Small Personal Loans Available Up To $10,000 Online

Small personal loans may be a great option for accessing the cash injection you need. With access to a network of trusted online credit providers, Monzi’s lender-finder service could be your ticket to fast and convenient finance.

Monzi is a lender-finding service. We do not offer financial advice. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

First things first – what are small personal loans?

Let’s begin with the basics. In short, a personal loan is a type of loan offered by credit providers that can be used to cover essentially any personal expense. Generally, a direct debit is set up from your account and repayments are spread over several months. In addition, personal loans are both secured and unsecured.

Small loans often refer to a specific loan type. Moreover, these loans are:

  • Personal loans available from $300 to $2,000.
  • Unsecured.
  • Bad credit considered.
  • Can cover any personal expense.

What can I use small personal loans to cover?

At the end of the day, it is really up to the consumer how to use their personal loan. As a result, you can use your loan to purchase pretty much anything valued under $2,000!

For example, this could include:

  • Household furniture.
  • White goods.
  • Holiday spending money.
  • Clothes and school uniforms.
  • Medical expenses.
  • Car repairs.
  • Wedding costs.
  • Electronics.
  • Plus, anything else you can think of!

Are small personal loans available to people with bad credit?

Do you have need loans as a person with bad credit? The good news is, you may still be eligible for a small personal loan.

In the past, before the rise of alternative lending options, it was more difficult for consumers with poor credit to secure finance. This is because the only major credit providers were the big banks.

Obviously, however, this has changed. Alternative lending options are allowing more and more Aussies to access same day loan approval. Therefore, small loans for bad credit may be available.

How do I know if I have poor credit?

Having a bad credit record may not be initially obvious. However, If you have found it difficult to secure approval from lenders in the past, it may mean your credit file is looking a little worse for wear.

Consumers are able to access a free copy of their credit report once every 12 months. If, however, you need it sooner than the usual 10 day waiting period, you may need to pay. You can access a copy of your credit report by contacting one of the following agencies:


  • PO Box 966, North Sydney, NSW 2059.
  • 13 83 32


  • GPO Box 1969, North Sydney, NSW 2060.
  • 1300 783 684.

Keep in mind, you will need to provide the following information to get a copy of your credit report:

  • Full name.
  • Date of birth.
  • Current address.
  • Previous address.
  • Day time phone number.
  • Current or past employer.
  • Copies of your diver’s license, passport, birth certificate or Proof of Age card.
  • An official document that includes your name and address (e.g. bank statement, utility bill or rates notice).

Credit reports explained

In short, your credit file contains your history as a borrower. Credit reporting bureaus compile this information into a report.

Your credit report includes the following information:

  • Personal information (name, date of birth, current address etc.)
  • Information on the credit cards you hold.
  • List of settled debts.
  • Details of any defaults or credit infringements. This can include utility bills or loan repayments which are 60 days or more overdue.
  • Any recent credit applications you’ve made.
  • Any debt agreements (bankruptcies, court judgements or personal insolvency agreements).
  • Information on your repayment history.

Keep in mind, since September 2018, major banks and certain credit providers have been opting for comprehensive credit reporting. In other words, your credit report now lists additional information, including:

  • The types of credit product you’ve held in the last 2 years.
  • Your usual repayment amount.
  • How frequently you make repayments whether or not you make them by the due date.

What’s the difference between a credit report and credit score?

Your credit score is simply a numerical representation of all the information contained in your credit file. As a result, your credit score is a quick and convenient snapshot of your history as a borrower.

Your credit score will be between zero and 1,200 or zero and 1,000, depending on the lender you’re paired with. In short, the higher your credit score, the better.

A high credit score shows a high level of creditworthiness. Creditworthiness simply refers to the extent at which a consumer is considered to be suitable for credit, based on their past history of borrowing.

Find out more on ASIC’s Moneysmart page.

Can I get small personal loans with a credit score of 550?

Unfortunately, Monzi cannot answer this question for you. After all, individual lenders may all differ in their assessment policy and eligibility criteria.

Different credit reporting bureaus will calculate your score between zero and 1,000 or zero and 1,200. Within this is a five-point scale, that helps lenders work out how risky it is for them to lend.

The below lists will help you understand what your credit score means.


  • Excellent: 800 to 1,000
  • Very good: 700 – 799
  • Good: 625 – 699
  • Fair / average: 550 – 624
  • Weak / below average: 0 – 549


  • Excellent: 833 – 1,200
  • Very good: 726 – 832
  • Good: 622 – 725
  • Fair / average: 510 – 621
  • Weak / below average: 0 – 509

What does my credit score actually mean?

Lenders interpret the above five-point scale by the perceived likelihood of you incurring an adverse event on your credit file within the next 12 months. An adverse event includes a range of listings like defaults, bankruptcies or court appearances.

  • Excellent: It is highly unlikely your credit file will record an adverse event.
  • Very good: Your credit file is unlikely to record an adverse event within the next 12 months.
  • Good: Lenders perceive it will be less likely for you to record an adverse event.
  • Fair / average: It is likely an adverse event will happen within the next 12 months.
  • Weak / below average: More likely you will incur a bankruptcy, default or other adverse event within the next 12 months.

How can I improve my credit score?

As we have established, your credit score is a reflection of your past borrowing habits. As a result, consistently displaying good borrowing habits will have a positive effect on your credit report.

So, you can do the following to improve your credit score:

  • Lower your credit card limits.
  • Consolidating multiple loans and/or credit cards.
  • Limiting new credit applications.
  • Consistently make your repayments according to your credit contract.
  • Paying your rent and bills on time (yes, this can affect your credit score).
  • Paying your credit card off in full every month.

Small personal loans not payday loans

Consumers looking for small cash loans do have the option of applying with payday lenders. In short, these cash advance lenders can often offer fast turnarounds and easy approval. Payday loans Australia may, however, not always be your best option.

Payday lenders may only offer very short repayment terms, sometimes as few as 4 weeks. In addition, if you fail to repay your loan within this time, you may be charged additional fees that can quickly snowball.

Personal loans, on the other hand, often come with longer repayment terms. Generally, consumers will have several months to repay their personal loan.

How can Monzi help me?

The first thing we should establish is, Monzi is not actually a lender. Instead, we are a lender-finding service.

In short, we aim to match Australian consumers like yourself with a quality credit provider who may offer online loans instant approval. If Monzi successfully matches you with a credit provider, they will be in touch. From there, you will deal with them directly.

Am I eligible?

To lodge an application on our site, you will first need to meet a few basic eligibility criteria:

  • You will need to be at least 18 years of age.
  • In addition, you must be an Australian Citizen or Permanent Resident to apply.
  • You must also have a contact mobile number and email address.
  • Finally, you’ll need a personal bank account with at least 3 months of banking history, including regular income.

Lodge an application with Monzi in no time

Consumers may be able to match with a lender in three easy steps:

  1. Lodge an application on our website using the loan slider.
  2. After you submit your application, we’ll try and pair you with an available credit provider.
  3. If you’re matched with a lender, and they approve your application, you’ll be sent a digital loan contract.

Case study: Paige chooses personal over payday

Small personal loans shown on laptop during office meeting

Paige wanted a small loan of $1,000 to cover the cost of a dress for her friend’s wedding. In short, she wanted a instant online loan that could be accessed quickly, but also wanted manageable repayments she could fit around her regular budget.

After doing some research online, she decided to choose between a payday lender and a lender offering personal loans.

Paige first looked at payday lenders. Initially, she was attracted to the fast processing times and the simple eligibility criteria. However, after seeing the repayment terms, she began to think twice. In particular, she realised $1,000 repaid over 4 weeks would be unmanageable, especially with the high fees and rates.

As a result, Paige explored her other options. She decided to apply with a lender offering personal loans instead. The repayment terms offered by the personal loan lender were more flexible, and Paige felt she would be able to handle the repayments more readily.

Finally, Paige was approved for the $1,000 she wanted and was able to access her funds the same day she applied.

Should I worry about a credit check?

If you have a less-than-impressive credit file, you may feel you need to apply for a no credit check loan.

Consumers often apply with no credit check lenders when they feel their credit is so poor, they will not be approved any other way. This is, however, not necessarily true.

At Monzi, we aim to associate ourselves with credit providers that share in our philosophy. In other words, these lenders are aware consumers are so much more than a credit rating.

If you’re paired with a lender, they may conduct a credit check as part of their assessment policy. Although, lenders are often able to focus on more than just your credit score.

In particular, lenders will consider your current financial situation. This includes your regular income, expenses, as what other repayments you may have.

Finally, Monzi cannot guarantee you will be offered small personal loans no credit check. We can, however, guarantee lenders will focus on more than just your credit score.

What is the best place to get a small personal loan?

Just as consumers vary in their situation and objectives, so too do loan products offered by lenders. However, before applying with a lender, ask yourself the following questions:

  • Does the loan product fulfil my needs and objectives?
  • Am I able to afford the repayments within my normal budget?

In addition, consider what kind of small cash loan you’d like to apply for. The table below outlines some of the more common personal loans credit providers may be able to offer.

Small personal loans AustraliaSmall personal loans for bad credit
Unsecured personal loansBest small personal loans
Small personal no credit check loansSmall personal loans for pensioners

How can I get a $1,000 small personal loans?

Consumers can apply for a small unsecured loan of $1,000 through our lender-finder service.

After you lodge your application and supply all relevant information, we’ll get to work trying to pair you with a lender. If you match with a lender, and they approve your application, you’ll be offered a loan contract.

What about a $5,000 loan?

Get started by lodging an application on our website. If you’re paired with a lender, they’ll be in touch.

A $5,000 loan, however, is known as a large personal loan. In addition, large loans are secured, meaning you will need an asset to use as collateral. Lenders can usually accept a car, motorbike, caravan or boat as security.

Can I apply if I’m unemployed?

You may still be eligible to apply if you are unemployed. You will, however, need to show you are earning some sort of regular income.

But, how can you earn a regular income if you’re unemployed? Let’s give you some examples.

You could, for example, be unemployed but own an income-earning asset. This can often be in the form of a rental property that makes you a consistent income each month.

On the other hand, if you receive Centrelink benefits, you may be considered for approval. This is because certain lenders may be to accept regular Centrelink benefits as a form of income.

Can I apply for small personal loans if I receive Centrelink?


As we mentioned above, some lenders may be able to regard regular Centrelink benefits as a form of income. However, lenders will often have guidelines around what kind of Centrelink customer they can accept. Specifically, these guidelines may revolve around:

  • What kind of benefit you receive (Newstart, Family Tax Benefit A).
  • What percentage of your total income Centrelink benefits make up.

Need something larger than small personal loans?

Need a loan over $2,000? No worries – Monzi has you covered.

After all, we work with a wide network of trusted lenders. As a result, you can use our lender-finder to apply for loans larger than $2,000. In fact, Monzi may be able to match you with a lender potentially offering up to $10,000!

Here are the other loans our lenders could potentially offer:

Medium personal loans:

  • Apply from $2,100 to $4,600.
  • 13 to 24 month repayment term.
  • Security required.

Large personal loans:

  • Available from $5,000 to $10,000.
  • 13 to 24 month repayment term.
  • Security requried.

Can I get an instant cash loan?

We need to be a little upfront here about instant cash. In reality, nothing happens truly instantly. After all, lenders will first need to assess your application. And, if you’re approved, will need to process your loan.

However, Monzi might be able to match you with a lender that can do things so quickly, they may feel almost instant!

Ideally, consumers should be able to apply with a lender and have their application assessed quickly. Plus, if they’re approved, consumers could even access their loan the same day.

Before approving your contract

If your application is approved, you’ll be sent a digital loan contract. It is very important you read through this carefully before approving anything.

In particular, pay attention to the rates, fees and other charges associated with your loan.

Only approve your contract if you understand all the details, and are happy with everything you’ve read.

If, however, you aren’t sure of anything in your contract, get in contact with your lender. They should be able to walk you through any and all questions you may have.

Questions for Monzi?

If you have any questions surrounding your application or our lender-finder service, consult our FAQs. If the answer you’re looking for isn’t there, don’t hesitate to get in contact with our customer service team at

We’ll aim to get back to you as soon as we can. However, if you get in contact while we are out of the office, we won’t be able to reply until first thing the following business day.

How do I repay small personal loans?

Generally, lenders will set up a direct debit from your account, so repayments will automatically be deducted.

You and your lender will reach an agreement on:

  • how long you have to repay your loan; and
  • how frequently you make repayments (weekly, fortnightly or monthly).

Once you have fully repaid your loan, the direct debit will stop automatically.

Why choose Monzi?

Aussie consumers keep returning to Monzi’s lender-finder service, and it’s not hard to see why.

Easy application process

Consumers apply 100% online through our website. As a result, you can forget waiting in queues or listening to hold music. In short, finding finance is easy with Monzi.

Generally, Aussie borrowers will be able to apply on our website in minutes. Then, our automated system will get to work within minutes. Outcome times may vary, but you can always be sure we’ll do our best to get back to you as soon as possible.

100% online all of the time

All applications take place online. Therefore, with an internet-capable device and a signal, apply online.

A 100% online business model allows added benefits:

  • Apply from anywhere 24/7.
  • No paperwork.
  • No queues.
  • Apply within minutes.

Information kept under lock and key

Monzi does not take online security lightly. As a result, we partner with tech-security giants McAfee and Comodo to ensure your data is always safe, secure and encrypted.

Upfront and transparent

Monzi’s network of lenders keep things crystal clear. In other words, all the rates, fees and repayment terms associated with your loan are included in your loan contract. If you are not sure of anything in your contract, get your lender to walk you through it.

Let’s begin

Get cash to cover an emergency expense in no time. Apply online with Monzi in minutes.

Want more Monzi Loans? Stay in touch on Facebook, Instagram, Twitter and Pinterest.

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 (minimum)

12 months (maximum)


20% upfront establishment fee

+ 4% monthly fee


Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The comparison rate on loans between $300 and $2000 could be up to 199.43%. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440. WARNING: This comparison rate is valid 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.

Loan amount

$2,100 - $4,600


13 months (minimum)

24 months (maximum)


47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.


Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid 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. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000


13 months (minimum)

24 months (maximum)


17% Annual Percentage Rate (APR)

36% Comparison Rate p.a.


Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489.

The starting interest rate for a Personal Loan is 17%. Comparison Rate 36% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489. WARNING: This comparison rate is valid 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. Credit criteria and terms and conditions apply.