myKredit Line of Credt Review, Rates and Fees | finder.com.au

myKredit line of credit

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Apply for a line of credit of up to $1,000 through myKredit and only pay for what you borrow.

Important Information

myKredit is an online lender that provides lines of credit to individuals in Australia. It is part of Global Kapital Group, an international financial technology company. Established in 2010, Global Kapital now employs more than 800 people and has offices in 18 countries. It holds an Australian Credit Licence.

myKredit relies on big data and uses advanced techniques in order to optimise the performance of its operations and offerings.

$1,000

Maximum loan amount

Same Day if approved

Turnaround time

20 days

Term of loan

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Details

Product NamemyKredit Revolving Line of Credit
Minimum loan amount$100
Maximum loan amount$1,000
Arrears Fee$10
Loan term20 days
Turnaround timeSame Day if approved
Costs10% establishment fee on the Credit line amount
Available to Centrelink Borrowers?Yes

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⚠️ 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 myKredit lines of credit work?

A myKredit line of credit works the same as any other line of credit. Once myKredit approves an application, the successful applicant can access their approved credit limit as and when they want. myKredit customers can apply for a limit from $100 to $1,000.

Applying requires that borrowers meet some basic eligibility criteria. Once someone submits an application, myKredit reviews it and informs them of its decision via email. Upon the approval of an application, the applicant will be sent a loan contract, which they can accept if they agree to its terms. After the borrower has approved the contract, they can request an advance at any time by logging into the myKredit platform or by sending a text message. myKredit makes the funds available immediately.

The time it takes before a borrower can get access to their funds will depend on their bank. However, usually it takes 1 to 3 business days. Borrowers have to repay any advanced money within 20 days to avoid paying late fees or collection charges.

Features of a line of credit from myKredit

Features associated with a myKredit line of credit:

  • Straightforward application. Customers can complete a myKredit line of credit application in five to 10 minutes, provided that they have all the required information close at hand.
  • Receiving funds. Once someone submits an application, myKredit reviews it. If it approves a line of credit, the successful applicant will receive a notification via email. After an applicant accepts the terms and conditions of the loan contract, they can request an advance up to their credit limit at any time. When they do, myKredit transfers the money into their bank account immediately.
  • Save on fees. Customers only pay fees on the funds myKredit advances, and not the entire credit limit. For example, if myKredit approves a $1,000 credit limit and someone requests a $300 advance, they only pay fees towards $300.
  • Use funds for different reasons. What someone does with the money they get through myKredit is basically up to them, as long as they use it for legitimate reasons. People can use it to pay bills, buy groceries, repair their car or simply get by after a temporary setback.

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?

myKredit customers don’t have to pay any interest towards their myKredit line of credit. However, they have to pay a 10% establishment fee on the Credit line amount each time you take an advance. For example, if someone has a credit limit of $1,000 and they take a $200 advance, they'll have to pay a $20 establishment fee.

myKredit charges a direct debit processing fee of $1.50 per transaction. If someone requests a change in their direct debit arrangement, they may have to pay a direct debit rescheduling fee of $10.

If a customer defaults on their loan, the maximum they might have to pay is limited to twice the amount advanced.

myKredit line of credit eligibility

Applying for a myKredit line of credit requires that applicants meet these eligibility criteria:

  • Are at least 24 years old
  • Are an Australian citizen or a permanent resident of Australia
  • Have a regular source of income
  • Own an operational Australian bank account
  • Have an Australian mobile number

How to apply

Prospective borrowers can apply for a myKredit line of credit online. Completing the application successfully requires that they submit some basic information:

  • Name, date of birth and driver’s license number
  • Home address and time spent at current residence
  • Mobile number and email address
  • Marital status and number of dependents
  • Details about their employment and income
  • Bank account details

What to remember

Prospective borrowers should remember to compare their finance options before applying for a loan. Comparing options allows you to make the most informed decisions possible for your circumstances.

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20 Comments

    Default Gravatar
    Steve
    May 15, 2018

    I need a very quick loan of 350 Dollars by 4 pm here Victorian time to resolve an urgent matter

      Default Gravatar
      Joel
      May 15, 2018

      Hi Steve,

      Thanks for leaving a question on Finder.

      Unfortunately, this line of credit is no longer available. You may instead compare a range of bad credit loan using our comparison table.

      Please click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers,
      Joel

    Default Gravatar
    Carin
    November 24, 2017

    Im receiving only goverment pession,im wonderinh of i get loan

      Default Gravatar
      Arnold
      November 25, 2017

      Hi Carin,

      Thanks for your inquiry.

      There are lenders that will consider you for a personal loan as a retiree and a pensioner. On the page, is a comparison table you can use to see which lender suits you. Please note that each lender has their eligibility requirement, it would be in your best interest to check each before applying. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Please ensure you review the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.d

      Hope this information helps

      Cheers,
      Arnold

    Default Gravatar
    Chee
    January 6, 2017

    I can’t log in my account.how can I apply back the loan?the website always got problem

      Avatarfinder Customer Care
      Dee
      January 6, 2017

      Hi Jimmy,

      Thanks for reaching out.

      If you try to log-in to your myKredit account, please click the green ‘Login” button which is for users who forgot their pin. Once you are able to open your account, there should be an option that allow you to get back where you left your loan application. If none, please contact myKredit directly to confirm if your application went through.

      Alternatively, you may want to consider other low-rate personal loans featured on our website.

      Cheers,
      Anndy

      Default Gravatar
      Jimmy
      January 6, 2017

      Very bad I already try contact them but no people pick up the phone.this situation already happen 2 month ago.mykredit website always got technical problem.very bad customer service

      Avatarfinder Customer Care
      Dee
      January 6, 2017

      Hi Jimmy,

      I’m sorry to hear that. You may want to consider other options from the link I previously sent.

      Cheers,
      Anndy

    Default Gravatar
    lana
    December 15, 2016

    Like to apply for a loan.

      Avatarfinder Customer Care
      May
      December 15, 2016

      Hi Lana,

      Thanks for reaching out.

      If you wish to discuss your eligibility and options for a loan with myKredit, please contact them directly. Meanwhile, if you’d also like to compare your other options aside from myKredit, please feel free to check other low-interest personal loans featured on our website.

      Cheers,
      May

    Default Gravatar
    Anne
    October 18, 2016

    I applied for an $800 mycredit advance and was approved. I repaid it but now when I log in it says I have $0 credit available. I have tried ringing and emailing but have had no response.

      Avatarfinder Customer Care
      Elizabeth
      October 24, 2016

      Hi Anne,

      Unfortunately you’ll need to continue to contact myKredit to enquire about your account. If you aren’t able to get in contact with them you can consider submitting a complaint to the credit ombudsmen.

      Hope this helps,

      Elizabeth

      Default Gravatar
      Karly
      October 21, 2016

      Hello – exact same thing has happened to me just now. Payment has cleared, received an email and text saying so but have gone into my account and it says I have no funds available. Whenever I call I can’t get thru and no responses to my emails either. Maybe they aren’t operating anymore?

      Avatarfinder Customer Care
      Elizabeth
      October 24, 2016

      Hi Carly,

      Their website still seems to be in operation and you shouldn’t have been approved by their automated system if the lender wasn’t operating. You’ll need to try contacting them to enquire about the status of your account, but if you’re unable to get in contact and want to submit a complaint, you can do so with the Credit Ombudsmen.

      I hope this helps,

      Elizabeth

      Default Gravatar
      Karly
      October 24, 2016

      I have called for days and emailed – no response to emails and the phone call just says “you will connected shortly” and nothing happens.

      Avatarfinder Customer Care
      Elizabeth
      October 24, 2016

      Hi Carly,

      You might want to order a free copy of your credit file to check if myKredit has listed the enquiry on there.

      If they have, you may try to contact the Credit Ombudsman and file a complaint. Please note that credit enquiries affect your credit score and your ability to be approved for future credit. The Credit Ombudsmen may also be able to assist if it isn’t listed on there.

      Hope this helps,

      Elizabeth

    Default Gravatar
    adam
    October 15, 2016

    Hey I paid back my loan back if I want a loan in the future do i need to reply to get one or do I still have line of credit

      Avatarfinder Customer Care
      Elizabeth
      October 17, 2016

      Hi Adam,

      As you’ve already been approved for credit you should just be able to login to your account and request another advance.

      Hope this helps,

      Elizabeth

    Default Gravatar
    Stewary
    August 9, 2016

    Hi im from the uk was given 100 pound loan was transfered 2 hours ago but still nothing in my bank

      Avatarfinder Customer Care
      Elizabeth
      August 11, 2016

      Hi Stewary,

      You’ve come through to finder.com.au, an Australian financial comparison service. You’ll need to contact myKredit to follow up on your loan. You need to head to its website and fill out the online form.

      Hope this helps,

      Elizabeth

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