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Debt consolidation loans with Jacaranda Finance

Debt consolidation loans with Jacaranda Finance

Debt Consolidation

Are you drowning in debt from multiple different sources? You’re not alone. Many Australians face personal debt from mortgages, student loans, investment debts, Telco bills and credit card debts. If this applies to you, debt consolidation loans may be your solution.

A debt consolidation loan may make managing your debt easier. Having outstanding debt is challenging enough as it is and it may be even harder to keep track of multiple repayments. At Jacaranda, guarantee you full transparency, no hidden fees or bad surprises. That’s the Jacaranda promise! Everything is stated in the loan contract. Apply with us today to find out if you are eligible for a personal loan to take control of your debt. The application is 100% online and you could get an outcome in 60 minutes*. We give everyone a fair chance, even if you have bad credit

What can a debt consolidation loan help you with?

In short, debt consolidation may improve your cash flow by combining your multiple debts into one payment. Keeping track of multiple debt repayments and their pay dates can be tricky. It’s easy to miss a payment and fees add up quickly. But you can simplify your life by simplifying payments. Debt consolidation is taking multiple debts and combining them into one single account with one payment date, one interest rate. If you are unsure if debt consolidation is the right step for you, get in touch and our team of specialists can advise you if a personal loan is the right choice for you. 

Do I qualify for a personal loan?

We want to make applying for a loan as easy as possible. Therefore, you only have to meet a few requirements to apply: 

  • You must be at least 18 years old;
  • You must have an active mobile phone number and an email address;
  • An internet banking account; 
  • A regular income (Centrelink counts as income) and 3 months of income history on your bank account; 
  • You must be a citizen or permanent resident of Australia. 

How to apply for a debt consolidation loan?

Our online application is quick and very easy. Most people are able to complete it in only a couple of minutes. To really speed up the process we would recommend that before you start you have the following documents ready: 

  • Personal info (name, address, date of birth etc.);
  • Your internet banking details;
  • The reason why you are applying for a loan;
  • Your MyGov details (if you receive Centrelink benefits);
  • Your employment details and employer contact info;
  • A prove that you are an Australian citizen or permanent resident.

STEP ONE: Apply online. 

Scroll to the top of the page and use our loan calculator to choose a loan amount and your prefered payment period. This will give you an idea of the estimated repayment amounts for weekly, fortnightly or monthly repayments. Clicking “Apply Now” will take you to the online application. Simply follow the instructions and fill in the required information. Once you are happy, click “Submit”. 

STEP TWO: We assess your situation. 

Now you can lean back and let us do the hard work. We know every financial situation is different, therefore, we assess if a personal loan is suitable and affordable for you. You may get an outcome in 60 minutes if you apply during our business hours, that’s how fast we are. If you apply outside our business hours, you’ll receive an outcome on the next business day.

If you’re approved, we’ll welcome you to the Jacaranda family! We will send you an online copy of the loan contract that you then need to sign digitally. 

STEP THREE: Receive your funds. 

Once the documents are signed, we transfer your funds as soon as possible. In most cases, the next round of banking will be on the same day. How long it takes for your balance to show up depends on your personal banking provider. 

Why do you need access to my online banking?

We want to make the application as easy as possible for you while getting a good understanding of your current financial situation. 

While we will check your credit score, we mainly care about your expenses and spending habits. Jacaranda is a responsible lender meaning we believe in ethical lending practices, so we won’t lend you money that you won’t be able to repay. 

We do the hard work for you: Imagine having to add all your expenses. It’s easy to forget about that gym membership or your Netflix account. That won’t happen with us! Our experienced team will have a look into your account so you can sit back and relax. It’s all automatic. 

However, data security is very important to us. We access your account from a read-only-login and no one will ever have direct access to your account. 

Will you call my employer?

In some cases, we may have to. That especially applies to new customers. But don’t worry. Our team is very discreet and would never disclose any personal information or details about your loan. 

What types of debt consolidation loans do you offer?

At Jacaranda, we offer personal loans up to $10,000. We will tailor the loan to your personal needs, of course, but to keep an overview, we divide them into 3 categories: Small, medium and large loans. Which loan is best for you depends on your personal and financial circumstances. 

Small Personal Loans 

Small personal loans are ideal to use to repay a small personal debt. They range between $300 and $2,000 and can be repaid over a period of 12 months. 

These loans are unsecured which means you don’t have to attach any collateral to your application. 

Medium Personal Loans 

Our medium personal loans range between $2,001 and $4,600 and are secured loans. At Jacaranda, any loan from $2,000 upwards is a secured loan and therefore, collateral needs to be attached to the application. We accept cars, boats or motorbikes as security for your loan.

Large Personal Loans 

Large personal loans range from $5,000 to $10,000. They may be suitable if you have accumulated a larger amount of debts and can be repaid over a period of 13 to 24 months. Like medium personal loans, it is a secured loan and therefore, you need to attach collateral to your application. 

How much does a debt consolidation loan cost?

We at Jacaranda care about transparency. You will know all costs upfront, we won’t apply any hidden fees or extra costs. You can find the full overview of any costs on our cost page. Additionally, you can check our costs and rates by using the loan calculator at the top of this page. 

You can consolidate your debt all in one payment at a reasonable rate. Of course, every financial situation is different. If you have any questions or are unsure if a debt consolidation loan would be the right choice for you, get in touch. Our experienced team is happy to advise you about our products and the best options for your personal situation. 

Will a debt consolidation loan affect my credit rating?

A debt consolidation loan may actually improve your credit rating. Missed payments or unpaid loans are often the cause for a bad credit score. Combining multiple debts into one payment may prevent you from missing payments in the future and therefore, save your credit score from further damage. Additionally, repaying your debts may positively affect your credit score.

However, missing a payment on a personal loan may still have a negative effect on your score, so keep that in mind when applying. 

Can I apply if I’m on Centrelink?

Yes, you can. It’s important to guarantee everyone access to financial funds, especially when may help to get on top of your personal finances again. At Jacaranda, we give everyone a fair chance, employed or not. If you receive Centrelink payments or any other Government benefits, we highly encourage you to apply. We will treat your payments as a regular income, therefore, you have the same chances as everyone else. 

I have so many questions, how can I talk to someone?

You may find answers to some of your questions on our FAQ page. However, if you still have additional questions or would like to discuss your personal situation with us, we are more than happy to help. You can contact our friendly customer service team either online or you may want to give us a call on 1300 189 823.

Our business hours are: 

  • 8 am to 6 pm – Monday to Thursday
  • 8 am to 4 pm – Friday
  • 8 am to 12 pm – Saturday
  • CLOSED – Sunday

Please note that our application process is completely online, therefore, we can’t take applications over the phone. However, if you get stuck during the process, we can help you troubleshoot any issues you may be experiencing. 

What if I have bad credit?

A bad credit rating may come from previously missed payments or unpaid loans. We know things don’t always go to plan in life. As previously mentioned, we may perform a credit check but it’s no reason to worry. We may perform a credit check but a bad credit rating may not lead to a negative outcome of your application. We won’t judge you for past mistakes and it’s not the only thing we will take into consideration in our assessment. We will get a holistic view of your current financial situation and make our decision based on that. We do offer loans for people with bad credit as we don’t think a mistake you made up to 7 years ago should necessarily affect your financial wellbeing today. We think past mistakes should stay exactly there, in the past.  If you have any questions regarding your eligibility, don’t hesitate to contact our friendly customer service team. 

Something to consider

Taking on debt is a hard decision. If you find yourself in a difficult financial situation, free debt counselling is available to you in Australia – look to organisations such as AFSA for guidance here. Alternatively, we are also happy to advise you if our loans are suitable for you. We at Jacaranda believe in the practice of responsible lending, therefore, we won’t lend you any money that we believe you won’t be able to repay. 

We highly encourage you to take the time to think if a loan is the best option for you. Additionally, we encourage you to read the terms and conditions of your loan contract carefully before signing to make sure you fully understand all costs and fees that come with a personal loan. There could be fees or charges associated with a failed or missed payment. We make sure that our fees are transparently stated in the contract. However, it is your own responsibility to thoroughly read the terms and conditions before signing the contract. 

Are you ready to apply?

If you feel ready to get ahead of your debt with a debt consolidation loan, you are welcome to apply with Jacaranda Finance. We take a fresh approach to traditional lenders. We consider our customers as friends and want to make sure that we solve your problems together. You can call our customer service team during business hours for help and advice or message us anytime online

 *if you apply within the business hours and we don’t need additional documents

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Last updated: 13/05/2020, 3:57pm

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