Lender Review: Credit24

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Company Brief

Small Personal Loans: $500 – $2,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan 2-4% Monthly Fees (based on the borrower’s credit score) Fixed Monthly + Fixed One-time fee of 20% $500 $2,000 1 business day 6 months 12 months

 

The minimum loan amount for small personal loans is $500, and the maximum amount of $2,000. Credit24 offers small personal loans for 6-12 months. The fees included in the loan are the 20% one-time establishment fee and 2-4% monthly fees (depending on the borrower’s credit score).

As an example: a small personal loan amounting to $1,000 to be paid over 6 equal monthly instalments will have an establishment fee of $200 and a monthly fee of $20 (for borrowers with good credit history). The total repayable amount would be $1,000+$200+$120 = $1,320. The payment to be made monthly would be $220.

Medium Personal Loans: $2,001 – $5,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Minimum Loan Term Maximum Loan Term
Personal Loan 24-48% Per Annum (depending on the credit score of the borrower) Fixed Interest Rate $2,001 $5,000 1 business day 12 months 24 months

 

The minimum loan amount for medium personal loans is $2,001, and the maximum amount of $5,000. Credit24 offers Medium personal loans for 12-24 months at a time. In addition, borrowers will pay the interest of 24-48% p.a. (depending on the borrower’s credit score).

For example, a medium personal loan of $3,000 with a 15-months payment term will have a monthly fee of $265.33, including a 24% interest rate per year (for borrowers with good credit standing). The total repayments to be made would be $3,445.62.

Large Personal Loans: $5,001 – $10,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Minimum Loan Term Maximum Loan Term
Line of Credit (LOC) 24-48% Per Annum (depending on the credit score of the borrower) Fixed Interest Rate $2,001 $5,000 1 business day 12 months 36 months

 

The minimum loan amount for large personal loans is $5,001, and the maximum amount of $10,000. Credit24 offers Medium personal loans for 12-36 months at a time. In addition, borrowers will pay the interest of 24-48% p.a. (depending on the borrower’s credit score).

For example, a large personal loan of $10,000 over a 36-month payment term will have a monthly payment of $393.39 with a 24% annual interest rate. Total repayments will be equivalent to $14,161.87 including the principal of $10,000 and the total borrowing fees of $4,161.87.

Credit24 Line of Credit: $500 – $10,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Minimum Loan Term Maximum Loan Term
Personal Loan 2-4% Monthly Fees (based on the borrower’s credit score) Fixed Monthly + Fixed One-time fee $500 $2,000 1 business day NA 36 months

 

The Credit24 Line of Credit is a flexible online virtual credit account that allows you to access funds at any time. Withdraw up to the credit limit of your account and make repayments as you go. It is appropriate for persons who have a strong credit history and want to borrow money flexibly.

The minimum loan amount for Credit24 Line of Credit is $500, and the maximum loan amount of $2,000. Borrowers will pay 24-48% per annum only on the money withdrawn from the Line of Credit.

For example, if the borrower takes out a $3,000 loan from his Line of Credit, he will pay $118.02 per month with a 2% monthly interest payable for 36 months.

Breakdown of all fees for each loan product

The following are the lending costs of Credit24 small personal loan:

  • Establishment Fee: 20% of the loan amount
  • Monthly Service Fee: 2-4% of the loan amount (depending on the credit score of the borrower)
  • Late Fees: $10 per week of delinquency

Meanwhile, the following are the lending costs of Credit24 medium personal loan:

  • Establishment Fee: up to $400
  • Annual Interest Rate: 24%-48% Per Annum (depending on the credit score of the borrower)
  • Late Fees: $10 per week of delinquency

The lending costs for large personal loans are as follows:

  • Annual Interest Rate: 24%-48% Per Annum (depending on the credit score of the borrower)
  • Late Fees: $10 per week of delinquency

For Credit24 LOC, the following are the fees:

  • Annual Interest Rate: 24%-48% Per Annum on the outstanding balance (depending on the credit score of the borrower)
  • Late Fees: $10 per week of delinquency

Application Process

The application process for Credit24’s loan products can be done through an online application form on their website. Through the online application process, you have the option of choosing your loan amount and an affordable repayment schedule. Your recurring repayments will be laid out for you, and if they seem manageable, you may proceed with your application. To complete the application process, you will need to provide the following details:

  • Your cell phone number as well as an active email address
  • Driver’s License Number (if you have one)
  • Access to your bank statements for the previous three months (this can be retrieved via Illion’s secure bank data portal)

Loans are often approved on the same working day. Money is usually delivered within 24 hours after filing your loan application and after your loan is accepted. If your loan is approved before 3 PM AEST during weekday business hours, you might get the cash through your bank account in as little as an hour, depending on the banking institution.

Loans approved by the accounts team after this time will be transferred the next business day. Payments will be completed within a few hours if you bank with ANZ, Westpac, Commonwealth, or NAB. Other banks may need up to the next working day for funds transfer.

To be eligible for a Credit24 loan, you must meet the following requirements:

  • You must be an Australian citizen or a permanent resident of Australia.
  • You must be at least 18 years old.
  • Employed and have money deposited into your bank account.
  • Have a good credit history.
  • Make at least $1,000 every month.

Notable Loan Product Features

Some of the unique loan features of Credit24 products include a 24/7 online application with funds received within the hour (for select banking institutions, provided the lender approves the application before the daily cutoff of 3 PM AEST). Repayment terms are also extended up to 36 months for large amount loans and Line of Credit loans. Credit24’s online portal also demonstrates how much you owe at the moment, with an option to make early repayments.

The company provides loan top-up to select borrowers. A loan top-up is an additional loan given by the lender to borrowers on top of their existing loans. Eligible customers will receive an invitation via SMS or email or through the self-service portal to make a loan top-up.

To enhance your eligibility, make sure you pay your loans on time within the loan repayment period and have a solid payment history with your other service providers. If you have a plan to manage your money and finance it will make the process easier.

The Company

Positives:

  •     Speedy loan application process and loan approval process.
  •     Online processing of application through the self-service portal
  •     Loan top-up options for eligible borrowers
  •     Auto-debit arrangement for scheduled payments

Negatives:

  •   Problems with the user interface of the self-service online portal, resulting in a slow process for online customers.

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