Smart little loans may help you get out of a tricky financial situation. You can quickly apply for these loans and you may receive an outcome the same day. The best part? Monzi’s lender-finder service may take the hassle out of the process. Apply from just $300 up to $10,000 now.
What is a smart little loan?
A smart little loan is a type of online alternative finance. Specifically, these loans are designed for the consumers of today. In other words, you can apply online in minutes for small loans of up to $2,000.
With Monzi’s lender-finder, we may be able to match you with a smart online lender in no time. In addition, you can apply for up to $10,000.
So, with smart loans, you can forget about having to spend hours queuing in a physical branch or filling out mountains of paperwork. In short, it’s 100% online, convenient and easy!
Does Monzi offer smart little loans?
No, as we mentioned earlier, we are a lender-finder service. This means we aim to match Aussie borrowers with potential credit providers.
Consumers looking to cover a temporary expense can apply for small cash loans up to $2,000. Alternatively, you can apply for up to $10,000 if you’re looking for something larger.
The below table contains the types of loans potentially available through Monzi’s panel of lenders.
|Small personal loan||$300 to $2,000||Up to 12 months||✗|
|Medium personal loan||$2,100 to $4,600||13 to 24 months||✓|
|Large personal loan||$5,000 to $10,000||13 to 24 months||✓|
The above table contains only examples. Moreover, lenders may vary in their terms and criteria. As such, the loan you may eventually be offered might not reflect what we present above.
How can I get a small loan fast?
Time is of the essence if you need to cover an urgent expense. Therefore, if you need a quick outcome, Monzi may be worth considering. After all, you can apply in minutes and may receive an outcome within 60 minutes.
Keep in mind, 60 minute outcomes only possible during normal business hours. Consumers may only receive an outcome the following business day if they apply outside of normal operating hours.
Not sure how to apply? We’ll run you through it:
Smart little loans application – step 1
First, use the loan slider to select the amount you wish to apply for. Next, consider the examples of your weekly, fortnightly and monthly repayments. Bear in mind, these are just examples. The actual cost of your loan may vary depending on the lender.
Click ‘apply now’ once you’re happy with your selection.
Our system then takes you to the submission form. Here’s where we get all your information together into an application.
Simply follow the instructions and provide the necessary information. Don’t stress, we only ask for the essentials, so this step shouldn’t take too long.
Remember, we ask you to provide your online banking details. By doing this, our system is able to digitally access read-only copies of the past three months of your bank statements. Lenders use this information to assess your application.
You’re free to kick back and relax once you submit your application. From here, we’ll try to match you with a potential lender.
If we successfully pair you with a lender, they’ll be in touch to complete their assessment. Bear in mind, you are not guaranteed approval. All applications are subject to assessment.
Finally, remember that Monzi’s lender-finder service is completely free of charge. Therefore, no matter the outcome, you’ll never pay a cent to use Monzi. However, if you agree to a loan with a lender, then you must pay fees and interest on top of repaying any money you borrow.
Can I get an instant loan?
If you apply during normal business hours, you may be able to expect an outcome within 60 minutes. Apply outside of these hours and you may experience a delay.
In short, there are a number of variables that can affect outcome speeds. These include:
- Business hours. Lenders may not be able to assess your application until the following business day if you apply outside of their normal operating hours.
- Your application. The nature of your application may also affect outcome times. After all, certain applications may be quicker to assess than others (e.g. secured vs unsecured).
- Additional information. Lenders pause their assessment of your application if they need to chase up additional information.
Can I get smart little loans with bad credit?
Yes! In fact, the lenders in Monzi’s network live in the real world. Therefore, a few listings on your credit report may not stand between you and approval.
Moreover, we ask you to provide your online banking details when you first apply. Monzi then grabs read-only copies of your bank statements. Next, we pass this information on to potential lenders. Therefore, lenders can potentially look past your poor credit and focus on your:
- financial habits
- repayment history with other lenders.
As you can see, there is a range of factors lenders consider.
What’s the easiest loan to be approved for?
It is difficult to answer this question because different consumers may find certain loan products easier to be approved for than others.
Payday loans, for example, often come with relatively open eligibility criteria. Specifically, a range of credit profiles and income levels may be considered for approval. Despite this, you should always consider all other options available to you, especially if you receive Centrelink or are a low-income earner.
In short, you may be eligible for an advance of your Centrelink benefits. Alternatively, you may be able to get a low or zero interest loan through certain community initiatives (e.g. No Interest Loan Scheme).
Do I need security for smart little loans?
Any smart loan valued at $2,000 or less is unsecured. This means you do not need to use one of your assets as security against the loan. Any loan valued above $2,000, on the other hand, may require security.
Security acts as a guarantee you’ll repay your loan according to your contract. Moreover, if you fail to repay your loan, lenders may the right to repossess and sell your asset to cover their losses.
In short, attaching security to the loan reduces the level of risk posed to the lender. As such, lenders are often willing to offer secured loans at larger amounts. Attaching security may increase your chances of approval.
I’ve been approved – what now?
If the lender approves your application, they’ll make you an offer. Specifically, lenders send through a digital loan contract for you to look over before approving. In short, it is important you read through your contract carefully before approving anything. After all, you may run into trouble if you approve a contact that you’re unhappy with.
Therefore, consider the following when reading through your contract:
- Amount. Credit providers must lend responsibly. As such, lenders may not always be able to offer the exact amount you apply for on our site.
- Rates. The interest paid on top of the principal amount, expressed generally as an annual percentage rate.
- Fees & charges. Lenders also charge additional fees; these may include establishment and ongoing fees.
- Terms. Your repayment terms is how long you have to repay your loan. A shorter term may result in less paid in interest overall, but higher regular repayments. On the other hand, regular repayments will be lower over a longer term, but you will likely pay more in interest over the life of your loan.
How do I repay smart little loans?
Making repayments is super easy. In fact, you may not need to lift a finger!
In general, the lender sets up a direct debit from your account. Therefore, your repayments are automatically deducted. Once your loan is paid, the direct debit stops. Easy, right?
If you are concerned you can’t afford an upcoming repayment, get in contact with your lender. They may be able to cancel or reschedule your repayment if you give them enough notice.
Finally, you may not be able to afford your normal repayments if your circumstances change dramatically. For example, your ability to afford your repayments will change if you lose your job. You can, in these situations, apply for hardship.
Get in contact with your lender to apply for hardship. You will need to provide evidence of hardship. This may include:
- medical certificate
- separation certificate from employer
- bank statements showing reduction in income.
Lenders may offer a restructured loan or a break from your repayments if you are approved.
Ready to apply for smart little loans?
All applications take place online. Hit ‘Apply Now’ or scroll up to Monzi’s loan slider to get started.