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Credit24 Medium Term Loan (Good Credit)

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Credit24 Medium Term Loan (Good Credit)
Maximum loan amount
Turnaround time
Same day
Term of loan
12 to 24 months
Do you really need a loan today? If you would like to speak to someone about your finances you can call the free National Debt Helpline on 1800 007 007.


Borrow from $2,001 up to $5,000 with terms up to 24 months. High fees and charges apply.

Credit24 is an online loan provider. Their application approval processes are fully online and require minimal documentation. Loan amounts range from $2,001 up to $5,000, with terms from 12 to 24 months. To be eligible for this loan, you must be employed, have good credit history and earn at least $600 a month. This loan is expensive and features high fees and charges. There is an establishment fee of $400, and interest up to 48% p.a. of the borrowed amount. Payday loans are not a long-term financial solution and can lead to further debt. You should only apply for a payday loan in case of an emergency.


  • Large borrowing amounts
  • Loan terms up to 2 years
  • Available to self-employed applicants


  • $400 establishment fee
  • Bad credit and Centrelink borrowers not accepted

In this guide

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  • Details
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Product details

Product Name Credit24 Medium Term Loan (Good Credit)
Minimum loan amount $2,001
Maximum loan amount $5,000
Initial Maximium Loan Amount $5,000
Arrears Fee $10
Loan term 12 to 24 months
Turnaround time Same day
Costs $400 establishment fee + 48% p.a. interest
Requirements You must have a good credit history, be employed, have a bank account and be 18+
Available to Centrelink Borrowers? No

⚠️ 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 Credit24 loans work?

Personal loan customers can submit an online application 24 hours a day, 7 days a week. The online loan simulator can give borrowers an idea of their repayments as well as the associated fees. The establishment fee will vary according to the amount someone borrows and they will need to submit bank statements for the last three months as proof that they can repay the loan. If someone's application is complete and they meet the eligibility criteria, they can be approved for the loan immediately. It’s important to note that Credit24 will perform a credit check.

Features of a loan from Credit24

People who are interested in applying for a Credit24 personal loan should note its main features:

  • Fully online. From applying to receiving approval, the whole process is 100% online.
  • Turnaround time. After someone uploads their bank statements, they can be approved within the hour. Funds are usually deposited within one business day of the application.
  • Loan amounts. Customers can borrow up to $5,000 over a maximum loan period of 2 years.
  • Tailored terms. Credit24 will offer flexible terms based on what customers can afford. They can decide on a weekly, fortnightly or monthly repayment schedule to suit their lifestyle.
  • Easy repayments. Payments are debited from the account in which loan applicants receive their salary. If borrowers would like to adjust their payment plan, they can request the change without penalty fees.
  • Self-employed applicants welcome. Borrowers who are self-employed can apply for this personal loan with the latest tax notice of assessment as proof of income.
  • Tailored fees. The establishment fee varies based on the amount you borrow and the selected loan period.
  • Repeat borrowing. As soon as a loan customer has repaid their existing loan, they can apply for another loan immediately. They can only have one active loan at a time.
  • Early repayment. If someone wants to repay their loan before the end of the loan term, they can do so at no extra charge.

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?

Below are some of the fees that successful applicants will pay once they receive their funds.

  • Establishment fee. $400
  • Dishonour fee. A fee of $10 will be charged for every failed debit.
  • Enforcement fees. If a customer's payment is more than 30 days late and their account is sent to collectors, they will be charged a fee ranging from 20-50% of the outstanding amount.

Credit24 loan eligibility

Customers will have to meet the following personal loan eligibility requirements before applying for a Credit24 personal loan, successful applicants must:

  • Have a job.
  • Earn at least $600 a month.
  • Be at least 18 years old.
  • Be a permanent resident.
  • Have a decent credit history.
  • Provide a tax notice of assessment as proof of income if they're self-employed.

How to apply

Customers for Credit24 loans can click “Go to site” when they're ready to get their application started. They can then fill in the online form and follow the instructions to upload their bank statements. They also have the option to send in their bank statements by post, but this results in a longer waiting period for approval.

Once all documents have been received, Credit24 will conduct a credit check and respond to each application. If approved, successful applicants can receive money on the same day or within 24 hours.

Customers for Credit24 loans should ensure that they are able to comfortably meet the fees and repayments prior to submitting a a loan application. They should also compare this loan to similar and alternative products prior to applying, to be certain that they are getting the best personal loan option for their circumstances.

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Elizabeth Finder

Lead Editor

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February 16, 2018

I’m on Centrelink currently can I apply for a loan after my first pay slip I’m about to be employed at a job when my internship finishes


Joel Marcelo

March 01, 2018

Hi Indie,

Thanks for leaving a question on Finder.

I’m afraid that Credit 24 cannot offer you a loan if your sole income is Centrelink or if you are unemployed at the time of your application. You may opt to apply for a loan with them as soon as you start work to get better chances of being approved.

With Credit 24, your Centrelink payments are classed as part of your income as long as it is not 50% or more of your total income and will be considered, along with other factors, during your application. As an example:

If your Centrelink payments are $1,000 per month and your salary is $700 per month you are not eligible for a Credit24 loan.

However, if your Centrelink payments are $500 per month and your salary $1,000 per month – you are eligible to apply for a Credit24 loan.

Meantime, if you like to reconsider other lenders aside from Credit 24, you may like to get in touch with a lenders from our list of Centrelink loan options to discuss your eligibility/options.

Please click the name of the lender 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.



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August 19, 2017

How many days will I know?



August 19, 2017

Hi Pholoholo,

Thanks for your question.

If you’re referring to how soon you’ll know whether your application has been approved, once Credit24 has all of your information, it is possible for your loan to be processed within an hour and paid to your account the same day. However, if submit your loan application outside business hours, your loan application will be processed from 8am – 8pm weekdays, and 9am – 5pm on weekends (AEST).

I hope this has answered your question.



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August 14, 2017

I would like to now how much I got out from yous as a loan and what the balance is to date please



August 14, 2017

Hi Alan,

Please note that finder is a financial comparison website offering general advice and we do not represent any of the companies that we feature on our pages.

It would be best to contact Credit24 directly regarding your loan details.



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