Apply for a line of credit of up to $1,000 through myKredit and enjoy lower rates.
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 Name||myKredit Revolving Line of Credit|
|Min Loan Amount||$100|
|Max. Loan Amount||$1,000|
|Loan Term||20 days|
|Turnaround Time||Same Day if approved|
|Total Cost of Borrowing $100||10% 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 $1.50 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