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What you need to know about how to borrow money
Borrow money – sure, sounds like an easy solution but we all know it’s not as simple as that. When you need the funds to pay for something and don’t have the money readily available, you may start looking for ways to borrow. We understand that there is nothing more stressful than being pressed for funds and we don’t want to make things any more difficult for you.
Therefore, we’re here to help you out in those times of financial strain. In contrast to other lenders, Jacaranda makes applying for a loan as easy as it can possibly be. If it sounds appealing to you, we’ve written down everything you could possibly want to know about borrowing money with Jacaranda Finance. Check it out…
When you borrow cash it means you’re going to get credit from a lender. That money needs to be paid back at a later date at a rate of interest. You are, in fact, assuming debt to the lender when you borrow from them. As the borrower it is your obligation to pay the money back to the lender – usually a financial institution such as a bank or an alternative lender, like us.
The quickest way to borrow is to get it from an online lender such as Jacaranda Finance. Traditional lenders, like banks, often have a much longer application process where you have to physically go to a bank and apply. Whereas with online lenders all you have to do is fill out their simple application forms online and click submit!
When you borrow online, the application process happens in a few simple steps. Which look a little something like this:
Step 1: Fill out the online application form
You can find this on our homepage, and it only takes a few minutes of your time to complete. It will ask you a few questions about your personal details, your reason for applying for a loan, and details about your employment and income source.
Step 2: Wait for an outcome of your application
Once you have submitted your application with us, we’ll get back to you as soon as possible. We usually get back to you in under an hour, so that you’re not waiting around for ages stressing out about whether your application was approved or not.
Step 3: Accept your loan contract
Once we have approved your loan application, we’ll send you a text extending you an offer for a loan. You simply need to read the terms and conditions and accept the loan contract. However, if you decide not to go ahead with the loan, you can reject the loan contract at this stage. If you’re not happy with the contract it’s always worth chatting to your lender. You may be able to change loan amount, term or repayment frequency to make your loan more manageable.
Step 4: Receive your money
This is the most exciting part of the process. As soon as you’ve accepted your loan contract, we’ll transfer your funds to you straight away. That means you could receive your funds the very same day that you apply. Especially if you are with Commonwealth Bank. However, if you don’t receive your funds the same day, you should receive your money the next day.
Step 5: Repay your loan
Once you’ve received your funds, the next step is to start repaying your loan. You can do this by setting up a direct debit payment. That means your funds can come out of your account automatically, without you having to worry about making your payments manually. And if you want to pay your loan off early you can! Plus, we won’t charge you early exit fees. You can even apply for a loan the very next day after you have finished paying your existing loan.
With Jacaranda, you must meet our minimum lending requirements before we can approve you for a loan. The following is a list of the eligibility criteria:
FOR ONE OF OUR PERSONAL LOANS, YOU MUST:
Be over 18 years of age
Receive a regular income into a personal bank account
Be an Australian citizen, or have permanent residency
Have a direct contact number
Along with your application, we will require a bit of information from you, to assess your application. The following is a list of things we’ll need from you:
- Proof of ID – we usually ask for 100 points of ID as the most secure way of verifying your income
- Internet banking logins – this is so we can usually the latest financial software to look at your recent financial transactions
- MyGov login details – this is so that we can verify your Centrelink income (you can skip this step if you don’t receive any Centrelink benefits)
- Contact details include your mobile phone number and email address
If you are borrowing a medium secured loan, we ask you to provide us with some information about your vehicle, so that we can make a valuation of the cost of your vehicle. The following is a list of some of the info we need:
- The make and model of the vehicle
- The year of manufacture
- The car registration number
There are a variety of reasons people need to borrow. Firstly, it’s often to do with the fact that people need to pay for an expense that cropped up out of the blue. Sometimes it’s to pay for a much-needed item, that cannot otherwise be purchased with existing funds. Here is a list of some of the reasons people choose to borrow in the first place.
- To pay for car rego
Depending on the size of your car, rego can cost between a few hundred up to a thousand dollars. You can have the option to pay for car rego, every 12 months or every 6 months.
- Pay for a household furniture or appliances
Since your home is the place where you spend a big part of your time, you want to make sure it’s decked out with all the necessities. Though often these can be big purchases, and something that loans can help to pay for.
- Finance a holiday or travel plans
They say that it’s always important to have something to look forward to. That’s why it’s great to have holidays planned. Some people borrow to fund these holidays in advance and pay off the loan as their trip draws nearer.
- Fund wedding costs
Another reason people borrow is to help make their special day a reality. Since weddings can be very expensive, you can borrow to help fund your special day, or perhaps even to pay for the honeymoon.
- Pay for car repairs
If your car gets damaged it may be very expensive to cover the costs of repair. To get your car back on the road again you may want to consider borrowing money.
With Jacaranda, you can borrow from $300 to $2,000 with our small personal loans. These types of loans are unsecured, which means they don’t need to be tied to an asset as security for the loan. In addition, you can borrow between $2,100 to $4,600 with our medium secured personal loans. Lastly, you can take out a large secured personal loan starting from $5,000 to $10,000!
With our medium secured personal loans, and large secured loans, you can borrow a loan from $2,100 up to $10,000 secured against your vehicle. When you borrow secured against your vehicle, it means the vehicle is an asset that can get repossessed in the event that you can’t repay your loan. It provides a security for the lender. For more details you can check out the MoneySmart website
With Jacaranda, our secured loans cost an establishment fee of $400 plus annual fees of 48%. There are also penalty fees for direct debit dishonours. However, in the event that you feel you are unable to make a payment due to something unexpected, just contact us and let us know.
With Jacaranda, our smaller loans are unsecured. You can borrow up to $2000 which can be repaid over a period of 12 months. These loans cost an establishment fee of 20% the loan amount. There are also additional fees of 4% per month for the duration of the loan term as well as a penalty fee of $35 for any direct debit dishonours.
Before taking the plunge and deciding to borrow, there are a few questions to ask yourself before committing to a loan contract:
How much do you need to borrow?
It’s a good idea to do a thorough cost calculation before deciding to borrow. This is to ensure that you are borrowing enough to pay for the thing you need the loan for.
What do you need the loan for?
Having a clear purpose is important for several reasons. The first reason is to do with your loan application. This is because when you are filling out the loan form you’ll be asked to provide a reason for borrowing the loan. Secondly, it’s a good idea to have a clear purpose for your loan. Otherwise, if you are just borrowing money in order to get by with your daily expenses, then you are more likely to get yourself into a dangerous debt situation.
What is the loan term?
The length of time over which you must repay the loan will have an impact on the loan period that you choose. The longer your loan term is the more you will have to pay in monthly fees. Therefore you may want to consider getting a shorter loan contract if you want to minimize the number of fees you have to pay.
Can you pay your loan off early?
Does your loan contract give you the option to pay your loan off early if you want to? This may be an important consideration. Some lenders charge early exit fees if you want to pay your loan off early. However, with Jacaranda Finance we allow you to pay off your loan early without charging you early exit fees.
What if I miss a payment?
Even though you plan not to miss any payments, if something happens out of the blue the affects your income stream, you may want to consider how this will affect your ability to make the repayments on time. Therefore it is always important to keep the worst case scenario in mind since missed payments will cost a direct debit dishonour fee of $35 per missed payment. Nevertheless, if you do find yourself in a situation where you are unable to make a repayment, give us a call as soon as possible and we can try and sort out a solution that works for both parties.
In summary, if you are looking to borrow, you have come to the right place. At Jacaranda Finance, our loan options are there to help you out in whatever situation you need us for. Our application process is quick, easy and 100% online. So what are you waiting for? If you need to borrow cash apply now!
Small Personal Loan
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
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.
Medium Personal Loan
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
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.
Large Personal Loan
Annual Percentage Rate (APR) is 21.24%
Comparison rate is 48% per annum.
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.