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Monzi Personal Loans

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Monzi Personal Loans
Maximum loan amount
Term of loan
12 to 24 Months
Do you really need a loan today? If you would like to speak to someone about your finances you can call the free National Debt Helpline on 1800 007 007.


Monzi matches you to licensed credit providers for loans up to $15,000. Applications are easy but fees and charges are high.

Monzi is an online finance broker, matching borrowers to hundreds of licensed credit providers. You will have to fill out a single application, which could then be matched with any of their lending partners. This may mean an increased chance of approval, even if you have bad credit or are a Centrelink recipient. These loans are expensive and feature high rates and fees. For loans of $5,000 to $2,000, your establishment fee will be 20% of the loan amount and a monthly fee of 4%. For loans between $2,001 and $4,600, the interest rate is 48% p.a., with a comparison rate of 67.41% p.a. and an establishment fee of $400. For loans of $5,000 up to $15,000, the interest rate is 47.8% p.a. with a comparison rate of 47.8% p.a.

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Product Details

Product Name Monzi Personal Loans
Minimum loan amount $5,000
Maximum loan amount $15,000
Initial Maximium Loan Amount $5,000
Loan term 12 to 24 Months
Requirements 18 years old or over, An Australian citizen or permanent resident, Receiving a regular income or Centrelink payments.
Available to Centrelink Borrowers? Yes

⚠️ Warning about Borrowing

payday-warningDo you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

How does a Monzi loan work?

Monzi is a finance broker, not a lender – it matches borrowers looking for loans with suitable lenders via its platform. Applicants need to fill out only a single application to be potentially partnered with one of hundreds of lenders. Once an applicant has been successfully partnered with a lender, additional information may be required. A successful applicant is under no obligation to accept the loan contract terms of a lender, and Monzi charges no fees for its services.

Monzi helps loan customers find both secured and unsecured personal loans from anywhere between $5,000 and $15,000. Bad credit applicants and applicants who receive Centrelink benefits are also considered.

Monzi has a quick turnaround time, with most applicants finding out whether or not they have been approved within a matter of minutes. Approved applicants could find the money in their account the same or next business day.

Features of a loan from Monzi

The following features apply to Monzi loans:

  • Loan amount. Apply for a loan from $5,000 to $15,000.
  • Loan term. Loans are available on terms of 12 to 24 Months.
  • Variety of lenders. Because Monzi partners with a number of lenders, some applicants may find that they have a higher chance of approval.
  • Secured or unsecured. Whether or not an applicant is required to provide security will depend on the amount they want to borrow, their circumstances and the lender they are partnered with.
  • 100% online. Monzi is 100% online, so there's no need to visit a branch.
  • Quick application. Applications only take a few minutes to complete.
  • Quick approval. Some applicants could get approved for a loan within minutes.
  • Doesn't harm your credit score. Because it's not a lender, Monzi doesn't check credit scores. However, if you're partnered with a lender and you accept, that lender will usually perform a credit check.
  • Bad credit accepted. Though most lenders will check credit scores, an applicant's credit history is not the only factor taken into consideration. If someone can reasonably repay the loan, they may still qualify.
  • Centrelink accepted. Applicants who receive Centrelink payments can still apply for finance.
  • Free to use. Monzi itself does not charge fees to borrowers. The platform makes revenue by charging lenders a commission on approved loans.

Fees and charges

Because Monzi is a free-to-use platform that works with a variety of lenders, fees and charges may vary slightly from lender to lender. Costs will also vary depending on the circumstances of the applicant and the amount of money they wish to borrow. That being said, borrowers can expect to pay the following on these loans:

$5,000 to $2,000

  • Establishment fee: 20% of the total loan amount
  • Monthly fee: 4% of the total loan amount

Though no interest rate applies to these loans, additional fees such as default and late payment fees may also apply.

$2,001 to $4,600

  • Establishment fee: $400
  • Interest rate: 47.8% p.a.
  • Comparison rate: 65.85% p.a.

Additional fees and charges, such as late payment and default fees, may also apply.

$5,000 to $15,000

  • Interest rate: 47.8% p.a.
  • Comparison rate: 47.8% p.a.

Additional fees and charges, such as late payment and default fees, may also apply.

Monzi loan eligibility

In order to qualify for a loan through Monzi, applicants must be:

  • 18 years old or over
  • An Australian citizen or permanent resident
  • Receiving a regular income or Centrelink payments

How to apply

To apply for a loan through Monzi, simply click "Go to site" to submit an application. Borrowers don't need anything other than a few personal details including:

  • Their full name
  • Amount they wish to borrow
  • Date of birth
  • Mobile number
  • Email address

Successful applicants will be required to supply additional information, including:

  • Internet bank login details
  • Details of your asset for security (if applicable)
  • Employment details
  • Driver's licence details

Please note that there are a number of similar brokers and lenders on the market, so it's a good idea to compare your options prior to submitting an application.


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