Personal Loans Of Up To $10,000 With Monzi – Pair With A Lender Today!

Personal loans could be a great way to cover an unexpected expense or make a dream a reality. It can, however, be difficult and time-consuming finding the right lender online. In addition, it may be tempting to apply with lenders offering easy payday loans. Monzi is, therefore, here to fill you in on personal loans and our lender-finder service.

What exactly are personal loans?

These loans can be used to cover most personal expenses. In other words, you can use your personal loan to help pay for something special, or to cover an emergency cost. As a result, you can use a personal loan for almost anything from a travel loan to covering rental bond or even car repairs.

Usually, these short term loans will have repayment periods ranging from several months to years. The repayment terms will usually be determined by the loan amount. In addition, borrowers will also need to pay interest, as well as fees and charges on top of the loan principal.

How do personal loans work?

These loans work, essentially, the same way any other loan does. In other words, you borrow a certain amount of money from a credit provider and come to an agreement on your repayment terms.

Generally, you will repay your loan in weekly, fortnightly or monthly instalments over the repayment term. Your repayments will normally include the principal loan amount plus any fees and interest. Finally, a direct debit will often be set up from your account, and your repayments will come out automatically until your loan has been fully repaid.

Click here to learn more about how much can you may borrowing.

What are the different kinds of personal loans?

  • Secured loans. A loan with lower rates and fees in exchange for one of your assets as security, usually a vehicle. If you fail on this loan, the lender may repossess your asset.
  • Unsecured loans. Loans not guaranteed by one of the consumer’s assets. Lenders are not able to repossess an asset and, therefore, may charge higher rates and fees.
  • Car loans. A type of personal loan specifically designed to purchase a new or used car. You can generally use the car as security against the loan.
  • Line of credit. You may be able to access a set credit amount but only pay interest on funds you actually use. This type of loan may be an option for people looking to consolidate multiple debts or make a range of purchases.
  • Debt consolidation. Combine multiple different debts into one loan. Simplify your life by having one loan, one rate and one repayment schedule to deal with instead of multiple.
  • Overdraft. Similar to an unsecured loan but an overdraft is usually linked to your everyday transaction account. Specifically, you can access additional cash if you exhaust your own money.
  • Bad credit loans. If you have missed repayments in the past, defaulted on a loan or been made bankrupt, you may not be able to access credit from a traditional lender. Luckily, there are still options available to you. Just bear in mind, bad credit loans generally attract higher rates and fees.

Are personal loans a good idea?

A personal loan may be a good idea in certain situations. Moreover, these loans may be an option if you have an emergency expense that pops up or if you wish to purchase a big-ticket item.

As you will notice, however, there are a lot of options when it comes to personal loans. Depending on your situation, you may be able to borrow as little as $300 or as much as $10,000.

Consumers should, as a result, determine exactly how much they need to borrow before applying. Borrow too little and you may need to re-apply; borrow too much and you may struggle with repayments.

Finally, your loan may be a good idea if:

  • your needs and objectives are met; and
  • you can reasonably afford your regular repayments.

What are the pros and cons of a personal loan?

As with any credit product, there are potential pros and cons to taking out a personal loan. Moreover, consumers should always weigh up these factors before making a decision.

Therefore, before you start applying online for loans, take the following into consideration:


  • Flexible repayment terms.
  • Apply quickly online and may have the money in your account in minutes.
  • May be able to get better rates if you have good credit or apply for a secured loan.
  • Fees and charges are capped by ASIC.
  • Alternative options for consumers with poor credit or low income.


  • Bad credit applicants attract higher fees and charges.
  • Alternative options may be more expensive than traditional lenders.
  • Debt may snowball into poor credit or legal action if you miss payments.

How should I compare personal loans?

Every consumer’s personal situation is different. Moreover, each credit provider may vary slightly. Therefore, consumers need to compare their options themselves before making a decision.

If you aren’t sure where to begin – don’t stress. When comparing your options, be sure to take the following into account:

  • Amount. Depending on the lender, you may be able to apply for loans from a few hundred dollars to many thousand. Therefore, determine how much you want to borrow before applying.
  • Term. Repayment terms vary between lenders. A longer repayment term means lower regular repayments but more paid in overall interest. On the other hand, a shorter repayment term results in higher regular repayments but less paid in interest over the life of your loan.
  • Interest. The interest rate applied to your loan will have a big impact on its overall cost. You may be able to get a better interest rate if you have good credit history or apply for a secured loan.
  • Fees & charges. Lenders charge upfront and ongoing fees.
  • Features. What features apply to your loan product? Are you able to make extra repayments for free? Is it easy to top up your loan?
  • Reviews. It may be worthwhile spending some time reading the online reviews of different lenders. You may be able to get an idea of whether or not they are reputable and trustworthy.

Monzi Loans

Before we get any further, we thought we had better introduce ourselves. We’re Monzi Loans, a lender-finder service run by Aussies for Aussies. We’ve made it our mission to connect people all over Australia to the lenders they need.

What do we do? While we are not brokers, we make finding fast loans online a breeze.

When you use Monzi’s lender-finder service, you simply fill out one online submission form. From there, we scan through hundreds of different loan products and try to pair you with a lender who can help – quick money loans may be yours in minutes. Pretty easy, right?

Gone are the days of spending hours on hold, or waiting for weeks to find out if you’ve been approved for a loan. Put simply, if you’re frantically googling, loans near me, then Monzi is the lender-finder that could help. No matter where you are in Australia, Monzi can always try and pair you with a instant cash lender.

Terms to be familiar with

While searching online for loans, you will likely see many of the same terms pop up again and again. If you aren’t 100% sure of what they mean, we’ll explain them here:

  • Agreement. Your loan agreement, also known as your contract, contains all the details of the loan you’re taking out. You are legally bound to repay your loan after you approve your contract.
  • Principal. The principal amount is the amount of money you borrow. Your interest rate and other fees are often based-off this number.
  • Fixed rate. Your interest rate remains the same over the life of your loan.
  • Variable rate. Your interest rate is subject to change over your loan term.
  • Security. The asset you use to guarantee your loan. Lenders can generally accept a vehicle as security. Lenders can repossess and sell this asset if you fail to repay your loan. Securing your loan reduces the risk for your lender, which means you may get a better rate or a larger amount.

Personal loans vs. payday loans

Australia is experiencing a rapid rise in the number of people moving away from the banks, and towards alternative lending options who may offer online loans. After all, it’s not hard to see why. Traditional lenders like banks are, especially, becoming much harder to qualify for, whereas products such as payday loans Australia have become more accessible.

Online lenders are, however, not all the same. The distinction between a personal loan and a payday loan is important for consumers to be aware of.

Personal loansPayday loans
  • Repayment terms ranging from several months to years
  • Flexible repayment terms
  • Secured and unsecured
  • Larger amounts available
  • Repayment terms sometimes as short as 4 weeks
  • Often inflexible repayment deadlines
  • Generally $2,000 and under
  • Larger amounts unavailable

Ultimately, personal loans may be a reasonable payday loan alternative.

Which banks give personal loans easily?

Most banks will offer personal loans to borrowers. It must be noted, however, banks often have much more stringent eligibility criteria than other lenders.

If you are, in particular, receiving Centrelink or have poor credit, qualifying for a loan from a bank may feel almost impossible. As a result, many Australian consumers are turning to alternative financing options who may offer loans for people on Centrelink.

Are you wondering where is the best place to get a loan? The answer simply depends on your individual situation and circumstances.

If you, however, wish to find out exactly how bank loans work, it may be a good idea to get in contact with a bank directly.

When you apply with a bank, what do they look at?

Generally, banks will ask you to provide copies of your:

  • payslips;
  • bank account statements; and
  • copies of other credit contracts or bills.

In addition, banks may pay close attention to your credit report.

Your credit report includes information about your credit history, collected from credit providers, courts and other organisations. All this information is then compiled by credit reporting agencies. In short, your credit report and score give lenders an idea of how trustworthy you are as a borrower.

Banks will consult these documents to verify your ability to afford the loan’s repayments. This is because all credit providers are required by law to assess your suitability towards a loan. In short, it is illegal for lenders to lend you credit if they know it is unsuitable for you.

How is the interest calculated on my loan?

When you apply for a personal loan, there are certain factors that will affect what you will be charged:

Principal amount: The amount you’re looking to borrow will affect what rate you’re charged. For example, the interest on a small unsecured loans ($2,000 or under) will often be higher than that of a larger loan.

Security: Larger loans may be secured loans. In short, attaching security to a loan reduces the risk posed to the lender. As a result, the lender may charge a lower rate.

Credit history: Your credit history may also affect the interest rate you’ll be charged. In short, if you have a better credit score, you will be seen as a less-risky borrower. Inversely, if you have a lower score, lenders may perceive you to be higher risk.

What is a comparison rate?

A comparison rate makes it easy for borrowers to get a better idea of the true cost of their loan. In addition, comparison rates make it easy to compare loan products from different lenders.

A comparison rate is calculated by taking the interest plus most of the fees and charges and reducing them all down to a single percentage figure.

Comparison rates are useful because, otherwise, it can be difficult to compare different loan products.

A simple example of how comparison rates are calculated is included below:

Interest rateFees & chargesComparison rate
Loan A6%0.5%8.5%
Loan B6.25%0.1%6.35%

Personal loan rates – fixed and variable

Some lenders may offer both fixed and variable rate loans. As a result, you may wonder which rate is the best option for you. You will, however, need to assess your own situation and what you value as a borrower.

Fixed rates, as the name suggests, stay the same throughout the life of your loan. In other words, your repayments will stay the same. Fixed rate personal loans offer stability, and can make it easier to budget.

Variable rate loans, on the other hand, charge a rate that is subject to change. Therefore, your repayments may change throughout the life of your loan.

To conclude, choosing between a fixed and variable comes down to personal preference and the costs and benefits of each choice. Note that if you have apply for a mortgage, then you may be offered a split rate loan here you can combine the benefits of both.

Personal loans and white flowers against pink wall

How do I find a low interest loan?

Low interest loans are what every borrower is, ideally, looking for. However, finding one is more difficult than it sounds. Put simply, there are a myriad of variables at play that may affect the rate you’re charged.

For example, unsecured and secured loans will vary in the rate charged. In addition, your credit score may affect what you end up paying.

Although, there are a few steps you could take to help improve your chances of finding a loan you’re happy with.

  1. Know your credit score: Your credit score may affect which loans you will be approved for. Therefore, understanding your credit score gives you a better idea of where you stand.
  2. Get documents together: Having all relevant information (assets, income, debts and expenses) will help you prove you can comfortably afford the repayments.
  3. Compare online: Shop around on the internet and compare different lenders. Additionally, there are many comparison sites that make this process easier.

So, while everyone is looking for personal loans with low rates, there is no sure-fire way to find the best loan rates Australia.

What else do I need to consider?

It may be tempting to focus solely on the comparison rate when comparing personal loans. There are, however, other loan features that you should consider. In short, it is important to reflect on what you value as a borrower.

Is this loan type correct? There are different types of personal loan, therefore it is important to consider which loan type of best for you. For example, weigh up whether you would prefer a secured or unsecured loan.

Does this loan come with extra features? This could be in the form of a convenient mobile app, the ability to redraw additional money, make use of an offset account even frequent flyer points.

Am I eligible? Certain lenders will have different eligibility criteria. Therefore, it is important to examine all relevant criteria and make sure you are eligible.

Is the loan flexible? In other words, are you able to make changes to the loan terms if your lifestyle changes?

Easily find personal loans online

Everything these days is moving online, and finding quality finance is no different.

However, as you may notice, there are a lot of lender options available online. In addition, it can be difficult to know who is legitimate and who is less-than-reputable. Furthermore, you may find yourself applying with multiple lenders, which can, in turn, hurt your credit score.

Luckily, Monzi is here. We make it easy to find fast cash loans online. In short, we’ll scan through hundreds of loan products to find you a lender who may be able to help. We can, generally, do this all in the space of a few minutes. As a result, if you’re looking for credit at the last minute, Monzi might be able to help.

Interested? Well, here’s how to apply:

Apply online

Our online application process couldn’t be simpler. All you need to do is take a few minutes to fill out our online application form. We ask a little bit about you, your circumstances, and your reasons for needing a loan. In addition, there’s no paperwork – just a few simple answers which you can complete from the comfort of your own home. After you hit submit, that’s the hard part done. From there, it’s up to us to do the rest!

We get to work

We work with some of the best online lenders in Australia that can offer a huge range of different loans to a variety of people. Once we’ve received your application form, it’s our job to search through these lenders to find one that might be able to offer you a loan. Because this is automated, you can expect to hear from us soon. If you apply in normal business hours, we could get back to you on the same working day, sometimes even as quickly as within an hour!

It’s a match!

If we’ve found you a match, we’ll be in touch. Next, we will pass on your details to the lender so they can contact you directly.

Your new lender will now conduct their own assessment of your application. If you’re approved, you should be sent a contract which you will need to sign if you’re happy with the terms. Finally, from there you will set up repayments via direct debit.

Consumers may be able to access their instant online cash within 24 hours of approving the contract.

Am I eligible?

To use Monzi’s service, you will just need to make sure you meet our eligibility criteria. Therefore, before getting started, just make sure you:

  • are 18-years or older;
  • hold an Australian Citizenship or Permanent Residency;
  • have a personal email address and mobile number; and
  • have been receiving income into a personal bank account for the last 90 days.

You’re free to apply for anything from debt consolidation loans to cash loans if you qualify.

But, what if I have bad credit?

If you have poor credit, you may have been knocked back by traditional lenders in the past. Indeed, loans from lenders like banks and credit unions can be difficult to be approved for, especially if your credit is lacklustre.

Monzi, on the other hand, works with a network of lenders who can potentially offer loans for people with bad credit. After all, both Monzi and our network of lenders understand you’re so much more than a credit score.

With this in mind, we’ve employed some of the latest in safe-banking technology, to give your application the shine it deserves.

When you fill out our online form, we’ll ask for your online banking credentials. As a result, we are able to securely access a read-only copy of your bank statements. We can, therefore, pass this on to a potential lender. If a lender can see you’ve been receiving a regular income and have been responsible with whatever other repayments you may have, you may be considered for approval.

So, if you’re after 24/7 instant cash loans for bad credit, Monzi may be able to pair you with a lender offering loans up $10,000.

Will Monzi conduct a credit check on my application?

No, Monzi will not conduct any credit check on your application.

Keep in mind, however, that this is because we are the lender-finder. The lender we pair you with, on the other hand, may conduct one.

As we mentioned above, however, Monzi works with lenders who could look past your credit score. Therefore, even if they perform a credit check on your application, you may still be approved.

I have a credit score of 550 – is it possible to get a personal loan?

The importance of your credit score will vary from lender to lender. Usually, traditional lenders like banks and credit unions will put much more importance on your credit score. Therefore, it is important to understand how your credit score will be interpreted by lenders.

A table outlining the different credit bands is displayed below:

Credit bandExperianEquifax
Excellent800 – 1,000833 – 1,200
Very good700 – 799726 – 832
Good625 – 699622 – 725
Fair / Average550 – 624510 – 621
Weak / Below average0 – 5490 – 509

Having a credit score of 550 puts you within the bottom 21-40% of the credit-active population. In other words, a score of 550 infers that it is likely you will incur an adverse event in the next 12 months.

However, having a credit score of 550 does not automatically disqualify you from being approved for personal loans. Admittedly, it may be difficult to be approved for a loan from a traditional lender like a bank or credit union with this credit score. Monzi, however, may be able to pair you with a lender who could say yes!

Certain traditional lenders offering loans like construction finance or land loans may place a bigger emphasis on your credit score.

Finally, note that if you have never opened a credit account before (i.e. no credit history), then you will not have a credit score.

Okay, but I’m receiving Centrelink

Yes! Monzi can still try to pair you with a lender.

After all, we work with a wide network of lenders who may regard Centrelink as a form of income.

You will just need to show you have been receiving regular Centrelink payments for the last 90 days. So, when you are applying, you may be asked to supply your myGov details.

Despite this, you should seriously consider whatever other options are available to you before you apply. In short, borrowing new credit may not solve your financial problems and may even leave you in a worse position.

If you are struggling with debt, please get in contact with the National Debt Helpline by visiting their website or by calling 1800 007 007.

Are there guaranteed approval loans in Australia?

Have you been searching online for bad credit personal loans guaranteed approval Australia?

Unfortunately, it would be illegal for a lender to offer a guaranteed approval loan. And, any lender that does, should be treated with caution.

It is, after all, illegal for a lender to offer a loan product that would be unsuitable for the borrower. The Australian Securities And Investments Commission (ASIC) has outlined a number of responsible lending obligations that credit providers must adhere to.

In short, these obligations have been designed to prevent lenders from offering, suggesting or aiding a consumer in applying for a credit contract if it is unsuitable for them. Credit providers are, amongst other things, expected to make inquiries into the consumer’s financial situation. In addition, credit providers are expected to make an assessment as to whether the loan product is not unsuitable for the consumer.

To conclude, any lender offering guaranteed approval is obviously not making any assessment of your suitability towards the loan product. In other words, they are not complying with responsible lending practices.

When you use Monzi, you can be assured we will only pair you with licenced and responsible lenders. As a result, you don’t need to worry about being taken for a ride.

Can I improve my chances of approval?

While approval is never guaranteed, there are a few things you can do that may increase your chances of approval. In short, the easiest way to be approved is to meet the lender’s eligibility criteria.

Obviously, individual lenders vary in their criteria, so there is no sure-fire way to increase your chances of approval. However, there are a few things you can keep in mind:

  • Borrowing power. Credit providers use a range of criteria to gauge your borrowing power. Consumers, however, should spend time to work out how much they can afford to repay out of their regular budget.
  • Banking history. It pays to keep your bank account in good shape. Even if you wish to avoid borrowing from your bank, your new lender will still consider your bank account.
  • Credit score. Lenders will view your poor credit score as you being a risky loanee. More specifically, a bad score reflects an inability to consistently make repayments on time.
  • Savings. If you can show you’re consistently able to meet your savings goals, lenders may perceive it as you being able to handle your repayments.

How do I read my contract?

If a lender is able to make you an offer, they will send you a digital loan contract – also known as your loan agreement. In short, it is quite important to read through your contract carefully before making a decision. After all, if you later decide to change your mind, you may not be able to get out of the agreement.

You should, therefore, consider the following when you read through your agreement:

  • Amount. Your lender may not always be able to offer you the exact amount you apply for on our site. This is because Australian law requires all lenders to offer money responsibly. Therefore, confirm you are happy with the amount on offer.
  • Rate. Do you know what rate is applied to your loan? ASIC caps what lenders can legally charge.
  • Term. Are you happy with the repayment terms on offer? Are you able to fit your repayments around your day-to-day life?
  • Fees. Lenders will generally charge upfront and ongoing fees; make sure you know what these are before applying. In addition, confirm you understand what happens if you miss or are late on repayments.

Get started today

Ready to get started? After all, it could only take you a few minutes to complete the submission form.

Alternatively, if you have any additional questions, take a quick look at our FAQs. Or, find out more about personal loans with ASIC’s Moneysmart.

Match with a quality lender through Monzi. Find out about bridging finance or consumer loans while you’re here.

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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


Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The comparison rate on loans between $300 and $2000 could be up to 199.43%. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440. WARNING: This comparison rate is valid 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

$2,100 - $4,600


13 months (minimum)

24 months (maximum)


47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.


Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid 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. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000


13 months (minimum)

24 months (maximum)


17% Annual Percentage Rate (APR)

36% Comparison Rate p.a.


Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489.

The starting interest rate for a Personal Loan is 17%. Comparison Rate 36% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489. WARNING: This comparison rate is valid 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. Credit criteria and terms and conditions apply.