Home > What Is A Debt Consolidation Loan?
What Is A Debt Consolidation Loan?
Personal Loans up to $15,000
Money in your bank account and ready to use in 60 seconds once approved*(1)
If you’ve been searching for a lender to provide you with debt consolidation loans bad credit, you’ve come to the right place. Finding a lender who is trustworthy when it comes to debt consolidation can be tricky. Finding a lender who might be able to offer you a debt consolidation loan with bad credit is even trickier.
At Jacaranda, we believe all Aussies deserve a fair go when it comes to debt consolidation. We look at more than just your credit score as an indicator of financial fitness and assessed you based on a number of other criteria.
Why Should I Choose Jacaranda For Debt Consolidation Loans?
The world of debt consolidation can be difficult to navigate, especially if you’re doing it alone. Jacaranda is a trusted lender who has assisted many happy customers in consolidating their debt, some even with a less than desirable credit score.
Our focus is on our customers. We are dedicated to providing the best customer experience that we can. This is why we are always ready to answer any questions you may have. In fact, we encourage applicants to get in touch if they would like to discuss debt consolidation loans or their bad credit rating and how this might affect an application. After all, that’s what we are here for. Jacaranda is the experts when it comes to small loans with fast outcomes!
Who Are We?
Jacaranda Finance is an online lender you can trust. We offer loans from $1,000 to $15,000 instantly and with flexible repayment options. If you weren’t already aware, we are 100% online. That means no messy paperwork or waiting in line at the bank. With a simple online application form only takes a few minutes to complete, we should have an answer for you within 60 minutes (within business hours).
We understand that in a fast-paced world you need fast-paced solutions to your financial struggles. When you run into trouble, we are always with you. Our customers can apply for a loan wherever they are and whenever they like. We are proud to be Australia wide, so it really doesn’t matter where you are.
When you apply with Jacaranda Finance, we guarantee you a fair go. We’ve got a new spin on debt consolidation loans for bad credit. Where other lenders might pass you up, we might be able to give you the fair go you deserve.
What Are Debt Consolidation Loans Bad Credit?
Good question. We get it. You might find this term a little confusing. In essence, a debt consolidation loan is taking out one large loan that encompasses all of the small debts you may have incurred. A debt consolidation loan can be a really helpful tool if you would like to lump a few smaller repayments into one regular fixed repayment.
So basically, Jacaranda offers debt consolidation loans to applicants with poor credit scores. We prefer to take a closer look at your finances rather than focusing solely on your credit score. This gives our customers a fair go at getting on top of their debts. After all, we believe everyone deserves a second chance. Although we can not promise approval, we can definitely promise our customers that.
What Debt Consolidation Loans Bad Credit Could We Provide?
In general, there are three different loan categories. These are small, medium and large.
Small loans are taken out for debt consolidation between $1,000 and $2,000 and have a repayment period of 12 months. These loans are unsecured, meaning you don’t need any equity if you would like to apply for one. This is very convenient if you do not own an asset like a car or motorbike.
Medium loans can be taken out for debt consolidation between $2,001 to $4,600 with a repayment period from 13 to 36 months. Although it is not required, we do recommend attaching an asset or equity to loans of this value. Equity could include a car, motorbike or caravan.
Large loans are also available for debt consolidation between the values of $5,000 to $15,000 – also with a repayment period from 13 to 36 months. Like a medium loan, you are not required to attach equity to a large loan – however, we do recommend it. Again, this could be something like a car or motorbike.
Before You Apply
As the above statistics are just a guide, we do recommend that you look at the possible costs associated with each personal loan type. Fees and charges associated with late payments or failing to make payments could apply to your loan product. We encourage all of our applicants to ask us as many questions as they deem necessary before accepting a loan product. We are happy to see if we can help. That’s what we are here for!
Who Can Apply For A Debt Consolidation Loan Bad Credit
Anyone, really. If you would like to make your weekly, fortnightly or monthly repayments simpler and all in the one place, a debt consolidation loan might be for you. Bad credit no longer needs to be an excuse. The only application criteria we require are:
- You have an active mobile number and email address
- You are over 18 years old
- You have had a regular income into a private account for the last 3 months
- You have internet banking set up and know your logins
- You are an Australian citizen or permanent resident
We like to keep things simple. If you meet these criteria and are looking at debt consolidation we encourage you to apply. You never know, you could have the cash you need sooner than you thought. We are ready to give you a fair go when it comes to debt consolidation loans bad credit.
What Do I Need To Apply
You don’t need very much. As we’ve said, we like to keep the process simple. This means the basics are all you need to have on you…
- Your personal info (name, D.O.B etc.)
- The reason you are applying for a loan
- Your MyGov details (if you receive Centrelink benefits)
- Your employment details and employer contact info
Why Do We Need These Details?
We get many questions about why we need internet banking details. To put it simply, we base your application on more than your credit score. This means we need to have a look at your current relationship with money. We access read-only copies of your bank statements to check regular payments being made into the account as well as your spending habits (we do not have access to your actual account). This allows us to look at the big picture. You can rest easy knowing that we use the latest safe banking technology.
Our experienced team may need to contact your workplace to verify your employment – this is all part of the process, so don’t stress. We will never disclose any of your private information to your employer – that includes the reason you are applying for a loan.
Do Lenders Perform Credit Checks?
Yes, we do. At Jacaranda, we will check your credit score but we can promise you we will consider the whole picture. We understand that credit is only a small part of your history.
At Jacaranda, we prefer to take a look at the whole picture. That’s why we will access read-only copies of your bank statements as another means of accessing your relationship with money. After all, we are mainly interested in how you are planning on paying back the loan. At Jacaranda Finance we are proud of the fact that we take a fresh approach when approving debt consolidation loans bad credit.
What Can I Use My Debt Consolidation Loan For?
A debt consolidation loan could help you condense all of your existing debts into one.
Reduce The Stress
At Jacaranda, we understand that combining all of your debts into one manageable debt consolidation loan could reduce the stress of lots of smaller loans. If you currently have lots of little loans that you are struggling to pay off, debt consolidation could make this process much simpler.
Most of our applicants struggle to pay off smaller loans because payment is often due at different times. If you have multiple direct debits set up, it is often stressful to remember which one is due at which time. When these loans are consolidated, the stress of multiple payments can be made simpler with one easy lump sum amount.
You Could Have Less Interest
Debt consolidation could help you reduce your interest rate and fees by combining your existing loans into one. At Jacaranda, we know how tricky it can be dealing with lots of different interest rates and fees. We understand that it is much easier when you can focus on paying off one debt, rather than multiple. We are all about keeping it simple and stress-free. If you think a debt consolidation loan could make your life easier, why not get in touch today?
How Can I Apply?
At Jacaranda, our application process couldn’t be simpler. We are 100% online and you can apply wherever you are and whenever you like.
100% Online Applications
To get started with your application all you need to do is visit our website. It’s super simple and easy to navigate. You can use the loan calculator at the top of the page to adjust the amount you would like to borrow and the repayment period.
You will then be able to see what the weekly, fortnightly and monthly repayments may look like, however, these charges and fees may vary. Once you have submitted your application, our experienced lending team will begin accessing your application and get back to you within 60 minutes (within business hours). Fast, easy and stress-free. Did we mention it is 100% online!
Some Of Your Info
All we need from you is a few of your basic details. Good news – our 100% online application form is super user-friendly. That means it should only take you a few minutes. Our lending team recommend having your details ready on hand as this will make the process even simpler.
We may ask you to provide online banking details as well as employer contact info. As previously mentioned, that’s so we can have a closer look at your current relationship with money. When you’ve done that we encourage you to sit back and relax. Our team of experienced lending consultants will take it from there.
Cash In Your Account
At Jacaranda, our team does their best to have an answer to you within 60 minutes from when we receive your application. If you are approved for debt consolidation loans bad credit we will send you a contract to review and sign. Our team will then do their best to get the money to your account ASAP. Delivery times can, however, depend on your individual interbank transfer and time of day and approval. Super fast cash is the name of our game.
Give Us A Go
At Jacaranda, we love that fact that we are flexible – and, we think you will too. When you apply for a loan with us you know you will be getting a fair go. We believe all Aussies deserve the right to a chance at debt consolidation loans bad credit.
We understand that credit can be a pain when you need help. Many other corporations won’t even take a second look if your credit is less than perfect. At Jacaranda, we are proud of the fact that we take a positive approach to lending and a fresh take on bad credit. We can not guarantee approval on every loan. However, we can guarantee we look at more than just your credit score.
If you’ve been thinking about applying for a debt consolidation loan bad credit, don’t wait another day. Jacaranda is here to help now and there is no better time than the present. We are all about making your life a little easier. So, apply now!
Want to know more about bad credit unsecured personal loans with very fast approval?
Want to read more? Find out how you could get a bad credit loan with Jacaranda. We’ve got everything you need to know about interest free loans.