Secured Bad Credit Personal Loan – Get Started With Monzi!

Apply for a secured bad credit personal loan with Monzi today. Use one of your assets as security on a loan. Personal loans from $300 to $10,000. Monzi could match you with a great Aussie lender in no time. Easy applications. Lightning-fast outcomes. Apply now.

What is a secured loan?

A secured loan is a credit product guaranteed by one of the borrower’s assets (e.g. their car or boat). Commonly referred to as security or collateral, lenders may take steps to repossess this asset if the borrower defaults on their loan. As a result, a secured loan may be less risky for lenders, given they have a way to recover their losses. With this, lenders may offer larger secured loans than unsecured loans.

Beyond this, secured loans will take the form of a standard principal and interest loan. In other words, if a lender approves your application, they will transfer your loan amount in full. From there, you can spend it how you wish. However, you must repay any money you borrow with interest via a series of on-going repayments.

Through Monzi’s lender-finder, you can apply for secured loans up to $10,000. So, if you’re staring down the barrel of a major expense and your budget won’t quite stretch, we’re here to help. Apply today.

What about a bad credit personal loan?

A bad credit personal loan is a loan offered to a borrower with a below-average credit score. As a guide, this may result from missed loan repayments, defaults or other credit mistakes in the past. Traditionally, banks have been hesitant to consider bad credit applicants. However, these days, there are many online lenders who won’t allow a poor credit score stop you from accessing the instant bad credit cash loans you need.

In short, they may offer bad credit loans to Aussie borrowers. To do this, they consider your financial situation as a whole. Yes, your credit history will be one factor. However, your current income and budget may be just as important too.

So, if you’ve made some mistakes in the past, but are in a strong financial position today, some lenders may be willing to offer you bad credit personal loans up to $10,000. Apply with Monzi and we may connect you with one such lender before you know it.

Secured bad credit personal loan: as easy as can be!

So, we’ve covered secured loans and bad credit personal loans. Therefore, secured bad credit personal loans are simply a combination of the two. In other words, it’s a loan product offered to bad credit borrowers that must be secured with an asset. Simple, right?

With this, if approved, you can borrow a lump sum cash amount today. At Monzi, we work with lenders who may offer secured loans from $2,100 to $10,000. From there, your lender divides your costs into a series of even repayments over terms ranging from 13 to 24 months. Best of all, you may have the option to make either weekly, fortnightly or monthly repayments.

Finally, as the loan is secured, there’s an element of risk. You’re potentially putting your vehicle, boat or caravan on the line because if you default, repossession may occur. As a result, it’s important not to apply without first giving it proper consideration. Evaluate your finances to determine how much you can afford to borrow and repay.

Monzi’s lender-finder service: cash loans today

Now that you know what a secured bad credit personal loan is, you may be looking to apply. That’s where Monzi comes into play.

At Monzi, we’re a lender-finder. In short, our goal is to connect Aussie borrowers with lenders from our vast network. These lenders may offer cash loans from $300 to $10,000, with manageable repayment terms of up to 24 months. Best of all, they understand that nobody’s perfect, meaning if you’ve got bad credit, you’re still welcome to apply.

To get started, use Monzi’s loan slider at the top of the page. Choose your ideal loan and complete the online application form. Once you’ve done that, we’ll take over and could match you with an available lender in just 60 minutes. However, for this to be possible, you must apply during business hours.

In any case, if everything goes to plan, you could be matched with a lender who may offer the secured bad credit loans you need to address that troublesome cash shortfall you’re dealing with today.

Apply now.

What can I use as security on a personal loan?

At Monzi, we work with lenders who may accept the following assets as collateral on your secured loan:

  • Car
  • Motorcycle
  • Caravan
  • Boat

With this, you must be the registered owner of the vehicle. Moreover, the vehicle must have sufficient value to cover the cost of your loan. Finally, the asset that you use as security may need to be under a certain age.

Ultimately, exact requirements may vary. As a result, it’s best to contact your lender directly to determine what criteria you must meet to get a loan against your car. Monzi is a lender-finder service only, meaning we cannot speak on behalf of lenders.

Is it easier to get a secured loan with bad credit?

If you have bad credit, lenders usually view this as a sign that you may be unreliable. After all, it typically reflects a history of missed repayments or other credit-related mistakes. While Monzi does know many lenders prepared to consider loans for bad credit, if you are willing to secure the loan, then this can undoubtedly boost your chances of approval.

By guaranteeing the loan, your lender has an avenue to recover their losses should you fail to meet your repayment requirements. As a result, the risk of lending money to you may be significantly reduced.

That said, you must still demonstrate that you are earning sufficient income to comfortably cover your current obligations and the loan repayments. As a result, while a willingness to secure your loan may be looked upon favourably by lenders, approval is not certain.

Are secured loans just for people with bad credit?

Not at all.

Secured loans are a common credit product that lenders may offer to Australians from all walks of life. Not only that, but secured personal loans come in many different forms too. For instance, car loans and home loans are both examples of secured loans.

Given this, don’t get caught up thinking that secured personal loans for bad credit are the only product available. If you’re in a secure financial position and have good credit, then you can apply for a secured loan too. It doesn’t matter whether you need cash loans for car repairs or want to renovate your home, there could be a secured loan out there for you.

Apply today with Monzi for secured loans up to $10,000.

Are there any secured loans on Centrelink?

Yes, potentially.

When you need instant cash loans on Centrelink, you can apply with Monzi. In short, we’ll do what we can to match you with a lender who may consider benefit payments as a source of income. However, with this, there are a few factors you must be mindful of.

Firstly, lenders vary in their policies towards benefit payments. Yes, some lenders will consider Centrelink applicants. However, some lenders may not and not every payment type will be eligible. For instance, lenders often do not allow you to borrow money on Youth Allowance.

In addition to this, lenders may cap the amount you can borrow if Centrelink payments account for a significant portion of your income. As a guide, some lenders may only allow you to borrow $2,000, while others may offer loans on Centrelink up to $5,000. Obviously, this may impact the availability of secured bad credit personal loans on Centrelink, given that lenders only offer secured loans for amounts over $2,000.

What happens if I don’t repay my secured personal loan with bad credit?

If you fail to repay your loan, then your lender may take steps to repossess the asset you used as security. While this is usually a last resort and there are protections in place for borrowers, you must do what you can to avoid these situations. In other words, before applying, ensure that you can comfortably manage your loan repayments.

To learn more, Moneysmart has provided an extensive breakdown outlining everything that you need to know about repossession. Check it out today to ensure you know your rights and how repossession may occur.

I cannot apply for a secured bad credit personal loan: are there alternatives?

If you do not own an eligible asset, then, unfortunately, you cannot apply for a bad credit secured personal loan. This is non-negotiable. If you would like to borrow more than $2,000, security is a requirement. Luckily, there is an alternative.

At Monzi, we work with lenders who can offer unsecured personal loans for bad credit Australians too. As a result, if you find yourself at a dead-end, then this option may be worth considering. While you won’t need to provide security, the downside is that you are limited in the amount you can borrow. As a guide, Monzi’s lenders can only offer unsecured loans from $300 to $2,000.

So, while a secured loan may be off the table, an unsecured loan could be a handy alternative. Unfortunately, though, an unsecured loan may not adequately cover your cash need.

Can I get a secured loan with no job?

Unfortunately, it is unlikely that lenders will offer secured personal loans bad credit unemployed. The only way this may be possible is if you can prove that you are earning some form of consistent income. To provide an example, this could be Centrelink benefit payments or even rent payments from an asset that you own. Even then, approval is far from guaranteed.

Ultimately, if a lender is going to allow you to borrow money, they want to confirm that you can repay it. Moreover, Australian lending laws dictate that lenders cannot offer loans that are unsuitable for a borrower’s needs. Given these points, if you are currently jobless, receiving approval on an unemployed loan will be difficult. After all, you will likely lack the capacity to afford your repayments.

Finally, if you are hunting instant unemployed cash loans, it may be wise to consider alternatives. Personal loans are an expensive option. Moreover, you may be locked into making repayments over a long period. As a result, if you are unemployed, investigate additional government support that may be available for you.

Am I eligible for a secured loan?

Monzi is all about helping Aussies. In short, if you apply, then we’ll always do our best to find you a lender who may be willing to help. That said, not everyone can apply. Instead, we have four eligibility criteria that you must meet before you apply. Check them out:

  • Australian citizen or permanent resident.
  • 18 years of age or older.
  • Possess an email address and mobile phone number.
  • Been receiving a regular income for the last 90 days, deposited into an online bank account.

If you fail to meet Monzi’s eligibility requirements, your application will not progress. In other words, we won’t be able to match you with a lender.

How to get a secured personal loan with bad credit through Monzi

At Monzi, we believe in keeping things simple. After all, you don’t want to get bogged down completing a complicated application. Instead, you want to have it done ASAP so that you can get on with your day. That’s why we’ve refined our application process down into just a few easy steps.

  1. Choose your loan: use Monzi’s loan slider to select your preferred amount and term. Once you are happy, hit “Apply Now.”
  2. Apply: follow the instructions and provide the necessary details to complete the online application.
  3. Wait: let Monzi take over as we attempt to match you with a great Aussie lender.
  4. Outcome: we’ll contact you to let you know how the search went. If we match you with a lender, they will be in touch to begin the next stage of the process.

Ultimately, Monzi might make your life a little easier when you’re dealing with a cash emergency and need a secured loan. Apply during business hours and you may receive an outcome in just 60 minutes. Let’s go.

Man drinking coffee while looking online for a secured bad credit personal loan

I have bad credit: how did this happen?

If you’re after bad credit secured personal loans, it usually means your credit report isn’t in great shape. Unfortunately, bad credit is quite common across Australia. However, the exact causes do vary. In short, this is because your credit report encapsulates a range of information regarding your borrowing activities.

Given this, common causes of bad credit may include:

  • Missed or late loan repayments
  • Loan defaults
  • Debt agreements
  • Bankruptcy
  • Multiple credit enquiries over a short period.
  • Court judgments
  • Missed repayments on buy now pay later services.
  • Errors on your credit report (review your report regularly and resolve any issues you find).

Ultimately, bad credit can come from many different sources. In any case, if you need secured cash loans for bad credit, Monzi may help you. In short, we know a bunch of lenders potentially willing to assess the bigger picture when determining your suitability for credit. Just keep in mind that approval isn’t guaranteed.

Is there anything I can do to improve my credit score?


However, before you get your hopes up, you must keep in mind that there is no instant credit repair. Instead, you must employ effective borrowing habits over a long period. Only then may you begin to see positive changes.

In any case, if you’re on a quest to improve your credit score, then recommended strategies may include:

  • Pay your loans and other financial commitments on time.
  • Avoid relying on credit whenever you can.
  • When opening a new credit account, shop around to find the best deal.
  • Do not submit multiple credit applications within a short space of time.
  • Pay off your current outstanding debts.
  • Review your credit report to ensure all the information is up-to-date and accurate.

While you may not see results overnight, slowly but surely, your credit score may improve. As a result, relying on bad credit cash loans may become a thing of the past.

Can I get a bad credit personal loan with a guarantor?

Typically, you cannot.

On home loans and car loans, a guarantor is a close family member who uses the equity in one of their assets to secure your loan. This is most common on low deposit home loans as the borrower can avoid paying lenders mortgage insurance. However, guarantor loans can be risky, given that this family member is putting their asset on the line for you. As a result, you must be sure that you can afford the associated repayments.

Unfortunately, though, this won’t be an option with personal loans. Instead, if you apply for a secured loan, then you must use an asset that is registered in your name. If you are unable to do this, an unsecured loan may be your only option.

What about secured loans no credit check?

If you’re a bad credit borrower, you may want to avoid a credit check at all costs. After all, you may fear that if your lender sees your past mistakes, then they may deny your application straightaway. While this is understandable, you must note that most lenders won’t offer no credit check loans.

In most cases, lenders assess a borrower’s credit history to determine their creditworthiness. This will be unavoidable and is simply part of a lender’s assessment process.

In addition to this, as the amount you want to borrow increases, credit checks may become more important. While some lenders may offer small loans with no credit checks, if you are looking to borrow a large sum (e.g. large personal loan, car loan or home loan), then lenders want to be sure that you can repay the money you borrow. As a result, you may need to show that you have been a reliable borrower in the past and the repayments would fit with your budget.

Finally, remember that Monzi works with lenders who may consider bad credit applicants. In other words, credit checks won’t be the only factor at play. Lenders will consider your complete financial situation to determine if they should offer you a loan.

Will I receive an outcome instantly?

Not quite.

If you’re applying for a last minute secured loan, then you probably want to receive an outcome ASAP. While we’ll do what we can to match you with a lender within the hour, we cannot guarantee exactly how long it will take for your application to be processed.

In short, lenders are bound by Australia’s responsible lending legislation. With this, they must conduct an assessment on your application to determine whether the loan is suitable for you. In other words, your lender will take the time to investigate your current financial situation. As a result, you won’t receive an instant approval loan as there will be some processing time involved.

That said, there’s no need to be disheartened. If you apply during business hours, it’s absolutely possible to receive a same day secured loan. Just ensure you provide all the necessary details so that your lender can assess your application quick-smart.

How much can I borrow?

As we’ve already covered, you can apply from $300 to $10,000 with Monzi. However, be aware that loans up to $2,000 will be unsecured, while loans over $2,000 must be secured. Given this, consider what’s best for you.

In most cases, lenders prefer to offer secured loans. After all, you’ve guaranteed the loan, meaning the lender’s risk of financial loss is low. As a result, it may be harder to be approved for an unsecured bad credit loan than a secured loan. Moreover, lenders may offer lower rates on secured loans too. However, the caveat is that you must borrow a greater amount (i.e. over $2,000).

Easy secured loans for bad credit: where should I begin?

Monzi knows plenty of lenders who may consider offering bad credit personal loans. So, if you’re in a pickle and need fast cash today, why not apply?

Our quick and easy lender-finder could make things a breeze. Apply and you may be matched with a lender in just 60 minutes. Best of all, with loan amounts ranging from $300 to $10,000 and both secured and unsecured options on offer, there could be a loan that suits your needs.

That said, while we do endeavour to match you with an understanding lender, we cannot guarantee if your application will be approved. Ultimately, your lender will conduct an assessment to determine if a secured personal loan with bad credit history would be right for you.

Are there other types of secured loans?


While we’ve covered secured personal loans extensively, other examples of secured loans include car loans and home loans. With this, these loans will operate in the same way as a standard, online personal loan.

If you borrow money to buy a car or home, it will then be used as the security on the loan. In other words, it’s there to guarantee the loan. As a result, if you fail to keep up with your loan repayments, then repossession may become a reality.

Finally, note that car loans and online home loans will usually be a more significant financial commitment than a personal loan. As a result, you must consider your personal situation before applying.

How do I compare secured bad credit personal loans?

Monzi’s lender-finder could bridge the gap between yourself and a lender in just 60 minutes. However, if you decide to go it alone, then comparing personal loans is often a wise choice. That way, you may find the loan that best suits your needs and objectives.

To get you started, key points to compare include:

  • Costs: lenders charge interest on the money you borrow. Moreover, they may apply certain fees too. To get an idea of your annual loan costs, check out the comparison rate. It’s a percentage figure that represents your annualised costs. In short, it’s the easiest way to compare loans side-by-side when you’re after a great deal.
  • Terms: if you borrow money, ensure that you can repay it over an affordable period. In other words, repaying a $2,000 loan may be more manageable over twelve months compared to six months.
  • Credit provider: confirm that the lender holds a current Australian Credit Licence. Moreover, investigate past borrower experiences by reading reviews online.

Is a secured loan right for me?

As we’ve covered extensively, secured loans can be risky. After all, if you fall behind on your payments, then you could potentially lose your vehicle or other asset used to secure the loan. Given this, before applying, you must assess your financial situation.

As a guide, important questions to ask yourself include:

  • How much do I earn each week?
  • What are my current expenses?
  • Why do I need to borrow money?
  • Do I have enough savings to cover this shortfall?
  • What repayment amount could I afford?
  • How much do I need to borrow?
  • Are there any alternatives?
  • Would an unsecured bad credit personal loan be more suitable?

Finally, to get a better understanding of your current financial situation, check out Moneysmart’s free budget planner. It should help you determine where your money goes each month.

Can I get cash loans secured against my car?

Of course.

As we’ve mentioned, a loan against your car that is paid off will be one of the most common examples of a secured loan. Given this, if you need to get a loan today and have a vehicle registered in your name, then you’re welcome to apply with Monzi. We could match you with a lender offering up to $10,000 today.

That said, keep in mind that the car must meet the lender’s requirements. With this, it must have sufficient value to cover the cost of your loan. In other words, a car worth $2,000 may not be used as security on a $10,000 loan. In addition to this, your car may need to be under a certain age. Contact a lender to determine their exact requirements.

Secured bad credit personal loan: experience the Monzi way today

Monzi is in the business of making your life a little easier. As a result, if you’ve got bad credit, but need a loan, then you’re welcome to apply. We work with lenders offering secured and unsecured loans from $300 to $10,000. Best of all, the lenders in our network often accept a range of different circumstances including poor credit.

So, when you’re ready to begin, we’d love to hear from you. You can click “Apply Now” or scroll to the top of the page and use Monzi’s loan slider to apply now. From there, we’ll take over and do our best to put you in touch with a great Aussie lender.

It’s quick. It’s easy. Apply today.

Got questions? Reach out. Contact us today at Alternatively, check out our FAQs and you may find that your question has already been answered.

Finally, you can follow Monzi on Facebook, Instagram, Twitter and Pinterest. That way, you won’t miss a thing. See you there!

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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


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%. The minimum and maximum loan term is 12 months. 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.

Loan amount

$2,001 - $4,600


13 months (minimum)

24 months (maximum)


48% Annual Percentage Rate (APR)

67.41% Comparison Rate p.a.


Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principal Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Annual Percentage Rate (APR) for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. 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 (minimum)

24 months (maximum)


21.24% Annual Percentage Rate (APR)

48% Comparison Rate p.a.


Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principal Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Annual Percentage Rate (APR) for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. 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.