Small Loans Bad Credit – Extra Cash To See You Through

Small loans bad credit: four words that may help you through a pinch. Small loans are available up to $2,000. Secured loans available up to $10,000 through Monzi’s network of credit providers. Find lenders offering personal loans from $300 to $10,000.

What are small loans bad credit?

Small loans for bad credit simply refers to unsecured loans of $2,000 or less open to consumers with poor credit history.

Unsecured bad credit loans may be a convenient way to access credit. After all, you do not need to have an asset to use as collateral against the loan. Moreover, you can get the cash loans you need to cover your expense, then spread repayments over a number of months.

In addition to this, the fact that these loans are available for borrowers without good credit is a major benefit. After all, many traditional lenders are hesitant to offer loans for bad credit. As a result, these small cash injections could be an option for you if you’ve got a few blemishes on your credit report.

As a guide, small cash loans bad credit are typically available from $300 to $2,000.

Why does my credit score even matter?

If you’re applying for small loans with bad credit, you may be wondering why your credit score matters at all. Well, lenders use your credit report and score to gauge your creditworthiness.

Creditworthiness can be defined as the extent to which you are considered suitable to receive credit, often based on how reliable you were repaying other lenders in the past.

Your credit score is important because it affects your ability to access any credit-related product. For example:

  • Car loans
  • Mortgages
  • Personal loans
  • Credit cards
  • Phone plans.

Small loans bad credit Australia-wide

Consumers across Australia can use Monzi’s lender-finder service. After all, our 100% online business model means you can apply from anywhere at any time. So, it doesn’t matter if you’re in the Daintree, living in Perth or looking for cash loans in Tasmania, all you need is an internet connection.

Here are a few examples of the loans past Monzi customers went on to be approved for:

Small personal loans with bad creditLocationAmount approved
Bad credit small loansNewcastle, NSW$800
Small fast loans bad creditMaryborough, QLD$1,100
Small loans for bad credit onlineEsperance, WA$1,800

Be aware that the above table may not reflect the loan you’re potentially offered.

Can I apply for small loans no credit check?

While our lenders might be able to offer these loans, there is no way for consumers to apply directly for a no credit check loan.

This is because credit checks may or may not be part of the lender’s assessment policy. Moreover, as Monzi has no way of guaranteeing which lender you might pair with, there is no guarantee you’ll be offered a loan without a credit check.

Even if a lender does conduct a credit check, you may still be considered for approval. This is because lenders may be able to also take into account:

  • Your regular income
  • Your usual monthly expenses
  • What your spending and saving habits are like
  • How reliable you were paying other lenders in the past.

Small loans bad credit instant decision explained

We’re not in the business of taking our time. In fact, our 100% online business model allows us to provide a service that is not only easy, but also fast and convenient.

Applying should only take a few minutes. Our system can digitally access your bank statements, saving you the time of uploading them yourself. Once we have your application, we’ll try and pair you with a lender ASAP!

If you are successfully matched with a lender, they still need to assess you before granting approval. Assessment times, however, may vary between lenders. In addition, the nature of your application may also affect how quickly you receive an outcome.

Living in Australia and looking for instant cash loans? Let Monzi guide you.

Small loans bad credit unemployed: are they available?

Yes, there are potentially some lenders willing to offer credit to unemployed applicants. However, receiving approval is often difficult. Moreover, there are a number of conditions that must be met.

Most importantly, lenders will only consider your application if you can prove that you are earning some form of steady, regular income. Obviously, if you are unemployed, you won’t be paid a salary, but you may be receiving benefit or rent payments. For some lenders, these two options will qualify as income.

Without this, lenders will not approve your application as you will be ineligible. After all, without income, you will lack the capacity to meet your regular loan repayments. As a result, lenders cannot risk lending you money.

Finally, keep in mind that simply receiving income is not enough. There are a number of criteria that you must meet and lenders retain the right to approve or reject applications at their discretion.

Are there small loans for pensioners with bad credit?

Yes! If you receive the Disability Support Pension or another Centrelink benefit and are looking for loans, you’re welcome to apply with Monzi.

Furthermore, if you are a retiree, you’re welcome to apply with Monzi.

In fact, any eligible consumer is welcome to apply with Monzi. You must, however, show that you are earning a consistent income. After all, you will need to repay the loan eventually.

Finally, be aware that every credit provider must lend money responsibly. As such, they will assess your suitability to the loan product. Lenders should only ever offer you a contract they feel you can reasonably afford.

Small loans for Centrelink customers are available from $300.

What are small payday loans bad credit?

Payday lenders generally offer small loans of $2,000 and less. Moreover, these lenders may offer repayment terms as short as four weeks.

Monzi might not be able to match you with a lender offering payday loans with no credit check. Instead, we’ll do our best to pair you with a lender offering small personal loans for people with bad credit.

Are you looking for payday loans Australia? You could consider a personal loan as an alternative. Apply with Monzi today.

Small loans bad credit Australia: what can they cover?

In short, small personal loans are a quick cash injection to help tide you over until your next payday. Maybe you have a pressing bill to pay or there’s something that you just have to buy. Whatever it is, Monzi can help.

Through our lender-finder service, we can potentially connect you with lenders offering small personal loans bad credit from $300 to $2,000.

As a guide, common reason for applying for these loans include:

How can I get a small loan with bad credit?

A poor credit score can quickly overstay its welcome. Moreover, your credit score can even affect your ability to access small amounts of cash.

While this may not be a big issue normally, an emergency cash expense can quickly throw a spanner in the works. Luckily, Monzi might be able to point you in the right direction.

Wondering how it’s all done? We’ll first go through qualifying for Monzi and then how to apply.

Qualify

First, make sure you’re eligible for our lender-finder service. Don’t stress, though, there are only four criteria to meet.

  1. At least 18 years old.
  2. Australian Citizen or hold Permanent Residency.
  3. Have a personal email address and contact number.
  4. Received a regular income for the past three months into an online banking account.

Can you say yes to everything listed above? Excellent; let’s move on to applying.

Apply

If you thought Monzi’s loans eligibility criteria was easy, wait until you hear about applying. In short, you’ll have an outcome in three easy steps.

One

Head to our website to apply; use the loan slider to make your selection. Keep in mind, the repayment estimates may not reflect the actual cost of your loan.

Two

Once we have your application, we’ll try and pair you with a lender. Apply during normal business hours and we’ll do our best to give you an outcome within the hour.

Three

If we do match you with a lender, the first assess your application to gauge whether or not they can offer you a loan. Lenders send through a digital loan contract if you’re approved.

Man in black shirt standing in office smiling at small loans for bad credit on phone

Can I secure small loans?

No! It is against the law to secure small personal loans for bad credit online worth $2,000 or less.

If you do wish to apply for a secured personal loan, you will need to select an amount over $2,000.

Monzi’s network of lenders may be able to offer the following secured loans:

  • Medium personal loans – $2,100 to $4,600
  • Large personal loans – $5,000 to $10,000

If you’re interested, Monzi might even be able to help with large personal loans of $10,000 to $30,000.

So while we may not be able to help with secured bad credit small loans Australia, we might be able to provide an alternative.

Which loan company is best for bad credit?

Keep in mind that your credit rating is only one part of your application. In other words, lenders consider a whole myriad of different criteria when assessing your application.

So, one consumer with a good credit score may be denied due to poor recent history of paying other lenders back. On the other hand, another consumer may be approved for a loan despite their bad credit score, for a whole plethora of reasons.

At the end of the day, each consumer’s application is unique. So, weigh up your options yourself before making a decision.

All in all, the best loan company for your situation is one that:

  • provides a loan that fulfils your needs and objectives; and
  • you can afford all your repayments.

How can I get small same day loans for bad credit?

If you’re after a loan on the same day, then there are a few things you can do that may help. However, at Monzi, we can never guarantee if you will receive your cash on the day you apply. In short, this is because there are a number of factors at play that are out of our hands.

In any case, if you apply with Monzi during business hours, and provide all the required information, then we may pair you with an available lender in just 60 minutes. From there, your lender will be in touch to conduct your assessment.

If everything goes perfectly, you may receive an outcome and have your cash transferred to you. While this all may occur on one day, it’s often wise to anticipate a waiting time of up to one business day.

In addition to this, note that small loans for bad credit can often be processed quicker than large loans, given that there’s no need to organise the security on your loan.

Can Monzi help me consolidate a small debt?

Yes.

Debt consolidation is a common reason that Aussies apply with Monzi. So, if you’re after a small debt consolidation loan with bad credit, then apply today.

Not only do we work with lenders who may offer small consolidation loans up to $2,000, but we also know many lenders willing to offer these loans up to $10,000!

Best of all, bad credit doesn’t have to hold you back. While lenders will take a look at your credit, they’ll assess your current budget too. As a result, if you’re in a secure financial position, you can still be approved, even with bad credit.

However, before you apply, consider if consolidating your debt is the right decision. In other words, ensure that it would simplify your repayments and cut your costs. For more information, visit Moneysmart’s handy debt consolidation guide.

Do Monzi offer small business loans for bad credit?

No.

In fact, Monzi doesn’t offer loans at all. Instead, we’re a lender-finder service. That means we’re here to match everyday borrowers just like you with a range of Australian credit providers potentially able to offer the small cash loans you need.

With this, it’s important to note that the Monzi only works with lenders offering personal loans. As a result, if you’re after a loan for your small business, you may need to do your own research. Moreover, if you’ve got bad credit, some lenders may be hesitant to offer small business loans with no collateral, given the additional risk associated.

In any case, small loans for your business could be used to cover the following:

  • Purchase of new equipment, inventory and supplies.
  • Marketing and advertising.
  • Payroll
  • Expansion

Your credit history guide

While we’ve discussed bad credit finance at length, it’s worth understanding where your bad credit comes from too.

So, to help you out, we’ve assembled this quick, easy-to-understand guide covering credit reports, credit scores and the changes that you can make to see improvements. After all, you don’t always want to have to rely on bad credit loans. See below for details:

What’s my credit report and what’s included?

Your credit report is a record of all your credit-related activities. If you apply for a loan, lenders use this information to get an idea of whether or not you are trustworthy and reliable. That is, what is the likelihood that you will make your payments on time?

While by no means an extensive list, common information and details listed on your credit report include:

  • Personal information (name, address, etc.)
  • Repayment history
  • Credit accounts
  • Defaults
  • Hard credit inquiries
  • Bankruptcy and other debt agreements

What does my credit score represent?

In short, your credit score is a single value that represents your creditworthiness. In other words, how reliable are you as a borrower?

To calculate your score, reporting agencies assess your complete credit history. This includes your repayment history, credit accounts as well as any defaults or missed repayments.

In general, your credit score is calculated as a score ranging from 0 to 1,000 or 1,200 depending on your reporting agency. Moreover, scores are then usually assigned to one of five categories. For example, Experian rates scores in the following ways:

  • Excellent = 800 – 1000
  • Very good = 700 – 799
  • Average = 625 – 699
  • Fair = 550 – 624
  • Below average = 0 – 549

Obviously, if your report contains a number of negative listings, then there’s a good chance your credit score won’t be where it should be. However, as we’re about to see, it is possible to make amends.

Can I improve my credit score?

Yes, although it will take time.

As we mentioned, your credit score is a reflection of your credit history. As a result, to see improvements, you will need to implement effective credit habits and remain disciplined over a long period of time.

If you can do this, over time, your negative listings will slowly be replaced or assigned less weight. As a result, you may no longer need to rely on small personal loans for bad credit.

To help you out, effective credit habits that you can implement include:

  • Don’t rely on credit unless you have to.
  • Pay your bills and debts on-time.
  • Keep your credit balances low.
  • When opening a new credit account, shop around to find the best rates.
  • Regularly monitor your credit report for errors and incorrect listings.

How do I access my credit report?

Monitoring your credit score is a must to ensure that there are no incorrect listings. Luckily, it’s relatively easy to access a copy.

In short, all you need to do is contact the relevant credit reporting agency (e.g. Equifax) and request a copy. All Australians are entitled to one free copy of their credit report each year and in most cases, you will receive it in the mail within two weeks.

Once you receive it, check it thoroughly. Incorrect listings could be actively working to reduce your credit score and you may not even know it. If you do find an error, contact the organisation who the listing relates to and ask them to correct. Alternatively, you may also be able to contact the reporting agency directly.

What credit score do you need to be approved for a loan?

In short, it’s impossible to say.

Lenders vary in their minimum credit score requirements meaning that while some may be willing to offer cash loans to bad credit applicants, others may not. It will simply come down to the criteria and requirements of the lender that you are dealing with. As a guide, consult the terms and conditions of your lender and you may find the minimum score required.

Finally, keep in mind that a credit score isn’t the be-all and end-all of your assessment. Most lenders will assess your current financial situation too in order to inform their decision. However, there may still be a threshold that you must meet.

How do I repay small loans bad credit?

Usually, repayments are easy and straightforward. Lenders will generally set a direct debit up from your account, so your repayments are automatically deducted.

You may be able to reach an agreement on repayment terms with your lender. Specifically, you might be able to choose between a weekly, fortnightly or monthly repayment cycle.

Therefore, consumers just need to make sure there is enough money in their account for each cycle. From there, the rest of the process is automated – easy, right?

If, however, you fear you will miss an upcoming repayment, get in contact with your lender. Being honest and upfront with your lender is important. Moreover, if you give them enough notice, they may be able to cancel or reschedule your repayment.

Finally, ignoring the problem may result in missed payment fees that can quickly snowball if left unchecked.

Small loans bad credit online: how can I find them?

The simple way is to apply with Monzi’s lender-finder service. While you could spend all day trying to find a lender, why bother?

At Monzi, we make it simple and convenient. All you need to do is submit one simple online loan application. It’s so easy that you can have it completed in minutes.

From there, our automated system will take over and aim to pair you with a licenced and available lender from our network in just 60 minutes. If we successfully find a match, then your lender will be in touch to begin the assessment process.

So, do you need small loans bad credit? Monzi can help you find them. Apply today for personal loans for bad credit up to $2,000. Scroll up and use Monzi’s loan slider to begin your application today.

How much do small loans bad credit cost?

Lenders may vary in what fees and rates they charge on small loans. Therefore, we cannot guarantee what you can expect to repay.

All costs associated with your loan, however, will be included in your contract. It is, as a result, important you read through and understand everything in your contract before approving it.

In particular, pay attention to:

  • Rates
  • Fees (establishment, monthly etc.)
  • Penalty fees
  • Repayment terms.

Are small loans bad credit more expensive?

In short, both small loans and bad credit loans may be more expensive compared to other personal loans. If you are charged a higher rate based on your loan amount or credit history than these loans are referred to as risk-based personal loans.

Firstly, looking at small payday loans, the reason that these loans may be more expensive is that they are unsecured. In other words, the loan isn’t guaranteed. If you default on your repayments, then your lender has no way to recover their losses. As a result, lenders may charge higher rates compared to secured loans to compensate for their additional risk.

On the other hand, borrowers with bad credit are often charged higher rates given the greater default risk. That is, the likelihood that you will fail to make your repayments.

At the end of the day, though, keep in mind that this is just a guide. Rates and charges will vary between loans and lenders. These are simply two factors that may have an impact.

What are the repayments on a $2,000 loan?

Ultimately, your repayments will vary based on your interest rate and repayment term. As a result, we cannot provide an answer.

With small loans and payday loans for bad credit, there is often a fixed 12 month repayment term. With this, your repayment amount will in large part vary based on your rate. The higher your rate, the larger your repayments will be.

If you would like an idea of what your repayments may be, use Monzi’s loan slider at the top of the page. You can select loans of varying sizes and receive estimates of what your repayments might be.

However, remember that these figures are only estimates. Ultimately, your lender will determine your final repayments.

How do I read my loans contract?

Lenders only transfer quick cash loans after the contract is approved. While, obviously, it may be tempting to sign your contract ASAP to get small quick loans for bad credit consumers, you should always read through it thoroughly.

Specifically, always make sure you understand the following before approving the contract.

  • Amount offered. Unfortunately, lenders are not always able to offer what you apply for on our site. Therefore, confirm you are happy with the adjusted amount offered.
  • Repayment terms. Make sure you understand when your repayments will come out. In addition, make sure you know what happens if your direct debit day falls on a public holiday.
  • Rates and fees. Confirm you are happy with the rates and fees offered. In particular, make sure you know how things like establishment and monthly fees are calculated.
  • Penalties. Ideally, nobody wants to miss a payment; however, it does happen. Lenders will charge a fee for missed or late payments, so make sure you are up to speed with these too.

The many benefits of Monzi

Here at Monzi, we’re proud of our service and the number of everyday Aussies we’ve managed to help over the years. In fact, we think we’re up there with the best lender-finder services in the game. But, it’s not ourselves we’re trying to convince – it’s you!

So, to give you a better idea, we’ve included just a few of Monzi’s great features.

We’re free

Yep, that’s right – Monzi’s service is completely free, 100% of the time. No matter the outcome, you’ll never pay a cent.

See, it doesn’t matter whether you apply for $300 or $10,000. Moreover, regardless of whether you’re approved for a small loan for bad credit or not, Monzi’s cost stays the same.

Safe data

We take security very seriously here at Monzi. You can think of us as the Fort Knox of lender-finders.

Our site is protected by both McAfee and Comodo; two heavyweights of the security software game. While we won’t get too into the technical jargon, just know your data is always kept safe and secure.

Finally, once we have access to your bank statements, your internet banking details are permanently wiped from our system. This means nobody from Monzi or our lenders will ever have access to your actual bank account.

We work fast

Not only is applying super easy with Monzi, but we’ll aim to get to work ASAP. Looking for bad credit unsecured personal loans with very fast approval?

Apply during normal business hours and you may even have an outcome within 60 minutes. Apply outside of these hours and you may not receive an outcome until the next business day.

Keep in mind, Monzi has no control over applications once they leave our system. In other words, outcome times are at the mercy of the individual lender and their policies. Generally, however, you can expect an outcome within 60 minutes.

Finally, same day access to bad credit loans is dependent on inter-bank transfer times. More often than not, consumers receive their funds within 24 business hours of approving their contract.

100% online

We understand how frustrating it is to be waiting on hold for hours. Luckily, you won’t have to experience that with Monzi. After all, every step of our lender-finding service takes place completely online.

In addition, you’re free to apply 24 hours a day, seven days a week. Apply outside of normal hours, however, and you may not get an outcome until the next business day.

Responsible lenders

You can be sure every lender in our network is a fully-licensed credit provider. Moreover, all these lenders take their responsible lending obligations seriously. What do we mean by this? Well, lenders will consider your current financial situation when assessing your application.

Specifically, lenders should not offer loans they feel to be unsuitable. A loan is considered unsuitable for a consumer if:

  • the consumer cannot reasonably afford the repayments; and
  • the loan does not meet the consumer’s needs and objectives.

I cannot afford my small loans bad credit

If you cannot afford an upcoming repayment, then contact your credit provider ASAP. Missed or late repayments will result in a fee and can impact your credit. However, with enough warning, your lender may work with you to manage the situation.

In more serious circumstances (e.g. you lose your job or fall ill), if your budget changes and you find yourself unable to afford your existing loan repayments, then you will need to apply for financial hardship through your lender.

Typically, you will need to provide evidence (e.g. medical circumstances) as well as an estimate of what you can now afford.

Your lender will assess this information and provide an outcome. In the best case, they may implement revised repayment terms.

I need help with applying!

While our application is super straightforward, you might still have some questions.

First head to our FAQs page. We have plenty of answers to common small loans questions ready for you.

If, unfortunately, the answer you’re looking for isn’t there, reach out to us directly. Email any questions you have to hello@monzi.com.au. You can be sure you’ll always receive a reply from a walking, talking Aussie just like you.

Finally, please be aware that as the lender-finder, Monzi cannot speak on behalf of the credit providers on our panel. So, any questions directly relating to a lender will have to be sent to them.

Ready to apply?

Let’s begin!

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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.