Personal Loan Debt Consolidation Up To $10,000

Personal loan debt consolidation – combine your debts into one payment. Apply with Monzi from $300 to $10,000 today.

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.

What is a personal loan debt consolidation?

A debt consolidation personal loan helps people roll multiple existing debts into one loan. Consumers, as a result, can save money on interest and other fees by consolidating their existing personal loans.

In addition, you can save yourself the stress of trying to remember several repayment dates. Instead, you simply remember the one payment cycle.

How does a debt consolidation personal loan work?

In certain situations, these loans may be a great way to simplify your life and potentially save a few dollars. Consumers, however, should not rush into any loan product they do not fully understand.

Let us explain and make things a little easier. Debt consolidation loans work like this:

  • Consumers apply for a consolidation loan
  • If approved, the lender rolls all outstanding debts (credit cards, personal loans etc.) into one payment.
  • Consumer now makes one regular repayment.

Benefits of a personal loan debt consolidation

For many Aussie consumers, having one consolidation loan to repay is preferable to repaying several small loan debts. In fact, you may end up saving money. Here are the main benefits of these loans:

  • Save money. Having one loan instead of several may save you by having a lower interest rate or fewer fees. Moreover, your repayments may be lower.
  • Easily manage. Instead of having to remember multiple repayments throughout the month, simply remember one.
  • Get back on track. Having one simple repayment to remember each month may help you avoid missed payments and, in turn, improve your credit score.

Unsecured personal loan debt consolidation bad credit

Unsecured loans are not backed by one of the borrower’s assets. In other words, if the borrower defaults, there is no asset attached to the loan. Therefore, the lender has nothing to repossess if the loan fails. As a result, these unsecured bad credit personal loans are seen to be a risk for lenders.

In general, unsecured bad credit loans are valued at $2,000 and under. These loans may be an attractive option for consumers, especially if they don’t have an asset to use as security. There are, however, certain downsides to unsecured loans worth considering:

  • Only small amounts available
  • Generally higher rates and fees than secured loans
  • Unsecured poor credit loans may be difficult to qualify for or come with high rates and fees.

If, however, you wish to apply for a secured loan, you may be eligible for up to $10,000. Because these loans are backed by an asset, lenders are willing to offer larger amounts and often with more reasonable rates and fees.

If you wish to apply for a secured loan through Monzi, you will need to be the registered owner of one of the following assets:

  • car
  • caravan
  • motorbike
  • boat.

Personal loan debt consolidation bad credit

Bad credit history is often the result of a few less-than-ideal financial choices; whether it be a credit card debt that got out of hand or relying too much on small loans, bad credit has a way of long overstaying its welcome.

Luckily, there are still an option for consumers looking to consolidate debt with bad credit: personal loan debt consolidation bad credit.

These lenders are willing to consider your application, despite your poor credit history. You can apply for a personal loan bad credit debt consolidation from $300 to $10,000.

What kind of debts can I consolidate?

The below table outlines some examples of the debts you may be able to consolidate.

Debt consolidationApproved
Payday loan debt consolidation
Credit card debt consolidation
Personal loan debt consolidation
Car loan debt consolidation

The above table is for demonstrative purposes only. In no way does the above information guarantee the loan you may be offered.

Debt consolidation vs personal loan

Personal loans and debt consolidation loans are not mutually exclusive. In fact, many lenders offer easy personal loans that can consolidate existing debts.

Furthermore, you may be able to consolidate your debts as well as borrow cash now with a personal loan that can be used to cover a range of expenses. Personal loans are potentially available from $300 to $10,000.

Find the best personal loan rates for debt consolidation

Obviously, saving money is one of the main reasons people consolidate their debt. Therefore, it should come as no surprise that people look for the best loan rates possible.

Unfortunately, Monzi cannot speak on behalf of any individual lender. Therefore, we cannot guarantee what personal loan rates will be for debt consolidation. Moreover, there are other aspects you should consider when searching online for loans:

  • Credit provider. Not all lenders were created equal. So consider reading some online reviews of the lender, as well as checking out their FAQ section.
  • Fees. You will also need to pay fees on top of the interest rate; this is a non-negotiable. However, lenders do vary in what they charge, so do a little research.
  • Rates. Always make sure your debt consolidation loan is cheaper than repaying multiple debts. Take out a loan with excessive rates and you may find yourself paying more than before you started.
  • Terms. How long do you need to repay your loan? Moreover, consolidation loans give you an end-date to your debt, so make sure you pick a term that suits you.
  • Debt type. Not all lenders can consolidate all debts. Find out what you need to consolidate and apply with an appropriate lender.

Debt consolidation loan comparison rate

It can be difficult to compare loan products from different lenders. This problem is magnified when looking for consolidation loans. Obviously, the main objective is to find a deal that saves you money. Comparison rates can make this easy.

In short, comparison rates help you get an idea of the cost of a quick cash loan. They factor in the interest rate plus most of the fees and charges associated with a loan. Let’s give you a very basic example to make it clear:

Consolidation loan A

  • Interest rate: 10%
  • Fees: 0.5%
  • Comparison rate: 10.05%

Consolidation loan B

  • Interest rate: 10.25%
  • Fees: 0.1%
  • Comparison rate: 10.35%

Please note that the above rates and fees do not reflect consolidation loan rates offered by lenders in our network. Please only use the above information as a basic example.

Finally, while comparison rates are undoubtedly a handy tool, there are more things to consider. Moreover, different loan products may come with certain features you find handy. For example, some lenders may let you make early repayments free of charge.

Personal loan debt consolidation compass in hand

Does Monzi offer these loans?

Technically, we don’t offer loans ourselves; however, we work with a heap of lenders that do.

We are lender-finder service. That means we try to match consumers with a potential lender. Therefore, instead of applying with multiple different lenders, you can apply once with Monzi and they come to you!

Do I qualify for Monzi?

We want to keep our service as open to as many Aussies as possible. Therefore, you only need to meet four simple criteria:

  • 18 years or older
  • Australian Citizen or Permanent Resident
  • Have a contact number and email address
  • Have an online banking account with 90 days of recent history.

Consumers can apply once they meet all four above criteria.

How much can I apply for?

Monzi may be your next one-stop-shop for finding lenders online. Moreover, we work with lenders potentially able to offer loans all the way from $300 to $10,000. Therefore, we can try to help, no matter your expense.

More specifically, these consolidation loans can be sorted into three categories:

Small unsecured loans of $2,000 and under with short repayment terms possibly up to 12 months. Medium loans range from $2,001 to $4,600 with repayment terms from 13 to 25 months. Finally, large personal loans are similar to medium loans except they are available from $5,000 to $10,000.

Note, you will need to attach security to loans valued over $2,000. Therefore, you will need to attach an asset as security. The lenders we work with can consider the following assets as security:

  • car
  • caravan
  • motorbike
  • boat.

Finally, the lender will ultimately determine the repayment terms. Therefore, the terms you’re offered may not exactly reflect what is shown above.

How do I apply for a personal loan debt consolidation?

Monzi’s website is super easy to use and you may apply within minutes. In fact, you can apply in three easy steps:

  1. Use our loan slider to select how much you want to borrow*. Once you’re happy with your selection click apply now.
  2. Complete the submission form by providing a few pieces of personal information. Once you complete your submission, sit back and wait for an outcome.
  3. We’ll let you know if we match you with a lender. Lenders will then assess your application and send through a digital loan contract if you’re approved.

*The loan slider provides examples of repayments. These are just a guide, as the actual cost of your loan may vary. Therefore, the slider is not a debt consolidation loans calculator.

Can I get a debt consolidation loan without a credit check?

While we cannot speak on behalf of individual lenders, nor make any guarantees, it is unlikely you will be offered a loan without a credit check. Moreover, Monzi has zero control over the assessment of your application. Therefore, we cannot guarantee whether or not you will be offered a loan online with no credit check.

Don’t stress too much if you have bad credit through. Your credit history is only one thing lenders consider when you apply.

In other words, you may be approved for a loan despite your poor credit history because:

  • you have reliable history paying back other lenders on time
  • your financial habits
  • your income
  • the vehicle you use as security.

As you can see, your application does not hinge on the credit check. We work with understanding lenders that live squarely in the real world. As a result, a few black marks on your history may not stand between you and approval.

If, however, you do wish to apply with a no credit check lender specifically, you may wish to look elsewhere. After all, Monzi has no way of ensuring your application is assessed without a credit check.

Is there debt consolidation loans for people on Centrelink?

You should consider all other available options if you receive Government benefits. Continually taking out loans on Centrelink may not solve your financial troubles.

Please head to MoneySmart’s article on managing debts. You can find information on how to apply for hardship and where to access free financial information.

In addition, consider getting in touch with the National Debt Helpline. Call for free from anywhere in Australia on 1800 007 007. Keep in mind, the phone line is open from 9.30 am to 4.30 pm Monday to Friday.

Finally, we may be able to help if you are certain about applying for debt consolidation whilst on Government benefits.

I need help applying

Do you have any questions or concerns around applying? No stress – we’re happy to help. Simply email us at to get in contact with our customer support team. You can be sure you’ll always chat with real-life human. Alternatively, head over to our FAQs page for more information.

Bear in mind, every lender within our network is a completely separate company. As a result, we are very limited in how we can help with lender-specific questions. In short, we cannot speak on behalf of any of the lenders we work with.

Consumers may need to direct the following questions to the lender themselves:

  • Why was my application denied?
  • When will I see my money?
  • Why was I offered less than I applied for?
  • Can I make early repayments?

What happens if I can’t afford repayments?

If you lose your job or have another significant change in circumstance, you may be eligible for hardship. Hardship is there for when your contractual repayments are no longer reasonably affordable.

Get in contact with your lender and let them know you wish to apply for financial hardship. You will need to supply evidence of hardship. This may come in the shape of bank statements, separation certificate from your employer, medical certificate or payslips to show a reduction of income. Lenders assess your claim and offer an adjustment if you’re approved.

Ready to apply?

Let’s 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


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.