myKredit line of credit

Apply for a line of credit of up to $1,000 through myKredit and enjoy lower rates.

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.

If you require extra money in a hurry, you can think about getting a line of credit through this online lender. Go through this review to find out if applying will work for you.

Product NamemyKredit Revolving Line of Credit
Minimum Loan Amount$100
Maximum Loan Amount$1,000
Arrears Fee$10
Loan Term20 days
Cash Deposited InSame Day if approved
Costs10% establishment fee on the Credit line amount
Available to Centrelink Borrowers?Yes

How do myKredit lines of credit work?

A myKredit line of credit works the same as any other line of credit. Once myKredit approves your application, you can access your approved credit limit as and when you want. You can apply for a limit from $100 to $1,000.

Applying requires that you meet some basic eligibility criteria. Once you submit your application, myKredit reviews it and informs you of its decision via email. Upon the approval of your application, you have to accept the contract. After this, you can request an advance at any time by logging into the myKredit platform or by sending a text message. myKredit makes the funds available to you immediately.

The time it takes before you can get access to the funds depends on your bank, but it usually takes one to three business days. You have to repay the advanced money within 20 days to avoid paying late fees or collection charges.

Features of a line of credit from myKredit

Here’s why you can consider applying for a line of credit through this online lender:

  • Easy to apply. You can complete a myKredit line of credit application in five to 10 minutes, provided you have all the required information close at hand.
  • Receive your funds quickly. Once you submit your application, myKredit reviews it quickly. If it approves your line of credit you receive a notification via email almost immediately. After you accept the terms and conditions, you can request an advance up to your credit limit at any time. When you do, myKredit transfers the money into your bank account immediately.
  • Save on fees. You 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 you request a $300 advance, you pay fees towards $300.
  • Use funds for different reasons. What you do with the money you get through myKredit is basically up to you, as long as you use it for legitimate reasons. You can use it to pay bills, buy groceries, repair your car or simply get by after a temporary setback.

How much will the loan cost?

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

myKredit charges a direct debit processing fee of $1.5 per transaction. If you request a change in your direct debit arrangement, you may have to pay a direct debit rescheduling fee of $10.

If you default on your loan, the maximum you might have to pay is limited to twice the amount advanced.

Are you eligible for a myKredit line of credit?

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

  • You are at least 24 years old
  • You are an Australian citizen or a permanent resident of Australia
  • You have a regular source of income
  • You have an operational Australian bank account
  • You have an Australian mobile number

How you can apply

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

  • Your name, date of birth and driver’s license number
  • Your home address and time spent at current residence
  • Your mobile number and email address
  • Your marital status and number of dependents
  • Details about your employment and income
  • Your bank account details
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20 Responses

  1. Default Gravatar
    SteveMay 15, 2018

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

    • Default Gravatar
      JoelMay 15, 2018

      Hi Steve,

      Thanks for leaving a question on finder.

      Unfortunately, this line of credit is no longer available. Compare a range of bad credit loan options here.


  2. Default Gravatar
    CarinNovember 24, 2017

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

    • Default Gravatar
      ArnoldNovember 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. Please click here to know what personal loan options you have. Please note that each lender has their eligibility requirement, it would be in your best interest to check each before applying.

      Hope this information helps


  3. Default Gravatar
    CheeJanuary 6, 2017

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

    • finder Customer Care
      LouJanuary 6, 2017Staff

      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 listed here.


    • Default Gravatar
      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

    • finder Customer Care
      LouJanuary 6, 2017Staff

      Hi Jimmy,

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


  4. Default Gravatar
    lanaDecember 15, 2016

    Like to apply for a loan.

    • finder Customer Care
      MayDecember 15, 2016Staff

      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 personal loan options aside from myKredit, please feel free to visit this page.


  5. Default Gravatar
    AnneOctober 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.

    • finder Customer Care
      ElizabethOctober 24, 2016Staff

      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,


    • Default Gravatar
      CarlyOctober 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?

    • finder Customer Care
      ElizabethOctober 24, 2016Staff

      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,


    • Default Gravatar
      CarlyOctober 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.

    • finder Customer Care
      ElizabethOctober 24, 2016Staff

      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 have cause to complain to the Credit Ombudsmen as any 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,


  6. Default Gravatar
    adamOctober 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

    • finder Customer Care
      ElizabethOctober 17, 2016Staff

      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,


  7. Default Gravatar
    StewaryAugust 9, 2016

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

    • finder Customer Care
      ElizabethAugust 11, 2016Staff

      Hi Stewary,

      You’ve come through to, 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,


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