After A Secured Loan? Apply with Monzi Loans!

Of all the things in your life that take a few minutes, would you believe that a loan application could be one of them? Well, finding lenders offering fast loans is what Monzi Loans does best! Monzi Loans is an expert lender-finder that’s ready to try and help you find a lender that may offer a secured personal loan. Depending on your circumstances, the lenders we find may provide loans ranging from $300 to $10,000.

Secured personal loan helping couple leave for holiday

About Monzi Loans

Monzi Loans is a lender-finder ready to help Aussies find the lender they need when they need it most. We aim to find unsecured and secured personal loan providers offering loans from $300 to $10,000. The repayment period depends on the amount you choose to borrow.

Whether you’re looking for secured or unsecured loans, you can complete our application in just a few minutes. We’re 100% online, so you can complete an application on the go or snuggle into your comfiest couch with a cuppa in hand. So, wherever you are, if you need to find a lender that can provide quick, easy loans, then apply online today!

What exactly is a secured personal loan?

It is a loan secured by an asset, such as a car, motorbike, caravan or boat. A secured loan typically starts at $2,100 and goes up to $10,000. The repayment period depends on the amount you choose to borrow.

Secured loans may be a convenient way to cover a big-ticket expense, like an engagement ring for example.

There are two types of secured loans, medium and large:

  • Medium personal loan: secured loan from $2,100 to $5,000 and can be repaid over a period of 13 to 24 months
  • Large personal loan: secured loan from $5,000 to $10,000 and can be repaid over a period of 13 to 24 months

If you apply for any loan over $2,100 then you’ll need to attach security and we’ll do our best to find you a lender in a jiffy! However, you may not be looking for a large boost to your funds. If something smaller is to your taste, then consider an unsecured personal loan. Finally, be aware that the repayment terms of personal loans may vary between lenders.

What about unsecured personal loans?

Unsecured personal loans are personal loans that don’t require security. Typically, unsecured personal loans are small, short term loans. We find lenders that offer small, unsecured loans from $300 to $2,000 and can be repaid over a 12 month period. Small loans can act like a little pick-me-up when you feel your finances getting tighter, or when an emergency strikes and there’s no more breathing room in your budget.

So, whether you’re after a secured personal or unsecured loan, apply with Monzi Loans and we’ll do our best to find you a lender that may be able to provide the cash you need.

Why secured loans?

Attaching an asset as security against the loan reduces the level of risk posed to the lender. This is because lenders, in the event of a default, are able to sell the asset used as security. Therefore, a lender is able to recoup some of the losses they incurred on the defaulted loan.

As a result, lenders may be willing to offer more with a secured loan, as opposed to an unsecured loan. In addition, lenders may be able to offer lower rates with a secured loan.

What can I use as security?

In short, Monzi works with lenders that may be able to accept a car, motorbike, caravan or boat as security. However, it is important to remember consumers must be the registered owner of the vehicle they wish to use as security.

If you, therefore, own a car, motorbike, caravan or boat, you may be able to apply for a secured personal loan of $2,100 to $10,000!

What happens if I fail to repay my loan?

Put simply, if you are unable to repay your secured personal loan, your lender has the legal right to repossess the asset you used as security. Generally, however, this is the last resort for the lender. In short, lenders will only begin the repossession process once all other avenues have been exhausted.

While lenders are legally allowed to repossess assets, there are a number of laws that protect consumers during the event of a repossession. For example, credit providers can only begin the repossession process if:

  • The borrower is behind on their repayments.
  • The credit provider has given the borrower a default notice, giving 30 days to pay the overdue amount.
  • Consumer has not paid the overdue amount, come to a resolution or lodged a request to postpone the repossession within the notice period.

What happens after my asset is repossessed?

Even once their goods are seized, consumers are still protected by Australian law. For example, your credit provider must send you a written notice within 14 days of repossession, outlining:

  • The estimated value of the asset.
  • The cost of the repossession, plus any additional costs.
  • A statement of the consumer’s rights and obligations as per the National Consumer Credit Code.

Usually, the credit provider will be unable to sell the asset within 21 days of the above-written notice.

Within this 21 day period, if the consumer pays the owed amount, the lender must return the assets. Alternatively, you can send your lender the details of somebody who is willing to buy the asset for at least the estimated value.

Finally, if your lender does not receive a payment within this 21 day period, your credit provider must sell the asset. After the sale of the asset, the lender must provide the consumer with a written statement that outlines:

  • The proceeds of the sale.
  • Any cost they incurred in the repossession and sale process.
  • The outstanding balance.

How do I compare secured personal loans?

Comparing loan products from different lenders can be confusing if you don’t have a lot of experience. Luckily, however, lenders make it easier for consumers to compare secured loans with a comparison rate.

Comparison rates can be used to work out the true cost of a loan. In short, a comparison rate reduces the interest rate plus most of the fees and charges down to a single percentage figure. Therefore, a comparison rate lets you more effectively compare loans from different lenders.

The below table provides a simple demonstration as to how comparison rates are calculated.

Annual percentage rateFees & chargesComparison rate
Loan 19%0.6%9.6%
Loan 29.25%0.1%9.35%

Note that loan 2 will cost less than loan 1, despite loan 1 having a lower interest rate.

The above table is for demonstrative purposes only. The figures presented do not, in any way, reflect the actual terms of your loan.

Secured vs. unsecured – what’s the difference?

Obviously, the need for an asset as collateral is the main difference between secured and unsecured personal loans. Apart from this, however, there are a few key differences between the secured and unsecured personal loans that may be offered by Monzi’s network of lenders.

Secured personal loansUnsecured personal loans
$2,100 to $10,000$300 to $2,000
13 to 24 month repayment term12 month repayment term
Security requiredNo security required
Bad credit consideredBad credit considered
Centrelink consideredCentrelink considered

Note the repayment terms of your actual loan may vary between lenders.

Is a secured loan a good idea?

While Monzi is the lender-finding expert, we can’t speak to everybody’s individual circumstances. In other words, we cannot give a definitive answer as to whether as secured loan is a good idea.

As borrowers, you should make sure a financial product is right for you before applying. Therefore, keep the following in mind:

  • Repayments. Will you be able to afford the repayments on your loan? If not, your lender may repossess your vehicle.
  • Available asset. Credit providers will require an asset to be used as security against the loan.
  • Criteria. Make sure your vehicle meets the requirements set by your lender.

Does a secured loan affect your credit rating?

Both secured and unsecured personal loans will affect your credit record in a similar manner. In other words, missing repayments on your secured loan will have the same negative effect on your credit as missing repayments on an unsecured loan.

Overall, your credit score is improved by displaying good borrowing habits. More specifically, you can improve your credit score through the following:

  • Lowering credit card limits.
  • Consolidating multiple debts.
  • Limiting applications for new credit.
  • Making repayments on time.
  • Paying rent and other bills on time.
  • Credit card repaid in full each month.

Case study: Emma secures a loan

Secured personal loan making two women laugh

Emma has a good job working full-time in the city. Usually, she is able to comfortably afford her rent, car repayments, phone bills and general expenses with her salary. However, Emma receives a call one morning from her best friend overseas, who just has announced an impromptu wedding.

Emma’s friend informs her she is getting married in two months in the UK. While Emma’s salary is normally able to cover her living expenses, it is not enough to pay for flights and accommodation at such short notice. As a result, Emma decides to apply for a loan to cover her holiday costs.

Before she applies, Emma calculates she’ll need around $5,000 to cover her flights, accommodation and spending money while she is in the UK. Next, Emma applies with a lender that is able to offer her a $5,000 secured loan. Her application is approved, and she is able to use her car as security against the loan.

Emma is able to book her tickets and hotel within a few days. Finally, a direct debit is set up from her account and her repayments are automatically deduced. Emma chose a personal loan with a longer repayment term, so her contractual repayments were more manageable, and could be fit around her normal lifestyle.

Who can apply for a secured personal loan?

Monzi Loans is always ready to help Aussies find the cash advance providers they need to tie over some loose expenses. Before you apply, however, we do have a few requirements you’ll need to meet.

To apply you must:

  1. Be at least 18 years old
  2. Be an Australian citizen or permanent resident
  3. Have a regular income flowing into a personal account for at least the past 3 months
  4. Have an active mobile number and email address

That’s it! Just make sure before you apply that you meet these little requirements. If you have checked off these boxes, then you’re ready to go!

What to have by your side when you apply?

At Monzi Loans, we like to give our customers the best start. That’s why we like to tell you how to prepare so your application is as painless as possible. All you need is a few minutes of your time and these details handy:

  • Personal contact details e.g. mobile number and email address
  • The reason for your loan
  • Internet banking details
  • MyGov info (if applicable)
  • Employment info

If you have these essential nuggets of information by your side, then you can complete your application for a secured personal loan in minutes! No need to rummage through files in search of your login details.

How to apply with Monzi Loans

Applying with Monzi Loans is pretty simple. We’re 100% online and you can complete an application in minutes! Just follow these steps to use our lender-finding service:

1. You apply online

To find a lender that can offer an unsecured or secured loans, all you need to do is apply! That’s it. We’ll do the rest. To get started, scroll up and you’ll find our loan calculator. Select how much you wish to borrow and for how long. You’ll see an estimation of your weekly, fortnightly or monthly repayments. Of course, all costs are subject to individual lenders.

Once you are happy with your proposed loan terms, click the Apply Now button. You’ll be taken to your application where we’ll ask you for a few more details, then when you’re ready you can click Submit and you’re done!

2. We get to work

After you submit your application, it’s time for us to get to work. We’ll start searching for a lender that might be able to provide cash loans, and we’ll do it quickly. It may only take us a few minutes to find you a lender. If we find a loan provider for you, we’ll let you know.

3. Meet your lender

If we find you a lender, we’ll send on your application and contact you. Then, your potential lender should be in touch shortly. If your lender approves your application, they should send an electronic contract for you to review and return. Then, it’s cash straight to your pocket (where it belongs!). Exact transaction speed will depend on your lender and bank.

Voilà! Three steps, one application, one lender. Cut through the clutter with the help of an expert lender-finder and you could have cash in no time. Just apply today with Monzi! You can head straight to the application by clicking the floating Apply Now button below.

What are the rates on secured personal loans?

As the lender-finder, we cannot guarantee the costs of your secured loan. Each lender may vary in terms of fees and charges.

If you want to find out what an individual lender will charge, you may need to get in contact with them directly.

Do we conduct employment checks or credit checks?

As lender-finders, we don’t conduct employment checks or credit checks, or any kind of assessing. We simply do our best to find you a lender, quickly!

However, we cannot guarantee whether or not the lenders we find will conduct credit checks or employment checks. Don’t let that deter you from applying with Monzi Loans. The lenders we find can look at more than just your credit score. They can also look at your current relationship with money. So, don’t let the possibility of a credit check or employment check scare you off; apply with Monzi Loans today and we’ll do our best to find you a lender that might be able to help.

Do we find lenders that can provide a bad credit secured personal loan?

Yes! At Monzi Loans, we believe that all Aussies should have a chance to apply for the finance they need, bad credit and all. As a result, we try and find lenders that can offer a secured personal loan to people with bad credit. In short, we aim to find lenders that can look at more than just your credit score. In other words, they can look at your income, expenses and other relevant information.

As a result, these lenders don’t believe that one or two past financial mishaps should dictate your financial future. So, if you have bad credit, then apply today and we’ll do our best to find you a lender that can offer a secured personal loan with bad credit history.

What about Centrelink customers and secured personal loans?

If you’re looking for a secured loan, and you receive Centrelink, then you may have been knocked back by traditional lenders. If that’s the case, we’re glad you found us!

Monzi Loans can find lenders that may be able to regard regular Centrelink payments as income. This is, however, only if you’ve been receiving the repayments for three months. If you, therefore, are receiving Centrelink and looking for secured loans, enlist the help of the lender-finding expert (that’s us!).

Why choose Monzi to find personal loans?

The last thing you need is more pressure when your budget is already tight. If you need a loan to cover a new air-con unit, you can turn to Monzi Loans. We may be able to find lenders that might offer cash loans and quickly. In short, we know that when you need cash loans, you need them to happen fast!

Need a few more reasons to choose Monzi Loans? Easy.

We’re 100% online

At Monzi Loans, there’s no need to run down to your local bank, wait in an endless line, only to jump through an array of hoops just to apply for a loan. Put simply, Monzi Loans is 100% online. Just jump online, either on a phone or laptop and fill out an application in a few minutes. It’s that simple! Therefore, just click Apply Now and you’ll be taken straight to an application.

No paperwork

If there’s one thing we dislike more than long lines, it’s piles of paperwork. That’s why when you apply with Monzi Loans, we require ZERO paperwork! We work with lenders that can use the latest in safe banking technology to pull the relevant info from your login details. That’s why we ask for your internet banking details and employment details and/or MyGov info. Lenders can access read-only copies of the relevant info to assess your suitability. That means no paperwork for you and we can give the trees a break!

No need to pay

Applying with our lender-finding service is absolutely free! You can submit your application, free of charge. Don’t waste your valuable time searching for a lender, when we can do all the legwork instead. We know that time is money and we don’t want to waste either. So, apply with Monzi today, no need to pay!

Lenders in your pocket

We find lenders that can offer a top secured personal loan straight to your pocket. No fuss, just simple cash. When you need wiring done you hire a professional, and finding a lender is no different. Enlist the help of experts that know what they’re doing.

Quality personal loans

You can be sure we’ll only aim to pair you with lenders offering personal loans. Certain Payday lenders may be inflexible with repayment terms as well as fees and charges.

When you use Monzi, however, you don’t need to worry about any of this. In short, we’ll aim to pair you with lenders offering personal loans.

Let’s stay in touch

If you’re ready to apply with Monzi Loans, simply click the apply now button and you’ll find yourself at our loan slider. Bear in mind, the slider only provides rough estimates. As a result, it is not a bridging loan repayment calculator.

Whether you’re looking for a bond loan or travel loan – we’ll do our best to find a lender that can help! If you have any questions about our lender-finding service, don’t hesitate to contact our team of lender-finding specialists at

Want extra Monzi? Great! Stay in touch on Facebook, Twitter, Pinterest and Google. And to get the latest tips and tricks to hit personal finance, follow Monzi blog.

Factor In


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


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.