What is a line of credit?
A line of credit is a flexible product that allows you to access funds up to a predetermined credit limit as needed. Like a credit card, you don't have to borrow the full amount you're approved for all at once. Instead, you can drawdown on this amount in smaller increments starting from $200: interest and fees are only charged on your outstanding balance.
A line of credit offers you flexibility in what you choose to borrow and how much you need to repay.
About Jacaranda’s Line of Credit
A Jacaranda FlexiCredit Line of Credit comes with a maximum loan amount of $2,000: you can drawdown on this amount in smaller increments starting from $200, all the way up to your approved credit limit. Using the FastMoney app, funds are paid into your nominated bank account whenever you need them.
Our Line of Credit is an unsecured loan with no set loan term. However, once you drawdown from your Line of Credit, you must repay a set repayment amount, which will be stated in your contract. These repayments will include interest - see the 'rates and fees' section below - but any unused funds will not.
What can you use our line of credit for?
A flexible loan for everyday expenses
FlexiCredit is a flexible credit product and an effective tool for making purchases, simplifying your finances and even smoothing out your cash flow. You can use it for just about anything in your day-to-day life. If you need quick funds to pay for key everyday expenses, a line of credit with Jacaranda Finance can provide the funds you need, when you need them.
Line of Credit FAQs
See here for some of our most frequently asked questions about our FlexiCredit product.