Bad Credit Loans

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Living with Bad Credit History? Have you heard of bad credit loans?

 

If the mention of your credit history leaves you feeling unsure and anxious, you are not alone. Having Bad Credit should not mean you can’t get a Loan. Bad credit loans exist. Credit history is an important factor in any adult’s life, however, most people are unsure what exactly those two feared words mean.

 

A low credit score and poor credit history can be the result of various things that we may not think are that important. These things can be as simple as a missed or late payment on a phone bill, utilities bill, loans or credit cards. Often making these payments on time gets neglected due to our busy lives and can easily be forgotten, especially if you are sick or on a holiday. Even if you have managed to catch up and paid something you have missed in the past, it can still be seen on your credit file for up to 5 years afterwards.

 

How will Bad Credit affect me?

 

A credit history is your financial track record and can have huge impacts on your day to day life.

 

Bad credit can mean the difference between you being able to buy a car to get to work, signing up for the new iPhone or purchasing a new fridge. Of course bad credit will make it nearly impossible to get a home loan, but it can also impact on your ability to rent a house as well.

 

Your credit history can seem so minor, but it can impact so heavily on these things that are taken for granted in our lives. If you managed to get approved for any type of finance, bad credit will make this much more expensive for you as lenders and companies will charge higher interest rates and other fees.

bad credit loans

bad credit loans

How can I improve my credit history?

 

Being approved for any type of finance and making the repayments on time is a step in the right direction. Various options are available to improve your position such as larger debt consolidation loans resulting in all of your debts being rolled into one easy repayment, balance transfer credit cards to merge various credit card debt into one place or a quick loan such as personal loans or a cash advance to help you build your credit history quickly whilst helping you out of a sticky financial situation.

 

A small unsecured personal or short term loan is a fantastic starting point. A personal loan specialist, like the Jacaranda team, will assess your current situation and see how they can help. Most companies now offer a bad credit loans product along with the guarantee of fast money. Not only do these short term or personal loans help you out of a sticky situation when you have fallen short and need quick money, it helps build your credit history and increases your future borrowing power.

 

Jacaranda Finance offers a wide range of loans that will suit your needs. We believe that your credit history is in fact, history. If you need a bad credit loan, we will work with you to improve on this, we want you to have the freedom to enjoy life. Our bad credit loans take approximately one hour to assess and, if approved, the funds are released to your account within 60 minutes. Once we have built up our relationship and are working together to improve your credit history, one of our larger personal loans are often available in the future. Turning your bad credit to good is just one of the benefits of our quick loans; only one of our happy clients can truly explain what the “Jacaranda Difference” is.

 

Making these simple, affordable repayments shows that you’re capable of managing financial commitments and larger institutions, such as banks, will see that you are reliable. Something as simple as a bad credit personal loan or cash advance can set you on your way to being approved for larger commitments such as home or car loans in the future.

 

Things to consider before borrowing…

 

It is important to only apply for loans if you really need them. If you’re ever unsure of any financial decision seek help from a free financial counsellor that are available nation-wide. It is also important to only apply for finance when you are confident that you will be approved. Taking the time to research any company you’re thinking of doing business and their minimum requirements will pay off for you in the future. Being declined for a loan will impact on your history.

 

Understanding your budget and the impact any new commitment will have on it is vital. Be certain that you’re aware of the repayments and you’re confident that they will leave you with enough money for all your other expenses, especially your day to day living costs. Remember, putting food on the table is more important than a loan repayment.

 

Once you have a detailed budget and are in control of all your expenses, you can minimise the debt you owe and maximise your financial freedom.

If you have any more questions about working with Jacaranda Finance, including if you have been declared bankrupt or are feeling overwhelmed with loans, then please don’t hesitate to get in touch with us.

Disclaimer: we aren’t financial advisors, planners, your bank or lawyer. So, our suggestions are just suggestions about bad credit loans and decisions should be based on your personal situation and thorough advice.

How customers rate Jacaranda

Bad Credit Loans Overall rating: 4.8 out of 5 based on 60 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) starts at 20.56%
Comparison Rate is 20.56% 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 20.56%.

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) + $555.83 (reducing interest*) = $3955.83 total repayable over 18 months with weekly installments of $50.71.

Loan Amount of $4,500 over 24 months repayable weekly (104 weekly repayments). $4,500 (Principle Amount) + $400 (Establishment Fee) + $1081.85 (reducing interest*) = $5981.85 total repayable over 24 months with weekly installments of $57.51

* Reducing interest means that the 20.56% 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
36 Months

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Costs

Annual Percentage Rate (APR) is 12%
Comparison rate is 19.88% 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
Invoice Icon

Examples

Loan Amount of $5,000 over 18 months repayable weekly (78 weekly repayments). $5,000 (Principle Amount) + $1831.16 (Interest) = $6831.16 total repayable over 18 months with weekly installments of $87.57.

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5041.72 (Interest) = $15041.72 total repayable over 24 months with weekly installments of $144.63.

* Reducing interest means that the 19.88% 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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