Credit24 personal loan, Credit24 loan interest rate, Credit24 loans contact number, how to apply, eligibility criteria & requirements
As the living standard of people has increased so the increase in the spending power. people like to live a better life and for that you need money. Also when something unexpected came up you need money to tackle it. with the increase of the lending platform in the market getting loans is easy but the question is from which platform? Today we are here with Credit24 Reviews | How to Apply For a Personal Loan with Credit24 which can make your selection process easy.
| Loan App Name | Credit24 |
| Loan Amount | $500 to $10000 |
| Loan Tenure | 6 months to 36 months |
| Interest Rate | 24% p.a – 47.8% p.a |
| Establishment Fee | 20% or $400 depending on the total loan amount |
The detailed analysis will cover Credit24 features, requirements, Interest rates, pros & cons, loan application procedure, etc.
Contents
What is Credit24?
It is an online loan provider company that offers mainly short-term and medium-term loans to Australians.
It has started its operation in 2012 in Sydney, Australia. Its loan application procedure is flexible, convenient, secure, and hassle-free.
It only accepts online loan applications as it is 100%, online lender. Its application process is easy and fast.
Credit24 is owned by IPF Digital (former MCB Finance), a leading online provider of short and medium-term loans.
IPF is also listed on the London Stock Exchange since 2007. It has a customer base of 2.5 million across 12 international markets.
Types of Loans Credit24 Offers
- Personal Loan
- Line of Credit
- Student Loans
- Car Repair Loans
We will focus on Personal loans as it is the most common people chose for their requirements.
Credit24 Personal Loan
A personal loan lets you borrow a set amount of money from a financial institution. You have to repay the borrowed amount of money with interest over an agreed fixed term.
A personal loan generally means the loan which you can use for your personal requirement, it can be anything like car purchase, home improvement, medical expenses, marriage, etc.
Credit24 offers three types of Unsecured personal loans which are mentioned below.
- Small Personal Loans
- Medium Personal Loans
- Large Personal Loans
Small personal loans are unsecured personal loans that can be the best solution to a short-term cash-flow problem. If you need cash for an urgent expense, but can not wait until your next payday, then small loans could help you.
For medium personal loans, you can opt for slightly bigger purchases whereas Large personal loans are for unexpected expenses.
Credit24 Personal Loan Eligibility & Requirements
- Be 18 years or older.
- You must be an Australian citizen or permanent resident.
- You should have a steady source of income. Income proof is needed. must have received a regular income (for the last 90-days).
- You must have a bank account where money is paid every month and phone number in your name.
- You should have Internet Banking for the bank account where your income is deposited.
- You must earn atleast $600 per month and have a reasonable credit history.
- Income from Centrlink should be not more than 50%.
- You should not in a debt agreement or about to enter bankruptcy.
Documents that you may need to apply for a loan
- Your photo ID documents such as your Australian driving license or Passport.
- Details of your current and previous (if applicable) employer.
- Details of your income, assets, expenses and liabilities.
- If you are self employed you need to show most recent individual tax return and the corresponding notice of assessment from the Australian Taxation Office.
- last 3 months bank statements.
Credit24 Personal Loan Features
- The loan process is completely online. no Paperwork.
- The loan application process quite simple ,easy and fast.
- The fund will be transferred to your bank account within few hours of your loan application approval.
- Credit24 offers small personal loans from $500 to $2000, medium personal loans from $2001 to $5000 and large loans from $5100 to $10000.
- Loan terms for Personal Loans range from 6 months to 36 months, depending on borrowed amount.
- Its personal loans are unsecured.
- The repayment frequency is weekly ,fortnightly and monthly.
- For small loans of less than $2000, the Annual Percentage Rate (APR) is not applicable. however for medium and large personal loan the APR ranges from 24% p.a – 47.8% p.a.
- There are no restrictions or penalties for repaying your loan early. You could save on interest or fees as well.
Credit24 Personal Loan Interest Rates & Fees
- Interest rate: For small loans of less than $2000, the Annual Percentage Rate (APR) is not applicable. however, for medium and large personal loan the APR ranges from 24% p.a – 47.8% p.a.
- Establishment Fees: For small loans the Establishment fee is 20% of the loan amount, for medium loans its up to $400, and for large loans, there is no establishment fee.
- Late Fee: The late repayment fee is $10 per week.
- Monthly Fee: You have to pay a monthly service fee of 2%-4% of the loan amount for the small loans.
| Types of Charges or Fee | Rate or Payable Amount |
|---|---|
| Interest Rate | For small loans of less than $2000, the Annual Percentage Rate (APR) is not applicable. however, for medium and large personal loans the APR ranges from 24% p.a – 47.8% p.a. |
| Establishment Fee | Small Personal Loan up to $2000 = 20% of the Loan Amount For Medium Loans $2001 to $5000 = Up to $400 For Larger Loans $5001 to $10000 = No establishment fee |
| Late Fee | The late repayment fee is $10 per week. |
| Monthly Fee | You have to pay a monthly service fee of 2%-4% of the loan amount for the small loans. |
How to Apply for a Credit24 Personal Loan?
- Visit Credit24 official website, select your required amount, repayment terms, choose your credit history and click on the Start Application button.
- On the next page your name ,date of birth, Mobile number, email address and click on the Sign up button.
- Next, fill your fill your income & employment details ,enter your bank details, proof of income etc. and submit the loan application.
- Then, to finalise your loan application and to get some additional details, you will get a call from Credit24 .
- Once they have all of your information, they will give you a decision on your application.
- After confirming the details if your loan amount is approved, the fund will be transferred to your bank account within 60 mins.
How Does a Credit24 Personal Loan Process Work?
- Apply: Complete the loan application process online by sharing basic information about your income, employment, personal details, address, bank details etc. it will take only few minutes to fill the loan application.
- Lending Decision: Once the application process is completed, Credit24 will process your application and provide you a lending decision quickly.
- Confirmation Call: To finalise your loan application and to get some more information, credit24 Staff person will speak with you.
- Sign Documents: If your selected loan amount is approved, review, accept it and sign your loan agreements.
- Get Funds: After accepting & signing the loan agreements, you will receive cash to your linked bank account via Direct deposit within 24 hours .
How Credit24 Personal Loan Repayment Works?
Your loan repayments will be debited directly from your bank account on a date that you have agreed to throughout the application process.
In simple terms, It means your regular scheduled payments will be automatically withdrawn from your bank account when your payments are due, so you need not worry about missing a payment.
Make sure to maintain a sufficient balance in your bank account on the due date to avoid Dishonour Fee or NSF (Non-Sufficient Funds).
Is Credit24 Legit and Safe?
Yes, it is a legit and safe loan provider platform that is used by Australians to get small to medium terms loans.
Credit24 is owned by IPF Digital (former MCB Finance), a leading online provider of short and medium-term loans.
IPF digital provides loans to customers in Australia, Europe, and Mexico and has approved over 200,000 loans worldwide.
It is committed to protecting the privacy and security of your personal information. When your personal information (including when it is no longer required by law to keep records relating to you), is not required Credit24 ensures that it is destroyed or de-identified.
Credit24 Loans Pros & Cons
| Pros | Cons |
|---|---|
| The application process is completely online. | High-interest rates may apply if the credit score is poor or bad for large loans. |
| Money will be credited to your bank account within 24 hours. | You must earn at least $600 per month. |
| Loan options are there like a small loans, medium loans & Large loans. | Your Centrelink payments are counted as part of your income. it cannot be more than 50% of your total income. |
| Centrelink benefits are available for the customers. | You must have a reasonable credit history. |
Credit24 Loans Reviews & Feedback
Productreview.com.au shows 24 reviews on its website out of which only 2 have a five-star rating. Overall It has a rating of 1.4 out of 5 which is poor.
Trustpilot shows 12 reviews on its website out of which 25% are having excellent reviews. Overall It has a rating of 2.5 out of 5 which is poor.
But you do not need to worry based on rating. these ratings are based on various factors. you have various other options as well in the market to get a loan. you can find them below under the Related Articles option.
Credit24 Contact Details
Credit24 Customer Support Contact Number = 1800 091 967
Credit24 FAX Number = 02 8079 0791
Credit24 email address = info@credit24.com.au
Credit24 Sydney office Address:
IPF Digital Australia Pty Ltd
61-63 Great Buckingham St
Redfern NSW 2016
Credit24 Opening Hours | Business Hours =
Monday to Friday = 8 am to 8 pm (AEST)
Saturday & Sunday = 9 am to 5 pm (AEST)
Conclusion
In this post, we have done Credit24 Reviews | How to Apply For a Personal Loan with Credit24. I hope the reviews will be useful in deciding the platform as per your requirements.
It was launched in the year 2012 and it can be considered as a payday loan alternative where you pay a higher rate of interest. It can also help you to get away from the traditional lending procedures.
The only thing you need to make sure that the charges and fees should be checked and confirmed with the Credit24 staff clearly to avoid any confusion later.
Read Also
- Jacaranda Finance Loan Reviews | How to Get a Personal Loan with Jacaranda
- How to Get Sympleloans Personal Loan | Symple Loans Reviews
FAQs
Credit24 Phone number = 1800 091 967
Monday to Friday = 8 am to 8 pm
Saturday & Sunday = 9 am to 5 Pm
Yes, being a responsible lender, Credit24 conducts a credit check on all applications and it will show as an enquiry on your credit file.
Credit24 offers Personal Loans or a Line of Credit up to $10000.
You can cancel your loan application anytime before transferring funds to your account. If you want to cancel your Credit24 loan application, you can call the number 1800 091 967 or email at customercare@credit24.com.au.
After submitting your loan application and if your loan is approved, money will be generally paid within 24 hours.
No, Credit24 customers can have only one active loan at any given time. As soon as your existing Credit24 loan is finished, you are eligible to re-apply on the Credit24 website using the login section.
