Collateral loans using your land as collateral for your new home?
Collateral loans with Jacaranda Finance
Looking for collateral loans? You might have just found the lender for the job. Jacaranda Finance is an online lender with a difference. We make it easier than ever for Aussies to access the cash they need when they need it. Gone are the days of paper forms and long waiting lines. When you apply with Jacaranda, the entire process is 100% online. We’ve worked hard to make the entire process as streamlined as possible. This is because we want to make online lending safe, reliable and quick for all Aussies.
What are collateral loans?
A collateral loan is also commonly known as a secured loan. It simply means that the loan amount is secured with an asset. If the borrower defaults on their loan repayments they run the risk of the asset being seized or even repossessed to recoup losses. There are a variety of different lenders who accept a multitude of different items as collateral. Some lenders could provide a cash loan using a car as collateral, loans using a property as collateral, and even jewellery collateral loans. At Jacaranda Finance, we accept a car, motorbike, boat or caravan as types of collateral for loans.
At Jacaranda Finance, we are the Aussies lenders making it simpler than ever for you to access fast, reliable and safe cash online. Our team will take a realistic look at your finances and do their best to find a loan product that matches your individual financial circumstances. We understand that all Aussies are different. That’s why we assess every loan application separately. Our team won’t just focus on your credit score. We’ll look at factors like your income, employment status and other financial commitments to determine whether or not a personal loan is an appropriate financial decision.
Don’t have time to wait in line? No worries! When you apply with Jacaranda Finance, you’ll be pleased to know that the entire process is 100% online. That means you can apply wherever you are and whenever you like. All you’ll need is a reliable internet connection – you could even submit an application using your smartphone. At Jacaranda, we’ve designed our application process for Aussies on the move. Our team will cut straight to the chase – we won’t waste your valuable time. An application is 100% free of charge. So, what are you waiting for?
Who can apply for collateral loans?
At Jacaranda, we have some basic eligibility criteria that all applicants will need to meet if they would like to apply for any type of personal loan. All applicants must:
- Be an Australian citizen or permanent resident;
- Be 18 years of age or above;
- Have received a regular income into a personal bank account for at least the last 90 days prior;
- Have a direct contact number and email address.
If you would like to apply for a collateral loan you will, of course, need to have collateral to attach to your loan. What does Jacaranda accept as collateral?
- A car;
- Boat or;
Any of these items can be used to secure a personal loan with Jacaranda Finance.
What happens to my collateral?
Are you wondering what will happen to your collateral while it is secured to a personal loan? Nothing! When you use your car, boat, motorbike or caravan as security against a personal loan you can use it as normal. Our team will not take your collateral away for the term of your loan. Legally, Jacaranda Finance has ownership of your vehicle for the term of your loan, but, don’t worry! This just means you aren’t allowed to sell whatever vehicle you are using as collateral.
Jacaranda will only seize your collateral as a last resort. Our team will always do their best to assist you in getting back on track with your repayments. We recommend you get in touch with a member of the Jacaranda team if you don’t think you’ll be able to make a repayment. We will always do our best to assist in rearranging your repayment schedule if contacted 24 hours prior.
Will I need to attach documents?
At Jacaranda, we aren’t big believers in paper forms. In fact, we won’t ask you to provide any paper copies of your documents when you apply for collateral loans. You can submit absolutely everything online! Here is what we suggest you have handy whilst filling out your 100% online application form:
- Your basic personal details (name, D.O.B etc);
- Internet banking details (so we can securely access read-only copies of your bank statements);
- The reason you are applying for your loan;
- Your MyGov details (if you receive Centrelink or Government benefits);
- Employment details and contact info of your workplace (we may need to get in contact in order to verify your employment status);
- All applicants must be able to prove they are either Australian citizens or permanent residents.
If you are applying for a collateral loan or secured loan you will also need to attach:
- The registration documentation for your car, motorbike, caravan or boat;
- The vehicle’s VIN number (vehicle registration number).
Why do we need these details? They help our team to conduct a few necessary checks before using your vehicle as collateral.
Why do I need to provide online banking details?
The Jacaranda team might ask you to provide online banking details so we can access read-only copies of your bank account. Before you stress out, our team won’t actually be able to look at your real bank account. We will only be able to view your bank statements. Our team will use your bank statements to verify your income, spending habits and the status of other financial commitments. At Jacaranda, we don’t focus our assessment solely on the result of a credit score check. Providing us with your banking details will help our team get a realistic idea of your current financial situation.
Will Jacaranda do an employment check?
In some cases, the Jacaranda team will get in touch with your employer whilst assessing your loan application. This will most likely be undertaken if there is an issue that a payslip cannot explain or there is information provided that we need to verify. There is no need to worry, this is just a routine part of our assessment process. We will just need to confirm a few important details with your boss to assist us with completing a fair and thorough assessment. If you’re concerned about the security of your personal information, there is no need to be. Our team will never disclose any private information, including the reason why you are applying for a collateral loan. If you’d like to know more about Jacaranda’s employment check process you can get in touch with our team or head to our FAQ page for more information.
Can I get a collateral loan if I have bad credit?
At Jacaranda, you’ll be pleased to know that we don’t judge our applicants based solely on their credit score. Our team prefer to look a little deeper. We’ll assess your current financial situation to determine whether or not a collateral loan is an appropriate financial commitment for you. The Jacaranda team understand that everyone makes mistakes. We don’t think a lapse in judgement made up to 7 years ago should affect your ability to get a collateral loan today.
If you’ve got bad credit we encourage you to submit an application so our team can properly assess your financial situation. If you’ve been googling ‘bad credit collateral based loans’ you’ll be pleased to know that we will look at factors such as your income, spending habits and any other financial commitments to determine your eligibility.
What if I receive Centrelink?
If you’re receiving Centrelink you could still be eligible for collateral loans. If you’ve applied for loans using a car as collateral whilst receiving Centrelink benefits from a traditional lender then you probably already know how difficult it can be to gain approval. The good news is, Jacaranda is changing the game for good. Our team are making it easier for Aussies receiving Centrelink benefits to get a personal loan. The Jacaranda team will need to assess how much of your income is drawn from Centrelink to determine whether or not you will be able to make the adequate repayments. We will always do our best to give you the best possible chance of approval.
How much do collateral loans cost?
At Jacaranda, we pride ourselves on transparency. We don’t believe in hidden fees or charges. Our team will be upfront and honest. At the end of the day, we’re here to make it simple and stress-free for you to repay your personal loan. So, if you’d like to find out how much a collateral loan could cost you we suggest you head up to the top of the page and use our online loan calculator. Jacaranda’s online loan calculator will give you a good idea of what your weekly, fortnightly or monthly repayments could be. If you’d like to see a further breakdown of the costs associated with a personal loan you can head to our costs page for more information.
Jacaranda Finance is proud to be a responsible lender. What does that mean? Basically, it means that we will do the right thing by you. Our team will never lend money to an applicant who does not have the means to repay it. Responsible lenders must:
- Make reasonable inquiries about the consumer’s financial situation, and their requirements and objectives;
- Take reasonable steps to verify the consumer’s financial situation;
- Make a preliminary assessment to determine whether the contract is ‘not unsuitable’ for the consumer.
How do I apply?
If you’re ready to apply for one of our collateral loans, all you’ll need to do is follow these simple steps:
Head up to our loan calculator and input your desired loan amount and repayment term.
Fill out the form
We’ll ask you to complete our 100% online application form. This could only take a few minutes. We’ll just need a few important details to properly assess your loan.
We assess your application
Our team will conduct a fair and thorough assessment of your collateral loan application. We’ll do our best to find you a suitable loan contract.
Sign your agreement
The Jacaranda team will send over an agreement for you to review and sign. Our team encourages you to read through your agreement carefully and make sure you are aware of the full terms and conditions. It is important to get in touch with us if you have any questions. When you’re happy with our agreement, just sign it and send it back to us.
Get your cash
As soon as we receive a signed copy of your loan agreement our team will transfer the funds straight to your account. Instant banking could mean you’ll have the cash in your account and ready to use in 60 seconds.*
Start your application today
Think you’re ready to apply? Don’t wait any longer. Get started on your application with Jacaranda Finance now!
*For NPP enabled bank accounts.
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