A line of credit offers you continuous and instant access to a quick loan when you need it most. It’s the perfect ‘go to’ when life throws you a curveball or you need a fast financial boost for a specific purpose.
It works by giving you money on demand up to a maximum pre-approved limit. You can choose to use the entire amount or access smaller portions when you need them.
Need easy, manageable repayments? We hear you. That’s why we will set up a very affordable direct debit so you know your minimum payment will always be made, and you can pay extra whenever you want to.
Here’s a guide as to what the direct debit amount will be, depending on what size line of credit you choose.
from 14.90%p.a – 34.90% p.a.
Comparison rates: from 35.32% p.a. – 39.11% p.a.
Application fee: 3% – 15%
Monthly fee: $9
from $200 – $3,000
from 12 – 24 months
|Average Term||24 months||24 months||24months|
|Repayment Per Week||$12||$23||$55|
|Interest Rate Per Annum (APR)||25.12||25.03%||22.97%|
|Comparison Rate *||31.40%||35.84%||35.25%|
We listen, adapt, innovate and grow with our customers so we can provide ongoing value to you.
Apply, approved and funded in as little as 15 minutes
Save up to $115 on small loan
Save up to $357 on medium loan
Returning customer gets up to $453 more on the second loan
65% of our customers enjoy a 42 point increase to their credit score.
A line of credit is like a credit card, but it’s cash. You apply for a pre-approved cash limit, and once approved you have access to cash right up to that limit. A line of credit can provide a more manageable repayment plan too, because unlike a credit card, our line of credit’s minimum repayment amount never changes, so it’s a lot easier to budget for.
If you’re 18 years old, a permanent Australian resident and in regular paid employment, you can apply online for a line of credit facility right now. The limits range from $200 up to $3,000. The best part is that you can keep repaying and reusing the limit, with no need to reapply.
Once you receive approval, you can access your line of credit for:
• Unexpected bills and expenses
• Small and larger purchases
• Ad-hoc or emergency costs
• Deposits or bonds
• Travel or spending money
• Any other personal need you may have
And because our line of credit offers you access to an ongoing limit, you can access it anytime you want through our customer portal. You can be confident knowing you can get quick financial assistance anytime.
Our line of credit interest rates start at an incredibly competitive 14.90% p.a. and go up to 34.90% p.a..
Our personalised rates mean good credit customers are rewarded, while those with lower credit scores can get access to fair-priced loans while they repair their credit profile.
1. A one-time establishment fee when the line of credit is first set up. This ranges from 3% to 8% of the approved line of credit limit.
2. A monthly fee – only applicable when the limit is being used. This is between $5 to $15 per month, depending on your credit score.
Mates Rates is our loyalty program which offers you great rewards on all future loans, as a thank you for coming back to us. Find out more on our existing customers page.
Absolutely. Applying for a line of credit limit with us is completely online and very fast.
Our 100% online process uses illion Open Data Solutions to securely access your recent bank statements in seconds. Our tech smarts then use this securely provided information along with the details on your application form to ensure you experience the fastest loan processing time possible.
Start your online application and see for yourself. And remember, if you run into any problems with our online application or have any questions about the approval process for our personal loans, we’re here to help. Call our team on 1300 324 746 or contact us online via live chat.
A line of credit isn’t better or worse than a loan, it just depends on your needs. If you find yourself getting back-to-back personal loans, a line of credit may be a better idea as you can continue to access the funds without needing to apply again and again.
Yes, it’s like a credit card. Use it to pay off household bills, cover new car tyres or whatever you need.