Will you do a credit check on me?
Yes, we will. At Jacaranda, we are responsible lenders. This means that we will conduct a credit check on all applications we receive. However, we put more emphasis on other factors. We use bank statement scoring technology to determine your current financial situation. Credit reports can be out of date, so we ensure that we have the most accurate picture of your finances. If we find you can afford a loan, with consideration of your credit score and bank statements, we could approve you for a loan.
What is your eligibility criteria?
We have some standard eligibility criteria all of our applicants must meet, regardless of their credit score. They need to confirm the following information:
- You are at least 18 years old;
- You are an Australian citizen or permanent resident;
- You have had a consistent income into your bank account for the last 90 days;
- You have an active email, mobile phone, and online banking account.
What supporting documents do I need to provide?
We will require some information from you, along with your application. Please ensure that you provide us with the following supporting information:
- 100 points of identification;
- Your basic personal information (e.g. full name, date of birth, address);
- Your online banking details;
- The reason for your loan.
How do you assess your bad credit loan applications?
Our loan processing engine will complete 90% of your application assessment before it reaches our loan underwriters. It will extract read-only copies of your bank statements and easily present this for our loan underwriters to use in their assessment. All that is left for our loan underwriters is to conduct a credit check and ensure that all of your information is correct. If, after their financial assessment, they find that you can reasonably manage your loan, they will approve your loan and send you a copy of your loan contract. Once you have signed and returned this, your funds will be released into your bank account.