City Finance is a loan provider in Australia, having started operations more than 20 years ago. The lender provides cash loans of up to $5,000 with a loan term of up to 104 weeks. The loan service is available both online and at designated branches, with loan amounts capped at $2,000 if applying online and at $5,000 if applying at a branch. Also, loans exceeding $2,000 can only be applied at a branch. City Finance loans can be used to pay for all types of personal expenses including repair work, medical bills, or even to pay for a vacation.
Types of loans
There are two types of loans being offered by City Finance:
- Small Loans, capped at $2,000 with a loan term of up to 52 weeks
- Medium Loans, capped at $5,000 with a loan term of up to 104 weeks
The final loan amount is determined based upon the borrower’s credit score and income. Minimum loan term is 17 weeks for all loan types.
The following eligibility criteria must be met to apply for a City Finance loan. Borrowers must:
- Proof of income, including employment and/or benefits information
- Show sufficient affordability to make loan repayments
- Have a satisfactory credit history
Pros & Cons
- Fast online application process
- Long loan repayment duration results in smaller repayments
- Loan amount of up to $5,000 available
- Loan amounts exceeding $2,000 can only be availed at a branch
Borrowing costs of City Finance loans
City Finance charges a 20% establishment fee and 4% monthly fee on small loans, and $400 establishment fee and APR of 48% on medium loans.
|Loan Type||Loan Amount||Loan Term||Total Repayment||Total Borrowing Cost|
|Small Loans||$1,500||16 weeks||$2,040||$540|
|Small Loans||$2,000||32 Weeks||$3,040||$1,040|
|Medium Loans||$3,000||22 Weeks||$4,007.13||$1,007.13|
|Medium Loans||$4,500||52 Weeks||$6,186.96||$1,686.96|
Information Required To Apply
The following information is required to apply for a City Finance loan:
- Loan details, including required amount, required loan term, and loan purpose
- Personal information including name, address, and contact information
- Bank statements
- Budget details including information about income and expenses
How To Apply
Step 1 – Fill out the online application form, or visit the branch
To access the online application form, log on to cityfinance.com.au, and click on the Apply Now button.
On the following screen, enter your postcode.
Then, fill out your details as accurately as possible. Once the form is completed, submit it for review.
Step 2 – Application review and finalization
Once your application form is received, the lender will contact you to process the application and review submitted information. At this stage, the lender might require you to submit additional documentation as well, if necessary.
Step 3 – Approval and disbursement
If your loan application is approved, the lender will disburse the loan amount.
- What is the maximum amount I can borrow from City Finance?
The maximum amount available is $5,000.
- How long will it take for funds to reach my account after disbursement?
It may take a few minutes for funds to reach your account after they have been transferred.
- Does City Finance approve applicants with a bad credit history?
Each case is evaluated individually, although a satisfactory credit rating is required to apply.
- What can a City Finance loan be used for?
A City Finance loan can be used to pay for any personal expense.
- Does City Finance conduct any credit checks?
Yes, City Finance conducts a credit check for every loan application.
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No promo codes are available for City Finance at this time.