Same Day Approval Loans Through Monzi – Get Cash In Your Account ASAP!

Same day approval loans may be a lifesaver when you need cash quickly. However, same day lenders can carry some negative connotations with certain people. Monzi is here to dispel those rumours and tell you about our lender-finder service.

Woman at dusk thinking about same day approval loans

What are same day loans?

Same day approval loans are really straightforward. Generally, when you apply, lenders will be able to give you a decision the same day. This is, however, dependent on what time you lodge your application. In addition, these loans may even be transferred into your account the same day you approve your loan contract.

Where can I get same day approval loans?

There is a wide variety of lenders available who may be able to offer you a same day loan. These can range from traditional lenders like banks, or alternative lenders offering short term loans.

You will need to weigh up which option is best for your individual situation. In particular, consider what options are available to you with your credit rating, as well as whether or not you can apply for a secured loan.

Same day bank loans

You may be eligible for a same day personal loan from a bank. Banks can offer personal loans that can often range from $5,000 all the way up to $50,000. Each bank, however, may vary on the loan amounts available.

The repayment terms on a personal loan from a bank are often as long as several years.

Usually, you will need to use one of your assets as security against these loans. If you own a valuable asset and have a good credit rating, these loans may be an option.

Consumers are able to apply for personal loans either in a physical bank branch, or online.

Payday lenders

Payday lenders can often offer small unsecured loans of $2,000 and under. These loans can be processed quickly, and can often be accessed the same day you approve your contract.

Payday lenders have very open eligibility criteria. Even if you have poor credit or receive Centrelink, you may be eligible. Payday lenders may even offer no credit check loans. In addition, the repayment terms for payday loans are very short, sometimes as short as 4 weeks.

While payday loans can be easy to be approved for, they may not be your best option. Often, the short repayment terms and high fees can translate into unmanageable regular repayments.

Generally, payday loans are available online.

Short term personal loans

Alternative lender options may also offer same day personal loans. Often, these can range from small unsecured loans ($2,000 and under) to larger secured loans of up to $10,000.

These alternative lenders can often have more open eligibility criteria than a bank. In addition, they generally have longer repayment terms than payday lenders, often several months to years.

Lenders offering these loans may still conduct a credit check on your application, but this is not all the focus on. Finally, these lenders are generally available online.

Things to consider before applying for same day approval loans

As you may have gathered, there is a lot of variety out there for same day loans. Therefore, if you’re looking for quick, accessible cash, there are a few things you should consider.

Your financial situationDo you have an idea of what the repayments will look like? If so, will you be able to comfortably afford them?
Loan costAre you aware of all the fees and costs associated with your loan? Are you aware of the interest rate plus any other establishment or monthly fees?
Do you have all relevant information?Even online lenders may ask you to provide certain financial information when you apply. Therefore, make sure you have the relevant bank statements or information on the asset you’re using as security (for secured loans).
Do you have a valid reason?Often, it doesn’t take long to spend your same day loan. Next, you’re only left with repayments to make. Are you sure you will not regret taking the loan out?
Loan featuresIs the loan fixed or variable rate? Are there penalties for paying your loan out early?

Case study: Pete needs a same day loan

Broken washing machine fixed with same day approval loans

Pete is shift-worker and a single dad. Generally, he spends most of his paycheque on rent, food and his children. As a result, Pete has almost non-existent savings.

Pete’s washing machine stopped working, and he needed to buy a new one. Because Pete had no savings, he decided he would need to apply for credit. Pete, however, had some previous defaults on his credit report, so he didn’t think he would qualify for a bank loan.

He looked online to find a lender offering loans with same day transfers. In addition, he wanted to avoid payday lenders, as he had had bad experiences with them in the past. He also decided he needed a lender offering longer repayment terms, so that his repayments would be more manageable.

To make his life easier, Pete decided to use a lender-finder service. He hoped this service would be able to pair him with a lender offering same day personal loans.

After Pete made an application, the lender-finder was able to match him with a credit provider within an hour. Pete’s application was then assessed by the lender and he was approved. Pete then received his loan contract. After approving his contract, Pete’s loan appeared in his account by the end of the day.

Are there any same day payday loans with guaranteed approval?

No. Well, not legally.

Lenders are required by law to conduct some sort of assessment of your application. These obligations were created by the Australian Securities and Investments Commission (ASIC) to protect consumers. More specifically, to protect consumers from being offered or entering into credit contracts that are unsuitable for their individual circumstances.

An example of a loan product being unsuitable would be if the consumer is unable to afford the repayments, or can only do so under significant financial stress.

Therefore, credit providers must make inquiries into a consumer’s financial situation. As a result, any lender offering guaranteed approval no matter what is obviously not making any inquiries or assessment of your application.

Have you been dealing with a lender offering guaranteed approval? Are you concerned it is a scam? If so, you need to cease all interaction with the lender immediately. Consumers are also able to check ASIC’s list of companies you should not deal with.

Can you get same day approval loans on a Sunday?

You may be able to lodge an application with a lender over the weekend. However, your loan may not be transferred until the next business day.

This is because lenders will have certain banking rounds throughout their business days. Often, a lender will have their last banking round towards the end of the business day. Finally, there are no rounds of banking over the weekend.

This is because the banks themselves do not process transfers over the weekend.

How can Monzi help me with same day approval loans?

When you’re looking for same day approval loans, you’re likely wanting things to happen quickly. After all, when an emergency or unexpected expense pops up, things can get stressful.

Well, Monzi is here to hopefully take a little of that stress away. What do we do? When you use Monzi’s lender-finder service, you can forget about having to trawl through multiple online lenders. Instead, with Monzi, you submit one application and we’ll do the hard work for you.

Within minutes of lodging your application, our automated system will get to work scanning through heaps of different loan products. We’ll try and match you with a potential lender who fits your individual circumstances. If we’re successful, your new lender will get in touch directly. Pretty easy, right?

Keep in mind, your new lender will conduct their own assessment of your application. Successfully being paired with a lender does not mean you will be approved. Approval is subject to each individual lender.

Monzi finds lenders quickly and effortlessly!

How can I get a same day loan?

Monzi’s lender-finder service is easy and effortless to use. Interested? Here’s how you can get started:

Step One

Enter in your ideal loan amount and repayment terms into the loan slider. Next, click Apply Now and you’ll be taken to our online submission form. Here you’ll just need to fill in a few of your details and you’re done.

Keep in mind the costs and terms presented in the loan slider are just a guide. The actual costs and repayment terms of your loan may vary depending on the lender you’re paired with.

Step Two

Now, you can kick back while we get to work. Our automated system will scan through hundreds of different loan products to try and pair you with an appropriate lender.

Step Three

We’ll let you know the outcome of our search via text and email. If we’re successful, your new lender will be in contact. Usually, they’ll conduct their own assessment of your application, and if you’re approved, send through a loan contract.

When will I be able to access my loan?

After so long in the game, we’ve realised that when Aussies search for loans same day approval, they mean it. In other words, they want that cash in their account pronto!

Our lender-finder service has been designed to be as streamlined and quick as possible. In addition, we’ve aimed to create a network of lenders who can get things done just as quickly.

With this being said, access to your loan will be dependent on a few variables. We’ve included a list below to give you a better idea of what affects your access to same day cash loans.

  • Your bank’s transfer policies. Certain banks may handle transfers like these differently.
  • When you approved your contract. If you approved your loan contract outside of normal business hours or over the weekend, your loan may only be transferred the next business day.
  • Banking rounds. Banks will have certain rounds of banking throughout the day. If you approve your contract after the last round, your loan may only be transferred the next business day.

Can Monzi find me same day loans guaranteed approval?

As we mentioned earlier, guaranteed approval loans are technically against the law. In particular, they go against the responsible lending obligations laid out by ASIC.

As a result, Monzi cannot offer you guaranteed approval loans. After all, each lender will conduct their assessment of your application and approve your loan accordingly. Therefore, even if Monzi successfully pairs you with a lender, you are not guaranteed approval.

Can I get same day approval loans with bad credit?

Yes! Monzi works with lenders who may be able to approve your application despite your poor credit record.

After all, a few financial mistakes in the past shouldn’t prevent you from accessing quality loans with same day approval.

How are we able to do this? Well, when you apply, you’ll notice we ask for your internet banking credentials. We do this so we can access a read-only copy of your bank statements. Next, we pass this information on to a potential lender.

By accessing a read-only copy of the last 90 days of your bank statements, potential lenders can get a better understanding of your current relationship with money. In particular, lenders will look at how you’ve been handling whatever other repayments you may have. Additionally, they’ll look to see whether or not you’ve been earning a regular income.

So, even if you have poor credit they may be able to focus on the positives. After all, a few financial mistakes in the past shouldn’t prevent you from accessing quality lenders.

Which lender is best for bad credit?

Unfortunately, we can’t really answer that question. After all, as all lenders are different, so are consumers. Therefore, the best lender for one consumer may be different for another.

What we can say, however, is we work with a wide network of lenders who may be able to offer bad credit same day approval loans.

Keep in mind, approval is always at the discretion of the lender.

Can I get same day approval loans if I’m receiving Centrelink?

In short, yes!

Monzi may be able to pair you with a lender who might be able to regard regular Centrelink payments as a form of income. You will just need to keep your mGov details handy when you apply.

In short, if lenders can see your repayments would fit comfortably within your regular repayments, you may be considered for approval.

Are there such things as guaranteed Centrelink loans?

No, there is no such thing as a guaranteed loan. In fact, if you are offered a guaranteed approval loan, you should be very wary. There is a chance this lender is less-than-reputable. They could even be a scam.

And if I’m unemployed?

Consumers may still be considered for approval if they’re unemployed, but receiving regular Centrelink payments.

As mentioned above, lenders will need to see that your regular contractual repayments would fit comfortably within your Centrelink payments, you may be considered for approval.

However, lenders may have different parameters you will first need to meet before being considered for approval. In addition, approval is always at the discretion of the lenders themselves.

Can you find low interest same day approval loans?

As the lender-finder, Monzi cannot guarantee what the interest rate will be charged on your loan. To get a better idea of what your interest rate might be, you’ll need to consult the costs page of the lender themselves.

Same day approval personal loans

Many people like personal loans because they afford them a lot of freedom. In other words, you can use your personal loan to cover a myriad of different personal expenses.

You could, for example, use your personal loan to repair your faulty car. After all, visiting the mechanic can be expenses. Losing your job because you can’t make it into work on time? That’s even more expensive.

Additionally, you could even use your personal loan to help cover a rental bond. Therefore, you can get out of that dingy share house quicker! You can forget having to queue for the bathroom or coming home to a sink overflowing with dirty dishes. A rental bond loan could get Aussies settled in their own place sooner!

You could even use your personal loan to help pay for travel costs. So, whether you need to travel interstate for a wedding, or you just need a well-deserved holiday, a travel loan could be a great option.

In short, you choose how you spend your personal loan. After all, nobody understands your personal situation better than yourself.

What will lenders look at?

You may be wondering what lenders will be looking at when they assess your application. Generally, what lenders are concerned about is common sense.

A great way to think about it, is to ask yourself what would you be looking at before you lent someone a sizeable amount of money?

  • Are they likely to pay me back? Judging from their past track record of borrowing, are they likely to pay you back on time? This is why lenders may look at your credit report when they assess your application.
  • Will they be able to afford the repayments? Considering their lifestyle, will they be able to pay you back consistently and on time? This is why lenders will look into your monthly income and expenses.
  • How long will it take them to repay you? How long has the borrower nominated as the repayment term? And how does this reconcile against their monthly expenses? Lenders will usually take issue with a nominated repayment term if it will stretch a borrower’s monthly income.

I’m ready to apply for same day approval loans

Excellent! You just need to scroll up to Monzi’s loan slider at the top of the page!

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

Factor In

Costs

Two credit cards
Two credit cards

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

Terms

12 months

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

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

Terms

13 months

24 months

Costs

48% annual percantage rate

67.41% comparison rate p.a.

Example

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

Terms

13 months

24 months

Costs

21.24% annual percantage rate

48% comparison rate p.a.

Example

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.