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Wondering What A Loan Calculator is? Jacaranda Can Help You Out!

Wondering What A Loan Calculator is? Jacaranda Can Help You Out!

Looking to work out your repayments?

When you’re looking to take out a small personal loan, knowing what your payments might be is going to be an important aspect of the loan finding process. Understandably, you want to know what you’re getting yourself into before you go and apply. And that’s ok! There are definite benefits to being well prepared and planning ahead. Knowing what your repayments might look like beforehand will allow you to budget, plan and be financially responsible. Many people will have a look at a loan calculator to get a good idea of what their repayments may look like for different loan amounts over different loan terms. 

And here at Jacaranda, we think that’s a great idea! We’re big fans of being well prepared and responsible with your money. Did you also know that when you take out a loan, there are certain fees that you can and cannot be charged, depending on the type of loan you apply for? There are so many things to be aware of when applying for finance that it can be a bit overwhelming. Don’t stress though! Jacaranda is here to help clear everything up for you.

Say hello to Jacaranda! 

First off, let us introduce ourselves. Say hello to Jacaranda, your local personal loans experts located right here in Australia. We’re specialists when it comes to small personal loans of all different kinds and are here to help any and all Australians when they need a bit of spare cash, fast. We’ve been around for a few years now and we pride ourselves on taking a fresh approach to online lending. Put simply, we’re here to give every Aussies the fair go they deserve when applying for personal finance. 

Not only do we provide amazing loan products to the everyday Aussie, but we’re also out here pumping out some great informational content to get everyone up to speed with all the finance lingo and best practices. Here’s to a well-informed, well-researched audience who knows what they want and what’s best for them. Ready to dive into the nitty-gritty of what a loan calculator is and how you can utilise it? Read on!

What is a loan calculator?

A loan calculator is a handy little online tool that allows you to get a general calculation of what a loan may cost you and what your repayments may be, before you submit an application. You can see the benefits of this tool. For those of us who are perhaps just a little bit pedantic when it comes to organising our finances, a loan calculator is an invaluable tool. It’s also a great time saver. By inputting how much you’re looking to borrow and for how long, you can get a good idea of whether or not you’ll be able to afford your repayments before you submit your application. If the repayments aren’t feasible for your current budget, then you’ve saved yourself time, disappointment and effort. 

What standard fees might I be charged? 

Every lender is most likely going to differ in terms of fees and rates. However, in saying that, for some loan products there are set maximum fees that a lender is allowed to charge. These will differ, however. Always be sure you know what you are applying for and the types of fees that are applicable to your loan product. Below are the different types of loans jacaranda can offer. To find out more about different fees, charges and rates for these loans, you can head to our costs page.

Loan Type AmountLoan Term
Small unsecured loan$300 to $2,00012 months
Medium secured loan$2,001 to $4,60013 to 24 months
Large secured loan$5,00013 to 24 months 

If you know what kind of loan you want to apply for and have a general idea of how long you would like to pay it off, a loan calculator will give you a good general idea of what your repayments might look like. Just remember though, that each lender will have a different repayment structure and will be able to give you more specific details on what their repayments may look like. 

Never assume that all lenders will have the same repayment terms for the same borrowing amount. Each lender will have different repayment rules and these should be discussed with your lender before you sign your contract. 

What other fees could I be charged? 

Now, you’re probably wondering what other fees you could possibly be charged that a loan calculator won’t be able to take into account. If you’ve been approved for a loan and you’re going through your contract and noticing that your lender is listing fee after possible fee, we advise proceeding with caution. There are a few reasonable extra fees on top of your establishment and monthly fees, but there shouldn’t be bucket loads of them! So, what to expect? 

  • Missed/failed payment fee: If life happens and for some reason, you are unable to make a payment or your repayment declines/bounces back and is unsuccessful, you may be charged a missed or failed payment fee. This fee usually covers the bank fees that your lender incurs for the failed payment attempt. It’s best to get in touch with your lender if you know you won’t be able to make a payment.
  • Skipped payment fee: Some lenders may charge you a skipped payment fee. This is usually a small fee that you might be charged if you get in contact and ask to skip your upcoming payment.
  • Direct debit payment stop fee: Some lenders will have a fee that may be charged to your loan account if you decide to have a payment stop put on your account that prevents them from taking their direct debit payment. This is usually a slightly larger fee in order to discourage rash decision making as payment stops are serious decisions and not something any lender wants to happen.
  • Early repayment fee: Some lenders may charge you a fee for paying out your loan early, although not every lender will have this fee. Jacaranda does not charge an early repayment fee

The difference between monthly fees and interest charges

Monthly fees and interest charges are calculated differently and applied to a loan account in a different way. While a loan calculator is a great way to help you decide which fee is better suited to your financial situation, read on to get an in-depth breakdown on what they are and how they differ.                           

Monthly fees: Monthly fees are a set monthly fee that is a small percentage of your loan amount, i.e. 4%. This monthly fee remains the same throughout your loan term, regardless of how much of your loan you have left to pay. A monthly fee will only be applicable to small personal loans of up to $2,000.

Interest charges: Interest charges work a little bit differently than a monthly fee does. Interest charges usually start off at a higher percentage than a monthly fee, but they’re calculated on the balance owing at a particular date every month. This means that the more you pay off your loan, the less interest you will be charged. This is a great motivator to get that loan paid off early as you will incur less interest. 

Just remember that even if you do utilise a loan calculator to help you get an idea of what a loan may cost you overall, every lender will have different interest rates and monthly fees, so it always pays to check with the lender you are applying with. 

What kind of fees shouldn’t I be charged?

The lending industry is heavily regulated by the Australian Government to ensure that the borrower is not being charged unfair fees and being taken advantage of. As such, fee amounts are also regulated and there are a number of fees that you can and cannot be charged, according to the law.

  • You can only ever be charged either a monthly fee or interest charges, never both.
  • An establishment fee should never be more than 20% of your loan amount.
  • Some lenders will charge same day processing fees or the like – we recommend being wary of lenders that charge such fees.
  • You cannot be charged more than twice the amount borrowed. For example, if you borrow $200 you are legally not allowed to pay more than $400 total inclusive of all fees and charges. 

If you have encountered a lender that is trying to charge you fees that you’re not too sure about, we recommend looking elsewhere for a loan. Lenders should always be upfront and honest about their fees and charges and should always comply with responsible lending practices. And remember, if in doubt, have a quick look at a loan calculator to see if everything’s adding up. 

Jacaranda is all about transparency 

Here at Jacaranda, we believe in transparency and trust. We don’t believe in charging someone unnecessary fees or charging more than we absolutely should. We’re also firm believers that any and all fees that we do charge will not only be stated in your loan contracts but will be clarified with you before you sign your contract. We would rather you be aware of all fees before you sign than scare you with them after the fact. That’s not how we roll.

Been shopping around and think Jacaranda might be your match made in heaven?

Have you been shopping around for the right lender, utilising loan calculator after loan calculator and you’ve realised that Jacaranda might just be the lender you’ve been looking for? Do you love the fact that we’re so open about our charges and our promise to never hit you with unexpected fees? If you’ve been looking for the perfect lender, you’ve found us. We specialise in all different types of loans from small to large and are here to give you the helping hand you need. If one of our products has caught your eye, why not submit an application with us today? You can trust that Jacaranda stands by their promise and will always be open and honest about any fees associated with your loan. 

Want to know more?

Want to know more about Jacaranda, loans or how to utilise a loan calculator to ensure you’re getting the best deal? No worries at all! Feel free to get in touch and have a friendly chat with our team. 

Or, perhaps you’ve had a read through all our informative content and decided that we’re the lender for you. We’re big fans of doing your research and being responsible with your money. Congrats on taking the first step to a more knowledgeable you, ready to make those well-informed financial decisions. Scroll up to our loan calculator, select the amount you’d like to borrow and repayment period and hit ‘Apply Now.’

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Last updated: 19/08/2020, 10:00am

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