How Our FlexiCredit Works

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:

• Jacaranda Express Personal Loan: $3,000 to $25,000
• Jacaranda Car Loan: $10,000 to $25,000

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.

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.

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.

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