What Is Credit24 and How Does It Work?

Credit24 is a non-bank lender that offers personal loans to Australians. Unlike traditional banks, they focus mainly on quick, short-term borrowing. Their loans are designed for people looking for fast access to cash—say, for a car repair, emergency expenses, or consolidating debt.

Getting a loan from Credit24 is generally straightforward. You fill out an online application, get approved quickly, and receive funds in days. They usually target those with relatively good credit scores, but their flexible approach makes them appealing for many.

How does it work?

• Loan amounts: Ranges from $1,000 to $5,000, depending on your eligibility.
• Repayment terms: Usually 3 to 12 months.
• Interest: Fixed rates apply, meaning your payments stay the same throughout the term.

Because their focus is on short-term loans, they are less suitable if you’re after a mortgage or a longer-term financing plan.

Who Is Credit24 Best For?

Are you someone who needs quick cash? Or perhaps you’re in a tight spot and want to avoid lengthy processes? Credit24 suits those who:

• Need a small, fast loan with minimal hassle.
• Already have decent credit history.
• Want predictable, fixed repayments.
• Are comfortable paying higher interest for quick access.

If you’re after a large loan for a house or investment property, you’ll need to look elsewhere. Their structure isn’t designed for those longer, more complex borrowing needs.

What Are the Interest Rates and Fees?

Interest rates with Credit24 are higher than what banks typically charge. This is common with non-bank lenders, given the higher risk they take on.

As of 2025, typical representative interest rates hover around 20–25% per annum. This way, your monthly payments are predictable, but overall, the cost can add up.

Here’s a quick example:

Suppose you borrow $2,000 for 6 months at an interest rate of 22%. Your total interest might be around $220. Your monthly repayments would include the principal plus interest, roughly $370 per month.

Additional fees:

• Some administration or establishment fees may apply.
• Early repayment often incurs no penalty, but check your contract.

Important: Always read the fine print. Higher rates mean you should only borrow what you genuinely need and can repay comfortably.

Eligibility: Can You Get a Credit24 Loan?

Getting approved depends on several factors:

• Credit history: They review your credit report, so a clean record helps.
• Income: You should have a steady income stream.
• Age: Must be 18 or older.
• Residency: An Australian resident with a valid ID.

In my experience as a finance advisor, Credit24 tends to be more accessible than banks for consumers with slightly damaged credit histories. However, they still prefer applicants demonstrating responsible borrowing in the past.

The Application Process: Quick and Simple?

Yes, Credit24’s online application is streamlined:

1. Fill out the form with personal details, income info, and the loan amount.
2. Submit your documents, like proof of income.
3. Get an instant decision—sometimes within minutes.
4. If approved, funds can arrive in your account the same day or next business day.

Tip: Always have your identification and income documents ready to speed up the process.

Repayment Options and Flexibility

Repayments are fixed, meaning each installment is the same. You typically set a date each month, making budgeting simpler.

Early repayment is straightforward and often without penalty. If you come into extra cash, paying your loan off early can save interest.

Pro tip: Use the calculator on their website to see how different repayment periods affect your total cost.

Pros and Cons of Credit24

Pros

• Fast approval and funding: Get money quickly when you need it.
• Simple process: No complex paperwork or collateral.
• Flexible repayment periods: 3–12 months to suit your budget.
• No early repayment penalty: Pay off early without extra charges.

Cons

• Higher interest rates: Costlier than bank loans.
• Short-term only: Not suitable for long-term financing needs.
• Limited loan amount: Up to $5,000, which isn’t enough for big purchases.
• Potential for debt cycle: Easy approval might tempt some to borrow beyond their means.

Is Credit24 Right for You?

If you need a small, short-term loan and value speed and convenience, Credit24 can be helpful. But remember:

• Only borrow what you can repay comfortably.
• Consider if the higher interest fits your budget.
• Use their calculator to see the true cost.

In my ten years as a mortgage broker, I’ve seen many bounce back from such quick loans, but I’ve also seen some get into debt traps. Always borrow responsibly.

How Does Credit24 Compare to Other Lenders?

Compared to traditional banks, Credit24 offers speed and simplicity. However:

• Banks typically have lower interest rates but stricter approval.
• Other online lenders may have similar rates but different fees or features.
• Credit unions often offer better rates but less convenience.

According to ASIC (Australian Securities & Investments Commission), always compare the annual percentage rate (APR), not just the advertised rate, to understand the total cost.

Final Thoughts: Is It the Right Choice for Aussies?

Credit24 can be a useful tool for Aussies needing quick cash. It fills the gap between urgent needs and traditional lending. But with higher rates comes the responsibility to borrow wisely.

Key takeaway: Use Credit24 only for small, manageable expenses. Avoid using it as a long-term credit solution.

If you’re clear on your needs, understand the costs, and have a repayment plan, Credit24 might be a good fit. Otherwise, consider other options or consult a financial advisor.

Remember, good borrowing habits today set the foundation for financial health tomorrow.