cover essentially any personal cost. Moreover, depending on the lender, consumers may be able to apply for up to $10,000. Although, certain banks may be able to offer personal loans up to $50,000!
Finally, many consumers may find the repayment terms on personal loans to be more flexible than payday lenders. For example, instead of having to repay $2,000 over a few weeks, borrowers may be able to repay their personal loan over 12 months. This, in short, may translate into more manageable regular repayments.
Payday loans for bad credit instant approval Australia
As more and more Aussie consumers are moving away from traditional credit providers like banks and credit unions, alternative finance options are coming to the fore. Namely, lenders offering payday loans or personal loans are now supplying credit to increasing numbers of borrowers.
However, the rise of the number of lenders brings with it its own set of issues. Moreover, for many consumers, the sheer number of lender options out there can be confusing and potentially even overwhelming.
Luckily, however, Monzi’s lender-finder service may be able to help. While we may not be able to match you with a payday lender, we could potentially take the stress out of finding a personal loan lender.
With Monzi, you lodge one application on our site and we’ll aim to do the rest. In other words, we’ll try to match your application with a lender from our network. But, we’ll touch on all this further down.
How do I know if I have bad credit?
Borrowers will look for bad credit loans when, obviously, their credit record is looking a little worse for wear. If, however, you aren’t actually sure how this all works, or if you have bad credit yourself, read on!
If you have been knocked back for credit in the past, your credit record may have something to do with it. In particular, lenders may deem you to be a risky loanee, based on the information in your credit file.
Any of the following listings appearing on your credit report will have a negative impact on your rating:
- Debt agreements
- Court judgements, writs and summons
- Multiple credit enquiries
The best way to confirm if you have poor credit, however, is to check your credit report yourself. Australians are legally entitled to one free copy of their report annually from one of the following providers:
PO Box 966
North Sydney 2059
GPO Box 1969
North Sydney 2060
Is it possible to improve my credit?
Absolutely! Repairing your credit will not happen overnight, however, anybody is able to do it. In short, consumers can improve their score through:
- Making repayments on time.
- Lowering their credit card limits.
- Paying rent, mortgage and other bills on time.
- Settling your credit card in full each month.
Are there any guaranteed loans for bad credit?
No payday loans for bad credit instant approval are ever guaranteed. This is because all lenders are required by Australian law to make a critical assessment of whether or not the loan is suitable for the borrower.
Specifically, these responsible lending obligations are laid out in Chapter 3 of the National Consumer Credit Protection Act 2009. In short, the key concept behind the act is to protect consumers from entering into a credit contract that is unsuitable for their situation.
An unsuitable credit contract would be one where:
- The borrower’s financial needs and objectives aren’t met.
- The borrower cannot afford their contractual repayments without undergoing financial hardship.
Therefore, all credit providers must inquire into, and confirm your financial situation. Finally, based on the information they gathered, make a final judgement of whether or not the credit contract is suitable.
If you wish to learn more, or access a full copy of the regulatory guide, head to the Australian Securities and Investments Commission’s (ASIC) website.
Bad credit loans guaranteed approval Australia
As we mentioned above, offering a loan with guaranteed approval goes directly against responsible lending obligations. However, borrowers with an urgent or pressing cash need may find themselves tempted by these lenders. These lenders may, ultimately, be less-than-reputable or even a scam.
As a result, be cautious around any lenders offering the following:
|No credit check loans guaranteed approval Australia||✘|
|Guaranteed payday loans no matter what Australia||✘|
|No credit check loans approval guaranteed Australia Centrelink||✘|
Payday loans for bad credit instant approval? Consider Monzi
Admittedly, Monzi may not be able to help with payday loans for bad credit instant approval Australia. After all, we work with a network of lenders potentially offering personal loans from $300 to $10,000.
What kind of payday loans for bad credit instant approval alternatives can you find me?
Technically, we do not find loans per se; we match consumers with lenders. However, the lenders we work with may be able to offer three categories of personal loans. They are as follows:
Small personal loans are available from $300 to $2,000. Moreover, these unsecured loans often have repayment terms around 12 months, dependent on the lender.
Next, medium personal loans range from $2,100 to $4,600 and have repayment terms ranging from 13 to 24 months. Keep in mind, medium loans are secured loans, meaning you will need to attach an asset as collateral against the loan.
Finally, large personal loans can be applied for from $5,000 to $10,000. Just like medium loans, large personal loans have a repayment term ranging from 13 to 24 months and require security.
If you meet certain criteria, you may be eligible for a large secured personal loan from $10,000 to $30,000.
Can I get an emergency loan with bad credit?
You need to act fast when emergencies strike. Moreover, if you need some extra cash to see you through, you need a lender that can make things happen ASAP.
Instant approval loans are offered by lenders that can assess your application so quickly, it may indeed feel almost instant. Therefore, they may be an option in the event of an emergency.
Put it this way: let’s say you’re travelling interstate for business. You have everything booked weeks ahead, however, just as you’re about to leave, your car breaks down – brilliant!
Therefore, you realise you need to hire a rental car to get there in time. Luckily, you may be able to be approved for an emergency loan and have the cash in your account by the end of the day.
Where can I borrow money ASAP?
Luckily, in this digital age, accessing credit online has never been easier or simpler. However, the sheer number of different lender options out there may the process confusing. So, to potentially simplify the whole experience, why not consider Monzi’s lender-finder service when you need to borrow money?
In short, instead of applying with multiple different lenders, just lodge one easy, paperwork free application on our site. From there, our smart automated system will get to work as soon as possible.
Am I eligible for Monzi?
To be eligible, you will need to meet our basic criteria:
- 18 years or older
- Australian Citizen or Permanent Resident
- Have a contact number and email address
- Have a personal bank account with at least 3 months of recent banking history
How can I get a no credit check loan?
Certain lenders may be able to assess your application without performing a credit check. Unfortunately, however, there is no guarantee that you will be matched with them.
Even if the lender does a credit check on your application, they will often be able to focus on other aspects. Namely, lenders will look to confirm your:
- Employment status
- Banking history
In short, your credit score is not the be-all and end-all when it comes to applying for finance. Lenders may be able to offer you a bad credit personal loan of up to $10,000.
Which companies give payday loans for bad credit instant approval?
There are potentially payday lenders out there willing to offer bad credit loans with instant approval. However, Monzi may not be able to match you with them. After all, we aim to pair you with a lender possibly offering $300 to $10,000 worth of personal loans.
How do I make repayments?
If you’re matched with a lender, and they approve your application, you will be sent a digital loan contract. Moreover, you and your lender will agree on your repayment terms, as well as your repayment cycle. In particular, you may be able to choose from making weekly, fortnightly or monthly repayments.
That’s the hard part over! From here, a direct debit is set up from your account, so repayments will automatically be taken out. Therefore, all you need to do is make sure there’s enough money in there each week, fortnight or month.
Once your repayments are complete, the direct debit will automatically stop. And, that’s it. In short, it’s never been easier to repay your loan.
And if I don’t have enough in my account for a repayment?
If you are unable to afford an upcoming repayment for whatever reason – an unexpected bill or missing a week of work – get in contact with your lender. Often, lenders are understanding of how life works.
So, if life has gotten in the way of your best plans, get in contact with your lender. Generally, aim to touch base at least 24 hours before your payment is due. Depending on your lender, your repayment may be waived or rescheduled for a contractual fee.
My circumstances have changed and I cannot afford my repayments anymore
Have your circumstances changed dramatically recently? Have you, for example, lost your job or split up with your partner? If so, your capacity to afford your repayments may be affected. In other words, the loan you were able to afford a few weeks ago, is now becoming increasingly unmanageable.
If you find yourself in this situation, you may be eligible to apply for financial hardship. Here’s how you can apply:
- Get in contact with your lender’s hardship department.
- Let them know you’re applying for hardship and supply relevant documentation.
- Your lender will assess your claim.
- Lenders may offer a new payment plan, a repayment holiday, or both if approved.
Any more questions?
If you have any further questions, please don’t hesitate to get in contact with our customer service team at email@example.com. Our team of lender-finder experts are happy to walk you through any and all questions you may have.
Keep in mind, if you email us outside of normal hours, we will get to your question as soon as we’re back in the office.
Scroll up to begin!