If you’re looking to a short term financial solution, you might want to consider a loan from K24.
K24 is no longer accepting applications
While you can no longer apply for a K24 loan, you can compare your other payday loan options using the comparison table below. If you have an existing K24 loan please visit the K24 website for details on how to pay out your loan.
K24 is Australian-based small lending company that is owned and operated by the German financial holdings group, Kreditech Holdings SSL GmbH. The focus of its business is technology, which it relies on to analyse customer data and determine their borrowing eligibility. K24 operates across three continents and in six different countries, and is committed to providing high-quality customer service to people in need of short-term credit.
Alternative short term loan options
Whilst we don't directly compare K24 Short Term Loans, compare other short term loan offerings before you consider applying
How do K24 loans work?
K24 offers a simple loan application and approval process:
Step one: Choose your loan amount and terms. You can use the sliders on K24’s website to do this, which you can get to by clicking 'Go to Site'. Simply drag them to your desired loan amount and loan terms. If you are a first time customer you will only be able to borrow up to $600, but recurring customers who have successfully repaid their first loan may be approved for a higher loan amount the second time.
Step two: Register your details. This process should take less than 15 minutes and will require you to submit your banking details. An automated system will then use over 10,000 data points to start the approval process.
Step three: Confirm your account. This step involves K24 securely accessing a read-only copy of your bank account through Yodlee. K24 can then determine your eligibility for a loan.
Step four: You will receive your loan amount. If you are approved, K24 can process your loan quickly. The time will differ depending on what bank you are with, but it is generally between 24 and 48 hours.
Step five: You will make your repayments. On the nominated dates your repayment amounts will be direct debited from your account. You also have the option of making early repayments if you are able to.
Features and benefits
- As a global lender, you can be confident in K24's expertise and experience.
- K24 relies on secure technology and data encryption so you know your information will be protected.
- The online application process is fast and simple, and you don’t have to supply the documents yourself.
- You are able to make early repayments should you be able to, which can help you to better manage your loan.
- Loan establishment fee of 20% of the principal amount borrowed.
- A monthly fee which is 4% of the principal amount borrowed.
- A direct debit dishonour fee of $35.
- An overdue fee of $60 which is charged six days after the loan due date.
- A default fee of $90 which is charged 15 days after the loan due date.
To be eligible to apply for a loan with K24 you will need to meet the following criteria:
- Your primary source of income must come from a source outside of Centrelink payments.
- You must have an Australian residential address that is current and valid.
- You have to have a valid Medicare number.
- If you are on Centrelink, your loan repayments cannot exceed more than 20% of your Centrelink income
How to apply
If you are interested in applying for a loan with K24 you can click the 'Go to site' button on this page to be directed through to its website. From there, you will need to provide your details and then you will receive a decision within 15 minutes. You can also check the status of your loan by logging into your personal account on the K24 website.
Warning about Borrowing
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.