Short Term Loans Bad Credit Available Online

Short term loans bad credit for everyday Aussies. Apply for up to $10,000 today. All credit scores are welcome to apply.

What are short term loans bad credit?

Looking for a lender online may feel confusing, especially if you aren’t sure which loan product to apply for. Obviously, consumers make better borrowing decisions if they know exactly what they’re applying for.

To begin, short term loans are usually repaid over a period ranging from weeks to several months. These fast loans may be processed quicker than a traditional loan from a bank. Short term credit is, therefore, a popular option for people looking for convenient cash.

Bad credit simply reflects poor borrowing history. For example, your credit score may be affected by:

  • missed payments
  • defaults
  • bankruptcies.

Poor credit history can impact your ability to access credit. As a result, you may need to apply with lenders who may offer bad credit loans.

Why apply for short term loans bad credit?

A bankruptcy here, a few missed payments there, and you may find your credit score looking a little worse for wear. This may not be an issue until you try and access credit.

With traditional lenders like banks and credit unions, in particular, you may find your poor credit score long overstays its welcome. Luckily, there are more than a few alternative options out there.

Short term lenders may be able to offer cash loans for bad credit. So, instead of focusing on the negative aspects of your application, they’ll do their best to look at the whole picture. Depending on the lender, you may be able to apply for up to $10,000.

Can I get a short term loan with bad credit?

Yes, potentially. Ideally, you should apply with a lender that is willing to consider your application. This may be difficult, however, if you aren’t sure where to look.

Luckily, Monzi might be able tomake the whole process easy. While we can’t make any guarantees, we do work with a network of lenders that are pretty understanding of poor credit. If you meet the necessary criteria, you may be offered personal loans for bad credit borrowers.

How does Monzi work?

Before going anywhere, please note that Monzi does not offer loans ourselves. Instead, we work with a group of lenders that possibly can. So, it’s our mission to match Aussie borrowers with these lenders.

Consumers can forget about filling in multiple applications with different lenders. Instead, apply once with Monzi and the lenders come to you. In other words, you might be able to match with a potential lender offering fast approval loans in no time.

Short term loans for bad credit Australia wide

Monzi has a 100% online business model. This allows us to provide an easy-to-use service that can be completed in minutes. Not only that, but our online model lets us help consumers from all over Australia.

In fact, we’ve already helped countless Aussies be approved for the online loans they’re looking for. Don’t believe us? The table below includes a few examples of the loans past Monzi customers have gone on to be approved for.

Short term bad credit loansAmountApproved
Easy short term loans for bad credit$1,500
Short term loans bad credit online$2,000
Bad credit short term loans$5,000

The table above may not accurately reflect the loan you might be offered.

Do I qualify for Monzi?

Consumers must meet four simple criteria to be eligible for Monzi. They are:

  • You must be 18 years or older
  • Hold an Australian Citizenship or Permanent Residency
  • Have an active email address and mobile number
  • Have at least 90 days of recent banking history on a personal online banking account.

Bear in mind that meeting the above criteria does not mean you will be automatically approved. Each lender may have their own eligibility criteria that you will need to meet if your application is paired with them.

How do I apply with Monzi?

Apply for quick and easy finance with Monzi. It takes only three simple steps.

The first step is to head to our website and choose the loan you’d like to apply for. In addition, select your ideal repayment terms and click apply now.

Next, complete the submission form. We ask for a few pieces of essential information, so be sure to answer everything correctly.

Finally, we’ll aim to provide an outcome as soon as we can. Remember, even if you are paired with a lender, they still first need to assess your application before offering a contract.

Can I get short term loans bad credit same day?

Same day loans are possible in theory, just not guaranteed. This is because there are a number of variables that affect transfer speeds. To give you a better idea, we’ll outline a few of the main ones.

  • Inter bank transfers. This is the time it takes from the lender’s account to yours. In short, it may be quicker for lenders to transfer money between certain banks than others.
  • Approval time. Approving your contract outside of your lender’s normal hours may result in you accessing your cash the following business day.
  • Weekends. Most lenders cannot process transfers over the weekend or on public holidays.
  • Additional information. Lenders will have to stall your application if they need to chase up extra information or details from you.

As you can see, same day access to funds is possible, just not guaranteed.

What about short term loans for pensioners with bad credit?

Do you receive the Disability Support Pension or other Centrelink payments? Please consider all other options before applying for a cash loan on Centrelink.

The good news, however, is receiving benefits does not automatically disqualify you from approval. In other words, lenders may be able to consider your application if you receive a regular and consistent income.

Please note, however, that small loans can be expensive. Furthermore, you may not solve your money problems.

What banks give loans with bad credit?

There may or may not be banks willing to lend money to people with bad credit. Unfortunately, however, Monzi has no way of speaking on any other company’s behalf. As a result, we cannot guarantee whether a specific bank will assess your application.

Furthermore, bad credit is only one criterion lenders use to assess consumers. So, even if you have a great credit score, you are not guaranteed approval.

How is my credit score calculated?

Lenders use your credit score to determine how risky it is to lend to you. Moreover, your score is calculated by a reporting bureau and will be anywhere between 0 and 1,000 and 0 and 1,200.

Credit reporting agencies use the information in your report to calculate your score. For example:

  • the amount you have borrowed;
  • how many applications for credit you have made; and
  • how reliable you have been making repayments.

Your score can be sorted into one of five categories: excellent, very good, good, average, below average. In short, this helps lenders make a decision whether or not to lend to you.

In short, the higher the score the more reliable you are seen to be. Lenders will, as a result, consider you less risky and may even be able to offer lower rates.

Lower scores may make it harder to secure traditional finance. Therefore, you may find yourself searching online for lenders offering no credit check loans.

Can I access my credit report?

Yes! In fact, Australians have the right to access a free copy of their credit report each year. You can ask for a copy of your report from one of the following agencies:


PO Box 966, North Sydney, NSW 2059

13 83 32


PO Box 7405, St Kilda Rd, Melbourne VIC 3004

1300 734 806

Experian Credit Report

GPO Box 1969, North Sydney, NSW 2060

1300 783 684

Bear in mind, you may have to wait up to 10 days to receive a free copy of your report. You may have to pay if you want your report sooner or need more than one report in a year.

What can I use short term cash loans bad credit for?

Thankfully, quick cash loans give you a lot of freedom. After all, these loans can be spent like cash! In other words, you can use your loan to cover essentially any legal expense.

You could, for example, use your money to cover any of the following:

  • Home improvement. DIY projects can often loom over your head for months. If it’s cash holding you back, you can use your loan to cover expenses.
  • Car repairs. Why is it that cars only break down at the worst possible moments? While you can never predict when your wheels fall off, you can use Monzi in a time of need.
  • Spending money. You read that right! You can use your cash loans as spending money. Get easy cash in your account for your next trip away.
  • Engagement rings. If you certain you’ve met the right person, but aren’t quite sure how you’ll afford your engagement ring, why not consider cash loans?

As you can see, cash loans may be a useful option for covering a myriad of different expenses.

Are there any bad credit loans of $5,000 with guaranteed approval?

Unfortunately, we cannot help you apply for guaranteed approval loans of $5,000. This is because offering guaranteed approval is actually against the law. As a result, no lenders should ever offer a loan with guaranteed approval.

While this may seem initially disappointing, there are laws in place to protect consumers. Specifically, these laws are designed to prevent lenders from offering unsuitable products to consumers.

Lenders must undertake the following to meet their obligations:

  1. Inquire into your current financial situation, as well as your objectives.
  2. Take certain steps to confirm the above.
  3. Finally, make an assessment about whether or not the contract is suitable.

Should I be worried about a credit check?

Are you looking for short term loans bad credit online? If so, there may be no two scarier words than credit check.

Fortunately, Monzi may be able to pair you with a lender understanding of your credit history. Be aware, however, that these lenders may still credit check your application. Despite this, lenders are often able to focus on other aspects, such as:

  • income
  • expenses
  • repayment history.

Therefore, a credit check may only play one part of their assessment. In other words, instant cash loans with no credit check may not be your only option.

Is there a difference between payday loans and short term loans?

Many people may define payday loans in Australia differently. Generally, however, payday lenders offer unsecured loans valued up to $2,000. Depending on the lender, your short term Australian loan may be repaid over a few weeks to months.

The lenders on Monzi’s panel, however, may be able to offer a little more variety. Specifically, you may be able to apply for both secured and unsecured loans from $300 to $10,000!

short term loans bad credit applied on tablet man in white shirt

Is it easy to apply for short term loans bad credit?

Our lender-finder service is super easy to use! In fact, it takes only three simple steps to receive an outcome.

  1. Head to our website and select how much you want to apply for.
  2. Provide us with a few pieces of information.
  3. We’ll give you an outcome.

Just keep in mind, even if you pair with a lender, they will still need to assess your application. Therefore, matching with a credit provider does not guarantee approval.

What do I do if I’ve been offered a contract?

Lenders will send through a digital loan contract if they feel they can make you an offer. It is important you read through this contract carefully before signing anything.

In particular, make sure you understand and are happy with:

  • rates and fees
  • repayment terms
  • additional fees and charges.

Get in contact with your lender directly if you don’t understand something in your contract. Otherwise, you may be locked into a contract you are unhappy with.

What happens if I miss short term loans bad credit repayments?

Lenders will charge you penalty fees for any missed or late repayments. Moreover, repeatedly missing payments may result in fees that quickly snowball.

All penalty fees associated with your loan will be included in your contract. Therefore, make sure you understand what happens if you miss a repayment.

As a result, it is important you are proactive if you feel you can’t afford a repayment. Get in contact with your lender as soon as possible. If you give your credit provider enough notice, they may be able to cancel or reschedule your repayment.

When your repayments are causing you financial hardship, get in contact with your lender. If you meet certain criteria you may be eligible for a hardship adjustment.

Ready to apply?

Let’s do it!

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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.