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 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.

Next, a poor credit score may disbar consumers from certain lenders. In short, some traditional lenders may consider your credit score more heavily than others.

Small amount loans are 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 paying back 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

Monzi’s lender-finder service can be used by consumers across Australia. 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 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.

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.


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

  1. Over 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 3 months into an online banking account.

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


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.


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.


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.


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.

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.

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 credit check your application, 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 approval

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 is able to 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.

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 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.

Can pensioners apply for small loans 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 4 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?

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.

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 and all questions you have to 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.

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 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.

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.

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 loan or declined, 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, 7 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.

Ready to apply?

Let’s begin!

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Factor In


Two credit cards
Two credit cards

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

Loan amount

$300 - $2,000


12 months


20% upfront establishment fee

+ 4% monthly fee


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

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

Loan amount

$2,001 - $4,600


13 months

24 months


48% annual percantage rate

67.41% comparison rate p.a.


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

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

Loan amount

$5,000 - $10,000


13 months

24 months


21.24% annual percantage rate

48% comparison rate p.a.


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

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