Enjoy the customer service difference – even if you have bad credit
Jacaranda Finance is a different sort of short-term loan provider. While other lenders rely solely on technology to process applications, Jacaranda has a member of their team involved with processing each and every application. Their focus on personal customer service is a core part of their lending business, as is their competitive personal loan product. Find more out about the benefits of their short-term personal loan on the page below and see if it's right for you.
What to know before you borrow 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. You can borrow up to $2,000 and repay it over year. They have flexible eligibility criteria and each application is assessed individually. You'll be approved if Jacaranda Finance determine you can repay your loan based on your income, financial history and current commitments.
Compare Other Payday Loans
Whilst we don't compare Jacaranda Finance Personal loan directly, here are some other loans that are similar.
Five features to know about
- How much you can borrow. You can choose a loan amount to suit your needs — borrow anywhere between $400 to $2,000.
- How long the application process takes. It takes about four minutes to fill out an online application form. If your loan is approved you will receive your funds in as little as two hours following your approval, or if you are with a smaller bank it may take 24 hours. If you are with Commonwealth Bank and you are approved you'll get your cash in seconds.
- You can borrow if you have bad credit. Jacaranda Finance considers applications on a case-by-case basis. This means you can apply if you have negative marks on your credit file, or even if you are an undischarged or current bankrupt, you can still apply and be considered for a loan. If you are in a Part 9 Debt agreement you can't apply.
- You have longer to repay your loan than with a standard payday loan. 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 12 months, meaning lower ongoing repayments and less of a strain on your budget.
- If you receive Centrelink you can still apply. Government benefits don't exclude you from applying. If you can meet the repayments your application will be assessed on a case by case matter.
How much will a Jacaranda Finance loan cost me?
All loans come with costs, so it's important to be aware of these before you apply. Here's what you'll pay with a personal loan from Jacaranda:
- Establishment fee: To set up the loan you'll be required to pay 20% of your principal loan amount.
- Monthly fee: Every month you're repaying your loan you'll pay 4% of your principal loan amount.
- Direct debit dishonour fee: If Jacaranda Finance attempt to direct debit a repayment from your account and aren't able to, you'll be charged $35.
Things to consider
Even though a loan from Jacaranda Finance is spread over a longer term — 12 months — it still carries the same high rates as payday loans. Before you take out a personal loan with them compare your options and see if they are the most competitive option available to you, or if a shorter term loan would be more suitable. You will have lower ongoing repayments with Jacaranda than compared with other payday lenders, but the interest you end up paying across the term of the loan will be higher.Back to top
How to apply
If you're interested in applying 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 you meet the eligibility criteria below:
Am I eligible?
- You're over the age of 18
- You receive a regular income of at least $400 a week into a personal bank account
- You're an Australian permanent resident
- You have a direct contact number
You might also be eligible if you receive some form of Centrelink payments, if you're a current or undischarged bankrupt or if you have some negative marks on your credit file. Unfortunately, you cannot be approved if you are in a Part 9 Debt Agreement.
What information do I need to provide?
In your initial application you will need to provide basic details that Jacaranda Finance can use to assess your suitability for a loan. Once you are conditionally approved, hard copies of bank statements and payslips are usually not required as your last three months of statements are accessed electronically. Keep in mind, though, that in some cases you will need to provide hard copies of these. In some cases an employment check will also be carried out.
Warning about Borrowing
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.