myKredit Revolving Line of Credit
Apply for a line of credit from $100 up to $1,000 and pay only for what you borrow. Costs include a 10% establishment fee.
- Important Information
This line of credit is no longer available. Compare a range of bad credit loan options here.
myKredit is an online lender that provides lines of credit. It is part of Global Kapital Group, an international financial technology company. This line of credit allows you to borrow from $100 up to $1,000, with a short loan term of 20 days. With this loan, you only have to pay for what you borrow. Even if your credit limit is $1,000 and you’ve borrowed $300, you only have to pay for the $300. There is no interest, but there’s an establishment fee of 10% payable for each time you take an advance. There is also a debit processing fee of $1.50 per transaction.
Maximum loan amount
Same Day if approved
Term of loan
|Product Name||myKredit Revolving Line of Credit|
|Minimum loan amount||$100|
|Maximum loan amount||$1,000|
|Loan term||20 days|
|Turnaround time||Same Day if approved|
|Costs||10% establishment fee on the Credit line amount|
|Available to Centrelink Borrowers?||Yes|
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.
⚠️ 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.
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.