Credit24 Loans Review

Company Outline

credit24 loans

Credit24 Loans offers loan products that can be customised, letting customers choose the loan amounts and terms of payback. Sydney, Australia serves as the company’s headquarters. It was founded in 2012.

The customer support line for Credit24 is available 8 a.m. to 8 p.m. AEST Monday through Friday and 9 a.m. to 5 p.m. AEST on Saturdays. Although applications can be submitted after hours, they won’t be processed until the next day during regular business hours. Credit24’s credit licence number is 422839, and its ABN is 59130894405.

Small Amount Loans

Medium Amount Loans

Large Amount Loans

Additional costs related to Credit24 Loans:

For small personal loans, the establishment cost is 20% of the entire loan amount; for medium loans, it is a fixed $400 establishment fee.

$10 weekly late payment fee

The Credit24 website makes no mention of default or early repayment costs.

How to Apply

The online application form available on Credit24’s website facilitates the application procedure for their lending products. You can select an affordable repayment plan and the amount of your loan during the online application procedure. You can move forward with your application if your regular repayments have been outlined and you feel that they are manageable. In order to finish the application process, you must submit the following information:

  • Both your mobile number and a working email address
  • Your driver’s licence number, if applicable
  • Access to the last three months’ worth of bank statements

You have to fulfil the following conditions in order to be qualified for a Credit24 loan:

  • Be a citizen of Australia or a permanent resident.
  • Be at least eighteen years old
  • Have a job and have funds transferred into your bank account.
  • Possess a solid credit record.
  • Earn $1,000 or more per month.

Key Features of Credit24 loans

A 24/7 online application with the possibility of receiving cash within the hour (for certain banking institutions, provided the lender approves the application before the daily cutoff of 3 PM AEST) is one of the special lending characteristics of Credit24 products. Loans for big amounts and Line of Credit also have repayment terms extended up to 36 months. You can choose to make early repayments through Credit24’s online portal, which also shows you how much you now owe.

The business offers loan top-ups to particular customers. A loan top-up is an extra loan that the lender extends to borrowers in addition to the ones they already have. Customers who meet the requirements will be invited to make a loan top-up by email, SMS, or self-service site.

Make sure you have a good payment history with your other service providers and pay your loans on time within the allotted loan payback period in order to improve your eligibility. It would be simpler to handle your finances and money if you have a strategy.

Positives

  • Quick approval and application processes for loans.
  • Application processing online using the self-service portal
  • Options for loan top-ups for qualified borrowers
  • Set up an auto-debit account for regular payments

Factor In Costs

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

16 days (minimum)

12 months (maximum)

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Loan amount

$2,100 - $4,600

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.

Example

Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

47.8% Comparison Rate p.a.

Example

Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04.

This is an estimate only and the comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit.The maximum interest rate for a Personal Loan is 47.8%. Comparison Rate 47.8% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.