Debt Consolidation Loans
Check If You Qualify
With no impact on your credit score!
Check If You Qualify with no impact on your credit score!
*Subject to lending criteria, T's and C's'
*Subject to lending criteria, T's and C's'
Funds in 60s
to PAYID Enabled Banks
Not all banks or bank accounts are PayID enabled. To find out more information about PayID and how it works, please visit https://payid.com.au/ or contact your bank.
Need to consolidate your debt?
Consolidating debt could simplify your finances. Having debt doesn't necessarily mean you're bad with money - in fact, most people have debt. Excluding mortgages and credit cards, the average Aussie household has a personal debt of $17,700. Including credit cards, that number jumps to nearly $20,000!
Some of the key advantages of consolidating debt include:
- Having one recurring repayment is easier to manage than having multiple repayments
- You have a clear schedule of when you can pay down the debt, instead of multiple schedules on different timelines
- You could gain better control of your monthly budget and cashflow as you have one simple debt to track
Jacaranda Finance is a fast and flexible online lender that specialises in delivering reliable, convenient, and simple personal loans for debt consolidation.
We Make Applying Easy
We know how important it is to receive your funds in a timely manner. As a hard-working Australian, you don’t have time to waste on needless paperwork.
That’s why our loan application process has been perfected over time to be as simple and quick as possible.
Award-winning lender
How does debt consolidation work?
Generally, debt consolidation is a process where you eliminate multiple debt repayments by bringing all your existing debts together into one loan, offering you greater control of your repayments.
One way to do this is by taking out a new personal loan and using the funds from this loan to pay off your other existing debts. You can then pay back this new loan with a single repayment over a set term, giving you the simplicity of knowing exactly when and how much your repayments will be.
If you're juggling multiple repayments of debts such as these, consolidation can act as a management tool to stay on top of your finances.
Did you know: Approximately 68% of Australians say they have at least one credit card, and around 20% have at least two.
Refinancing or consolidating your current debt may result in higher total charges if the interest rate and fees are higher or the loan term is longer. You should also carefully consider the impact of increasing your debt, monthly obligations, and length of your repayment term.
Personal Loans Online Up To $25,000
Money in your bank account and ready to use in 60-seconds3 once approved.
Most customers have a New Payments Platform (NPP) bank account and receive the money in their bank account within 60 seconds. For other customers, the money will be available overnight on weekdays and overnight the following business day if approved on a weekend or public holiday.
Rates & Fees
Trusted by 1,000s
Am I eligible to apply for a personal loan?
The basic eligibility criteria you must meet before submitting an application:- Be at least 19 years of age.
- Be employed on a permanent or casual basis.
- Have a consistent income going into your own bank account for the last 90 days.
- Be in control of your finances and be handling existing financial commitments comfortably.
- Be an Australian citizen or permanent resident with a fixed address.
- Have an active email address, phone number, and online banking account in your name that belongs to you.
We accept a wider range of credit history than a bank or a prime lender, but we do not recommend submitting an application if:
- You are currently or recently bankrupt (you must be three years discharged and in control of your finances)
- You are not comfortably repaying your existing financial obligations
Information you will need to provide:
- Basic personal information (i.e. full name, address, D.O.B, employer, dependant number)
- Online banking details
There are instances where our team may need to request further information or supporting documents from you. Don't worry, we will let you know exactly what we need and why we need that information from you.
Why consolidate your debt with Jacaranda?
Here are some of the reasons that people choose to consolidate their debts, and why it might be suitable for you.
Easier to manage repayments
Having one recurring repayment is easier to manage than having multiple repayments. Our standard repayment method is direct debit and can be set up on the same day as your payday.
Track your progress
You have a clear schedule of when you can pay down the debt, instead of multiple schedules on different timelines.
Simplify your budget
You could gain better control of your monthly budget and cashflow as you have one simple debt to track.
Debt consolidation loan FAQs
Here are some of our most frequently asked questions when it comes to debt consolidation personal loans.
Our loan application process has been designed to be as simple and quick as possible, as we know how important it is to receive your funds in a timely manner. Applying for a loan with Jacaranda Finance takes most people 5-12 minutes1; how quickly you can apply for a loan and receive your funds will depend on your situation.
We only accept loan applications online via our online application form on our website or the FastMoney app. We're 100% online, so there are no other ways to submit an application.
If you’re considering applying for a loan with Jacaranda, you can first check if you qualify using our QualifyCheck technology, which does not affect your credit score.
Jacaranda offers three loan products with varying loan amounts that you could borrow:
- Jacaranda Express Personal Loan: $5,000 to $25,000
- Jacaranda Cash Boost Loan: $2,100 to $4,600
- Jacaranda Car Loan: $10,000 to $25,000
For detailed information about who our products are designed for, please review our Target Market Determinations.
Use our loan repayment estimate calculator to get a guide on what your repayments could be. To get an idea of what rates, fees and charges are associated with our loan products, visit our rates and fees page.
We can accept common types of debts with our debt consolidation loans, as long as you're looking to borrow an amount within our criteria. We generally consolidate debts from other personal loan providers, credit cards, and car loans.
Types of debt which are not common to consolidate include the likes of buy now, pay later (BNPL), wage advances and short-term (payday) loans.
Based on your own personal financial circumstances and current debts, we will tailor the loan amount and loan terms to suit your personal needs.
The interest rate, fees and charges applied to your loan will depend on your individual circumstances and the information verified during the loan assessment. It will also depend on our assessment criteria and the loan product, loan amount and loan term you qualify for.
Use our loan repayment estimate calculator to get a guide on what your repayments could be. To get an idea of what rates, fees and charges are associated with our loan products, visit our rates and fees page.
We use the information you provide in the online application form as well as information on your bank statements to make sure that you qualify for a loan product during our credit assessment. If you don't qualify, your application will be declined without a credit check being conducted.
Once we have verified that you meet our non-credit report-related criteria, we do perform a credit check as part of our credit assessment, where an inquiry will be left on your credit file.
We will never perform a credit check without your express consent, which you provide to us when you apply for a loan with Jacaranda Finance. We store your acknowledgement and consent for seven years, and it can be supplied on demand.
There are four credit reporting bodies that we may use to conduct a credit check:
- Equifax
- Experian
- illion
- Talefin
Review our Privacy Policy for more information.
If your application is approved and we provide you with a loan offer, we will send the details of your offer electronically for you to consider in the form of a digital loan contract.
Read and consider your contract thoroughly before following the instructions to sign the contract digitally. Once the contract has been signed, you will be emailed a copy for your records. It can also be accessed through your account in the customer portal, within the FastMoney mobile app, or by contacting our customer service team to request a copy.
Repayments on your loan are automatically set up to be deducted via direct debit from your bank account in line with your pay cycle.
Provided you are meeting your minimum contractual repayments, you can change the date of your direct debit payments, make extra repayments, change your bank account details and more from either the FastMoney app or online portal.
Download the app on the Google or Apple store today.
Read more: Personal Loan Repayments 101.