- K24 Short Term Loans are now no longer in operation. The information on this page has been kept for the benefit of those who are interested.
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
Do 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.
If you find yourself in this situation, you might want to consider a short term loan from K24. They provide loans to Australians who may not be approved by banks and other lenders. If you’re in need if a short term credit solution, then take a look and see if K24 might be for you.
Alternative short term loan options
How do K24 Short Term Loans work?
- Loan amount terms. The first step in the process involves you selecting how much you want to borrow and for how long. The maximum you’ll be able to borrow the first time you take out a loan is $600, but you may be able to borrow more the next time you borrow. The repayment terms are for between 16-30 days.
- Register and confirm your details. This step involves you providing your personal information so it can be scored by the K24 10,000 point data scoring system. You will also need to provide your bank account details so they are able to access a ‘read only’ copy of your account to determine your eligibility to receive a loan.
- You will receive your loan amount. Once approved, you will receive your loan amount into your bank account within 24-48 hours. The time it takes will depend on the bank you are with.
- Repayments. Your repayments will be direct debited out of your account from your account on the agreed-upon repayment dates. You also have the option of paying your loan early if you’re able to.
When you take out a short term loan with K24 the following fees will apply:
- You will be charged 20% of the principal amount as a loan establishment fee.
- You will be charged 4% of the principal amount as a monthly fee.
- If your direct debit is dishonoured you will be charged $35.
- If your loan is overdue by six days you will be charged $60.
- If your loan is overdue by 15 days you will be charged a further $90.
What are the risks of short term loans?
- Unaffordable repayments. Short term 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 short term 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.
Things to consider
- Before you take out a short term loan you should consider your ability to make the repayments. As the fees are set out on the website you can work out how much your repayments will be and whether they will be manageable on your budget.
- You may also want to consider whether you need the loan, and whether you might benefit from accessing any other types of finance.
These type of loans should not be considered a solution to longer term financial problems, but rather to cover short term needs. If you find yourself in need of these type of loans often you may need to speak to a financial advisor.
To be eligible for a short term loan from K24 you will need to meet the following criteria:
- Be over the age of 18
- Have a valid Australian Medicare number
- Have a current valid residential address in Australia
- Receive your primary income from a source outside of Centrelink payments
How to apply
To apply for a loan with K24 you can follow the secure link on this page to fill out their online application form. After you provide your bank account details and personal information you will receive a response within 15 minutes as to whether or not you’ve been approved.