After A Secured Loan? Apply with Monzi!

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 does best! Monzi 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.

About Monzi Loans

Monzi 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 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 report 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.

What credit score is needed for a secured loan?

In short, Monzi cannot say.

Lenders vary in their minimum credit score requirements. Moreover, your credit score is not the only thing that matters in a loan application.

With this, it’s possible that outcomes could be different for two different borrowers with identical credit scores due to their financial situations.

On the one hand, a borrower in a solid financial situation who is earning a regular income may be approved for a quick loan. On the other hand, a borrower with an identical credit score who is unemployed or only receives benefit payments may not be.

At the end of the day, lenders retain the right to approve or deny applications where they see fit. As a result, it’s impossible to say what credit score may be required.

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.

Unemployed secured loans

Can you get a secured loan without a job? The answer is possibility. However, receiving approval may be difficult.

In short, not only will you need to provide security, you must prove that you are earning some form of regular income too. For an unemployed individual, this could include Centrelink benefits.

Without a regular cash inflow, your application will be ineligible and you will be rejected. This is understandable given that lenders must ensure that you can repay the loan that you take out.

Finally, keep in mind that income and security alone may not be enough to receive approval. Lenders can approve or deny unemployed loan applications based on their assessment. As a result, nothing is certain.

Secured loans same day

Secured same day loans may be possible, however, given the additional steps required to include security on your loan, you may need to wait until the following business day to access your cash.

To give yourself the best chance of accessing cash the same day, you must apply during business hours and provide all the necessary details. If you do this, then you may be able to receive an outcome ASAP.

However, Monzi still cannot guarantee if you will receive your money on the day that you apply. After all, lenders must conduct an assessment. Moreover, each lenders has different requirements and processes meaning times may vary.

Secured car loans

Need a new set of wheels? A secured car loan could be the right choice for you.

In short, you will receive the cash that you need to purchase your new vehicle and then the vehicle becomes the security on your loan. Easy, right?

At Monzi, we work with lenders who may offer secured car loans from $5,000 to $30,000 with two to five year repayment terms. So, while they may be a long term-commitment, for most people, this will be the most affordable or realistic option when looking to purchase a new or used car.

Finally, keep in mind that outside of a home, a car is the most expensive purchase that you will make. As a result, you will need to borrow a considerable amount of money. So, don’t rush in. Weigh-up your options and do your research. Find a loan that you can afford on a car that suits your needs.

Who can apply for a secured personal loan?

Monzi 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, 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

Applying with Monzi 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. 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 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, 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 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!).

Secured loans fast approval

You want fast loans now. We get it.

At Monzi, we’re all about speed. In short, if you apply with us today our automated system will get to work straight away. If it all goes to plan, you could potentially be matched with a great lender from our network in just 60 minutes. However, applications received outside of business hours may encounter delays.

From there, your lender will be in touch so that they can assess your application. While they will always conduct a thorough evaluation of your financial situation, they aim to provide you with an outcome ASAP too.

In short, Monzi can make it quick, easy and convenient to find great lenders online. Apply today for fast approval loans up to $10,000.

What can you use secured loans for?

You will typically only rely on a secured loan to cover a major life expense. After all, you will be borrowing more than $2,000. That’s no small amount of money.

As a guide, common reasons that borrowers apply for secured loans through Monzi’s lender-finder service include:

However, this is just a quick list. There may be a host of other reasons why you need to apply with Monzi. If you do, we’re always ready and willing to accept your application.

Secure payday loans: are they possible?

In short, no.

Payday loans refer to unsecured cash loans of up to $2,000 and are typically repaid over a period of up to 12 months. As a result, you will not have the option to secure these loans given that in Australia, lenders are unable to offer secured loans for amounts under $2,000.

Ultimately, whether you will apply for a secured or unsecured loan will depend on your cash needs. A small cash loan or payday loan no credit check may be suitable if you have a minor expense to cover. However, you may need a secured loan if you’ve got a major expense to deal with.

How much can you borrow with a secured loan?

At Monzi, we work with lenders offering secured loans from $2,000 to $10,000. Loans under $2,000 are available too, however, they will always be unsecured cash loans.

If you need to borrow more than $10,000 then Monzi will be unable to help. Some lenders may offer these products, however, you will need to do your own research to find one that suits you.

As a guide, check with your bank as they are often willing to offer loans over $10,000. Although, still ensure that you compare a range of banks and online lenders to find the most favourable terms.

Are secured loans cheaper than unsecured loans?

Yes, potentially.

In many cases, lenders will offer secured loans with better interest rates than those applied to unsecured loans. In short, this all comes back to the fact that if you secure the loan with one of your assets then there’s less risk for your lender. After all, if you fail to make your repayments then they still have an option to recover their losses.

As a result, they may offer lower rates or even fewer fees on secured loans. However, your lender will ultimately determine your rate. So, do your research to determine if a secured loan will be cheaper than an unsecured loan.

Are secured loans easier to get?


In most cases, lenders prefer to offer these loans given the additional security that they provide. As a result, they could be an accessible online credit option if you are a bad credit borrower.

Having said this, just because they may be easier does not mean that approval is certain. Your lender will assess your application to ensure that you can afford your repayments without facing hardship. In other words, simply being able to provide security will not be enough to ensure that your application is approved.

Can I pay off a secured loan early?

Your lender may give you the option to repay your loan early. However, keep in mind that your lender may charge an early exit fee if you do so. As a result, consult your loan contract before you make any decision.

In addition to this, keep in mind that while it would be nice to repay your loan early, you’re under no obligation to do so. If you make your regular contractual repayment then that alone is enough. However, an additional repayment or repaying your loan early could be an option if you have the cash to do so.

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. 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? Easy.

We’re 100% online

At Monzi, 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 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, 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.

Help: I cannot afford my next loan repayment

Personal finance can be a bumpy road at times. While one minute you may have your budget under control, an unexpected expense here or there may leave you unable to make your repayment.

If this occurs, you must contact your lender ASAP. While missed repayments incur a fee, with advanced warning, your lender may work with you to develop a plan on how to manage the situation.

However, this relies on your being proactive. In other words, you must keep your lender in the loop. If they are unaware that you are struggling then they will be unable to help.

Financial hardship

Have you suffered an injury, falling ill or lost employment? You may find that you are no longer able to afford your loan repayments. Luckily, most lenders are experienced and equipped to deal with these situations.

In this event, your first step will be to contact your lender. From there, you will be transferred to the hardship department and asked to submit a financial hardship application.

As part of this, you must outline your current situation, supply supporting evidence and provide an establish of what you can now afford to repay.

Your lender will then consider this information and based on their findings, revised repayment terms may be implemented.

Let’s stay in touch

If you’re ready to apply with Monzi, 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

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You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000


12 months


20% upfront establishment fee

+ 4% monthly fee


Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate

Loan amount

$2,001 - $4,600


13 months

24 months


48% annual percantage rate

67.41% comparison rate p.a.


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

The Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Loan amount

$5,000 - $10,000


13 months

24 months


21.24% annual percantage rate

48% comparison rate p.a.


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

The Interest Rate for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.