Bad Credit Loans Australia Up To $10,000 With Jacaranda Finance

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bad credit loans australia

When you have bad credit, it can limit you in several ways. However, at Jacaranda Finance, we know that bad credit can be a result of something that happened in your past that may have been out of your control. We understand that having bad credit can be limiting, so we don’t want to make your situation any more difficult. That’s why at Jacaranda Finance, we can offer bad credit loans Australia! With us, you can borrow up to $10,000 in the most hassle free-way. Bad credit is a result of the past and we know that that’s where it should stay!

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What are bad credit loans Australia?

Bad credit loans are a type of personal loan that we can offer to borrowers who don’t have the best credit rating. We don’t offer no credit check loans, but we can offer unsecured and secured personal loans for our bad credit Australia clients! The beauty of these loans is that they can all be applied for online, within the comfort of your own home. Yes, that’s correct, you don’t even have to get out of your PJ’s! Below we’ve explained all you need to know about our different types of bad credit personal loans Australia.

We have a few different loan options to cover everyone’s needs. So, whether you’re looking for small loans to tide you over or a slightly larger loan to make a big purchase, Jacaranda Finance has you covered. Have a look at the loans we offer:

Small amount unsecured personal loans, $300 up to $2,000:

For a small amount credit contract of $300 – $2,000 you can expect something like this:

  • A 20% establishment fee
  • A 4% monthly fee that will be applied on the anniversary date of your loan every month

A medium amount secured personal loan, $2,001 – $4,600:

The costs of a medium amount secured loan are a little different. You can expect something the following:

  • An establishment fee of $400
  • An interest rate of 48%* per annum. Keep in mind that the more you pay off your loan, the less interest you will be charged.

*Comparison rate of 67.41% per annum. This comparison rate is based on a medium amount secured loan and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate.

A large amount secured loan, $5,000 – $10,000:

The costs of a large amount credit contract are again a little different. You can expect something like the following:

  • An interest rate of 21.24%* per annum. Remember that the more you pay off your loan balance, the less interest you will be charged. This is called reducing interest

*The maximum comparison rate for interest is 48% per annum. This comparison rate is based on a large amount secured loan and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate

If you do miss a repayment on your loan there may be additional fees apply. To find out more about fees and charges for bad credit personal loans Australia feel free to give our customer service team a call or pop an email in. We’re happy to answer any questions you may have.

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What are the eligibility requirements for bad credit loans Australia?

Before we can start assessing an application from you we have a few eligibility criteria that need to be met first. Therefore, give these a quick check over before submitting an application to save yourself some time.

  • You must be at least 18 years of age
  • You’ve got to be receiving a regular income (for at least 90 days prior to applying)
  • Finally, you must be an Australian citizen or permanent resident to be eligible
  • You must have a direct contact number and email address

Do you meet these criteria? Fantastic! Push ahead with your bad credit loans Australia application and we’ll see if we can help you out.

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What does it mean to have bad credit?

A credit rating or credit score refers to a value given to you on a scale from 0 to 1200. If you have bad credit, this means that your score is usually quite low. The value of your credit score reflects the information contained on your credit report. This information includes details about your history with credit such as any unpaid debts, repayment history, how many accounts you have open and credit enquiries. The higher your score, the better your credit history.

Your credit report contains some of the following information:

  • Name, date of birth and address history
  • Your monthly repayment history
  • Details of any credit inquiries you’ve made
  • Court judgements
  • Consumer credit accounts such as credit cards
  • The length of your credit history

A good credit score is generally considered anywhere above 600. So, the higher your score is, the better your chances will be of getting credit. With us, you can apply for bad credit loans Australia, even if your score isn’t the best. So, even if your score is below 600, you can still get bad credit personal loans. We help people with good credit, no credit, and bad credit – so submit an application and see if there’s anything we can do for you.

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Why come to us if you have bad credit?

At Jacaranda Finance, we understand that getting bad credit loans Australia from a traditional lender or other financial institution can be difficult at best if you have bad credit. It’s disappointing to get let down, so that’s why we think you should come straight to us. However, we can’t guarantee unsecured or secured personal bad credit loans instant decision Australia but we can promise to give you a fair go with a quick turnaround time.

Instead of only looking at your credit rating we look at your bank history over the last 90 days as well. Then, our highly skilled loan assessment team will do our best to understand your current financial situation.

Likewise, if you’re receiving Centrelink Income – if you have been receiving a regular payment into your account for the last 90 days minimum, then we are happy to receive an application from you!

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How do Jacaranda Finance bad credit loans Australia work?

Submitting an application for bad credit loans Australia couldn’t be easier. We have designed a quick and easy 100% online application form that you should be done with in a jiffy. So, just follow these simple steps and you’ll be on your way to having your application completed in no time at all!

Step one

You can make your application on any device, so, grab your laptop, smartphone or tablet, take a seat and get comfy.

Get your application off to a running start by scrolling up and having a look at our simple loan form at the top of this page. Let us know how much you would like to borrow and for how long. Next let us know which repayment cycle best suits you (weekly, fortnightly or monthly) and hit apply now. Your application is already partly done!

We’ll then get you to provide us with some details such as your name, DOB, phone number, email address, employment details, you know, the standard deets that we’ll need! We’ll also grab a reason for applying for your loan as well.

Step two

At this point we get you to submit your internet banking credentials for a read-only copy of your bank statements to support your application. We need these bank statements so that we can conduct a thorough assessment of your application. These statements will help us to make an informed decision when we’re assessing your application. Therefore, they’re super important!

If you’re a Centrelink customer, we’ll also get you to upload a copy of your Centrelink Income Statement as well so that we can confirm your income.

Step three

Once you have it uploaded your docs, hit submit and your application is basically finished! From here, we take over and get to work assessing your application as fast as we can.

Step four

Now that you have successfully submitted your application, our team of loan extraordinaires can get to work assessing it for you! Generally, we try to have your application assessed within 60 minutes, but sometimes it may take a little bit longer. For example, if you apply outside of our normal business hours or we need some additional documentation from you. But don’t worry too much, we’ll have your application assessed as soon as we can!

Step five

Has your application been approved? Congratulations and welcome to the Jacaranda family! If you have been approved your loan contract will be emailed to you to have a good read over. If you’re happy with the loan terms you’ve been offered, go ahead and sign your digital contract and get it back to us. Then, once your contract has been signed, we’ll release your funds to you with the next round of banking.

Generally, we find that your funds should be available in your account no later than overnight that night. Depending on who you bank with, they may even be available for you that evening! It all comes down to processing times and how fast your bank is. If you have any questions or worries about funds processing times feel free to give our friendly staff a call! They’re happy to help in any way they can.

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What if I want to pay my loan off early?

If you decide you would like to pay out your loan early then congratulations we say! That’s exactly the kind of thing we like to hear. Unlike other lenders for bad credit, we won’t charge you any early exit fees.

Don’t look past Jacaranda Finance

If you’re after personal loans for bad credit, apply with us to see if we can help you.

Here at Jacaranda we try to help out as many clients as we can. We don’t discriminate due to bad credit history and will give you the fair go you deserve. So, if you’re looking for bad credit loans Australia, don’t look past us. We’re the best at what we do for a reason.

Want to keep up to date on the latest industry news? Head over to our Facebook page or have a look at our blog for some handy finance and lifestyle tips! We’re here to help in any way we can.

How customers rate Jacaranda

Bad Credit Loans Australia Up To $10,000 With Jacaranda Finance Overall rating: 4.8 out of 5 based on 57 reviews.

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Fast & Safe Loans

Small Personal Loan

Loan Amount

Minimum
$300


Maximum
$2,000

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Terms

Minimum
12 Months


Maximum
12 Months

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Costs

Up to 20% Establishment Fee
+ monthly fee up to 4%

Jacaranda Finance does not charge an annual interest rate on SACC loans. These small amount loans incur 'fees' instead of interest. The maximum comparison rate on our loans between $300 and $2000 is 199.43%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Loan Amount of $1,000 over 12 months repayable weekly (50 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $480 (fees based on 4% per month over 50 weeks) = $1,680 total repayable in 50 weekly installments of $33.60.

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Medium Personal Loan

Loan Amount

Minimum
$2,100


Maximum
$4,600

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Terms

Minimum
13 Months


Maximum
24 Months

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Costs

Annual Percentage Rate (APR) is 48%
Comparison Rate is 67.41% per annum.

This comparison rate is based on a medium amount credit contract of $2,500 repaid over 2 years with a $400 establishment fee and APR of 48%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest*) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

Loan Amount of $4,500 over 24 months repayable weekly (104 weekly repayments). $4,500 (Principle Amount) + $400 (Establishment Fee) + $2,732.56 (reducing interest*) = $7,632.56 total repayable over 24 months with weekly installments of $73.39.

* Reducing intertest means that the 48% APR is applied to the outstanding balance on a loan. When a loan repayment is made, the loans outstanding balance goes down and the APR is applied to that lower balance. Therefore, the interest component of the loan will constantly reduce (as long as repayments are being made!) - thus it is called reducing interest.
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Large Personal Loan

Loan Amount

Minimum
$5,000


Maximum
$10,000

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Terms

Minimum
13 Months


Maximum
24 Months

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Costs

Annual Percentage Rate (APR) is 21.24%
Comparison rate is 48% per annum.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $5,000 over 18 months repayable weekly (78 weekly repayments). $5,000 (Principle Amount) + $2,027.80 (Interest) = $7,027.80 total repayable over 18 months with weekly installments of $90.10.

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

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