Credit Guide
As an intending borrower, herewith the Jacaranda Finance Credit Guide, which must be provided to you in writing in accordance with Section 126 of the National Consumer Credit Protection Act 2009.
Licensee’s details:
Jacaranda Finance Pty Ltd ACN 162 078 195
46 Douglas Street, Milton QLD 4064
PO Box 370, Indooroopilly QLD 4068
Ph: 1300 189 823
Email: info@jacarandafinace.com.au
Australian Credit License Number: 456 404
Licensee’s procedure for resolving disputes:
In the event of any complaint, dispute or hardship issue, please first contact our Internal Dispute Resolution department on the contact details below. All disputes or hardship complaints to our IDR department are treated seriously and promptly and this service is offered at no charge to you.
Internal Dispute Resolution Contact Details:
Dispute Resolution Manager, PO Box 370, Indooroopilly QLD 4068; Ph: 1300 189 823; Email: info@jacarandafinace.com.au
External Dispute Resolution procedure:
In the unlikely event that your complaint or dispute is not settled with our IDR department to your satisfaction, you may then contact our External Dispute Resolution organisation as set out below.
External Dispute Resolution (EDR) Contact Details:
Australian Financial Complaints Authority
Postal Address GPO Box 3, MELBOURNE VIC 3001
Phone 1800 931 678
Email info@afca.org.au
A copy of our final assessment of your loan application is available for you on your request (in accordance with Section 132, National Consumer Credit Protection Act 2009). This will be provided at no charge to you.
Recommendation of contract unsuitability details:
- Under Sections 128 and 129 of the National Consumer Credit Protection Act 2009, we are obliged to assess if the credit contract you seek is not unsuitable.
- Under Section 131, we are obliged to advise you if we cannot participate in the arrangement of a loan for you, if that loan would be unsuitable, “unsuitability” being assessed on the following:
a) Whether or not you will be able to comply with the financial obligations under the contract without substantial hardship, if at all;
b) Whether or not the contract will meet your requirements and objectives;
c) Whether or not the contract meets requirements imposed by regulation, as amended from time to time;
d) It involves us, as a credit provider, making enquiries about your financial circumstances;
e) According to whether or not we believe the information to be true.
This process involves us, as a credit provider, making enquiries about your financial circumstances and assessing whether or not the information available is accurate.
Fees and Charges
Our loans are governed by the NCCP Act. Our loans are classed as small amount credit contracts and the maximum fee’s we can charge are a 20% establishment fee and a 4% monthly fee – applied to the principal (adjusted credit amount) we give you. Should the contract need to be amended or if the contract is breached by you, additional fees may be incurred.
A full list of fees and charges can be found on the Loan Contract.
Privacy
Under the Commonwealth Privacy Act 1988 (as amended), including Sections 6N, 18E and 21C, Jacaranda Finance is encouraged to collect more information concerning consumers, their credit history and current circumstances than ever before. If you proceed with your loan application, please read carefully, the Jacaranda Finance Privacy Policy and the contract documents which Jacaranda Finance will give you.
Should you successfully proceed with your loan application and there is ever an issue concerning privacy, please request a copy of Jacaranda Finance Credit Information (Privacy) Management Policy. This policy details your rights and the procedures to be followed to address your concerns.
General Advice
If you proceed with your loan application, you will be provided with extensive documentation. Please do not get annoyed with Jacaranda Finance. The Federal Government, fully supported by the Opposition, has made several laws and regulation insisting on all this documentation.
When you receive the documentation, please remember that the Government and the Opposition expect you to read every word and ask all questions you might have of Jacaranda Finance, to ensure you fully understand what all the documents say and mean.
When you sign your contract – it will be legally stated and assumed by Jacaranda Finance that you have read everything and that you will have completely understood everything.
If you do not, please do not sign the contract offered. Once you sign the contract, it is legally binding on you.
Small Personal Loan
Loan Amount
Minimum
$300
Maximum
$2,000
Terms
Minimum
12 Months
Maximum
12 Months
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
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.
Medium Personal Loan
Loan Amount
Minimum
$2,100
Maximum
$4,600
Terms
Minimum
13 Months
Maximum
24 Months
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 rateExamples
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
Large Personal Loan
Loan Amount
Minimum
$5,000
Maximum
$10,000
Terms
Minimum
13 Months
Maximum
36 Months
Costs
Annual Percentage Rate (APR) is 12%
Comparison rate is 19.88% per annum.
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.