What to know before borrowing with Jacaranda Finance
Jacaranda Finance is a short term loan provider that operates online, with most applicants able to find out an outcome of their application within one hour. These loans have flexible eligibility criteria and each application is assessed individually. Customers will be approved if Jacaranda Finance determines that they can repay their loan based on their income, financial history and current commitments.
Loan applicants can potentially borrow up to $4,600 and repay it over 2 years. They'll receive an interest rate from 12% to 47.8%, with a comparison rate of 27.44% to 65.86%, depending on their application.
Features of the Jacaranda Finance personal loan
Flexible loan amounts. Customers can choose a loan amount to suit your needs: borrow anywhere between $2,100 and $4,600.
Quick application and approval. It takes about four minutes to fill out an online application form and applicants can receive their outcome within an hour. If a loan is approved the successful applicant will receive their funds in as little as two hours following their approval, or if they're with a smaller bank it could take 24 hours. If an applicant is with Commonwealth Bank and are approved for a loan, they may receive their funds within seconds.
Bad credit borrowing. Jacaranda Finance considers applications on a case-by-case basis. This means customers can apply if they have negative marks on their credit file; even if they're an undischarged or current bankrupt, they can still apply and be considered for a loan. Applicants in a Part 9 Debt Agreement cannot apply.
Flexible repayment terms. Most payday loans require that you repay your loan within about a month or 60 days maximum. Jacaranda Finance lets you repay your loan over 13-24 months, meaning lower ongoing repayments.
Customers who receive Centrelink can still apply. Government benefits don't exclude people from applying. If someone can meet the repayments their application will be assessed on a case-by-case matter.
No early repayment fees. Anyone can repay their loan early without penalty.
How much will a Jacaranda Finance loan cost?
All loans come with costs, so it's important to be aware of these before applying. Here's what successful applicants will pay with a personal loan from Jacaranda:
Establishment fee: Customers will pay an initial $400 fee.
Direct debit dishonour fee: If Jacaranda Finance attempts to direct debit a repayment from an account and isn't able to, that person will be charged $35.
Things to consider
Even though a loan from Jacaranda Finance is spread over a longer term, 13-24 months, it still carries the same high rates as payday loans. Before taking out a personal loan with this company, it's a good idea for prospective loan applicants to compare options to see if it is the most competitive option available to on the market for their situation, or if a shorter term loan would be more suitable. People will have lower ongoing repayments with Jacaranda compared to other payday lenders, but the interest they will end up paying across the term of the loan will be higher.
How to apply for a Jacaranda Finance short term personal loan
To apply for a personal loan from Jacaranda Finance, just click "Go to site" to fill out an online application form. It only takes four minutes. Make sure to meet the eligibility criteria below. Applicants must:
- Be over the age of 18
- Have online access to a bank account showing at least three months of income
- Be an Australian citizen or permanent resident
- Have a direct contact number
- Have an email address
Prospective loan customers might also be eligible if they receive some form of Centrelink payments, if they're a current or undischarged bankrupt or if they have some negative marks on their credit file. They cannot be approved if they're in a Part 9 Debt Agreement.
Required information and documentation
In an initial application the applicant will need to provide basic details that Jacaranda Finance can use to assess their suitability for a loan. Once they're conditionally approved, hard copies of bank statements and payslips are usually not required as your last three months of statements are accessed electronically. In some cases they'll need to provide hard copies of these. And in some instances an employment check will also be carried out to verify someone's employment status.
⚠️ Warning about Borrowing
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.