Credit24

Who qualifies for a Credit24 loan?

Credit24’s eligibility FAQs exclude applicants with a current default or an undischarged bankruptcy. They give no minimum credit score or waiting period after a default is settled. Credit24 checks your credit file and bank transactions to assess whether your income can cover a new repayment alongside living costs and existing debts.

• Age and residency. New applicants must be aged 18–69. Australian citizens, permanent residents, New Zealand citizens and holders of certain temporary visas may apply. Student visa holders are excluded. The personal-loan target market allows existing customers up to age 76 inclusive. The small-loan document has a separate age limit.
• Income. The product documents specify more than $500 a month and accept full-time, part-time, casual or self-employed income. A separate declined-application guide quotes $1,000 a month. If you earn between those figures, confirm the threshold before lodging a credit enquiry.
• Centrelink. Benefits can generally make up no more than half your monthly income. Credit24’s Centrelink guidance makes an exception for pensioners aged 67 or over, who may apply on Centrelink income alone. The age and affordability checks still apply.
• Documents. Have a mobile number, email address and identification details ready. Credit24 uses illion for read-only access to three months of bank statements and says it does not accept PDFs. Its credit reporting policy explains how it handles application and credit information.

When a Credit24 loan may suit

A borrower who missed repayments in the past but now has steady income may be able to spread a necessary expense over a set term. Compare the instalment with what remains in an ordinary pay cycle after rent, food, bills and debt repayments. If the loan would cover a recurring shortfall, the next pay cycle brings both the same bills and a new direct debit.

For an essential appliance, car repair or dental bill, eligible borrowers may have access to a No Interest Loan with no interest or fees. For a cash expense, compare other borrowing options for people with bad credit by checking each lender’s default policy before applying.

How to apply and when funds arrive

Application and credit check

Use Credit24’s online application to request an amount and provide your identity, income, expenses and bank details. The lender records an enquiry on your credit file even if it declines the application. If the online check gives conditional approval, a loan agent reviews the details and may call for more information. Check the repayment schedule and total payable before accepting.

Decision and payment times

You can submit an application at any time. Credit24 lists assessment hours as 8 am–8 pm Monday to Friday and 9 am–5 pm Saturday, AEST. After final approval, money can reach an Osko-participating bank within minutes. Other transfers usually take up to 24 hours. That transfer estimate starts after approval.

Questions to ask before signing

• How much will arrive in my bank account, how much will you debit each payday, and what is the total if I pay on schedule?
• For a small loan, what amount do you use to calculate each monthly fee? If I pay out early, which future fees fall away?
• If a direct debit fails, when will you try again, what will each attempt cost, and what cap applies under my contract?

Credit24 advantages and limitations

Advantages. You can borrow without offering a car or other asset as security. Credit24 aligns direct debits with your pay cycle and allows extra repayments or early settlement without a penalty. On an interest-bearing loan, reducing the outstanding balance early can cut the interest you pay.

Limitations. A formal application leaves a credit enquiry, and a current default rules out approval. Fees also weigh heavily on smaller amounts. A $400 establishment fee on a $2,500 medium loan equals 16% of the amount borrowed before interest.

Credit24 interest rates, fees and total repayments

• Small loans, $500–$2,000. The product table lists a 20% establishment fee, a 2%–4% monthly service fee and no interest or applicable APR. The table and small-loan target market specify 6–12 months. The pricing fine print gives a 120-day minimum and uses a 4% monthly fee. Confirm the term and fee on your offer.
• Medium loans. The table starts this band at $2,001, while the target market and detailed APR disclosure start at $2,100. Both go up to $5,000. Over 12–24 months, Credit24 lists a $400 establishment fee, no monthly service fee and a personalised APR of 24%–47.9% p.a. Its published comparison rate is 32.29%–57.05% p.a., based on an unsecured $2,500 loan over two years with the $400 fee included.
• Large loans. The detailed pricing covers $5,100–$10,000 over 12–36 months, with no establishment or monthly service fee. The published APR is 24%–47.9% p.a. The comparison rate is also 24%–47.9% p.a., based on an unsecured $10,000 loan over three years. Credit24’s FAQ starts this band at $5,001, so confirm availability and fees for amounts just above $5,000.

The product table and detailed rate disclosures express the upper interest rate as 48% and 47.9% respectively. Comparison rates apply to the stated examples, may exclude some costs and will differ for other amounts or terms. Credit24 says loan insurance is optional.

Missed repayments. The FAQ describes a $10 weekly default fee. The pricing fine print describes $10 per dishonoured debit attempt, with up to two attempts for a late fortnightly instalment or four for a late monthly instalment. It gives a $50 calendar-month cap once a payment has been outstanding for 30 days. Ask Credit24 which rule applies to your schedule.

Credit24’s $1,000 example over six months

At the published 4% monthly fee, the establishment fee is $200 and each month costs $40 in service fees. Six monthly repayments of $240 total $1,440, comprising $1,000 principal and $440 in fees. This assumes all six payments arrive on time. One month’s fee is calculated on the original $1,000 in this example, even after repayments begin.

Verdict on Credit24 for bad credit

Check the status of any default first. If it is current, Credit24’s published criteria rule out the application. If it is settled and your budget has recovered, the strongest feature is the option to repay early without a fee. Compare the written total for the amount you need with other unsecured personal loans over the same term. On a small loan, the monthly service fees can matter more than the absence of interest.

Credit24 bad credit loan FAQs

Will Credit24 consider me if I have paid a default?

A current default on your credit file or an undischarged bankruptcy makes you ineligible. For a paid default, Credit24 gives no minimum credit score or waiting period. It assesses your repayment history, income, expenses and existing debts. If you recently settled a default, check that your credit report shows it as paid before applying. See Credit24’s eligibility FAQs.

Can I get a personalised Credit24 rate without a credit enquiry?

Credit24’s public calculator gives an estimate only. Credit24 says every formal application creates an enquiry on your credit file, including applications it declines. If another lender offers a personalised quote using a soft credit check, you can obtain that quote before deciding whether to submit a Credit24 application.

How much of my income can come from Centrelink?

Credit24 generally accepts Centrelink payments up to 50% of total monthly income. If you receive $900 from Centrelink and $900 in wages, you meet that income-mix test, although credit and affordability checks still apply. Pensioners aged 67 or over may apply on Centrelink income alone. A separate age rule excludes new applicants aged 70 or over. See Credit24’s Centrelink rules and applicant age limits.

Can I qualify on self-employed income if my credit history is patchy?

Credit24 accepts applications after more than 12 months of self-employment. It requires three months of bank statements through illion’s read-only service and may also request your latest ATO Notice of Assessment. Its application FAQs say it does not accept PDF statements. Having the required trading history satisfies one eligibility condition; the usual credit checks still apply.

What does a $1,000 Credit24 loan cost compared with another small loan?

In Credit24’s six-month example, you repay $240 a month, or $1,440 in total. The $440 borrowing cost comprises a $200 establishment fee and six $40 service fees. The example uses the upper end of Credit24’s advertised 2%–4% monthly fee range and assumes on-time payments. For another six-month offer that puts $1,000 in your account, compare its total repayments with $1,440.

Why is Credit24’s comparison rate higher than its interest rate on a $2,500 loan?

The $400 establishment fee alone equals 16% of a $2,500 loan. Credit24 publishes an APR of 24%–47.9% p.a. and a comparison rate of 32.29%–57.05% p.a. for its unsecured $2,500 example over two years. The comparison rate includes the establishment fee. Use the same amount and term when comparing lenders, then check the total payable at the rate each actually offers you. See Credit24’s comparison-rate disclosure.

Which figure should I use when comparing Credit24’s $6,000 example?

Ask for a written repayment schedule. Credit24’s published example gives a total of $7,543.87 at 24% p.a. over 24 months. Its stated monthly repayment of $318.09 adds up to $7,634.16 over 24 equal payments. The $90.29 difference is unexplained. Use the total and final instalment in your personalised offer for comparison.

Can I cancel if another lender offers me a cheaper loan?

Yes, if Credit24 has yet to transfer the funds. Call 1300 293 000 to cancel. After transfer, you can request a payout figure and settle early without an early closure fee. Compare that payout plus the new lender’s fees and interest with the repayments still due on your Credit24 loan.

The separate 60-day promotion terms give 30 September 2026 as the closing date for eligible new contracts. Those terms do not establish a fee waiver for a loan taken out after that date.

What can a missed direct debit cost, and can Credit24 change my repayments?

Credit24’s FAQ describes a $10 weekly default fee, while its pricing fine print describes $10 per failed debit attempt, with up to two attempts for a late fortnightly payment or four for a late monthly payment. It states a $50 calendar-month cap once a payment has been outstanding for 30 days. If you expect a debit to fail, call 1300 293 000 before it falls due. Credit24 may reduce payments temporarily or extend the term through its hardship process.

If you dispute a charge, ask Credit24 for the date of each debit attempt and the contract clause used to charge it. You can lodge a complaint with Credit24 and take an unresolved dispute to the Australian Financial Complaints Authority free of charge.