Small Cash Loans Australia – $300 To $2,000 Quickly

Small cash loans from $300 to $2,000 applied for online with short repayment terms. Need a bigger cash loan? $2,100 to $10,000 personal loans available. Secured loans for bad credit consumers also considered.

How do small cash loans work?

Small pesky expenses are, at the best of times, annoying inconveniences. Despite this, expenses can quickly snowball and become a serious financial headache. If you cash in your account quickly, why not consider applying for small convenient loans?

Consumers apply for an unsecured loans between $300 and $2,000. Lenders then assess the application. The lender will often consider your:

  • Income
  • Expenses
  • Spending habits
  • Repayment history.

Lenders send through a digital loan contract if the application is approved. Depending on the lender, you may have up to 12 months to repay your loan. The direct debit stops automatically once the borrower settles their loan. Pretty easy, right?

Finally, consumers can spend their loans essentially like cash.

Are all small loans unsecured?

Any loan under $2,000 will be unsecured. This is because Australian Law prohibits credit contracts worth less than $2,000 to be secured.

If, however, you apply for loans over $2,000, you may be required to use an asset as collateral against the loan. Usually, lenders are able to accept one of the following as security:

  • Car
  • Caravan
  • Motorcycle
  • Boat.

Moreover, using one of your assets as security may increase your chances of approval. Why? Well, lenders can repossess your asset if you fail to repay your loan. On the other hand, lenders have no such option for unsecured loans. As a result, unsecured loans may be seen as riskier than secured loans, and may come with higher rates and fees.

Small cash loans Australia wide

No matter where you are in Australia, you can use Monzi to apply for cash loans; all you need is a device and an internet connection.

In fact, Monzi has already helped people from all over the country – Aussies just like you! Here are just a few examples:

Small cash loansAmount approved (AUD)Location
Small cash loans same day$500Port Hedland, WA
Short term loans bad credit$900Colac, VIC
Instant approval loans need cash today$1,700Tuncurry, NSW

Am I eligible?

Consumers must meet all eligibility criteria before starting with Monzi.

  1. 18 years of age or older.
  2. Have Australian Citizenship or hold Permanent Residency.
  3. Have a personal contact number and email address.
  4. Earn a consistent income for the most recent 3 months.

Do you meet everything listed above? You’re free to apply with Monzi.

Please note, however, that we cannot guarantee you will be approved. Each lender in our network may have their own eligibility criteria you will need to meet before approval. In short, being eligible to apply with Monzi does not mean you will be offered a loan.

Fast small cash loans for urgent expenses

Life in Australia is beautiful. Unfortunately, however, we aren’t exempt from life’s more unexpected moments.

If you have to move house at short notice, or urgently need a loan for a new set of tyres, head over to Monzi. We work with an extensive network of credit providers, potentially able to offer the fast emergency cash loan you need.

What’s more, our loans application is super easy to complete. From there, we’ll do our best to match you with a potential lender as quickly as possible.

If you’re approved, you might have access to your cash loans the same day or the next business day at the latest. Keep in mind, access to cash is dependent on inter-bank transfer times.

Can I apply if I’m unemployed?

You’re welcome to apply if you’re unemployed, you just may not be approved.

This is because you will need to show you are earning a regular and consistent income. After all, you need to repay your loan according to your loan terms. As such, lenders will always look to confirm you earn a sufficient income.

If you are unemployed, you might be considered for approval if you can prove you:

  • receive a sufficient Centrelink payment; or
  • earn income through an asset like a rental property.

If, however, you are unemployed or receiving benefits, please consider all the other options available to you. In short, it can be expensive to borrow small amounts of money and it may not solve your financial issues.

In particular, get in contact with the Department of Human Services to see if you’re eligible for assistance. Alternatively, get in contact with your utility provider if you are struggling to afford certain bills.

Finally, call 1800 007 007 from anywhere in Australia. This number is free to call and you will be put in touch with an independent financial counsellor. In short, consumers can explore the options available to them.

Is it possible to apply for small cash loans no credit check?

Anyone is welcome to apply for small loans on Monzi. Unfortunately, however, we cannot guarantee you’ll be offered a loan without a credit check.

This is because each lender may go about assessing applications differently. In other words, certain lenders might offer a no credit check loan, while others may not.

Moreover, each lender within our network is completely separate to Monzi, so we cannot speak on their behalf.

If you are worried that your credit score is so poor that you’ll automatically be declined, don’t stress. The lenders within Monzi’s network live in the real world, and will always try to consider the whole picture. In particular, lenders will also consider:

  • Your regular income
  • Your day to day expenses
  • Overall spending habits
  • How reliable you are paying back other lenders.

To conclude, a bankruptcy from your past may not stand between you and approval.

Short term loans to see you through

Short term cash loans may be an option for covering a less-than-expected cost. Moreover, you can get the funds you need now while spreading your repayments over several months.

Moreover, fast short term loans mean you get that cash pronto! So, if your oven has decided to blow black smoke instead of cooking the Christmas ham, consider Monzi.

You may be able to apply in minutes and receive an outcome in no time. If a lender assesses and approves your application, you could potentially have your money before the end of the day.

As a result, you save Christmas dinner and your repayments are manageably spread over months.

The best thing about short term cash loans? You can use the money on essentially whatever you want. This may include:

  • Car repairs
  • Rental bond
  • Removalists
  • Car registration
  • Plane tickets and holiday expenses.

Small cash loan low interest

Looking to reduce your total loan costs?

You’ll probably be hunting loans with low interest. While they may be available, unfortunately, Monzi cannot guarantee the interest rate that you may be offered. This is because your lender will typically determine what your personal loan rate will be.

In any case, if you’re looking to pay less interest then there may be a few things you can do. Firstly, if you’ve got a good credit score, then you may be rewarded given that there’s less risk associated with lending you money. However, if this is not an option, then you could consider applying for a secured loan. Although, you must guarantee these loans with one of your assets (e.g. car or boat).

At the end of the day though, your lender will determine your rate and this will be outlined in your contract. So, read it carefully so that you know exactly how much you will be paying.

How do I compare small cash loans?

In short, it’s easy.

Almost all small loans will come with a range of common features. As a result, all you need to do is compare them to determine which loan option works best for you. Best of all, these comparisons may pay off in the form of lower loan costs or more favourable terms if you’re able to find a better deal.

So, before you agree to your loan, ensure that you’ve compared the following:

  • Rates and fees: these will determine the additional cost that you must repay on top of the amount you borrowed. As a guide, aim to find the lowest rate and the fewest fees whenever possible.
  • Personal loan comparison rate: combines your fees and rates into a percentage that represents your total loan costs. Use it to compare loans against each other based on cost.
  • The terms: How much can you borrow (e.g. up to $2,000) and how long do you have to repay it?
  • Who is the lender: check their reviews online to get an idea of how they’ve treated their borrowers in the past.

While that’s a quick outline to get you started, check out Monzi’s personal loan comparison guide for more details.

Smiling woman sitting in front of aqua wall using laptop to apply for small cash loans

Payday loans vs. small personal loans?

Payday loans and personal loans might look similar on the surface. Despite this, there are a few key differences between the two types of money lenders.

Payday loans, for example, generally offer easy approval and may come without a credit check. These loans, however, are generally valued at $2,000 and under, with relatively short repayment terms. Moreover, consumers apply for these loans online, Australia wide.

Personal loans may, on the other hand, be offered at larger amounts, sometimes up to $10,000. Moreover, these lenders are usually able to offer both secured and unsecured loans.

I need small cash loans now – how do I apply?

Have an urgent expense you need to be covered ASAP? Take a deep breath and consider Monzi; our application is easy and shouldn’t take you very long. In fact, the whole lender-finder process takes only 3 simple steps.

  1. Select the amount you’re thinking of applying for on the loan slider. Click apply now if you’re happy with your selection.
  2. Complete the submission form by following the instructions at each step. Once you submit your application, sit back and relax.
  3. If we match you with a lender, they will first assess your application and offer a loan contract if you’re approved.

Keep in mind, consumers are not guaranteed approval.

Small cash loans on Centrelink – can I find them here?

There potentially are lenders in our network willing to consider Centrelink applicants.

As always, however, approval is never guaranteed. Furthermore, individual lenders may have their own rules around Centrelink applicants. For example, lenders may vary in terms of:

  • The type of payment they can accept (e.g. Disability Support Pension, Newstart)
  • What percentage of your total income these benefits make up.

At the end of the day, lenders assess applications on a case-by-case basis.

What about a same day loan?

Are you looking to get your cash the same day you approve your loan contract? Well, the good news is same day access to funds is definitely possible. The bad news? There’s no guarantee.

Ultimately, a number of external factors determine your access to funds. To give you a better idea, the list below outlines what might affect your access to funds.

  • Banking rounds. Lenders may have points throughout the day when they transfer loans to borrowers. Generally, the final round of banking will be towards the end of the day. Consumers may only receive their money the next business day if they miss the final round of banking. Normally, there are no rounds of banking over the weekend or on public holidays.
  • Banks. Who you bank with may also affect when you see your cash. Specifically, transfer times between certain banks may be quicker than others.
  • Your application. The nature of your application may also affect outcome speeds. After all, no two applications are the same, and it may be quicker to assess certain ones.

Where do I find cash loans for bad credit?

Bad credit history has a way of overstaying its welcome. Moreover, a few financial slip-ups in your past may impact your ability to access credit. Bad credit history may be the result of:

  • Repeated missed payments
  • Bankruptcy
  • Court orders
  • Debt agreements.

Monzi’s network of lenders, however, look at bad credit differently. In other words, these lenders will look at the whole financial picture and not just your credit history. Specifically, bad credit lenders also consider your:

  • income
  • expenses
  • repayment history
  • spending habits.

As a result, you may be considered for approval if you apply with Monzi.

How quick are instant loans?

Processing times vary between lenders. Moreover, certain applications may be quicker to assess than others. There is, as a result, no guarantee of whether you will receive an instant loan.

As mentioned, processing times vary. If Monzi pairs you with a lender, they will first assess your application before providing an outcome. Depending on the lender, as well as your application, you might receive an outcome within an hour.

How can I find small cash loans online?

Want to know a simple and convenient way?

Apply with Monzi.

All you need to do is submit a simple application through our website. From there, our automated system will take over and will aim to pair you with an available lender from our network in just 60 minutes. As a result, we could potentially match you with a top-notch credit provider before you know it.

So, looking to access online loans from $300?

Apply today. Scroll up and use Monzi’s loan slider at the top of the page to begin your application now.

I’m a single parent: can I apply for a small cash loan?

Yes.

If you are a single parent then you are welcome to submit an application with Monzi. After all, we’re here to help everyday Aussies just like you. All you need to do is ensure that you are eligible and provide all the necessary details. From there, we’ll try to pair you with an available lender from our network.

However, keep in mind that approval is not certain. While being a single parent will not necessarily make you ineligible for a small fast loan, you must still meet the lender’s necessary criteria to be offered a loan. These criteria may relate to your income, credit history or a number of other factors.

What is the smallest cash loan?

At Monzi, we work with lenders who offer small cash loans from $300 to $2,000. As a result, the minimum amount that you can apply for is $300. These loans come with fixed 12-month repayments making them a short-term commitment. You can borrow the money you need today and potentially have it repaid just like that.

If you are looking for a loan under $300 then these products may be available. However, Monzi will not be able to help you. As a result, you must do your research to find a suitable lender that can offer the credit you require.

Can I get a small cash loan with a 500 credit score?

Yes, potentially.

If you’ve got a 500 credit score then there may be a number of lenders who may consider your application. However, it’s important to keep in mind that lenders will not approve your application just because you have a 500 credit score. After all, lenders will assess your financial situation too.

To put this into an example, on the one hand, a borrower with a 500 credit score who is employed and earning a steady income may be approved for a quick cash loan of $2,000. On the other hand, a borrower with the same credit score who is unemployed or not earning a consistent income may not be approved.

As a result, while you may be able to get a loan with a 500 credit score, remember that it’s not the only consideration. Instead, it’s just one box that needs to be ticked.

Can I improve my credit score?

Yes.

Rather than continually hunting for small bad credit loans, it could be a good idea to try and improve your credit score. However, while it is possible, it’s worth noting that it will take time and discipline.

In short, if you’re looking to improve your credit score then you must implement effective borrowing habits and maintain them over a long period. Only then will it be possible to see improvements.

As a guide, strategies that may help include:

  • Keep your credit balances low.
  • Only open new credit accounts when you need them.
  • Pay your bills on time
  • Monitor your credit report regularly to ensure that all information is accurate.

How do I repay quick small cash loans?

Repaying your quick cash loan is straightforward and hassle-free. The list below outlines how the repayment process works.

  1. Consumers and lenders agree to repayment terms.
  2. Lender sets up direct debit.
  3. Repayments automatically come out on the agreed cycle.
  4. Direct debit automatically stops once the loan settles.

As you can see, the main thing you need to worry about is making sure there is enough money in your account each time the repayment day rolls around.

Get in contact with your lender if you cannot afford an upcoming repayment. If you give them enough notice, they may be able to waive or reschedule your payment for a fee. Generally, you will need to provide at least 24 hours notice.

How can I improve my chances of getting a small cash loan?

If you would like to be approved for a loan then you must make sure that your financial situation and credit history are in order. Lenders assess your capacity to make repayments as well as your reliability as a borrower to determine whether or not you should be approved.

Firstly, it’s essential to make sure that you are managing your budget well. Not only will you need to be earning a regular income, but your day-to-day expenses must be well-managed too. After all, lenders will not offer you a cash loan today if your repayments would not fit comfortably with your current budget.

In addition to this, having a solid repayment history and good credit record will certainly help too. While it is difficult to improve your credit in a hurry, aim to pay your bills on time and don’t apply for too many new credit accounts in a short space of time.

If you can show that you are a reliable borrower then lenders may be willing to offer you credit given that you will have lower default risk. However, always remember that lenders retain the right to approve or deny applications where they see fit.

How much would the repayments be on a $2,000 small cash loan?

In short, Monzi cannot say.

If you apply for a $2,000 then this will come with a fixed 12-month repayment term. However, your exact repayments will depend on the various fees and rates that your lender applies. Moreover, the regular amount will change based on whether you select weekly, fortnightly or monthly repayments.

In any case, if you would like to get an idea of what your repayments may be, check out Monzi’s loan slider at the top of the page. In short, it works just like a standard personal loan calculator. Just drag the slider across to your ideal loan amount and you’ll receive estimates of what your repayments may be.

However, just remember that you should only use these figures as a guide. Your lender will determine your actual repayments if you are approved.

Small unsecured cash loans vs secured loans: which is better?

In short, it’s totally up to you.

On the one hand, a small cash loan can help you cover those pesky expenses that tend to appear from time to time. Best of all, as they are unsecured, they’re a simple option and there’s no need for you to attach an asset as security. All you need to do is make your repayments on the relevant dates until the balance of your loan has been repaid.

On the other hand, a secured loan is typically larger. As a result, they exist to cover the more serious expenses that you might encounter (e.g. major car repairs or household renovations). The difference between these loan and unsecured loans is that you must guarantee your loan with an asset (e.g. your car). If you fail to make your repayments, the lender may take steps to repossess your asset to recover their losses.

Given this, ensure that you evaluate your needs before applying. Determine whether a secured or unsecured loan would be more appropriate for your needs and circumstances and calculate precisely how much you need to borrow.

Why Monzi?

It’s no surprise that we think our lender-finder service is pretty incredible. Ultimately, however, it’s not ourselves we’re trying to convince, it’s you.

So, to sway any undecided consumers, here are a few of our favourite things about Monzi:

Apply 24/7

We love our 100% online business model. Not only is it incredibly straightforward to use, but consumers can apply 24/7. In short, if you have an internet connection and a device, you’re ready to get going.

Bear in mind, you may not receive an outcome until the next business day if you apply outside of normal business hours.

Paperwork free

Another huge benefit of our 100% online business – no mountains of paperwork!

After all, our smart system is often able to digitally access a lot of the information we need. As a result, consumers can forget having to rifle through filing cabinets or dustbins to find old bank statements.

Security is paramount

We ask you to provide your internet banking logins when you apply. Moreover, we understand that this may make some consumers nervous; let us assuage those fears.

The security of all your information is protected by both tech-security companies McAfee and Comodo. You can, as a result, rest assured your information is always kept safe and secure.

Spend small cash loans how you wish

If you are approved for a loan, you’re free to spend your money as you wish. After all, these loans can be spent essentially like cash!

In other words, you can use your money to cover any legal expense. The list below outlines some of the more popular expenses people cover.

  • Minor car repairs. Need a new radio? Maybe a new set of tires? Whatever it is, cash loans of up to $2,000 may be a great way of getting you back in the driver’s seat.
  • Pet expenses. Don’t leave your furry friend sleeping outside this winter; why not buy them a kennel fit for a king?
  • Appliances and whitegoods. From toasters to washing machines and everything in between.
  • Presents. Is a birthday or anniversary is approaching quicker than your budget cares for? Don’t let your loved ones go without. Get them the perfect gift now, and then spread your repayments over the coming months.

Not happy? No stress

Lenders send through a digital loan contract if they feel they can make you an offer. Keep in mind, the loan you’re offered may not exactly reflect what you originally applied for on our site. Therefore, you must read through your contract carefully before approving anything. In particular, pay attention to:

  • amount offered
  • repayment terms
  • rates and fees.

The good news is you are under absolutely no obligation to approve the contract offered to you. If you don’t like it, simply walk away – easy as!

Easy repayments

Making repayments is easy and generally automatic. This is because a direct debit is often set up from your account.

Keep in mind, you should get in contact with your lender ASAP if you feel you are going to miss a repayment. While there are no guarantees, lenders may be able to cancel or reschedule your repayment for a contractual fee.

Why was my application denied?

As Monzi does not conduct assessments, we cannot say exactly why your loan application was denied. As a result, contact your lender and they may be able to outline why your application was not successful.

In most cases, lenders will deny your application if you fail to meet one (or more) of their necessary qualifying criteria. This could relate to your credit history, income, the loan you’ve applied for or a host of other factors.

The good news though is that if your application was successful today, you are still welcome to apply with Monzi again in the future. However, just ensure that you are in a more secure financial situation before doing so.

Will it hurt my credit if my application is denied?

Yes, potentially.

If you apply for a small cash loan that is rejected after a lender conducts an assessment then your credit score may be hurt. This is because a hard credit inquiry will be listed on your credit report. A series of these inquiries over a short space of time will then actively lower your credit score.

Given this, before you apply for any personal loan, it’s important to assess your eligibility and suitability. Assess your budget to determine what loan repayments you could afford and check each lender’s eligibility criteria. That way, you can improve your chances of receiving approval. However, always remember that approval is not certain.

I can’t afford my next repayment

If you cannot afford an upcoming repayment, then contact your lender ASAP. Typically, a late or missed repayment will incur a fee. However, with sufficient warning, your lender may work with you to manage the situation.

Keep in mind though that this will only be possible if you are proactive. If you wait until the day your repayment is due or fail to make contact at all, then your lender will be unable to help.

Financial hardship

On a more serious note, if you suffer a major change in circumstances (e.g. lose your job) that leaves you unable to make your repayments then you must submit a financial hardship application with your lender.

Lenders are often understanding and experienced in dealing with these situations meaning they will be able to guide you through the process.

Typically, you will first need to contact them and be put in touch with the hardship department. As part of your application, you’ll often need to provide supporting evidence (e.g. proof of termination) as well as an estimate of what you can now afford.

Your lender will then consider your case to determine what action, if any, should be taken. As a guide, they may implement revised repayment terms or institute a short repayment holiday. However, ultimately, the decision remains in their hands.

Ready to apply?

Consult our FAQs page if you have any further questions. Alternatively, get in contact with us directly at hello@monzi.com.au.

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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.