How do I know if I am eligible for a Jacaranda Loan?
We have a very basic set of eligibility requirements. You must:
- Be over 18years of age
- Receive a regular income into a personal bank account
- Receive at least $400 per week or $800 per fortnight income
- Be an Australian resident, or have permanent residency
- Have a direct contact number
Can I still apply if I receive a Government Benefit (Centrelink)?
YES! All of our loans are assessed on affordability and suitability. So just because you’re receiving Government benefits doesn’t mean you can’t get access to some extra cash.
Will I be restricted to a certain approval amount for my first loan?
Applicants who receive Centrelink as their sole source of income will be restricted to no more than a $1000 loan for their first loan.
What documents do you need from me?
Most of the time, we do not require you to get us copies of bank statements, pay slips and other time consuming documents.
We utilize the latest and safest banking and identification technology that will obtain 90 days of bank statements online in seconds and confirm your identity online. In some cases, you will be required to supply a hard copy of these documents.
Do you do an employment check with my work?
In some cases we do conduct employment checks, generally on new customers. Our highly trained operators are very discrete and would never disclose any personal information about you or your loan application.
Do you conduct a Credit Check?
As a responsible lender, we do carry out a Credit Check on eligible applicants. We are more lenient than traditional institutions such as Banks; however, we too have ideals to follow. As long as your current financial situation is looking good, we will happily consider your loan application.
What happens if I apply out of business hours?
Applications can be submitted 24 hours a day via our website application form.
Our office hours are Monday to Friday 8am to 7pm, Saturday 8am to 12pm.
If your application is submitted outside of business hours, you will be contacted within 2 business hours of the next business day.
How quickly do I receive my funds once approved?
We release the funds within 60 minutes of approval. Depending on what bank you bank with will depend on how quickly you receive these funds. If you are with one of the bigger banks, the funds are normally available within 1 business hour providing your approval is finalised before 3pm Sydney time. If by chance you are not with one of the bigger banks we will still release your funds within 60 minutes of approval, however it will not appear in your account for up to 24 hours.
Fees and payments
What costs are involved? And are there any hidden costs I should know?
We are very transparent with the fees and costs associated with our loans. Everything is out in the open. The only costs to the loan are:
- Establishment fee: 20% of loan principal.
- Flat monthly fee: 4% of loan principal.
- Direct debit dishonor fee: $35 per dishonor.
How do I make repayments?
Repayments could not be easier! Once your loan is approved, we set up a customized direct debit schedule in line with your income. Once your loan has been paid in full, the direct debits will stop automatically.
Do you ever charge thousands of percent in interest, fees or charges?
There is a common misconception that small lenders charge hundreds or even thousands of percent in interest, fees and charges. We don’t. Our costs are simple; we charge a 20% establishment fee and a 4% flat fee per month. Try out our loan calculator to get an idea of loan repayments.
What happens if I cannot make a repayment?
If you are unable to make a repayment it is very important that you contact us straight away. In most cases we can come to an agreement that works for both parties. We require at least 24 hours notice if you are unable to make a scheduled repayment.
Call: 1300 189 823
What happens if a payment declines?
If you breach your contractual repayment, a $35 fee is added to the balance of your loan. It is very important to get in contact with us as soon as possible if a payment declines.
What happens if I stop paying my loan back?
We may pass your account onto an external debt collection agency. This is a last resort and we will legally be entitled to register a default on your credit file. This default will not be removed from your credit file for 5 years. It is very important to get in contact with us as soon as possible if a payment declines.
What is Financial Hardship?
Financial Hardship is when a change in circumstances has affected your income in a way that prevents you from meeting your financial commitments such as bills, expenses and loan repayments. We understand that circumstances can change very quickly and we ask that you advise us of these situations.
If you are finding it hard to manage your finances we urge that you consult with an accredited financial adviser or visit the following website www.moneysmart.gov.au.
What if I need Financial Hardship Assistance?
If you need to apply for Financial Hardship assistance, you will need to supply supporting documentation. These supporting documents can vary depending on your individual circumstances. We may need to see part or all of the following documents:
- Separation certificate (if employment termination has occurred)
- Bank statement for the previous/current month
- Centrelink benefit papers (if applicable)
- A budget
- Proof of bills (phone, utilities etc)
It is important to contact us and find out what documents are required for your particular circumstance. Please contact us on 1300 189 823. We can allow up to 21 days for you to get us your supporting documents to support your request.
If you do not hear back from Jacaranda within 21 days of submitting your Financial Hardship application please confirm with us that we have received all documentation. You can also forward a complaint to The Credit Ombudsmen Service on 1800 138 422 or visit www.cosl.com.au for more information.
Have you recently changed direct debit providers?
Yes. Jacaranda Finance has recently switched payment providers. You may notice Direct Debits with details of SQUAREPAY 500298 on your bank statement.
When can I get another loan from Jacaranda?
All of our loans are assessed on affordability and suitability. In some circumstances we are able to lend you more money, even with an outstanding balance on a current loan. Get in contact with us today to see what options you have available.
What is the difference between a Jacaranda loan and a Payday Loan or Cash Advance?
Unlike a Payday Loan or a Cash Advance, our Personal Loan repayment period is suitably long to give you some breathing space while repaying. This means your repayments will be lower, and in most cases less finacnially straining than the Payday or Cash Advance loan you may have used in the past. We are also able to assess your situation based on a higher loan application amount, as the repayments are spread out over a longer time frame.
Can I apply if I am bankrupt?
YES. If you are a current or undischarged bankrupt we will not automatically count you out. Just because you have made some mistakes in the past, doesn’t mean you can’t get access to some extra cash. The only two requirements are that it was been at least 12 months since you entered bankruptcy and you are now in a strong financial position handling other unsecured commitments.
Can I apply if I am in a Part 9 Debt Agreement?
No. Unfortunately, we will not lend to you if you are in a Part 9 Debt Agreement.
What is a SAAC loan?
A SACC is a Short Term Credit Contract which is defined in the National Consumer Credit Protection Act (NCCP Act) as being a loan amount of not more than $2000 set up to be repaid over a term of not less than 16 days and not more than one year.
What happens if I have a complaint?
We want you to be happy with the service and products you receive from Jacaranda. If you are not happy with our service or anything else, we would like you to let us know. You can contact us using the following:
Call: 1300 189 823
Write to us: PO Box 370, Indooroopilly, QLD 4068
We will then be in touch with you quickly to come to a result that works for both of us. If you are still not satisfied with the outcome you can contact the Credit Ombudsmen Service Limited for an independent review.
What are my responsibilities as a borrower?
Once we have determined you are suitable for one of our loans, we simply ask that you have sufficient funds in your account on our withdrawal dates. We set these dates up in line with your pay so as to ensure there are sufficient funds in your account when we take the repayment. If you need to check these dates, please refer to your loan contract.
If there will be insufficient funds in your account, it is important to get in touch with us immediately so as to avoid further fee’s and charges.