How Our FlexiCredit Works

Here’s everything you need to know about how our FlexiCredit product works.
Note: FlexiCredit is currently in early access and only available for invited Jacaranda Finance customers.

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What does 'Line of Credit' mean?

A Line of Credit is a type of revolving credit product that lets you borrow money up to a maximum credit limit, pay it back over time and borrow again as needed. With FlexiCredit, you're only charged interest on the amounts you draw down from your credit limit.

How is a Line of Credit different to a personal loan?

Jacaranda's FlexiCredit product is different to our loan products for several reasons:

  • The line of credit offers unlimited redraws
  • You're only charged interest on the balance used
  • There is no set loan term
  • It can be used for everyday expenses

If, for example, you applied for a $2,000 line of credit and initially only needed to use $500, you wouldn't be charged interest on the remaining balance ($1,500).

With loan products like a personal loan, however, you can borrow up to the following loan limits and pay interest on the outstanding balance in instalments from the beginning:

Personal loans also have set loan terms, but a Line of Credit is a revolving credit product, so there is no specific loan term. Read more: Line of Credit pros and cons.

For detailed information about who our products are designed for, please review our Target Market Determinations.

Line of Credit How it Works

Who is it for?

Note: FlexiCredit is currently in early access and only available for invited Jacaranda Finance customers.

FlexiCredit could be suitable for anyone looking for funds to help pay those smaller recurring or one-off expenses.

If you need fast, simple access to finance online, but don’t want a larger amount that often comes with a personal loan, then FlexiCredit could be the right product for you.

See our FlexiCredit Target Market Determination for more information on who our products are designed for.

Will my Line of Credit be secured or unsecured?

Our FlexiCredit product is unsecured only, so you won’t need to attach an asset as security, such as your car.

FlexiCredit is meant to be a fast finance solution for smaller expenses: Check out our Secured Loans if you wish to borrow a larger amount with security attached to the loan.

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How much can I borrow?

With FlexiCredit, you could be eligible for a credit limit between $1,000 and $2,000, depending on your circumstances.

This will be your maximum credit limit, however. You don’t have to use that all at once. You can draw down on your credit limit in smaller increments as you need them, starting from $200.

You’ll only be charged interest on the balance you draw down, not the full credit limit.

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What will my rates and fees be?

The interest rate on our Line of Credit is 27.90% p.a. and will only be charged on your outstanding balance.

There will also be a monthly fee of 1% of your maximum credit limit, which will only be charged if you have an outstanding balance on the loan.

Other fees and charges may apply: See our rates and fees page for more details on what FlexiCredit may cost.

Interest Rate
Comparison Rate*
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Loan Term
Repayment Cycle
Secured or
Unsecured
Show the What does it mean? modal
Establishment Fees
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Monthly Fees
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Risk Fee
Show the What does it mean? modal
  • FlexiCredit
    $1,000 - $2,000
    Interest Rate
    27.90%
    Comparison Rate*
    Show the About Comparison Rate* modal
    N/A
    Loan Term
    Ongoing
    Repayment Cycle
    Weekly, fortnightly or monthly
    Secured or
    Unsecured
    Show the About Security modal
    Unsecured
    Establishment Fees
    Show the About Establishment Fees modal
    N/A
    Monthly Fees
    Show the About Monthly Fees modal
    1% of Credit Limit
    Risk Fee
    Show the About Risk Fee modal
    N/A
This is not an offer for credit. The amount you can borrow as well as the offer you receive may vary once you complete an application and all relevant details are captured and verified. Fees, credit criteria and terms and conditions apply. Example tables and calculators are illustrative only and are not intended to be your sole source of information when making a financial decision. Consider whether to get advice from a licensed financial adviser.
  • FlexiCredit
    $1,000 - $2,000
    Interest Rate
    27.90%
    27.90%
    Comparison Rate*
    Show the What does it mean? modal
    N/A
    N/A
    Loan Term
    Ongoing
    Ongoing
    Secured or
    Unsecured
    Show the What does it mean? modal
    Unsecured
    Unsecured
    Monthly Fees
    Show the What does it mean? modal
    1% of Credit Limit
    1% of Credit Limit
    Repayment Cycle
    Weekly, fortnightly or monthly
    Weekly, fortnightly or monthly
    Establishment Fees
    Show the What does it mean? modal
    N/A
    N/A
    Risk Fee
    Show the What does it mean? modal
    N/A
    N/A

How do I apply for a Line of Credit?

FlexiCredit is currently in early access and only available for invited Jacaranda Finance customers.

To apply for FlexiCredit, log in to your Jacaranda account in the online portal or Better Credit app.

How long will my application take?

Our 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:

  1. Applying with Jacaranda Finance takes most people 5-12 minutes1
  2. After applying, most customers get an outcome on their application on the same day during normal business hours (before 3 pm AEST)2

Once you've been approved and have accepted our offer by signing your digital contract, most customers can draw down their funds within 60 seconds3

Am I Eligible?

Note: FlexiCredit is currently only available for existing Jacaranda Finance customers.

The basic eligibility criteria you must meet before submitting an application for one of our loans are:

  • Be a current Jacaranda customer with access to our customer portal.
  • 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 handle 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.

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

How do the repayments work?

Your minimum repayment amount is determined by your approved credit limit. This will be specified in your loan contract before you receive your funds, so make sure you read this.

You will be charged interest on your FlexiCredit loan, but only on the amount you draw down. For example, if you’re approved for a $2,000 credit limit but only decide to use $1,000 to cover your expenses, you will be charged interest on $1,000.

Borrow:
$1,500
Estimated repayments:
Interest Rate
...
Comparison Rate
...
Monthly Fee (Fixed)
...
See Comparison Rate Warning
* Please consider: Fees, credit criteria, terms and conditions apply. Your loan offer may vary once your details are captured and verified and an assessment is completed.
* Please consider: Fees, credit criteria, terms and conditions apply. Your loan offer may vary once your details are captured and verified and an assessment is completed.

How can I manage my repayments?

You can easily manage your FlexiCredit repayments and draw down extra funds from the Better Credit app or online account.

Download the app on the Google or Apple store today.

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