Get the Finder app 🥳

Track your credit score

Free

Credit24 Medium Term Loan (Good Credit)

Last updated:  

Borrowers can apply for a Credit24 low doc personal loan and have the approved funds deposited in their account within 24 hours.

Credit24 is an online loan provider, meaning that application and approval processes are fully online and require minimal documentation. As long as applicants have a job and earn at least $600 per month, their application can be approved within 24 hours.

$10,000

Maximum loan amount

Same day

Turnaround time

12-24 months

Term of loan

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder.

Details

Product NameCredit24 Medium Term Loan (Good Credit)
Minimum loan amount$2,100
Maximum loan amount$10,000
Initial Maximium Loan Amount$10,000
Arrears Fee$10
Loan term12-24 months
Turnaround timeSame day
Costs$400 establishment fee + 48% p.a. interest
RequirementsYou must have a good credit history, be employed, have a bank account and be 18+
Available to Centrelink Borrowers?No

Are you struggling financially?


If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help

⚠️ 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 do Credit24 loans work?

Personal loan customers can submit an online application 24 hours a day, 7 days a week. The online loan simulator can give borrowers an idea of their repayments as well as the associated fees. The establishment fee will vary according to the amount someone borrows and they will need to submit bank statements for the last three months as proof that they can repay the loan. If someone's application is complete and they meet the eligibility criteria, they can be approved for the loan immediately. It’s important to note that Credit24 will perform a credit check.

Features of a loan from Credit24

People who are interested in applying for a Credit24 personal loan should note its main features:

  • Fully online. From applying to receiving approval, the whole process is 100% online.
  • Turnaround time. After someone uploads their bank statements, they can be approved within the hour. Funds are usually deposited within one business day of the application.
  • Loan amounts. Customers can borrow up to $10,000 over a maximum loan period of 3 years.
  • Tailored terms. Credit24 will offer flexible terms based on what customers can afford. They can decide on a weekly, fortnightly or monthly repayment schedule to suit their lifestyle.
  • Easy repayments. Payments are debited from the account in which loan applicants receive their salary. If borrowers would like to adjust their payment plan, they can request the change without penalty fees.
  • Self-employed applicants welcome. Borrowers who are self-employed can apply for this personal loan with the latest tax notice of assessment as proof of income.
  • Tailored fees. The establishment fee varies based on the amount you borrow and the selected loan period.
  • Repeat borrowing. As soon as a loan customer has repaid their existing loan, they can apply for another loan immediately. They can only have one active loan at a time.
  • Early repayment. If someone wants to repay their loan before the end of the loan term, they can do so at no extra charge.

What are the risks of payday loans?

  • Unaffordable repayments. Payday loans are an expensive way to borrow money and should only be used as a last resort. Check the size of each repayment and ensure you will be able to pay it on time. Unaffordable repayments can lead to late fees that will only make things worse.
  • High rates and fees. Rates and fees on payday loans are high but there are rules in place so be sure to check your lender is not charging you more than ASIC allows. Also, look at what you would be charged if you are late on a payment or if you default on the loan altogether.
  • Unreputable lenders. All Australian lenders should be accredited by ASIC. Check for a credit licence on the ASIC Register and ensure that the lender is easily contactable.
  • Impact on credit score. Every loan application shows up on credit reports. While lenders might not consider credit history, applying for lots of loans within a short period can have a negative impact on your credit score in the future.

How much will the loan cost?

Below are some of the fees that successful applicants will pay once they receive their funds.

  • Establishment fee. $400
  • Dishonour fee. A fee of $10 will be charged for every failed debit.
  • Enforcement fees. If a customer's payment is more than 30 days late and their account is sent to collectors, they will be charged a fee ranging from 20-50% of the outstanding amount.

Credit24 loan eligibility

Customers will have to meet the following personal loan eligibility requirements before applying for a Credit24 personal loan, successful applicants must:

  • Have a job.
  • Earn at least $600 a month.
  • Be at least 18 years old.
  • Be a permanent resident.
  • Have a decent credit history.
  • Provide a tax notice of assessment as proof of income if they're self-employed.

How to apply

Customers for Credit24 loans can click “Go to site” when they're ready to get their application started. They can then fill in the online form and follow the instructions to upload their bank statements. They also have the option to send in their bank statements by post, but this results in a longer waiting period for approval.

Once all documents have been received, Credit24 will conduct a credit check and respond to each application. If approved, successful applicants can receive money on the same day or within 24 hours.

Customers for Credit24 loans should ensure that they are able to comfortably meet the fees and repayments prior to submitting a a loan application. They should also compare this loan to similar and alternative products prior to applying, to be certain that they are getting the best personal loan option for their circumstances.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

6 Comments

  1. Default Gravatar
    Indie
    February 16, 2018

    I’m on Centrelink currently can I apply for a loan after my first pay slip I’m about to be employed at a job when my internship finishes

    • Default Gravatar
      Joel
      March 1, 2018

      Hi Indie,

      Thanks for leaving a question on finder.

      I’m afraid that Credit 24 cannot offer you a loan if your sole income is Centrelink or if you are unemployed on the time of your application. You may opt to apply for a loan with them as soon as you start work to get better chances of being approved.

      With Credit 24, your Centrelink payments are classed as part of your income as long as it is not 50% or more of your total income and will be considered, along with other factors, during your application. As an example:

      If your Centrelink payments are $1,000 per month and your salary is $700 per month you are not eligible for a Credit24 loan.
      However, if your Centrelink payments are $500 per month and salary $1,000 per month – you are eligible to apply for a Credit24 loan.

      Meantime, if you like to reconsider other lenders aside from Credit 24, you may like to get in touch with a lender listed on this page to discuss your eligibility/options.

      Cheers,
      Joel

  2. Default Gravatar
    pholoholo
    August 19, 2017

    How many days will I know?

    • Default Gravatar
      Liezl
      August 19, 2017

      Hi Pholoholo,

      Thanks for your question.

      If you’re referring to how soon you’ll know whether your application has been approved, once Credit24 has all of your information, it is possible for your loan to be processed within an hour and paid to your account the same day. However, if submit your loan application outside business hours, your loan application will be processed from 8am – 8pm weekdays, and 9am – 5pm on weekends (AEST).

      I hope this has answered your question.

      Cheers,
      Liezl

  3. Default Gravatar
    Alan
    August 14, 2017

    I would like to now how much I got out from yous as a loan and what the balance is to date please

    • Default Gravatar
      Maria
      August 14, 2017

      Hi Alan,

      Please note that finder is a financial comparison website offering general advice and we do not represent any of the companies that we feature on our pages.

      It would be best to contact Credit24 directly regarding your loan details.

      Cheers!
      Maria

Go to site