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.

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 quick money loans include:

Quick loans bad creditQuick cash loans bad credit Australia
Quick and easy loans for bad creditQuick unsecured personal loans bad credit
Quick cash loans for bad creditFast quick loans for bad credit

Why apply for quick loans bad credit?

Quick loans online bad credit 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 need cash now and want 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 online 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.

Quick cash loans for unemployed bad credit

If you’re unemployed then it’s not a secret that it may be difficult to finance. After all, before extending credit, lenders always aim to ensure that you can repay any money that you borrow.

In any case, if you are unemployed and are applying for a loan then there is one significant criteria that you must meet. In short, you must show that you are earning some form of regular income. This won’t be a wage, however, it could include Centrelink benefit payments or rent payments received.

Without this, your application will be ineligible and you will not be offered quick loans for bad credit unemployed. Moreover, even with this, approval is not certain. You must still meet the lender’s requirements beyond the necessary income thresholds.

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

I’m unemployed and have bad credit: can I still get a loan?

Having bad credit and being unemployed can both make it tricky to access credit. A combination of the two can make it almost impossible. Luckily, Monzi might be able to help.

In short, within our lender-network, there may be some lenders willing to offer quick loans bad credit unemployed. In other words, you could be offered a loan even if you are an unemployed bad credit applicant.

However, keep in mind that approval is not certain. In fact, in most it will be unlikely. In order to approve your application, your lender must be satisfied that your loan is suitable and affordable for your circumstances. Moreover, you must still meet all the necessary criteria too.

Quick loans bad credit same day: are they possible?

In short, if everything goes to plan then it may be possible to access same day loans. However, there are a number of steps that must be complete first.

In any case, if you’re looking to access same day loans then you will need to apply during business hours and provide all the necessary information when you apply. That way, we might be able to pair you with a lender in just 60 minutes and an assessment can be conducted ASAP.

If you are approved, then your cash will be transferred to you. At this point, access simply hinges on the associated inter-bank transfer times.

So, in a perfect world, same day loans are possible. However, it’s usually wise to account for a waiting time of up to 24 hours.

Emergency cash loans no credit check

Usually, when you’re after quick loans, that means you’re in the midst of dealing with a cash emergency. Maybe your car’s broken down or you have an urgent bill to pay. Whatever it is though, you want your cash now. That’s where emergency cash loans can help.

At Monzi, we work with a range of lenders who may be able to offer these loans. As a result, you can potentially access the cash you need, when you need.

In addition to this, at Monzi, we understand that cash emergencies rarely strike at the most convenient times. As a result, our website is live 24/7. That means that you can apply whenever you need.

However, keep in mind that if you apply outside of regular hours then you may receive a delayed outcome. Moreover, you may need to wait until the following business day to access your cash if your application is approved.

Payday loans for bad credit instant approval

Payday loans are the ultimate quick source of cash. In short, these lenders pride themselves on wasting little time so that you can receive an outcome ASAP. If you’re approved, you might have your cash before you know it.

Keep in mind that these loans are only available for small amounts of up to $2,000. Moreover, they may come with rapid repayment terms meaning you could be debt free sooner.

At Monzi, we typically deal with lenders offering personal loans. However, we can potentially pair you with lenders offering small payday loans too. Apply today and you might be paired with a lender offering the loans you need in just 60 minutes.

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 bad credit quick loans?

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.

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 quick loans with 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, bad credit quick cash loans may potentially be available the same day you apply. The lender as well as your personal situation 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 if your application for quick easy loans bad credit for Centrelink recipients 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.

Small quick loans bad credit

Need a minor cash injection to cover an immediate expense that just can’t wait? A small loan could be an option for you. If approved, you’ll receive your cash today and have your loan paid off in just 12 months. In other words, it’s a short-term commitment.

At Monzi, we work with a range of lenders who specialise in small cash loans. Typically, they’re available for amounts up to $2,000 and are unsecured. That means there’s no need to attach an asset as security. Just make your required repayments on the relevant dates.

Think a small cash loan for bad credit is the right choice for you? Scroll up and use Monzi’s loan slider to apply today.

Quick loans bad credit: something larger

If you find yourself needing a little more than $2,000, don’t worry, Monzi can help. In short, within our lender-network we know plenty of lenders who may be willing to offer quick money loans for bad credit up to $10,000. Best of all, they come with repayment periods ranging from 13 to 24 months too. As a result, you can access the cash you need now and divide the costs evenly over a long period.

In most cases, loans over $2,000 are divided into two categories: medium loans and large loans. See below for the key features and details of each loan:

Medium loans

  • $2,100 to $4,600
  • Secured loans
  • 13 to 24 month repayments

Large loans

  • $5,000 to $10,000
  • Secured loans
  • Repaid over 13 to 24 months

What do lenders assess?

In short, lenders are looking to determine your capacity to repay any money that you borrow. To do this, they will consider a number of factors.

Firstly, your credit history will be analysed to determine your creditworthiness. In other words, your overall reliability and trustworthiness as a borrower. Obviously, good credit borrowers will have better creditworthiness than bad credit borrowers. However, if you do have bad credit, that’s okay, your credit history isn’t the be-all and end-all of your application.

Lenders will assess your financial situation too. By looking at your income and expenses as well as any other on-going repayments, lenders can form an idea of what might be affordable for you. From this, they can determine if the loan you’ve applied for is suitable for your circumstances.

Based on this information as well as their individual policies, lenders will be able to assess your application and provide an outcome.

Comparing quick loans bad credit

If you’re keen to access the best possible loan then comparing products is a must. In short, not only can you potentially access a better interest rate, you may be able to find more favourable terms too. As a result, your repayments may be more affordable and you could even have your loan paid off sooner.

However, if you’re not sure what to compare, that’s okay. We’ve assembled a quick guide to help you. Check it out:

  • Interest rate: calculates the amount you must pay on top of the principal amount you borrow. Usually, lower is better.
  • Additional fees: extra charges applied in one-off or regular circumstances. Includes administration fees, late fees etc.
  • Comparison rate: combines your fees and rates into one annual figure that represents your total loan cost. It’s the easiest way to compare loans side-by-side.
  • Maximum borrowing amount and repayment terms offered.
  • Compare lenders based on their user reviews to assess past borrower experiences.

Where can I borrow money fast?

The online lending marketplace has made it easy to access quick and easy finance. In short, you can apply and be approved all from the comfort of your own home (or anywhere). Best of all, there are a ton of trustworthy, high-quality lenders out there too, ready to accept your application.

However, if you’re short on time or just not sure what to look for, you might find it tough to decide which lender is right for you. That’s why applying with Monzi is a great option. Simply submit an application and our automated system will attempt to pair you with an available lender from our network.

If you apply during business hours then we may be able to put you in touch with a lender in just 60 minutes. However, applications received outside of these times may encounter delays.

At the end of the day, Monzi can make finding lenders simple and convenient. With fast outcomes and easy applications, allow Monzi to assist you in your search for quick loans with bad credit history.

Help: I can’t afford my next repayment

If you realise that you are unable to afford an upcoming repayment on your quick loans online with bad credit, don’t panic. Simply contact your lender and outline your situation. In most cases, with enough warning, your lender will be understanding and may work with you to develop a plan to manage the issue.

However, remember that this will only be possible if you keep your lender in the loop. In other words, be proactive. Reach out early and keep them up to date. Your lender is only able to help you if they are aware that you are facing difficulties.

Missing a repayment and failing to provide sufficient warning or an explanation will result in your account being charged a late fee.

Financial hardship

A major change in circumstances can seriously impact your ability to make your repayments. Whether you lose your job, suffer a significant injury or fall ill, you might find your budget compromised. Luckily, your lender may be there to support you.

In short, they have plenty of experience in dealing with these situations. As a result, your first step will be to make contact. From there, you will be transferred to the hardship department where you will need to submit a financial hardship application.

As part of your application you will likely need to submit evidence (e.g. medical certificates) as well as a revised repayment amount that you feel you can afford. This information will then be considered and you will receive an outcome.

A successful application may result in revised terms being implemented.

Who do I talk to about my quick personal loans bad credit?

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.

Ready to start?

Let’s go!

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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.