Unsecured Personal Loans – Fast Cash Loans From $300 To $10,000

Unsecured personal loans can be found everywhere online these days. However, if you’re in need of a loan of up to $2,000 fast, you simply don’t have the time to trawl through all the lender options. That where Monzi comes in. We’ll scan through hundreds of different loan products to try and pair you with a lender offering personal loans.

What are unsecured personal loans?

Unsecured loans are loans that are supported only by the borrower’s creditworthiness and income. In other words, the borrower does not attach any assets as collateral against the loan. Generally, unsecured personal loans are of $2,000 or less and are repaid over several months.

These can be used to cover a myriad of personal expenses. So, whether you need a little cash to cover a bond, or a little more to pay for car repairs or registration, you could use a personal loan. You could even use your personal loan to cover your next holiday’s travel costs. It’s really up to you.

Monzi is a lender-finder that could potentially pair you with a lender who may be able to offer a small loan between $300 and $2,000.

What’s the difference between secured and unsecured personal loans?

A secured loan, as opposed to an unsecured loan, is secured by an asset owned by the borrower – like a car, motorbike, caravan or even house. Secured loans pose less risk to financial institutions because, if a borrower defaults on their loan, the lender is able to sell the asset used as collateral. Therefore, the lender is able to recoup some of the losses they incurred on their loan.

Additionally, because secured personal loans pose less of a risk to lenders, they are often willing to lend larger amounts and charge less interest compared to an unsecured loan. Moreover, lenders may consider offering secured bad credit personal loans too.

Therefore, the lenders Monzi work with may be able to offer you a secured personal loan from $2,100 to $10,000!

How much can I borrow unsecured?

Monzi may be able to match you with a lender who could offer you an unsecured loan of up to $2,000. Then, you will repay this loan over 12 months, with weekly, fortnightly or monthly repayment terms.

Keep in mind, however, that this is always at the discretion of the lender. The lender we pair you with may, in certain situations, let you borrow money via an unsecured loan over $2,000. This is, ultimately, the lenders choice – you will need to find out from your lender directly.

Benefits of an unsecured loan

As a form of credit, unsecured loans may have many notable benefits, including:

  • No risk to your assets: If in the unfortunate event you are unable to repay your loan, you will not lose the asset you used as security.
  • Flexibility: You are able to use your personal loan to cover a wide variety of costs, from household items to booking a hotel or to cover an unexpected bill.
  • Consolidate debts: If you’re paying high interest on your credit cards, you may be able to consolidate your debts with a personal loan.
  • Quick and easy: Applying for an easy loan can usually be done in minutes online.

Unsecured personal loans interest rates – fixed or variable?

The difference between a fixed-rate and variable-rate loan is relatively simple.

In short, a fixed-rate loan’s interest rate cannot be changed. In other words, the interest-rate is locked in for the life of the loan. For example, if you take out a loan with a fixed rate of 9% over 3 years, your interest rate will always be 9%.

Alternatively, if you take out the same 3 year loan at 9%, but with a variable-rate, the lender is able to change the interest rate at their discretion.

Explaining comparison rates

A comparison rate makes it easy for consumers to get a better idea of the true cost of a personal loan.

A comparison rate reduces a loan’s interest rate plus most of the fees and charges down to a single percentage figure. Therefore, loans from different lenders can be easily compared by consumers.

Comparison rates are handy because, without them, it would be difficult to compare unsecured personal loans with different interest rates and fees.

The table below outlines how comparison rates are calculated.

Interest rateFees & chargesComparison rate
Loan A9%0.5%9.5%
Loan B9.25%0.1%9.35%

Therefore, in the above example, loan B will cost less than loan A. This is despite loan A having a lower interest rate.

Keep in mind, additionally, that the comparison rate may not be the only thing borrowers should consider when comparing different loan products.

I’m looking for the best unsecured personal loans

While comparison rates do make comparing loan products easy, there are other features you need to consider when comparing loans. For example:

  • Type of interest rate: It is important to pay attention to what type of interest rate the loan comes with, in particular, whether it is a fixed-rate or variable-rate loan.
  • Loan term and flexibility: How long you have to repay your loan. For example, being able to choose a short term loan repaid over 12 months.
  • Early repayments: Some lenders may charge you a fee for paying your loan out early. Therefore, if you value being able to pay your loan out early, look out for early repayment fees.
  • Fees: While a comparison rate is useful, they may not always include all the payable fees and charges. So, it is important to be aware of exactly all the fees and charges you may need to pay.
  • Repayment flexibility: Find out if you are able to choose a repayment schedule that fits around your lifestyle, in other words, choosing between a weekly, fortnightly or monthly repayment cycle.

I want a low interest loan – do I choose fixed or variable?

If you’re concerned whether or not a fixed or variable rate is better, you’ll need to weigh up what you’re looking for as a borrower.

Some lenders may only offer fixed rates, while others will offer both. At the end of the day, it is up to you to decide which fits your lifestyle the best. After all, nobody understands your situation better than yourself.

Where do I get an unsecured loan?

Most lenders will allow you to apply for a loan online. However, as you will notice, there are a lot of options out there.

Monzi’s lender-finder service might be a great way to save yourself the hassle and stress of finding a lender.

Monzi makes it simple. Therefore, with one application, we’ll be able to sort through hundreds of different loan products at lightning speed. From there, if we’re successful, we’ll be able to pair you a quality lender who may be able to offer you a loan.

Are unsecured personal loans a good option?

Well, that depends on what you’re looking for in a personal loan.

For example, if you want a small loan of less than $2,000, unsecured loans may indeed be a good option for you.

Additionally, if you are not the registered owner of a car, motorbike, caravan or boat, then these personal loans may also be a good option for you.

How to get an unsecured loan

Monzi’s lender-finder may be a great tool for making your life easier and reducing the hassle of finding a lender.

Want to know how to use Monzi? After all, we may be able to pair you with a potential lender sooner than you think. Interested? Here’s how:

Step one – Monzi’s 100% online application

To get started, you’ll simply need to scroll up to the loan calculator at the top of the page. Then, select the amount you’re thinking of borrowing, as well as your ideal repayment terms. Now, you’ll be given a general idea of what your loan may cost. If you’re happy, go ahead and click Apply Now. Finally, you’ll be taken to Monzi’s super-simple online form.

Here, you’ll just need to fill in the information we need and submit the form.

Finally, just keep in mind the values presented in the loan calculator are simply a guide. Depending on the lender you’re paired with, the actual terms of your loan may vary.

Step two – kick back

From here, Monzi will take care of the rest. Now, our automated system will scan through hundreds of different loan products to try and pair you with a lender who fits your individual circumstances. If you apply during business hours, this may only take a few minutes. We’ll usually let you know the outcome via email and text, so keep an eye on your devices.

Step three – meet your new lender

If we’re successful, your new lender should be in contact. From here, you’ll deal with your lender directly. Normally, they’ll send through your digital loan contract if they approve your application.

Note, make sure you’re happy with the terms of your loan by reading through your contract carefully. If you aren’t, you are under no obligation to approve the loan contract.

If you are, however, happy with everything, simply digitally approve your contract. Usually, your lender will then begin transferring your funds once you approve your loan contract. You may expect to receive a quick loan on the same day, or at the latest, the next business day.

Keep in mind, however, that access to funds is dependent on inter-bank transfer times.

Why is my loan taking so long to transfer?

The time it takes between approving your contract and accessing your funds is dependent on a few variables. Therefore, understanding these variables may be key to increasing your chances of receiving a same day loan even with bad credit or other circumstances.

  • Banking rounds: Lenders will have rounds of banking throughout the day, where they transfer loans to borrowers. Keep in mind, many lenders will have their last round of banking towards the end of their business day. Therefore, if you approve your loan contract outside of these hours, your funds may only be transferred the next business day.
  • Bank transfer policies: Some banks may take longer to process funds than others.
  • Weekends: Most banks will not be able to transfer funds over the weekend. So, keep in mind, if you approve your loan contract over the weekend, you may not receive it until the next business day.

Unsecured personal loans cardigan being worn by woman standing against pink brick wall

Can Monzi find me unsecured personal loans bad credit?

If you have bad credit, you may feel like your options are limited. While in certain situations, this may be true, it is not universally the case. In fact, bad credit loans may be available.

Admittedly, traditional lenders like banks are unlikely to accept your application for a personal loan if you have poor credit. This is usually because banks and credit unions have much stricter eligibility criteria, and place more emphasis on having good credit, meaning they may not offer loans to people with bad credit.

Luckily, Monzi works with a trusted network of lenders, who may be able to offer you a cash loan for bad credit.

After all, a few financial mistakes in the past don’t always necessarily determine what kind of borrower you are today. Monzi, as well as the lenders we work with, understand this.

That’s why when you use Monzi’s lender-finder service, we’ll ask you to supply your internet banking credentials. By doing this, we are able to access a read-only copy of your bank statements. This, in turn, gives potential lenders a better idea of you and your current relationship with money. In other words, they can look at more than just your credit score.

What if I’m receiving Centrelink, can Monzi still help?

Absolutely! See, Monzi works with a network of lenders who may be happy to regard regular Centrelink payments as a form of income.

Just keep in mind, however, that you may need to keep your myGov details handy for when you fill out our online application form.

Looking for loans for people on Centrelink? Monzi could help find the lender.

If I’m self-employed can Monzi find me unsecured personal loans?

If you’re searching online for unsecured personal loans self-employed, then Monzi may be able to give you a hand.

We work with a trusted network of lenders who may be able to offer you a loan for self-employed.

So, if you’re running your own business, see what Monzi’s lender-finder service could do for you. However, note that we cannot put you in touch with lenders offering unsecured business loans.

Unsecured personal loans for unemployed

If you’re between jobs then you may think that it will be impossible to access credit. While it will certainly be challenging, the goods news is that there may be some lenders who can offer cash loans for unemployed individuals. However, this does come with a condition.

In short, if you’re unemployed then you must still show that you are earning some type of consistent income. Obviously, this won’t be a wage. However, it may be Centrelink benefit payments or even rent payments received.

Having said this, keep in mind that this alone isn’t enough to ensure that your application will be approved. Lenders retain the right to offer loans where they see fit and will assess your circumstances to determine if a loan is suitable for you. In many cases, Centrelink benefit payments may not be sufficient to cover both your regular, day-to-day expenses as well as your loan repayments. As a result, your application may be denied.

Low interest personal loan unsecured

As we know, all loans come with interest. It’s simply that price that you have to pay for the right to borrow money. As a result, you will always repay more than what you borrow.

However, not all interest rates will be equal. Some lenders may charge less than others, meaning that if you can shop around and compare your options, it may be possible to find a low-interest personal loan. Although, we cannot guarantee if this will be possible given that ultimately, your lender will determine your interest rate.

In addition to this, it’s essential to understand that unsecured loans often come with higher rates than secured loans given that they are risky for lenders. As a result, if you are hunting for a cheap loan then a secured loan may be a better option for you.

Weekend unsecured personal loans

Need a loan on the weekend? Monzi might be able to help.

In short, our website is always active. That means that you can apply whenever you need. That includes Saturdays and Sundays. From there, we’ll do what we can to pair you with an available lender from our network.

However, remember that applications received outside of business hours often experience delays. As a result, if you apply for a weekend payout loan, then you may need to wait until the following business day for your lender to assess your application and provide you with an outcome.

Can I get an unsecured car loan?

Yes, potentially.

However, almost all car loans will be secured loans. This is because cars are often expensive to purchase. As a result, to buy your new or used vehicle, you usually must borrow more than $2,000. This means that you must secure your loan with an existing asset that you own or the car that you just bought.

Having said this, if you have saved a considerable amount and need a loan to account for a minor shortfall then it may be possible to get an unsecured loan to purchase a car. However, as we’ve mentioned, lenders typically only offer unsecured options for loans of $2,000 or less.

Are unsecured personal loans a short-term commitment?


Unsecured loans of up to $2,000 come with repayment terms of just 12 months. As a result, they are only a short-term loan commitment. In other words, if approved, you’ll receive the cash you need now and can potentially have it repaid before you know it.

Will you conduct a credit check on my application?

As the lender-finder, Monzi will not perform a credit check on your application nor will we offer instant cash loans with no credit check.

Beyond this, the lenders in our network may not offer no credit check loans. Ultimately, it will come down to your lender and their assessment policies. While some may offer online loans with no credit check, others may not. Generally speaking, you may be more likely to find instant payday loans with no credit check.

Unsecured personal loans no credit check

While we’ve mentioned that we cannot guarantee if no credit check loans are available, it’s worth explaining what they are.

In short, with a no credit check loan, lenders will bypass your credit history and will instead focus their assessment on your current financial situation. As a result, they are often seen as a viable credit option for bad credit borrowers. After all, your past credit mistakes won’t be taken into account.

However, be aware that these loans are offered on a limited basis. For most lenders, credit checks are non-negotiable as they allow lenders to get an idea of your reliability as a borrower. From this, they can then determine the risk associated with lending you money.

Given this, Monzi cannot guarantee if you will be offered a cash loan without a credit check. It will simply come down to the policies and assessment processes of the lender you are dealing with. Personal loans for bad credit may be a more realistic alternative.

Is it better to get a secured or unsecured loan?

In short, it’s your decision. Based on your needs and circumstances, you must determine which option is right for you.

On the one hand, unsecured loans can be a quick credit option if you’re dealing with a minor cash shortfall. You can borrow up to $2,000, and there’s no need to attach an asset as security. However, these loans may come with higher rates given that they are riskier for lenders.

On the other hand, a secured loan may be a more appropriate option if you’ve got a significant expense to cover. However, while you can potentially borrow amounts ranging $2,100 to $10,000, keep in mind that you must guarantee your loan with an asset (e.g. your car). As a result, you are potentially putting your ownership of this asset at risk, given that if you fail to make your repayments, then the lender may take steps to repossess it to recover their losses.

So, before you apply with Monzi, compare your options to determine whether you should apply for a secured or unsecured cash loan.

What is the maximum unsecured loan?

At Monzi, we work with lenders who offer unsecured loans up to $2,000. This is the maximum amount that may be offered meaning if you are looking to borrow more then you must apply for a secured loan.

Having said this, if you would like an unsecured personal loan of greater than $2,000 then they may be offered by some lenders. Unfortunately, though, Monzi will be unable to help you. As a result, you must do your research to determine if these loans are available.

Comparing unsecured personal loans

Before you agree to a loan, it’s often a good idea to compare your options. By shopping around, you may be able to access more suitable repayment terms or even a lower rate. As a result, you can potentially save yourself money.

However, if you’re new to the borrowing game and not sure what to compare, that’s okay. See below for our quick list of features that you must compare.

  • Interest rates: all loans come with interest. In short, it’s the price you must pay for the right to borrow money. As a guide, a lower rate is usually better.
  • Additional charges: lenders may apply a range of fees (either one-off or on-going) on top of your repayments. Aim to minimise them where possible.
  • Comparison rates: combines your interest rates and fees into a single annual percentage that represents your total loan costs. Use it to compare loans against each other.
  • Terms and loan amounts: availability of certain loans may vary between lenders. As a result, ensure that the lender that you are applying with can offer a loan that suits your needs.
  • Your lender: compare customers reviews online to get an idea of how lenders have treated borrowers in the past.

While that’s a quick list to get you started, for a more in-depth breakdown, check out Monzi’s loan comparison guide.

How do I qualify for an unsecured personal loan?

To qualify for a loan, there are typically a few boxes that you must check. However, the exact requirements will vary. As a result, you may need to consult with lenders to determine your eligibility.

In any case, one thing that will be consistent across most lenders is that you will usually need to have secure employment and be earning a regular income. Without this, you will often lack the capacity to make your repayments meaning your application will be denied.

In addition to this, lenders may impose requirements based on your credit history too. That is, your credit score may need to be above a certain level for your application to progress. Having said this, though, lenders these days are now more willing to consider offering loans to bad credit applicants. As a result, these requirements may vary significantly between lenders.

Do unsecured loans affect your credit?


However, the effect may be either positive or negative. In short, it simply comes down to how you manage your loan.

On the one hand, if you make your repayments on time and pay off your loan on schedule then you will build a strong repayment history. This can have a positive impact on your credit report and may raise your credit score.

On the other hand, if you manage your loan poorly (e.g. miss repayments) or default then there will be consequences. Your credit will almost certainly take a hit and you may then find it difficult to be approved for a loan in the future.

What credit score do you need for an unsecured personal loan?

In short, it varies. As a result, it is difficult for us to provide you with a clear answer.

Many lenders will impose a minimum credit score requirement. However, the exact score won’t always be the same. In other words, while some lenders may be willing to consider applicants with bad credit, others won’t. Obviously, this will be reflected in the minimum credit score requirements.

In addition to this, remember that meeting the minimum requirements alone will not guarantee that your application will be approved. Lenders will assess your current budget as well to get an idea of what repayments you can potentially afford. As a result, your credit score and history are just one box that must be ticked.

How does the Monzi loan calculator work?

At the top of this page, you’ll notice our loan calculator. In short, the loan calculator gives you a rough idea of what the repayments on your loan may look like. Your weekly, fortnightly and monthly repayments, in particular, will be displayed.

This is, however, just a guide. As Monzi is just a lender-finder, we cannot guarantee what the repayments on your loan will be if approved. After all, this is up to the lender themselves. To get a better idea of what the repayments may be on a loan, you’ll need to get in contact with a lender directly.

Finally, the repayment terms may also vary depending on the lender you’re paired with.

Benefits of using Monzi’s lender-finder

Using Monzi’s lender-finder service can be a simple way to bypass the hassle of finding a personal loan lender. However, don’t just take our word for it. Here are a few reasons why you should consider using Monzi:

  • Fast: Our automated system is able to scan through hundreds of different instant online loan products in no time.
  • Easy: Monzi’s online form should only ask you to provide the essentials.
  • No paperwork: Our process is 100% online, meaning you can forget the paperwork. Apply for no paperwork loans today
  • One application: Fill in our form once, and we’ll scan through multiple lenders. This is a big plus, as applying for multiple loans may have a negative effect on your credit score.

What kind of loans can Monzi find?

Monzi may be able to pair you with a lender offering more than just unsecured personal loans.

In particular, Monzi works with a wide network of trusted lenders that can usually offer 3 broad types of personal loans:

TypeAmount $ (AUD)TermSecured
Small$300 to $2,00012 months
Medium$2,100 to $4,60013 to 24 months
Large$5,000 – $10,00013 to 24 months

Lenders may offer repayment terms that vary to what is presented above.

Why do I need to provide my bank statements?

When you apply with Monzi, you’ll notice that you must provide your online banking details. While this may seem curious, there is a legitimate reason for this.

In short, once we receive your application, our automated system will use this information to access read-only copies of your bank statements. Lenders will then use these to get an idea of your current relationship with money.

By assessing your income and spending habits, they can potentially assess whether the repayments of your preferred cash loan would suit your budget. From this, and an assessment of your credit history, they can then determine your outcome.

Finally, one thing to keep in mind is that Monzi’s online system is secured by cyber-security experts McAfee and Comodo. Moreover, your details will be wiped from our system once we’ve accessed the information we need. As a result, there’s no need to be concerned about your privacy or security.

Will Monzi pair me with a payday lender?

In short, no.

Monzi does not work with payday lenders. Payday loans, also known as cash advances, often have very short, unmanageable repayment terms. Monzi, instead, may be able to pair you with a lender offering personal loans of up to $10,000.

What is the best reason to give when applying for a personal loan?

As part of your unsecured loan application, you must provide a reason for applying. In short, the best reason to give is the truth.

While lenders are willing to accept a range of personal expenses, if you lie about your reason for applying then issues can arise. Not only will your current application be denied, but you may find it extremely difficult to access fast cash loans in the future.

So, when you apply, make sure that you are upfront about your reasons. There is no reason to lie and it will only cause you problems.

Responsible lenders

Monzi works with lenders who take their responsible lending obligations seriously.

Therefore, they will always make inquiries as to your financial situation and objectives. As a result, the lender will not offer you a loan they feel to be ‘unsuitable’ for your current situation.

Contact us

Do you have questions?

Don’t be afraid to reach out. Email us at hello@monzi.com.au. Once we receive your correspondence, one of our helpful customer service team members will aim to provide you with a response ASAP. Just keep in mind that we will only monitor this account during business hours.

In addition to this, note that Monzi can only answer questions about our organisation and service. In other words, contact your lender directly for questions related to loans that you’ve taken out or products that may be offered.

When can I apply with Monzi?

Whenever you need to!

Monzi’s website is live and active 24/7, meaning that you can apply at the time that works best for you. Whether you’re on the way to work or kicking back enjoying your weekend, it doesn’t matter with Monzi. We’re always ready and waiting to accept your application.

However, keep in mind that applications received outside standard business hours may encounter delays. This is because lenders often do not process applications outside of these hours. As a result, you may need to wait until the following business day to receive your outcome or access your cash.

Ready to apply?

If you have any questions about what you’ve just read, the answer may lie in our FAQs.

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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


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%. The minimum and maximum loan term is 12 months. 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.

Loan amount

$2,001 - $4,600


13 months (minimum)

24 months (maximum)


48% Annual Percentage Rate (APR)

67.41% Comparison Rate p.a.


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

The Annual Percentage Rate (APR) for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. 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 (minimum)

24 months (maximum)


21.24% Annual Percentage Rate (APR)

48% Comparison Rate p.a.


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

The Annual Percentage Rate (APR) for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. The minimum loan term is 13 months and the maximum loan term is 24 months. 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.