How Our Quick Personal Loans Work

Five Step easy application process

Providing you qualify to submit an application with us, there are five easy steps to complete an application.

	1. Submit Application online Apply online using our simple application form. On average, it takes most applicants 4 minutes to complete the application.
	2. Get conditionally approved Based on the personal details you provide us, we will determine if one of our Personal Loans is suitable for you, subject to a final assessment.
	3. Supply supporting documentation Unlike traditional lenders, 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 technology that will obtain 90 days of bank statements online in seconds.
	4. We assess your situation As a responsible lender, we would never lend you more than you could afford to pay back. Our assessment team will determine your suitability for one of our loan products, and make sure you have the means of paying it back comfortably.
	5. Money transferred upon approval We release the funds within 60 minutes of approval during normal business hours. Depending on what bank you bank with will depend on how quickly you receive these funds. Most people have it within minutes, but sometimes it may take longer depending on your bank or if you applied after 3pm on a business day or after office hours. If you bank with CommBank you’ll have the money in minutes.

How to qualify for a Personal Loan

It’s simple to qualify for one of our short term personal loans. To save your own time and energy, make sure you qualify for one of our loans before you apply.

To qualify for one of our Personal Loans, 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

We like to keep things as simple as possible, to make it easy for you. 

We specialize in fast short term personal loans repaid over a 12-month term. Refer to our loan calculator to get an estimate of our cash loan costs.

‘Most of our clients have an outcome on their personal loan application within 1 hour’

We understand that when you need money, you need to know as quickly as possible if we can or cannot do the loan. 

Therefore, we offer one of the quickest Personal Loan services in the country. Most of our clients have an outcome on their Personal Loan application during normal business hours within 1 hour of submitting the completed loan application.

Unlike a Payday Loan or Cash Advance that other lenders offer, 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 financially 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.

Example of how our small personal loans work.

• Loan Amounts: Minimum $400 to Maximum $2,000.
• Terms: Minimum 16 weeks to Maximum 50 weeks.
• Costs: Up to 20% Establishment Fee charged upfront plus a monthly fee up to 4%. Under the current legislation Jacaranda Finance Pty Ltd does not charge an annual interest rate. You may know this as Annual Percentage Rate or APR(%).
• Example: Loan Amount of $1,000 over 50 weeks repayable weekly $1,000 (Principle Amount)+ $200 (20% Establishment Fee) + $480 (fees based on 4% per month over 50 weeks) = $1,680 total repayable in 50 weekly installments of $33.60.

Example of how our medium secured personal loans work.

• Loan Amounts: Minimum $2001 to Maximum $4,600.
• Terms: Minimum 13 months to Maximum 24 months.
• Costs: Annual Percentage Rate (APR) is 48%. Comparison rate is 66.0347% p.a. This comparison rate is based on a Jacaranda Secured Medium Loan for an amount of $2500 over 2 years and a $400 establishment fee. Fees and charges are payable.
• Example: Loan Amount of $3,000 over 18 months repayable weekly $3,000 (Principle Amount)+ $400 (Establishment Fee) + $1378.87 (other fees) = $4,840.14 total repayable over 18 months with weekly installments of $61.27.
• For more information about the allowable fees and charges for SACCs & MACCs visit the MoneySmart website.