Personal Loans For Bad Credit Up To $10,000! Find Lenders With Monzi

Personal loans for bad credit may be a great option if you need a cash loan fast. When you have poor credit, especially, it can be difficult to be approved with traditional lenders. Monzi, on the other hand, may be able to pair you with a lender who might be able to offer you bad credit loans.

What are personal loans for peeople with bad credit?

Personal loans can be used to cover a myriad of personal expenses. In other words, you could use your personal loan to cover anything from holidays, car repairs, travel expenses or even your rental bond.

Generally, when you take out a personal loan, you and your lender will reach an agreement on the loan amount and loan terms. Usually, personal loans can range anywhere from $300 to $10,000, and have repayment terms of several months to years.

Personal loans for bad credit are, as the name suggests, aimed towards borrowers with bad credit.

Where can I go to get bad credit loans?

If you have a poor credit record it may be difficult to be approved with certain lenders. In particular, traditional lenders like banks and credit unions may be unwilling to lend to consumers with below-average credit records.

So, if you’re wondering which banks give personal loans to consumers with bad credit, your options may be limited. If you are, however, unsuccessful with a bank, there are alternative lenders who may be able to offer you a loan.

Monzi is a lender-finder that may be able to pair you with a lender who might offer you a loan, despite your bad credit.

Why is having good credit so important?

Having a good credit rating is important because it lets lenders know how creditworthy you are as a borrower. In other words, your credit rating is a numerical representation of how trustworthy you are as a borrower.

In practical terms, your credit rating directly affect the amount of credit a lender may offer you. Additionally, lenders may even offer you better interest rates and other terms if you have good credit.

As a result, it can be more difficult to be approved by traditional lenders if you have poor credit.

What is a credit report?

Your credit report is quite literally a report containing information about your credit history. Examples of the information included in your credit report are listed below.

  • Personal details (name, age, address etc.)
  • Information on the credit cards you hold.
  • Any arrears that have been paid or settled.
  • Credit defaults and other infringements.
  • Any credit you’ve applied for.
  • Debt agreements (bankruptcies, court judgements, personal insolvency agreements etc.)
  • Details on your repayment history.
  • Which credit providers have requested copies of your credit report.

What does my credit score mean?

Your credit score, on the other hand, is a numerical representation of the information included in your credit report. In short, the higher your credit score, the more trustworthy you are perceived to be.

Depending on which credit reporting agency you use, your credit score will be a number between zero and 1,000 (Experian) or zero and 1,000 (Equifax).

Credit bandExperianEquifax
Excellent800 – 1,000833 – 1,200
Very good700 – 799726 – 832
Good625 – 599622 – 725
Average550 – 624510 – 621
Below average0 – 5490 – 509

How long do defaults stay on my credit report?

Generally, a credit default listing will stay on your credit report for up to 5 years.

If you settle the debt, the default listing will stay on your credit report. However, your credit report will be updated to show you have made repayments. Having defaults on your report, in short, may make it harder to be approved for certain forms of credit.

In addition, lenders must tell consumers if their application was rejected because of something on their credit report.

Put simply, consumers may be able to avoid applying for personal loans for bad credit if they work on improving their credit report.

Is there a quick fix to credit?

You may come across companies offering a credit wash or credit repair service. In short, they act on your behalf to dispute incorrect listings on your credit report. However, very often these companies are not able to do what they claim. You could, therefore, end up spending a lot of money without being better off.

Credit repair companies can, in particular, often charge as much as $1,000 to fix one bad credit listing.

There is, unfortunately, no quick fix to repairing your poor credit. The good news, however, is that you can absolutely improve your credit score! It may just take a little patience and hard work to form better borrowing habits.

Consumers are able to access free financial counselling. You can find a financial counsellor near you, or call the National Debt Helpline on 1800 007 007.

How to improve your credit

  1. Pay your bills on time. This is especially true if the bill is $150 or over. In short, a missed payment of that size can be recorded as a default on your credit file if it is 60 days overdue.
  2. Don’t apply for new credit. Regardless of whether or not you’re approved, applying for a new credit product or loan will show up on your credit report. This, in turn, may affect your credit score. However, this is in reference to additional credit. As a result, if you apply for credit that will replace an existing one (i.e balance transfer or consolidation loan) you may actually improve your credit score.
  3. Pay off any outstanding loans or debts. It is much easier to concentrate on improving your credit score if you’re not having to worry about existing loans and debts.
  4. Keep a low credit card balance. It is better for your credit score to have a consistently low balance.
  5. Improve your debt-to-credit ratio. It is better to have a lower debt-to-credit ratio. For example, if you have a $300 credit card balance, it is better to have a 15% debt-to-credit ratio on a $2,000 card, as opposed to a 30% on a $1,000.
  6. Diversify. It can positively affect your credit score if you can show you are able to handle different types of credit at the same time. For example, having diversified credit would mean a mortgage, a car loan as well as a credit card.

Can I access my credit report?


You are able to access one free copy of your credit report each year. All you need to do is contact one of the relevant reporting agencies (e.g. Equifax) and lodge a request. It should then be mailed to you within two weeks.

If you would like to expedite the process or access more than one copy in a year then you are able to. However, you may need to pay a small fee.

Monitoring your credit report regularly is important to ensure that there are no incorrect listings affecting your credit score. So, make some time each year to go through it and ensure that all the details are up-to-date and correct.

Personal loans for bad credit online approval with Monzi

As we mentioned, it may be difficult for borrowers with bad credit to be approved for a loan from a bank.

Consumers will poor credit may, therefore, feel like their options are limited. In turn, they may begin searching for lenders offering payday loans Australia. Payday loans, however, have been characterised by charging high fees and having inflexible repayment terms.

Consumers could, on the other hand, use a lender-finder service like Monzi. Put simply, Monzi may be able to pair you with a lender that might offer you a personal loan, as a payday loan alternative. In particular, Monzi works with lenders who may be able to offer personal loans from $300 to $10,000!

Personal loans for bad credit fast approval

If you submit an application for fast approval loans through Monzi’s lender-finder service, we may be able to pair you with a great online credit provider in just 60 minutes. How great is that?

You can apply in minutes then kick back and relax while our automated system does the work. Best of all, if we’re able to successfully pair you with a lender then they will contact you to conduct an assessment. There’s no paperwork or drawn-out meetings required.

Monzi is the simple and convenient way to find lenders online. Submit an application using our loan slider today. Just scroll to the top of the page when you’re ready to begin.

Same day personal loans for bad credit

With same day cash loans, you’ll receive an outcome and your cash on the same day that you apply. While that sounds great, it’s worth understanding that Monzi cannot guarantee if these loans are possible.

In order to give yourself a chance, you must apply during business hours and supply all the details lenders need to assess your application. If you do this then we can potentially pair you with an available lender who will assess your application ASAP.

If approved, your lender will transfer the cash, at which point, access will be determined by your bank and the relevant transfer times.

So, while cash loans on the same day may be possible as we’ve outlined, there are plenty of steps involved. As a result, it’s not uncommon to have to wait until the following business day.

How can you get a loan with bad credit?

Monzi’s lender-finder service makes it easy to match with a lender.

Here’s how you can get started with Monzi:

  1. Head to
  2. Select the amount you’re thinking of borrowing in the loan slider.
  3. Select your ideal repayment terms.**
  4. Click Apply Now.
  5. Fill in our online submission form.
  6. Our smart automated system will scan through different loan products.
  7. We’ll let you know if we are able to match you with a lender.
  8. If we do, your new lender will be in contact.
  9. They’ll conduct their own assessment of your application.
  10. Lenders will send through a loan contract if you’re approved.
  11. Approve your loan contract if you’re happy with all the terms.
  12. They’ll transfer your funds.
  13. Repayments will automatically come out on an agreed upon schedule.
  14. Once you have fully repaid your loan, repayments will stop.

**Keep in mind, repayment terms and costs may vary depending on the lender you’re paired with.

Am I eligible to apply with Monzi?

Before you begin your application, you must make sure that you are eligible. If you are not then we will be unable to help you find a great credit provider. So, ensure that you check these four boxes before getting started:

  • Australian citizen or permanent resident
  • 18 years of age or older
  • Have a current email address and contact number
  • Possess an online bank account with at least three months of transaction history

Now that you’ve confirmed that you are eligible, you’re free to move onto applying with Monzi. Just use the loan slider at the top of the page to apply. It’s as easy as can be.

Woman in white top using her phone to search personal loans for bad credit

How long do I have to repay my loan?

Are you looking for long term personal loans for bad credit? Well, your repayment terms will depend on both the type of loan you take out, as well as the lender themselves.

However, personal loans often have much longer repayment terms than payday lenders. Personal loans, for example, generally have terms of several months to years. Payday lenders, on the other hand, offer repayment terms that can often be as short as 4 weeks.

Can you find personal loans for bad credit with guaranteed approval?

Monzi cannot find lenders offering personal loans with guaranteed approval. Offering guaranteed approval is, after all, technically illegal. Any lender offering guaranteed approval could potentially be untrustworthy.

All credit providers are required by law to perform some sort of assessment on a consumer’s financial situation. Credit providers perform assessments to ensure the loan product is not unsuitable for the consumer.

An example of an unsuitable loan product would include where a consumer is unable to afford repayments, or can only do so under serious financial strain.

Therefore, any lender offering guaranteed approval no matter what is obviously not conducting any sort of critical assessment of your application.

Consumer should cease all contact with the lender immediately if they feel they are being scammed.

Get in contact with the Australian Securities and Investments Commission (ASIC) as soon as possible. In addition, consult ASIC’s list of companies you should not deal with.

What about personal loans for bad credit with no credit checks?

As the lender-finder, Monzi will not conduct any sort of credit assessment on your application or offer no credit check loans. Instead, we simply gather all your information and aim to pass it on to a potential lender.

The lender you’re matched with, however, may conduct a credit check as part of their assessment of your application. This is, again, at the discretion of the lender themselves. In short, Monzi cannot guarantee whether or not your lender will perform a credit check.

This needn’t worry you if you have poor credit. We work with lenders who can look at more than just your credit score. In particular, lenders may also take into account your current relationship with money as well as your income.

In short, Monzi works with lenders who may be able to offer you a loan from $300 to $10,000.

Are debt consolidation loans for people with bad credit a good idea?

This is really dependent on your individual situation. You may want to get in contact with a financial advisor to give you a definitive answer.

Debt consolidation loans, however, could be a good idea in certain situations. Put simply, debt consolidation loans settle your existing personal loans or credit card debts into one loan. In other words, instead of having multiple repayments to remember in a month, you will only have one loan’s repayments to look after.

Some people like debt consolidation loans because they feel it makes their life easier and more manageable. In addition, a debt consolidation loan may also help improve your credit rating in certain situations.

I’m looking for bad credit personal loans of $5,000

Monzi works with lenders who may be able to offer three broad categories of personal loans for bad credit.

Loan typeAmount (AUD)Repayment termSecured
Small personal loan$300 – $2,00012 months
Medium personal loan$2,100 – $4,60013 – 24 months
Large personal loan$5,000 – $10,00013 – 24 months

As you can see, a $5,000 loan would be a large secured personal loan. Therefore, you will need to attach an asset as security against the loan. In particular, Monzi works with lenders who may be able to accept your car, motorbike, caravan or boat as security.

If you are looking for an unsecured loan with instant decision, however, the maximum you will be able to apply for will be $2,000.

What about $30,000 personal loans for bad credit?

Unfortunately, Monzi only works with lenders who might offer a maximum of $10,000. A Loan of $30,000 is likely only attainable from a large lending institution, like a bank.

However, being approved for a bad credit loan from the bank may prove difficult. Therefore, it may be a good idea to work on improving your credit before applying for a loan of this size.

Can you get a personal loan with a credit score of 550?

Ultimately, it is at the discretion of the lender themselves to approve or decline your loan application.

However, as 550 is not the greatest credit score in the world, you may be more difficult to be approved from a bank. Therefore, using a lender-finder service may be a way to get in touch with alternative lenders.

Monzi may pair you with a lender who might be able to offer you a personal loan. Again, however, this is at the discretion of the lender themselves. In short, just because Monzi pairs you with a lender does not mean you will be granted approval. After all, lenders will always conduct an assessment of your application, and grant approval according to their own criteria.

Can you get a car loan with a 450 credit score?

Yes, potentially. However, when it comes to all loans, including car loans, your credit score isn’t the only consideration. As a result, it’s difficult to say whether or not you will be offered a loan with a 450 credit score.

To make this clearer, a borrower with a 450 credit score who is currently earning a regular income and has their budget in order may be approved for a new or used car loan. On the other hand, a borrower with a 450 credit score who is unemployed will likely be denied. This is why it is difficult for us to provide a clear answer.

In any case, at Monzi, we work with lenders who may offer secured car loans from $5,000 to $30,000 with repayment terms of between two and five years. While we cannot guarantee if a 450 credit score will be good enough to get you a loan, if you are in a secure financial position then it may be possible. However, ultimately the decision rests with your lender.

What is the easiest loan to get with no credit check?

Unfortunately, Monzi cannot guarantee if you will ever be offered a loan without a credit check. In short, for most lenders they are a key component of your assessment. By assessing your credit history, lenders can get an idea of your reliability as a borrower. That is, how likely are you to repay the money that you borrow.

When it comes to easy loans though, Monzi may be able to help. We know a number of lenders who may consider applicants with a range of less-than-perfect circumstances. Whether you’re a bad credit borrower or earn a low income, these lenders may be able to offer credit with criteria that aren’t quite as strict as other lenders.

However, approval is not certain. While criteria and requirements may vary between lenders, your application will always be assessed and lenders reserve the right to approve or deny loans where they see fit.

I’m unemployed but need personal loans for bad credit!

If you’re unemployed, but are receiving Centrelink, you may be eligible to apply for a personal loan.

How? Well, some lenders may be able to regard regular Centrelink income as a form of income. Your regular Centrelink payments must be able to easily afford your repayments before you will be considered for approval. Therefore, you may need to supply your myGov details when you apply.

Can Centrelink customers apply?

Monzi encourages people from all walks of life to apply!

And, as we mentioned above, some lenders may be able to accept regular Centrelink payments as a form of income. However, they may have certain criteria you will need to meet before being considered for approval.

Monzi, however, cannot guarantee whether or not you will be approved. Even if you are successfully matched with a lender, your application will still need to be assessed.

What’s the difference between unsecured and secured loans bad credit on Centrelink?

Generally speaking, personal loans come in two distinct forms: secured and unsecured. If you’ve never applied for a loan before then it’s important to understand the difference.

For starters, an unsecured loan for bad credit is typically a small loan up to $2,000, where you do not need to provide security. That means that all you need to do is make your contractual repayments until the balance of your loan has been paid off.

On the other hand, with a secured loan, you must sign over one of your assets as security on the loan. By doing this, you are guaranteeing the loan. If you fail to make your repayments then the lender can potentially take steps to repossess the asset to recover their losses.

Typically, lenders are willing to offer larger secured loans than unsecured loans. Moreover, they may come with more competitive interest rates given that the security reduces the lender’s risk.

Personal loans for bad credit: what can they cover?

Personal loans have a range of uses that extend to almost any legitimate expense that you face in your day-to-day life. All you need to do is provide this reason when you apply for your loan.

As a guide, some of the more common reasons that borrowers apply with Monzi include:

This is just a quick list. There are a wide range of other expenses that you could cover with a quick personal loan from one of Monzi’s excellent credit providers.

How do lenders assess personal loans for bad credit?

When it comes to bad credit loans, lenders will often take a different approach to your assessment. While they will still consider your credit report and history, in most cases, they will put more weight on your financial situation.

In short, by looking at your income and expenses, lenders can get an idea of whether or not your loan repayments would fit comfortably with your current budget. As a result, if you’re in a secure financial position then your past credit mistakes won’t necessarily stand in your way of accessing quick loans bad credit.

However, remember that approval is not certain. While some lenders may be willing to consider bad credit applicants, you must still meet all of the lender’s necessary qualifying criteria (e.g. earn sufficient income).

Personal loans for people with bad credit history

We’re proud of the fact we’ve already helped thousands of everyday Aussies be put in touch with the lenders they’re looking for. Many of these Monzi customers have gone on to be approved for loans with the lender they’re matched with.

Below is a table including the loans Monzi customers applied for, as well as the amount they were eventually approved for.

LoanAmount (AUD)Approved
Small personal loans bad credit1,000
Personal loans for bad credit history2,100
Personal loans for single mothers with bad credit4,000
Easy personal loans for bad credit6,500

The above table is for demonstrative purposes only. The figures presented do not, in any way, reflect the terms nor the amount of the loan you may be eventually approved for.

Benefits of using Monzi

There so many reasons why Monzi customers keep coming back, time and time again. Don’t just take our word for it! Below are some of the key reasons why so many people love using Monzi’s lender-finder service.

  • We’re fast! We can get to work scanning through lenders who may offer instant loans minutes after you apply. This, however, dependent on when you apply.
  • Easy to use. Monzi is simple and easy to use. We only ask for essential information. Plus, our 100% online loan application is usually paperwork free!
  • Convenience. You can use lodge an application with Monzi from any computer or smart device. So, you can match with lenders on the bus, the train or from the comfort of your couch.
  • Responsible. Monzi works with lenders who take their responsible lending obligations seriously. Therefore, you can be sure you won’t be offered a loan contract that is unsuitable for your situation.

Can I get an instant loan?

Are you looking for personal loans for bad credit that are processed quickly?

We’ve designed our lender-finder service to move as fast as possible so you may receive quick loans on the same day. Usually, we’ll be able to start scanning through loan products within minutes of you lodging your application. However, if you apply outside of normal business hours we may not have an outcome for you until later.

If we pair you with a lender, they’ll get in touch directly. From there, they’ll conduct an assessment of your application. If approved, they’ll send through a loan contract for you to read over and sign.

Once you approve your contract, they’ll transfer your loan. Same day loan access will be dependent on inter-bank transfer times.

Also, keep in mind if you approve your contract outside of normal business hours, your lender may not be able to transfer your funds until the next business day. In addition, if you approve your contract over the weekend, your loan may not be transferred until the next business day.

Repayments made easy

Applying for a personal loan is so easy through Monzi. Making repayments on your personal loan could be even easier.

When you approve your loan contract, you and your lender will come to an agreement on your repayment schedule. In particular, borrowers can choose to have their repayments deducted on a weekly, fortnightly or monthly basis. Next, a direct debit will be set up from your nominated account.

As a result, your repayments will be automatically deducted every cycle. All borrowers need to worry about is making sure they have enough money in their account when there’s a repayment coming up. Finally, once your loan has been repaid, direct debits will automatically cease. Pretty easy, right?

Understanding and support

If you are concerned you will be unable to afford one of your repayments, get in touch with your lender at least 24 hours before it’s due. Generally, your lender will be able to make an alternative arrangement. After all, lenders live in the real world too, and understand life rarely goes to plan.

If, however, your situation drastically changes (i.e. lose your job or get seriously injured), you may be able to apply for financial hardship. You will need to provide relevant documentation to prove hardship. Finally, your lender will assess your claim. If you’re approved, your lender may restructure your loan.

Are online loans safe?


If you apply with a licenced credit provider, then there is no reason to be concerned about your privacy or security. These lenders are bound by a host of regulations that protect borrowers and mean lenders must act in a responsible manner.

Given this, before submitting any loan application, always ensure that you have checked that the lender is licenced. Moreover, if you are still concerned, read their past user reviews online. They should give you a clear idea of how past borrowers have been treated which you can then use to decide if the lender is right for you.

Contact Monzi

Have questions about Monzi or what our lender-finder service involves?

Reach out!!

We’re always happy to hear from you and will do our best to provide you with an informative answer that addresses all of your concerns. Simply email us at and our customer service team will get back to you with a response.

Finally, remember that Monzi can only answer questions about our organisation and process. In other words, if you have a question about a lender or a loan you’ve taken out then you must contact them directly. We cannot speak on behalf of another company and are not aware of your loan details. As a result, we will be unable to answer your questions.

Find lenders offering personal loans for bad credit

Scroll up to the loan calculator to get started.

Otherwise, consult our FAQs if you have any further questions.

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Factor In


Two credit cards
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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


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. 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 (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 Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. 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

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

The Interest Rate for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. 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.