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Pros and cons of a Credit24 personal loan


  • Easy application process
  • Same-day loans available
  • No annual fees


  • Maximum interest rates are high
  • No branch access
  • Top-up and late fees charged

Credit24 personal loans rates

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Credit24 personal loan calculator

Thinking about taking out a personal loan with Credit24? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Credit24 personal loans compare with other options.

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Features of a Credit 24 personal loan

Credit24 offers unsecured personal loans, with loan sizes ranging from $500 to $10,000 and loan terms of up to three years. Borrowers have the flexibility to choose their own repayment schedule.

Credit24 loan applications take just a few minutes to complete, and are done entirely online. The funds may be deposited in your bank account on the same day if all the required information is received.

Once you’ve taken out your loan, you can request a change to the repayment terms by emailing Credit24’s accounts team.

Credit24 does not charge annual fees, although establishment fees apply for loans up to $5,000. A monthly service fee is also applicable for loans of less than $2,000. The lender may also charge a late fee. However, Credit24 doesn't penalise you for paying off the loan early.

Credit24 offers a wide range of personal loans, including:

  • Holiday loans
  • Medical loans
  • Rental bond loans
  • Motorbike loans
  • Student loans

Credit 24 personal loans – customer service

Credit24 is an online-only lender. Customer service is available by:

  • Phone, Monday to Friday, 8am to 8pm (AEST), weekends 9am to 5pm (AEST)
  • Email
  • Online enquiry
  • Fax

Who is eligible for a Credit 24 personal loan?

To be eligible for a Credit24 personal loan, you must:

  • Be at least 18 years
  • Be a permanent resident
  • Earn at least $600 per month
  • Be employed and receive your salary in a bank account
  • Have a “reasonable” credit history

How to apply for a Credit 24 personal loan?

To apply for a Credit24 personal loan, you must fill in an online application form, which is available 24 hours a day. It should take about five minutes to complete.

  1. Once you have compared your personal loan options, on the Credit24 website, click 'Start application' and complete the application form.
  2. Credit24 will call you on your mobile phone if it needs to ask any follow-up questions.
  3. Applications are processed within 48 hours. You will be notified of the result by text and email. If approved, you should receive the funds within one business day.

You will have to provide 100 points of identification and three months of bank statements. You will also need an active email address and mobile phone number.

Credit 24 personal loans review

Credit24 is an online-only lender that allows Australians to quickly and easily apply for personal loans over the internet.

A Credit24 personal loan can range from $500 to $10,000, with a maximum term of 36 months (or three years).

Credit24 assesses personal loan applications within 48 hours and pays out approved loans within one business day.

You may be eligible for a Credit24 personal loan if you’re unemployed or on Centrelink, as long as your Centrelink payments are no more than 50 per cent of your total income. If you're a pensioner aged 60-plus, you may be eligible to to apply even with Centrelink being your only source of income.

Credit24 also accepts applications from self-employed borrowers. In that case, you must provide your most recent tax notice of assessment to prove your income.

This lender's maximum interest rate is very high. If you have a good credit history, you're likely to find a lender with lower interest rates on the market.

Before applying for a personal loan, it's best to weigh up several personal loan options by comparing its fees, features and interest rates.

Learn more about personal loans

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.

Can single mothers get personal loans online?

Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

What are the Westpac personal loan eligibility criteria?

The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:

  • You should be over 18 years old
  • You must be a permanent resident or hold a valid visa with confirmed employment in Australia
  • You should earn a regular and permanent income of at least $35,000 before taxes

If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:

  • Personal details including name, contact information, and residential address 
  • Proof of identity such as drivers licence or passport details
  • If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
  • If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips

Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

Can I get a $4000 personal loan if I’m unemployed or on Centrelink?

Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.

If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying to find out whether they accept borrowers on Centrelink.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.