Payday loans no credit check may seem like a good option if you’re in a financial pinch. However, these loans can often come with high fees and charges, and may even leave you in a worse financial position than before. Monzi, however, does not offer payday loans. We are, instead, a lender-finder that may be able to pair you with a lender who could offer a bad credit personal loan.
What are payday loans?
A small, short-term unsecured loan provided by a payday lender.
Payday loans no credit check are sometimes known as cash advances. Additionally, payday loans no credit check often have repayment terms as short as a few weeks.
Payday loans no credit check are usually repaid by:
- a direct debit from your bank account; or
- a deduction from your pay.
Payday loans no credit check Australia – a love story
Australia fell in love with short-term small-amount loans in the late ’90s and has, since then, never looked back. In particular, around the turn of the century, banks and credit unions began to cut back on their short-term lending. This opened up a market for borrowers looking for fast and easy access to cash.
The demand for short-term, small-amount loans increased twentyfold in the decade leading up to 2014. In addition, it was estimated more than one million Australians took out this type of loan, which generated fees and interest rate charges of up to $1 billion.
Despite this, payday lenders have been criticised for creating a cycle of debt for some borrowers. In particular, their short repayment terms, rigid deadlines and high fees are seen to be leading factors in creating excessive debt.
No credit check guaranteed approval loans
Payday loans no credit check guaranteed approval may, initially, seem like a saviour for people looking for cash but have a poor credit score. However, borrowers should be very, very wary of any lenders offering guaranteed approval.
Offering guaranteed approval is in direct contradiction of the responsible lending obligations as outlined by the Australian Securities and Investments Commission (ASIC). ASIC is an independent government body that acts as Australia’s corporate regulator. In particular, ASIC’s role is to enforce and regulate company and financial services laws.
Credit licensees must uphold their responsible lending obligations, as outlined in
Chapter 3 of the National Consumer Credit Protection Act 2009. In short, this act was legislated to prevent credit providers from providing, suggesting or helping a consumer apply for a credit contract that is unsuitable for the customer.
In particular, to meet their responsible lending obligations, credit providers must undergo the following steps.
- Make reasonable inquiries about the consumer’s financial situation, as well as their requirements and objectives.
- Take reasonable steps to verify the consumer’s financial situation.
- Make a preliminary assessment, or final assessment, about whether the credit contract is not suitable for the consumer.
Therefore, any lender that offers guaranteed approval on your application, is not fulfilling their obligations. In short, the lender has not made reasonable inquiries into whether or not a loan product is for you. Moreover, they haven’t made any inquiries at all!
You are able to access a full copy of the regulatory guide via ASIC’s website.
Instant approval no credit check loans
In particular, these lenders target consumers who are in an urgent need for cash. However, as we’ve established, cash advance lenders may also have short and inflexible repayment terms. In addition, if you fail to meet these repayment terms, you may be charged very high fees that can quickly snowball into debt.
If you are one of these consumers, there are other options available to you outside of cash advance lenders. Although, we will touch on these in a moment.
What are no credit check loans Australia?
A no credit check loan is, as the name suggests, a type of loan where the lender does not conduct a credit check on your application. Instead, the lender will base their assessment on your income and bank statements. These loans are, in particular, popular with payday lenders.
Bad credit loans explored
Many people with a poor credit record may feel that a cash advance loan for bad credit is their only option. This is often because traditional lenders like banks may not be willing to lend money to a borrower with poor credit.
Your credit report, in short, is a summary of your credit history as well as other certain information. Therefore, your credit score helps a lender determine your creditworthiness.
Experian and Equifax are the two largest credit reporting bureaus in Australia. You are, additionally, able to get a free copy of your credit score from the following websites:
So, while a lender like a bank may be unwilling to lend to you, there are more options available to you outside of payday loans no credit check.
Payday loans no credit check – what are my other options?
If you have bad credit, and need to cover an unexpected expense, you could consider applying for a personal loan. Personal loans generally have longer repayment terms than cash advance loans and may have more reasonable fees.
Finding a lender offering a bad credit personal loan may, however, be difficult. This is due to the sheer number of online lender options available. There’s no need to worry though, Monzi is here.
Monzi is a 100% online lender-finder, run by Aussies for Aussies. What do we do? Well, we make finding a personal loan lender the easiest thing you’ll do all week.
All you need to do is fill out our online form, and then our automated system will get to work scanning through hundreds of different loan products. If successful, we’ll pair you with a lender who fits your individual circumstances.
The best part? Not only can we do this all super quickly, but we may be able to pair you with a lender who can look past your bad credit.
Forget searching online for multiple lenders. Instead, let Monzi take care of it for you.
Payday loans vs. personal loans
We’ve all been there before; an unexpected expense pops up and your bank account is in no state to cover it. Next, the panic starts to set in. If you have bad credit, especially, you know there is no way a bank is going to lend a hand.
What, then, are your options? You may start searching online for payday loans no credit check. After all, online payday lenders seem to offer instant approval and cash in your account within 60 minutes.
While these lenders may seem initially attractive, they may not always be your best option in the long run.
Their short repayment terms can often translate to high, unmanageable repayments. And, if you don’t repay payday loans no credit check in time, you may be charged additional fees that can snowball into an avalanche of debt.
On the other hand, you could use Monzi to find you a lender offering a bad credit personal loan. Now, while this lender may conduct a credit check on your application, they may be willing to look past your previous mistakes.
Therefore, instead of having a month to pay off your debt, you’re now given a year. In other words, your weekly repayments are much more manageable. Additionally, if you feel like you will not be able to afford a repayment, you can give your lender a call 24 hours before it’s due, and they’ll usually be able to reschedule the direct debit.
Sounds a little better, right?
Monzi finds alternatives to payday loans no credit check
At Monzi, we’ve made it our mission to provide access to quality lenders for as many Australians as possible. Therefore, to maximise our reach, we work with lenders who can offer a wide range of loan options.
In particular, Monzi can find you a lender who may be able to offer three broad categories of bad credit personal loans:
|Loan Type||Amount ($) AUD||Repayment Term||Secured|
|Small personal loan||$300 to $2,000||12-months||✗|
|Medium personal loan||$2,100 to $4,600||13 to 24-months||✓|
|Large personal loan||$5,000 to $10,000||13 to 24-months||✓|
Depending on the lender you’re paired with, repayment terms may vary.
Medium and large personal loans, however, are secured. In short, you will need to attach your car, motorbike, caravan or boat as security against the loan. It should be noted, you must be the registered owner of a vehicle to attach it as security.
How do I apply?
Interested in getting started with Monzi’s lender-finder service? After all, it may just be one of the easiest ways to find a lender offering bad credit loans.
First – apply online
To get started, scroll up to the loan slider at the top of the page. Next, select the amount you’re thinking of borrowing, as well as your ideal repayment terms. Finally, once you’re happy, click Apply Now.
You’ll be given a rough estimate of what your weekly, fortnightly and monthly repayments may look like as you enter in your ideal terms. This is, however, just a guide. Your actual repayments may vary between lenders.
Secondly – kick back
Once you have filled out all the information we need from you, our automated system will get to work. Depending on when you apply, we could even have an outcome for you within minutes. We will, usually, let you know via text and email, so keep an eye on your notifications.
Finally – meet your new lender
If we’re successful, your new lender should be in touch. Generally, you’ll deal with them directly from here on in. Finally, they’ll conduct an assessment of your application, and if you’re approved, send through a digital loan contract. Once you have read through and signed your loan contract, your lender will get to work transferring your loan.
Is it possible to borrow money with bad credit?
Monzi can absolutely try and pair you with a lender who might be willing to lend you a personal loan, despite your bad credit.
How does this work? Well, Monzi uses some of the latest in safe-banking technology to access a read-only copy of your bank statements. We are then, in turn, able to pass this on to your potential lender. By providing a read-only copy of your bank statements, lenders are able to get a better understanding of your current relationship with money.
Therefore, if a lender is able to see you’ve been receiving a regular income for the last 90-days, and have been keeping up with whatever other repayments you may have, you stand every chance of being considered for approval.
Oh, and by accessing your bank statements electronically, you don’t have to submit any physical documents or paperwork. Not bad, right?
Find cash loans with fast approval
We realise our customers want their experience with Monzi to be as fast and stress-free as possible.
In addition, we’ve teamed up with lenders who can approve your cash loan application fast.
Monzi’s automated system will aim to quickly pair you with a lender. If we’re successful, you’ll deal with your new lender directly.
Approval times will vary between lenders. There are, however, certain factors that may affect the time it takes to be approved. In short, these include:
- whether or not you applied during normal business hours;
- the policies of the individual lender themselves; and
- whether or not your lender needs additional information from you.
I need my cash in 1 hour – is this possible?
As the lender-finder, it is impossible for Monzi to give an estimate on when you’ll be able to access funds.
This is due to different lenders varying in processing times. Not to mention your own banking circumstances affecting when you can access your loan.
In general, however, most lenders will aim to transfer your funds after you approve your loan contract. If you approve your contract during normal business hours, you may be able to receive your loan the same day, or the next business day.
Want to get a better idea of when you’ll be able to access your loan? You may want to get in contact with your lender directly.
Can Monzi find me a loan without a credit check?
Monzi, as the lender-finder, does not perform a credit assessment on your application. However, we cannot guarantee whether or not the lender we pair you with will conduct one.
Despite this, Monzi works with lenders who may be willing to offer you a bad credit personal loan.
Looking for a personal loan between $300 and $10,000? If you have bad credit, consider using Monzi’s lender-finder service.
So, what’s the easiest loan to get with a bad credit record?
Some borrowers may feel they should be googling cash loans no credit check when they are in need of some easy, stress-free cash. Admittedly, while these lenders may be very easy to qualify for, they may not be your best option in the long run.
Therefore, consider Monzi’s lender-finder service. We may be able to pair you with a lender who could offer a bad credit loan of up to $10,000.
Can I use Monzi even if I’m unemployed?
Yes, you can use Monzi’s service if you are unemployed.
Monzi works with lenders who may be able to regard regular Centrelink benefits as a form of income. As a result, you will need to have received regular Centrelink income for the last 90 days.
It is important to note, however, approval is always at the discretion of the lenders themselves. They will always conduct their own assessment of your application. In short, Monzi can never guarantee whether or not you will be approved for a loan.
What can my loan cover?
Below are some of the more popular reasons Monzi customers take out a personal loan.
Ready to apply?
Scroll up to the loan slider to get started.
Alternatively, if you have any further questions, jump on over to our FAQs.