Frequently Asked Questions (FAQs)

We offer three main products at Jacaranda:

• A Personal Loan
• A Car Loan
• A Line of Credit

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 loans, visit our rates and fees page.

Visit our rates and fees page to get an idea of the costs associated with our loan products.

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, loan amount, and loan term for which you qualify.

Use our loan repayment estimate calculator to get a guide on what your repayments could be. 

Jacaranda takes the security of your information extremely seriously. We work hard to protect your personal information from unauthorised access. We also protect against unauthorised disclosure, alteration or destruction of information we hold. Our systems are secured, encrypted and scanned daily.

However, Jacaranda Finance would like to remind all customers that they should stay vigilant at all times when it comes to protecting their personal accounts, as there are a multitude of ways scammers may look to obtain your information with the intention of taking your money.

Visit our security page for tips and things to look out for.

You can apply for varying loan amounts with Jacaranda, depending on your needs:

• With our Express Personal Loan, you can borrow between $3,000 and $25,000. 
• With our Car Loan, you can borrow between $10,000 and $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 loans, visit our rates and fees page.

The loan terms available on our Personal Loan & Car Loan products range from 25 months up to 48 months.

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.

Your repayments will vary depending on several factors, such as the amount you borrow, your loan term, interest rate, and more.

If you're approved, the loan contract will include all of the loan details, including the repayments, terms, interest rate, and fees, for you to review before signing.

Use our loan repayment estimate calculator to get a guide on what your repayments could be based on some of these factors. Visit our rates and fees page to get an idea of the rates, fees, and charges associated with our loan products.

Yes, you can cancel your loan application at any point. Simply contact our application concierge team, and they will be able to assist you. Alternatively, reply to any SMS or email we have sent you to withdraw your application.

If you've already received your funds, we offer a 48-hour cooling-off period for all loan products. Anyone unsatisfied with their loan for any reason can return the total principal funds, including any payments made to third parties on your behalf, within a 48-hour cooling-off period and cancel their loan.⁴

Yes, you can apply for a loan with us after starting a new job if you meet the following criteria:

• You must be in your new job for at least one month and have received two full pays into your bank account. If you're paid monthly, we will need to see two payments going into your bank account.
• You must not have had more than a two-week gap between jobs.
• The majority of your income must be from an employer, and it must be deposited into your bank account.
• You must still have income going into your own bank account for the last 90 days.

Read more: Can I get a personal loan if I've just changed jobs?

No, we cannot assist you if you do not have internet banking.

During the application process, we use secure third-party services that allow you to share your banking transactions with us via your Internet banking. We only accept bank statements via this method to prevent fraud, and it also allows us to get back to you about your application very fast.

We are based in Brisbane.

We only offer our loan products 100% online nationally across Australia. We do not accept applications any other way than through our Better Credit mobile app or digital application form online via our website.

Yes, you can apply for a loan with us if you have other financial commitments already.

We are committed to responsible lending. Once you submit an application, we will conduct a credit assessment, where we will verify your income and verify what other financial commitments you are currently paying.

Provided our assessment determines that you could comfortably afford our loan repayments, you may receive a loan offer from us.

No, you do not qualify to apply with us if you are currently Bankrupt.

In order to qualify for a Jacaranda loan, you must have a credit score and have been discharged from any form of bankruptcy for at least 3 years. This includes Part 9 (IX) Debt Agreements.

We require the majority of your income to be paid by an employer. This means you may have to receive at least 50% of your total income from:

• A full-time or part-time job,
• A casual job,
• A job as a sole trader or contractor.

The income must be paid into your bank account consistently and regularly. In some scenarios, we may need to conduct an employment check with your employer.

You can qualify for a loan with us if you receive Centrelink or other government benefits. However, if your sole source of income is Centrelink benefits, you do not qualify to apply at Jacaranda Finance.

If you're not sure if you're eligible for a loan with us based on your income, you can check if you qualify without impacting your credit score.

You can also get in touch with our customer support team here if you have any further questions about your eligibility.

In order to qualify to submit an application, you must be an Australian citizen or permanent resident of Australia.

This is verified once your application has been submitted and we conduct a credit assessment.

No, we do not offer joint loan applications or guarantor loan applications.

It's possible to receive a loan offer from us if you have 'bad credit'. We offer fast and reliable personal loans for applicants with varying credit histories. If you're in a good financial position and handling your existing financial commitments comfortably, check if you're eligible and submit an application.

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're currently or recently bankrupt (you must be three years discharged and in control of your finances) or if you are not comfortably repaying your existing financial obligations.

We only offer fixed-rate loans. See our guide to fixed vs. variable interest rates to learn the differences between the two.

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 offer both Secured and Unsecured Personal Loans to suit many purposes. We also provide Secured Car Loans.

See our article on secured vs unsecured loans to learn the differences between the two.

• 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.

If you are unsure whether you're eligible, you can check if you qualify initially. This will not impact your credit score.

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

Before you formally apply with Jacaranda, you can check if you qualify for a loan in a way that does not impact your credit score. We do this by performing a 'soft' credit check that is only visible to you.

If you don't meet our initial criteria, your credit score won't be affected.

Once you've checked your eligibility and we've let you know that you do qualify for a loan, you have the option to move forward with a full application.

We will perform a credit assessment during this process, which involves checking your credit report. By submitting a full application, you authorise Jacaranda Finance to obtain a copy of your full credit file, referred to as a 'hard' credit check.

Other lenders will be able to see that you applied for a loan with Jacaranda.

This might impact your credit score.

Review our Privacy Policy for more information.

If you’re considering applying for finance with Jacaranda, you can check if you qualify in a way that does not affect your credit score.

Checking if you qualify

When you check if you qualify, we can access your credit file in a way that does not impact your credit score and that is not disclosed to anyone other than yourself. If you have alerts set up on your credit file, you will get a notification. This is called 'file access', and is different to a 'full credit enquiry'.

Submitting your loan application

Once you have checked if you qualify, and in the case that you do qualify, you have the option to submit your application to Jacaranda to perform a credit assessment. By submitting a full application, you authorise Jacaranda Finance Pty Ltd to obtain a copy of your full credit file. Other lenders will be able to see that you applied for a loan with Jacaranda.

Information we provide to Credit Reporting Bureaus

While we receive information from credit reporting bodies, we also advise them about your repayments. This is a good thing because other credit providers will be able to see your repayment history with Jacaranda. If you're making all of your repayments to us on time, this could positively impact your ability to get credit in the future.

For more information on your credit report and credit score, visit CreditSmart's website. You can also contact our customer service team if you have any further questions about how your credit score can be impacted by applying for one of our loans.

We only accept loan applications online via our online application form on our website or the Better Credit 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 in a way that does not affect your credit score.

The good news is, being a 100% online lender, you may submit an application with Jacaranda 24/7, 365 days a year. You can apply in as little as 5-12 minutes¹ via our online application form or Better Credit app.

If you need assistance or can't find the answers to your questions before you decide to apply, simply contact our customer service team during normal business hours, and they will be happy to assist you.

Being prepared before you start your application will ensure that it is fast and easy to complete.

The application form will ask you for personal information about yourself that you should know or have easy access to. In the application, the only supporting documents you will need to provide will be the last 12 months of your bank statements. 

We utilise safe and secure third-party open banking service providers with 256-bit SSL encryption to make this quick and easy for you. You'll need to have your internet banking details handy.

Once your application is complete, our credit assessment team may ask for more information depending on the details you’ve provided, such as ID documents, payslips and loan statements. We've built our own custom technology that makes this simple and easy for you to provide online via our loan platform.

Read more about our security and privacy policy.

Once you've submitted your loan application, we'll send you a confirmation that it has been received.

Our Credit Assessment team will contact you if they need any further information. Once they have completed their credit assessment, they'll send you a loan offer to consider.

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. How quickly you can apply for a personal loan and receive your funds will depend on your situation.

Applying for a loan with Jacaranda Finance takes most people 5-12 minutes¹, but it could take longer depending on a number of factors such as but not limited to how fast you are at typing or if you have all the required information on hand.

After applying, most customers get an outcome on their loan application on the same day during normal business hours once we have received all of the supporting information we require. We do not guarantee same-day outcomes for all customers.²

Once an applicant has been approved and they have signed a contract, we automatically attempt to release the money to the applicant's bank account. 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.³

Once you've been approved and have accepted our offer by signing your digital contract, we automatically attempt to release the money to your bank account. Most customers have a New Payments Platform (NPP) bank account and receive the money within 60 seconds.³

You must have an NPP-enabled bank account. For customers without an NPP-enabled bank account (or the instant payment fails), the money will be available overnight on weekdays and overnight the following business day if approved on a weekend or public holiday.

See also: Weekend Loans.

We require bank statements from you to gain insight into your spending habits and verify your income and expenses. 

As a responsible lender, we want to ensure that you can comfortably afford our loan repayments.

Yes, you can cancel your loan application at any point. Simply contact our application concierge team, and they will be able to assist you. Alternatively, reply to any SMS or email we have sent you to withdraw your application.

If you've already received your funds, we offer a 48-hour cooling-off period for all loan products. Anyone unsatisfied with their loan for any reason can return the total principal funds, including any payments made to third parties on your behalf, within a 48-hour cooling-off period and cancel their loan.⁴

If we are unable to assist you, we will decline your loan application. We will notify you via SMS and email that your application has been declined.

Read more: 10 Tips To Improve Your Chances Of Loan Approval.

If your application has been withdrawn, it is usually because we have yet to receive all the required supporting information or documents. Our easy-to-use online portal allows you to provide any additional information we need.

Other reasons for withdrawing your application include:

• We're unable to provide a loan for your chosen reason (such as everyday expenses).
• You've notified us that you no longer need the loan.

Your application will generally be withdrawn after 14 days from the last document request notification if we haven’t heard from you or received the required information.

We will always notify you via SMS and email if your loan application is withdrawn. You will also receive several notifications before this happens. Whatever the outcome of your application, we will always communicate with you.

Contact our customer service team if you have any further questions about your application or if you haven't heard from us.

Whatever the outcome of your application, we will always communicate with you. Your application may currently be with the assessment team or waiting for a document - if you are unsure, please contact our customer service team. We will inform you of your application's outcome via SMS and email.

If you don't believe you’ve had communication from us, please contact us so we can investigate and provide you with an update or outcome on your application.

We have a legal obligation to verify your identity before we can provide services to you. We also have obligations to collect other information about you to comply with anti-money laundering and counter-terrorism financing legislation.

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 Better Credit mobile app, or by contacting our customer service team to request a copy.

The easiest way to manage your loan is through the Better Credit app or online customer portal.

Log into the app or portal to check your loan balance and loan contract; request loan statements; make extra loan repayments, ask to change your repayment schedule, and more.

Download the app on the Apple Store or Google Play Store  today.

Repayments on your loan are automatically set up to be deducted via direct debit from your bank account in line with your pay cycle.

You can view your repayments from either the Better Credit app or online portal and contact our friendly customer service team to request any changes that you need.

Download the app on the Google or Apple store today.

Read more: Personal Loan Repayments 101.

The easiest way to manage your loan is through the Better Credit app or online customer portal.

Log into the app or portal to update your loan details, check your loan balance and loan contract, request loan statements, make extra loan repayments, ask to change your repayment schedule, and more with ease.

Download the app on the Apple Store or Google Play Store  today. Otherwise, please feel free to contact our customer service team for any queries or changes you may need!

Yes, there are several ways to make additional repayments on your Jacaranda Car or Personal Loan at no additional cost. 

Simply log into the Better Credit mobile app or customer portal and choose from options such as debit card payment, bank transfer, or direct debit.

Read more: Personal Loan Repayments 101.

Yes, there are a number of ways that you pay out your loan ahead of the loan term specified in your loan contract at no additional cost.

To pay out your loan early or make extra repayments, log into the Better Credit mobile app or customer portal and choose from a range of options such as debit card payment, bank transfer or direct debit.

Comprehensive Credit Reporting (CCR for short) refers to sharing more comprehensive customer information between credit providers and credit reporting bodies. It means someone's credit behaviour can now be seen on their credit report, such as:

• Repayment history of accounts (credit cards, loans, bills, etc.)
• Types of credit accounts opened in the last two years (including Buy Now, Pay Later (BNPL)
• The dates you applied for, opened, and closed credit accounts.
• The current limits on your credit products.

And more. Making this information available to credit providers can result in more accurate assessments of your suitability for finance products and give them more insight into your creditworthiness.

Read More: What is Comprehensive Credit Reporting?

Yes! Jacaranda Finance is reporting data under the Comprehensive Credit Reporting (CCR) regime. We will now provide a more detailed and comprehensive view of your credit history to credit bureaus.

This means that your positive credit behaviour, such as making timely repayments and managing your loans responsibly, will be reported, potentially strengthening your credit profile and credit score.

Read More: What is Comprehensive Credit Reporting?

When a direct debit is dishonoured by your bank, it is often highlighted on your bank statement by what looks like a credit going into your bank account. Most of the time, the repayment has been declined, and we ask that you contact our customer service team to discuss your options.

Our customer service team exist to make your life easier, and that is what they will do. It is important that you contact them and communicate with them so they can help you.

Please consider that any changes to the loan schedule may extend the term of your loan and result in additional interest and/or fees being applicable.

If you want to adjust your loan repayments, you can submit a request via the Better Credit app, online portal or by contacting our customer service team.

Yes, we may be able to defer your repayments depending on your situation.

It's important to understand that if you miss or stop making loan payments, interest is still charged, and your loan balance will continue to increase. When you start making payments again, your regular repayment amount may increase because your loan balance is higher.

Please contact us to discuss arranging to defer or reduce your repayments if necessary. See our Hardship Policy for more details.

Read More: What is Financial Hardship?

Loan statements are made available to you every month via email. You can also access them within the customer portal and Better Credit mobile app.

If you'd like to know your outstanding loan balance, you can quickly and easily find it by logging into the Better Credit app or customer portal.

To access more funds, you must submit a new loan application, which is subject to a full credit assessment and the company's lending criteria.

If approved, you will then be issued a new loan contract covering the balance of your existing loan, including the new credit amount.