Jacaranda Line Of Credit Target Market Determination

The table above matches the Product Attributes to the Objectives and Needs of the Target Market for this Product.

Financial Situation

The Jacaranda Line Of Credit is designed for individuals 19 years and above who are a permanent resident or citizen of Australia with a fixed address and have the following objectives, needs and financial situation:

• receive 49% or less of their income from Centrelink;
• receive regular and consistent income into a personal bank account;
• need a loan amount between $1,000 and $2,000;
• meet Jacaranda’s credit assessment criteria which includes demonstrating the capacity to make the required repayments on the credit facility without substantial hardship.

Jacaranda’s Line Of Credit product is unlikely to be suitable for the following Consumers:

• who are solely reliant on Centrelink benefits;
• want to deal with a lender in person or via a branch;
• who are unable to demonstrate income being deposited into their personal bank account;
• are not an existing Jacaranda customer;
• have been bankrupt in the past 3 years; and
• do not meet Jacaranda’s credit assessment criteria which includes demonstrating the capacity to make the required repayments on the credit facility without substantial hardship.

Jacaranda has assessed that the Product including its Key Attributes are likely to be consistent with the Objectives, Financial Situation and Needs of the Target Market.

Distribution Conditions

As an online lender, Jacaranda distributes its Loan products through both direct (e.g. Jacaranda website) and indirect channels (e.g. referral sites and brokers).

All Distribution channels present the product appropriate to consumers as follows:

• Our website contains information to assist a person evaluate the suitability of our product to their needs before applying, including:
  • no misleading or deceptive conduct;
  • no unsolicited offers of credit;
  • all disclosures required by law;
  • Information about the products such as rates and fees, in an easy to navigate format.
• All third party referrers are:
  • vetted before being allowed to present our product;
  • provided the appropriate resources to understand Jacaranda’s application processes, customer eligibility criteria and regulatory requirements;
  • subject to regular monitoring;
  • required to enter into referral agreements with us.

In all forms of distribution, Jacaranda asks screening questions as part of an application to ensure that a prospective borrower is within the target market set out above. All our products are distributed in compliance with our responsible lending obligations.