Debt consolidation is the process of combining multiple individual debts, such as credit card debts, utilities, etc. into one single repayment. This means no multiple annual fees and one regular repayment, with one interest rate. This method of merging and paying down your debts could reduce a lot of the clutter and stress surrounding the debts in your life.

You can apply for a debt consolidation loan ranging between $300 and $10,000 with Jacaranda Finance. The repayment period on these loans will range between 12 and 24 months depending on how much you apply for.

At Jacaranda, we believe having a bad credit score shouldn’t mean you have to endure financial stress. Our promise to you is to not let your past financial habits haunt you. Unlike traditional lenders, we don’t base our assessment solely off the result of a credit score check. We look at the bigger picture. Our highly reliable system uses your internet banking logins to obtain a read-only copy of your bank statements. This gives us an accurate representation of your income, expenses, spending habits and your overall relationship with money. These are factors which all play a part in determining whether or not you are eligible for a debt consolidation loan.

Depending on how diligent you are with your repayment plan, debt consolidation loans have the potential to help or hurt your credit score. While reducing your debt may improve your credit score over time, debt consolidation is not typically used as a strategy to enhance your credit score. Check out some of these pros and cons for yourself:

Whether it’s your credit card, car or bills, you have the choice to consolidate almost any type of debt with our debt consolidation loans. At Jacaranda, we offer personal loans, or debt consolidation loans, up to $10,000. Based on your own experience and current debts, we will tailor the loan to suit your personal needs. Generally though, we divide our loans into three categories: Small, Medium and Large loans.

Repaying your loan with Jacaranda is just as easy as applying for it. Our standard repayment method is Direct Debit. We set up a direct debit in line with your pay cycle, so your payments can be set up to come out of your account on a weekly, fortnightly or monthly basis. It is entirely up to you which day you choose.

We recommend setting it up so that your repayments fall on the same day as your payday. Selecting the right payment structure ensures that you always have enough money in your account. As long as you have enough cash in your account to cover the payments, they will just come out automatically. So, there’s no need to set reminders or risk forgetting them. Then, once your loan is paid off, the payments will stop automatically.