Unsecured Personal Loans Bad Credit Instant Decision

Unsecured personal loans bad credit instant decision. These loans may be available through Monzi’s network of lenders, but what does it all mean? Monzi is here to get to the bottom of it all.

What are unsecured personal loans bad credit instant decision?

Unsecured personal loans bad credit instant decisions are personal loans valued at $2,000 or less. Moreover, consumers with lacklustre credit history are welcome to apply and may get a rapid outcome.

More specifically, unsecured personal loans are not backed by one of the borrower’s assets. Therefore, if the borrower is unable to repay their loan, the lender has no asset to repossess. Because unsecured loans are generally seen as riskier than secured loans, they may only be available as small amounts up to $2,000.

Bad credit loans, as the name suggests, are open to consumers with bad credit history. In other words, these lenders will consider your current situation, not just your past.

Finally, instant decision simply refers to lenders that are able to process your application so quickly, it may feel almost instant. As a result, these loans may be an option for people needing to cover an unexpected expense.

How do unsecured personal loans bad credit instant decision work?

Consumers can apply for these loans online. Moreover, unsecured loans are usually available from $300 to $2,000.

Lenders begin the assessment process once the consumer submits their application. Assessment times vary between lenders; however, you may be able to expect an outcome within 60 minutes during business hours.

If the lender approves the applicant, a digital loan contract is offered. The lender transfers funds once you approve the contract. Finally, repayments are made via direct debit over an agreed-upon term.

Depending on your lender, the loan terms may be anywhere up to 12 months.

Does Monzi offer unsecured personal loans bad credit instant decision Australia?

While Monzi does not offer unsecured personal loans directly, we do have a network of lenders that may be able to consider your application.

Monzi is a lender-finder service that aims to pair Australian consumers with a potential credit provider. Moreover, we work with lenders able to offer more than just unsecured loans.

The loans potentially on offer through our network of lenders include:

  • Small unsecured personal loans from $300 to $2,000
  • Medium secured personal loans from $2,001 to $4,600
  • Large secured personal loans from $5,000 to $10,000.

Repayment terms may vary between lenders; however, you may be able to expect the following terms.

  • Loans $2,000 and under: up to 12 months.
  • Loans above $2,000: 13 to 24 months.

Again, repayment terms may vary between lenders; there is no guarantee lenders will offer what is listed above.

Is it possible to get personal loans online instant approval no credit check?

It is not guaranteed you will be paired with a lender that will not consider your credit history during the assessment process. Therefore, you may not be able to get a loan without a credit check if you apply with us.

If you are explicitly looking to avoid a credit assessment, you may want to consider applying elsewhere. While a loan without a credit check may be possible, there is no way for us to make sure you are offered one.

Keep in mind, even if the lender does assess your application with a credit check, you may still be considered for approval. This is because there is plenty of bad credit lenders in our network that may be able to focus on your current:

  • income
  • expenses
  • repayment history with other lenders
  • saving and spending habits.

Unsecured personal loans bad credit instant decision Australia-wide

Our business is 100% online which means our service is easy to use. Not only that, but consumers can apply from any corner of Australia. Whether you’re in Weipa or Hobart, Monzi is open.

The below tables contains but a few examples of the types of loans Monzi customers went on to be approved for.

LoanLocationAmount approved (AUD)
Quick unsecured personal loans bad creditBallarat, VIC$700
Bad credit personal loansBrisbane, QLD$900
Unsecured personal loans bad credit instant decisionPort Augusta, SA$1,300

The above table is simply for illustrative purposes and may not reflect the loan you’re potentially offered.

Is it a good idea to get unsecured personal loans on Centrelink?

Unfortunately, there are far too many variables at play for us to provide an answer. In certain situations, a personal loan may be an option worth considering. Often, however, it can be expensive to borrow small amounts of money.

If you are unemployed and/or receiving Centrelink, you may want to consider all other options available to you. Borrowing small unsecured loans may not solve your financial issues.

You may be eligible for micro loans from community initiatives. These community initiatives offer affordable credit to people on a low salary. Generally, these loans will be far cheaper than a typical bad credit unsecured personal loan.

Speak with a financial counsellor if you are considering a new loan to cover existing debts. You can access free financial advice via the National Debt Helpline website or by calling 1800 007 007.

Finally, visit the Government’s MoneySmart article for more information on small amount loans.

I need a $30,000 loan with bad credit – is it possible?

You may be eligible for a large secured loan of up to $30,000 with bad credit; however, approval is always subject to assessment.

Keep in mind, you will also need an asset of adequate value to use as security. Lenders will generally accept the following:

  • car
  • caravan
  • motorbike
  • boat.

What credit score do I need for an unsecured loan?

There is no minimum credit score required for an unsecured loan. This, however, does not mean your credit score is not assessed. Rather, the information in your credit report only plays one part of the lender’s assessment procedure.

This makes sense if we consider two applicants: John and Jane.

John has a good credit score, but his application is denied because:

  • the lender felt he had poor recent repayment history with other credit providers; and
  • his regular income was inconsistent.

Now, consider Jane. Jane has a credit score much worse than John; however, her lender approves her application due to:

  • Jane has consistent saving habits; and
  • she has great recent history repaying other lenders.

As you can see, your credit history is only one piece of the puzzle.

Bad credit personal loans instant decision 6 silhouettes on mountain

What interest rate can I expect on an unsecured personal loans bad credit instant decision?

Interest rates may vary between lenders. Therefore, we cannot tell you ourselves how much you can expect to repay.

Obviously, the interest rate will play a huge role in determining the total cost of your loan. Despite this, there are still other loan features you should consider when comparing loan products.

  • Fees & charges. Check whether your loan comes with any upfront or establishment fees, as well as any ongoing fees. Also, check what fees are applies for missed or late repayments.
  • Repayment terms. Does the lender give you enough time to repay your loan in full? Moreover, are you able to choose between weekly, fortnightly or monthly fees? Keep in mind, a longer term means lower regular repayments but higher overall interest paid. Short repayment terms mean higher regular repayments but less spent on interest and fees overall.
  • The lender themselves. If you aren’t sure about a lender, check out some consumer reviews online.

Who can apply with Monzi?

While we would love to help everyone who came across our site, we obviously cannot. Despite this, we’ve aimed to keep our eligibility criteria as open as possible.

To be eligible to apply, you must:

  • Be at least 18 years of age or older
  • Be an Australian Citizen or hold Permanent Residency
  • Have online banking set up with 90 days worth of history
  • Have a personal email account and contact number.

Meet everything listed above? Great! You’re more than welcome to apply with us. Just keep in mind, approval is always subject to assessment and is, as a result, not guaranteed.

What happens after I apply for unsecured personal loans bad credit instant decision?

After you apply on Monzi’s website, we do our best to pair you with a potential lender. If a lender takes up your application, they will first assess it before providing an outcome.

Lenders send through a digital loan contract if you’re approved. It is important you read through this contract thoroughly before approving anything. Pay particular attention to the following:

  • Amount. Lenders may not be always able to offer the exact amount you applied for on our site, but they’ll do their best. Therefore, confirm you’re happy with the amount offered.
  • Terms. Your repayment term is the amount of time you have to repay your loan within. Generally, terms will range from several months to years. Moreover, check if you can choose a repayment schedule that fits around your life.
  • Rates and fees. Confirm what rate the lender applies to your loan. Moreover, note what penalty fees may be applied if you miss repayments. Your loan contract will include all fees and charges.

How do I apply?

You apply with Monzi through an online three-step process. Moreover, our application is 100% paperwork free, so applying for finance should be easy and convenient. Here’s how it all goes down.

Step one

Head to our website and use the loan slider to select the amount you want to apply for. Our slider shows estimates of what your weekly, fortnightly and monthly repayments be. These are, however, just estimates. The actual cost of your loan may vary.

Step two

Complete our submission form by providing a few essential pieces of information. Don’t stress though – we only ask for the important bits, so it should be quick to apply.

Sit back and relax once you submit your application.

Step three

We try to pair you with a potential lender. If successful, lenders will first assess your application and provide an outcome. Lenders send through a digital loan contract upon approval.

Why was my application denied?

As we are the lender-finder, we ourselves cannot tell you why your application was declined. However, if you get in contact with the specific lender that assessed your application, they should be able to give you the reason why.

Bear in mind, while each lender may have slightly different lending criteria, they must all follow the responsible lending obligations set out by ASIC. Chapter 3 of the National Consumer Credit Protection Act 2009 specifically details these obligations.

These obligations require all lenders operating in Australia to:

  1. make inquiries into the consumer’s financial situation, requirements and objectives;
  2. take steps to confirm their financial situation; and
  3. make a final assessment as to whether the credit contract is suitable for the consumer or not.

Finally, be aware that Monzi has no control over any application once it leaves our system. Therefore, direct any specific questions regarding the outcome of your application to the lender in question.

I can’t afford unsecured personal loans bad credit instant decision anymore

Unable to afford an upcoming repayment? Depending on the lender, you may be able to get an upcoming repayment rescheduled or cancelled for a contractual fee.

The golden rule is to be upfront and honest with your lender. While they may not always be able to help, ignoring the problem may make the situation worse. After all, unchecked debts can quickly snowball into something more serious.

Alternatively, you may be eligible for a hardship adjustment if you lose your source of income. In these situations, get in contact with your lender as soon as possible.

Your lender will ask you to fill out a hardship form. Lenders assess your application and may offer an adjustment if you’re approved.

Ready to apply?

Happy with everything you’ve just read? Scroll up to the top of the page and begin.

Remember, Monzi is your one-stop-shop for most of your personal loan needs. For example, it doesn’t matter if you’re looking for a bond loan in victoria, or a loan for solar panels in Queensland, you’re welcome to apply. We’ll always do our best to pair you with a potential lender.

Alternatively, head over to Facebook, Instagram, Twitter and Pinterest for more Monzi.

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.