Quick Loans Bad Credit – What Do They Involve? Monzi Explores

Quick loans bad credit may be a convenient solution to consumers with poor credit looking for fast access to cash. In particular, these loans can be applied for online and potentially accessed the same day.

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.

Quick loans bad credit on phone with two men on night bus

What are quick loans bad credit?

In short, they are personal loans available online to consumers with below-average credit. Moreover, these lenders may be able to assess and process loans much quicker than traditional lenders.

Some examples of these fast cash loans include:

Quick loans bad creditQuick loans for bad credit same day
Easy quick loans for bad creditQuick unsecured personal loans bad credit
Online quick loans bad creditQuick approval loans for bad credit

Why apply for quick loans bad credit?

These loans may be an option if you have been knocked back by other, more traditional lenders in the past. After all, these loans may be available to consumers with very bruised credit files.

Therefore, if you are in a financial pickle and need an emergency cash loan, quick bad credit loans may be an available option.

In short, these lenders may be more understanding of your credit history, and could potentially offer you a loan.

Bad credit loans Australia guaranteed approval

Unfortunately, no loan is ever guaranteed. After all, lenders will need to assess whether or not the loan product is suitable for you.

A loan is considered suitable for a consumer if:

  • It meets your financial needs and objectives.
  • You are able to afford the contractual repayments without significant hardship.

As a result, lenders will assess your income, regular expenses as well as your banking history.

If you do come across a lender offering guaranteed approval no matter what, be very cautious. In short, there may be a chance this lender is not reputable, or potentially even a scam.

What to do if you think you’re dealing with a dodgy lender

If you are looking for quick bad credit loans online, you may be in a tight financial spot. Moreover, consumers may make poor financial choices if they are stressed and under pressure. Unfortunately, predatory lenders are aware of this too.

Therefore, even if you are in a financial emergency, always be cautious of online credit providers. If the deal seems too good to be true (guaranteed approval or suspiciously low interest rates), it probably is.

Here are some telltale signs that the lender you’re dealing with might be dodgy:

  • You’re asked to make an upfront payment before you receive your loan.
  • The lender asks you to deposit your payment into a bank account, cryptocurrency wallet or by purchasing a gift card for the lender to redeem.
  • The credit provider contacts you from a generic email address.
  • You’re offered approval no matter what, or a very low interest rate.

If you are concerned you’re at risk of a scam, check ASIC’s list of companies to not deal with. Then, if you are still concerned as to what to do, consult Moneysmart’s helpful guide on how to handle scammers.

What is the easiest loan to get with bad credit?

If you have poor credit, naturally, you may want to consider applying for a bad credit cash loan. Often, these lenders will aim to focus on your current financial situation.

These lenders will, however, need to confirm you can afford your quick loans bad credit repayments. Therefore, lenders will consider the following:

  • Your regular income.
  • Your regular expenses.
  • Whatever other commitments you have.

Keep in mind, lenders may all differ in terms of their individual assessment policies. Therefore, certain consumers may find it easier to be approved with one bad credit lender, while others may vary.

Which loan company is best for bad credit consumers?

This will be as dependent on your own situation as the lender’s own policies.

Despite this, certain credit providers are, in general, less ideal for consumers with poor credit. More specifically, traditional lenders like banks and credit unions are likely to place a bigger emphasis on creditworthiness than short term lenders.

Creditworthiness is the extent to which consumers are considered suitable to borrow money, based on their history of making repayments in the past.

Short term cash lenders, on the other hand, often place less emphasis on creditworthiness. Instead, these credit providers will focus on your current capacity to afford repayments, as well as your banking history.

How did my credit score get like this?

Your credit score is simply a reflection of the information in your credit report. As a result, your credit score will either improve or decrease over time, depending on the information listed in your credit report.

The list below includes listings that can negatively impact your credit rating:

  • Bankruptcies. Bankruptcy refers to when a consumer is legally considered unable to repay their debts. Bankruptcy lasts for 3 years and the listing may remain on your credit report for five years or longer.
  • Debt agreements. If you enter into a debt agreement, you and your lender agree to a set amount of money, paid over a set amount of time, to settle outstanding debt.
  • Defaults. You may default on a loan if you fail to make a repayment on an outstanding debt within the 60 day notice period. Furthermore, your credit provider may employ debt collectors and report the default to a credit bureau.
  • Late and missed payments. Missed or late repayments will be noted on your credit file. Late or missed repayments reflect badly on your credit file, as they question your ability to manage credit.
  • Multiple credit applications. If you apply with several credit providers in a short space of time, it can indicate to lenders that you may be under financial stress.

How long do bad credit listings stay on my file?

This depends on the kind of listing you incur. We’ll break it down for you:

  • Bankruptcies remain on your credit file for two years after the bankruptcy finishes, or five years from the date you were declared bankrupt. This, however, may vary between consumers.
  • Debt agreements can be listed on your credit file for up to five years. This may, however, be longer in certain situations.
  • Defaults may stay on your file for five years.
  • Late and missed repayments will generally be recorded on your credit file for two years.
  • Credit enquiries are listed on your credit file for five years. Keep in mind, this includes all applications for credit, including both loans and credit cards. Regardless of whether or not you’re approved, these enquiries will be listed on your file.

Can I improve my credit score?


While a poor credit record can be frustrating, there is a silver lining. After all, anybody can improve their credit score on their own. It may, however, just take a little hard work and discipline.

Moreover, we’ve established that negative listings on your credit file will decrease your credit score. As a result, positive borrowing habits will improve your credit score.

Specifically, the below list outlines a few habits that, if done consistently, should improve your credit score.

  • Lower your credit card limits.
  • Consolidate multiple personal loans or credit cards.
  • Reduce your new applications for credit products.
  • Consistently make your repayments on time.
  • Pay your rent, bills, mortgage and other loans on time.
  • Aim to pay your credit card off in full each month.

It is important to consider your credit score before applying for quick loans bad credit.

How do I interpret my score?

Lenders generally break down credit scores into five distinct bands, listed below:


  • Excellent: 800 to 1,000
  • Very good: 700 to 799
  • Good: 625 to 699
  • Fair / average: 550 to 624
  • Weak / below average: 0 to 549


  • Excellent: 833 to 1,200
  • Very good: 726 to 832
  • Good: 622 to 725
  • Fair / average: 510 to 621
  • Weak / below average: 0 to 509

In addition, credit scores are interpreted by the likelihood of an adverse event occurring on credit file in question over the coming 12 months. For example, an excellent credit score is interpreted as it being highly unlikely for the consumer to incur a bad credit listing.

Case study: Blake checks his credit score

Blake wanted to know why he kept being knocked back by certain lenders. Therefore, he decided to check his credit score. After doing some research online, Blake found two online providers offering free copies of credit reports.

The first provider scored Blake with a good credit score of 630 out of 1,000. The second provider gave him a fair/average score of 620 out of 1,200.

Confused by the two different scores, Blake decided to do a little extra research himself. Blake discovers that the credit score providers used data from different credit reporting bureaus.

After requesting a copy of his credit profile from both bureaus, Blake realised not all of his credit history was listed with the first bureau. As a result, his credit score came out better.

To avoid having to apply for quick online loans bad credit, Blake decides to make a concerted effort to display good borrowing habits and improve his credit score.

Find lenders offering quick loans for bad credit borrowers through Monzi

Finding a lender online willing to offer you a loan may be confusing at the best of times. After all, if you have a poor credit record, you may feel like your options are increasingly limited.

To a certain extent, this may be true. If you consider banks and credit unions for a personal loan, especially, your poor credit history may be a hindrance.

Not all lenders, however, are the same. Specifically, there may be short term lenders willing to offer quick loans bad credit. The question is, where do you find these lenders? Well, luckily, Monzi may be able to help.

What does Monzi do?

We are a lender-finder service. Therefore, if you lodge an application on our website, we’ll do our best to try and find you an available credit provider.

If we successfully pair you with a lender, they will assess your application and provide you with an outcome. Finally, you’ll be sent a digital loan contract if your lender approves your application.

In other words, Monzi’s lender-finder service may be able to take the stress and hassle out of finding a credit provider. In short, one application on Monzi equals potential access to multiple lender options.

Do I qualify for quick loans bad credit?

While Monzi does wish we could help everybody, we do have a few criteria you will first need to meet before applying.

To be eligible for Monzi, you must:

  • Be an Australian Citizen or Permanent Resident.
  • Be at least 18 years of age.
  • Have a personal mobile number and email address.
  • Have received a regular income into a personal bank account for at least the past 90 days.

Consumers are not guaranteed approval, even if they meet the above list.

Let’s walk you through applying

Lodging an application on our website is super straightforward. Moreover, there will be instructions to help guide you through the application process. Despite this, we still thought we would give you a quick rundown on how to use Monzi’s lender-finder service.

Step one

Obviously, the first step is to head to our website. Next, make a selection on the loan slider. You’ll be able to nominate the amount you’re thinking of borrowing, as well as the repayment terms. Keep in mind, however, this may not reflect the actual loan you’re offered nor your repayments.

Once you are happy with your selection select Apply Now. The next step moves to our online submission form. Be sure to fill in as much information as possible.

Step two

After you submit your application, our system will take over. In short, we’ll try and match your application with a potential credit provider. Depending on when you apply, you may even receive an outcome within 60 minutes. This is, however, only during regular business hours.

Step three

If you’re matched with a quick loans bad credit lender, they’ll first assess your application. If your application is approved, your lender will generally send through a digital loan contract. Keep in mind, you are under no obligation to approve the contract offered to you. If you are unsatisfied or unsure of any aspect of your loan, you are under no obligation to accept it.

On the other hand, if we can’t find you a lender today, we’ll let you know as soon as we can. We’re sorry we couldn’t help you out this time, but you’re welcome to apply again in the future.

When can I spend my cash?

Looking for fast cash loans for bad credit that actually do what they say? Luckily, Monzi’s network of lenders loves speed and convenience as much as us. As a result, you can be sure they’ll try and get your loan to you ASAP.

Normally, your credit provider will transfer your cash after you approve your contract. Access to cash, although, is dependent on inter-bank transfer times.

You can, however, generally expect to see your cash in your account within 24 hours of approving your contract.

Lenders may not be able to process your loan if you approve your contract outside of normal business hours or over the weekend.

All in all, quick loans for bad credit may potentially be available the same day you apply. The lender as well as your personal sitation will determine access to cash.

The credit check question

Will Monzi credit check your application? No, we will not. However, the lender we pair you with may conduct a credit check as part of their assessment policies. As a result, Monzi cannot promise to find you lenders offering emergency cash loans no credit check.

It is important to note, even if a lender does credit check your application, they will endeavour to dig deeper. In other words, credit providers will also take into account your regular income, expenses and banking history. Therefore, approval will not hinge on your credit score.

Can I apply if I receive Centrelink benefits?

In short, yes! Monzi welcomes applicants from all walks of life to use our service.

After all, certain lenders within our network may be able to regard regular Centrelink benefits as income. However, lenders may differ in terms of:

  • The types of benefit (FTB Part A, Netstart etc.) they can accept.
  • How much of your income Centrelink benefits can make up.

We cannot, however, guarantee your application for cash loans bad credit Centrelink will be approved. After all, approval is always contingent on the lender’s assessment of your application.

Do you think I can get a $1,000 loan with bad credit?

Please note, we are a lender-finding service, not actually lenders. This means we try to pair your application with a potential credit provider.

Each lender, however, may differ in their individual policies and processes. As they are separate entities, Monzi cannot speak to whether or not your application for $1,000 will be approved.

What about a $5,000 loan?

Again, as the lender-finder, Monzi cannot speak to the assessment policies of individual lenders.

A $5,000 loan, however, falls under the large secured personal loans umbrella. In other words, you will need to nominate one of your assets as collateral against the loan. Most lenders are able to accept a car, caravan, motorbike or boat as security.

Keep in mind you will need to be the registered owner of the vehicle you wish to use as security.

If you default on your secured loan, your credit provider is legally able to repossess your vehicle to recoup some of their losses. Generally, repossession is the final resort for lenders, and the process will only start once all other avenues are exhausted.

Who do I talk to about my loan?

These days, it seems everything is digital. From renting movies, booking a hotel room or even ordering food, everything happens on the internet.

While the power of the internet has certainly made our lives more convenient, there is a sense that we have lost touch of genuine customer support. After all, it seems like most of the time when you need a hand, you find yourself trying to get your point across to a chatbot!

Monzi, however, thinks a little differently. Despite our business being 100% online, you can always get in contact with a real human at hello@monzi.com.au. Just keep in mind, if you send us a message outside of our normal hours, we may not be able to reply until we are back in the office.

There is a limit to our jurisdiction when speaking on a specific lender. In short, Monzi cannot speak to the policies of individual lenders. As a result, Monzi cannot tell you if you will be accepted, nor can tell you why a lender declined your application. You will need to get in contact with the lender directly for more information.

Contact the National Debt Helpline on 1800 007 007 to find free financial counselling in your area.

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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. The maximum comparison rate on loans between $300 and $2000 is 199.43%. 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 (Principle 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 (Principle 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.