Loan Application Has Never Been Simpler. With Jacaranda, Apply For A Loan Within Minutes.
If something unexpected happens and you need to access credit, the last thing you need is an overly-complicated loan application process. Luckily, Jacaranda’s loan application process has been designed to be as streamlined as possible. You could even be approved within 60-minutes of applying.
Easy Loan Application
When completing a loan application, you need to make the lenders understand that you will be able to afford all the repayments required from you. Additionally, your credit score may be examined. These days, most lenders offer an online application.
Jacaranda, for example, is 100% online. Our loan application process has been designed to be as easy and straightforward as possible, so you can get back to the important stuff.
Loan Application Requirements
At Jacaranda, we’ve made it our mission to change people’s perception of personal loan lenders. By this, we wanted to make applying for our loan more accessible than traditional lenders. You can complete our online application in just a few minutes. So, before you get started applying with Jacaranda, just make sure you:
- Are 18-years or older;
- A citizen or permanent resident of Australia;
- Have a personal phone number and email address;
- Have a personal bank account with internet banking set up.
Meet all of those? Great! You can go right ahead and get started applying with Jacaranda.
What You Need For A Personal Loan Application
While filling out your personal loan application, you may be asked to supply certain pieces of information. We want to make this process as quick as possible for you. So, if you want to really breeze through your application, just make sure you have these handy when you apply:
- 100-points of identification;
- Your internet banking details;
- The reason you are applying for a loan;
- Your MyGov details (if you receive Centrelink benefits);
- Your employment details and employer contact information.
Can I Make An Online Loan Application?
Of course! At Jacaranda, we are 100% online. So, really you can only apply online. If the thought of computers or anything digital sends a shiver down your spine, don’t stress. We’ve designed our online loan application to be so simple, even your grandparents could do it.
We are proud of being 100% online. Not only is it super convenient, but it makes things a lot easier for our customers.
How Can I Get Approved For A Loan?
Jacaranda will assess your loan application based on affordability and suitability. In other words, will you be able to easily afford the repayments, and is this loan right for you? So, to maximise your chances of being approved for a loan, make sure you can say ‘yes’ to as many of these as possible:
- Have been receiving a regular income into a personal bank account for at least three months.
- The repayments on your desired loan will easily be covered by your income.
- All applicants must have been paying your other bills on time.
- You have not been missing payments on your other debts.
What Is A Good Credit Score To Get A Loan?
Your credit score is a reflection of your financial history. Equifax is Australia’s largest credit reporting bureau. Equifax gives you a credit score between 0 and 1,200. A ‘good’ credit score is usually between 622 and 725. Anything above this is considered a ‘very good’ or ‘excellent’ credit score.
Keep in mind, however, that Jacaranda does not assess your loan application based solely on your credit score. Jacaranda accesses a read-only copy of your bank statements during the application. From here, they are able to get a better picture of your relationship with money. If they can see you’ve been on track with your other repayments, and your income will cover your Jacaranda repayments, you may still be considered for a personal loan.
Will A Personal Loan Affect My Mortgage Application?
A personal loan may actually positively affect your mortgage application. If you consistently make your loan repayments on time, it may boost your credit score, as this is proof you’re a responsible borrower.
On the other hand, if you are consistently missing repayments, your credit score may be negatively affected. This may have an adverse effect on your mortgage application.
Loan Application Checklist
During your loan application, you may be asked to provide certain pieces of information. So, if you really want to breeze through your application, it may be a good idea to keep the following handy:
- 100-points of identification;
- Your internet banking details;
- MyGov details (if you receive government benefits);
- Your employment details and employer contact information;
- Applicants may be asked to prove they are an Australian citizen or permanent resident.
Having everything on this loan application checklist will allow you to get your application submitted in lightning speed.
Loan Application Example
Most Jacaranda loan applications will follow the same pattern. To give you an idea here’s what you could expect the process to look like:
Enter in your desired loan amount and repayment terms in the loan calculator (located at the top of this page). You’ll be able to see what the weekly, fortnightly and monthly payments may look like on your loan. If you like what you see, click ‘Apply Now’.
You’ll then be redirected to our application form. If you have all your necessary details handy, this form should only take a few minutes to complete. Once you have submitted this form, our assessment team will look over your application. You should have a response within 60-minutes of applying.**
If your application is successful, we’ll send over a loan agreement. Once you’ve carefully read through and approved the agreement, we’ll get to work transferring you your loan. Depending on your inter-bank transfer times, you could potentially expect to see the loan appear in your account within 24-hours.
**If you apply outside of our normal business hours, we’ll get to your application first thing in the morning.
What Do You Need To Apply For A Personal Loan?
To apply for a loan, you need your relevant information and the reason for your loan.
Jacaranda has a loan product fit for any situation.
|Reason||Jacaranda Loan Product|
What Loans Do Jacaranda Offer?
Jacaranda offers loans to cater to budgets of all shapes and sizes. When you’re filling out our loan application, you’ll need to nominate the amount you’re looking to borrow. Here’s an idea of what you could expect.
Small Personal Loans
Our small personal loans range from $300 to $2,000 and can be repaid over a period of 12-months. These are unsecured loans, which means you will not need to attach an asset as security against the loan.
Medium Personal Loans
Jacaranda can also offer a medium personal loan. These loans range between $2,001 and $4,600. These medium have a repayment period of 13 to 24-months. These loans require an asset to be attached as security against the value of the loan. Jacaranda can accept your car, motorbike, caravan or boat as security.
Large Personal Loans
If you’re looking for something bigger, we can offer you a large personal loan. These range from $5,000 to $10,000. These loans have a repayment period of 13 to 24-months. Just like a medium personal loan, a large personal loan will require an asset to be attached as security.
Why Do You Ask For Security In The Loan Application?
Lenders will often ask for an asset to be attached as collateral on larger loans. This is because attaching collateral greatly reduces the risk for the lender. So, attaching an asset as security to your loan may considerably increase your chance of being approved for a bigger amount.
Will My Asset Be Repossessed?
If a borrower consistently and repeatedly misses repayments and fails to get in contact with Jacaranda, their vehicle may be repossessed. A repossession will only be an option after all other avenues have been exhausted.
If your circumstances have changed and you feel like you may be unable to repay your loan, you should get in contact with Jacaranda. We are happy to liaise with you and come to an alternate agreement.
Additional Fees and Charges
There may be additional fees and charges payable on your loan. These may come in the form of dishonour or default fees. All of these fees and charges, however, will be outlined in your loan agreement.
It is very important that you read through your loan agreement, prior to signing anything. If you have read through your contract, and are still unsure about anything you have read, please get in contact.
You are able to send an email through to our team, via the form on the contact us page. Our customer support team will send you a reply as soon as possible. Alternatively, you are able to call us on 1300 189 823.
Keep in Contact
If you have any further questions or feedback regarding your experience with Jacaranda, please get in contact. We are always looking to improve our customer’s experience, so any feedback or criticism is always welcome.
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Small Personal Loan
Up to 20% Establishment Fee
+ monthly fee up to 4%
Jacaranda Finance does not charge an annual interest rate on SACC loans. These small amount loans incur 'fees' instead of interest. The maximum comparison rate on our loans between $300 and $2000 is 199.43%.WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.
Loan Amount of $1,000 over 12 months repayable weekly (50 weekly repayments). $1,000 (Principal 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.
Medium Personal Loan
Annual Percentage Rate (APR) starts at 20.56%
Comparison Rate is 20.56% per annum.
This comparison rate is based on a medium amount credit contract of $2,500 repaid over 2 years with a $400 establishment fee and APR of 20.56%.WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $555.83 (reducing interest*) = $3955.83 total repayable over 18 months with weekly installments of $50.71.
Loan Amount of $4,500 over 24 months repayable weekly (104 weekly repayments). $4,500 (Principle Amount) + $400 (Establishment Fee) + $1081.85 (reducing interest*) = $5981.85 total repayable over 24 months with weekly installments of $57.51
Large Personal Loan
Annual Percentage Rate (APR) is 12%
Comparison rate is 19.88% per annum.
Loan Amount of $5,000 over 18 months repayable weekly (78 weekly repayments). $5,000 (Principle Amount) + $1831.16 (Interest) = $6831.16 total repayable over 18 months with weekly installments of $87.57.
Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5041.72 (Interest) = $15041.72 total repayable over 24 months with weekly installments of $144.63.