Home > What are Affordable Loans and How do They Work?

What are Affordable Loans and How do They Work?

Personal Loans up to $15,000

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What are affordable loans?

Fast affordable loans are personal loans with reasonable rates for Aussies looking for a fair go at the loan they need. Affordable personal loans are generally available from $1,000 to $15,000, and the repayment period will depend on the amount you choose to borrow. Jacaranda Finance provides Aussies with fair and reasonable rates on personal loans; however, we don’t offer low interest loans

We’ve created a seamless application process, and we can deliver outcomes within 60 minutes**. Alongside a fast application and speedy outcomes, Jacaranda Finance is also a responsible lender. That means we lend cash within the terms of the Australian code of responsible lending. When you apply with Jacaranda, you can be assured that our team will never hit you with any unexpected fees or charges. We value honesty and transparency. 

Can you borrow money without interest?

If you’re looking for ‘low affordability loans’ or ‘cheap affordable loans’, then you probably after a no or low-interest loan. Aussies can borrow personal loans with no interest. Generally, these personal loans can be referred to as a low-cost loan or no-interest loan. 

What is a low-cost loan?

The No Interest Loans Scheme (NILS) provides Aussies with the credit they need without the pressure of interest. NILS provides low-income earners with access to cash that can be used for the purchase of essential good and services. NILS is available for money up to the value of $1,500 and can be repaid over 12 to 18 months. 

Where can I get an affordable loan with low interest?

Affordable loans with low or no interest are loans offered by the Australian No Interest Loans Scheme (NILS). If you’re after finance and you have low income or receive a pension, NILS could be right for you. The NILS scheme provides borrowers with safe, fair and affordable credit as an alternative to a personal loan.

Who is eligible for NILS? 

To be eligible for the No Interest Loans Scheme, applicants must: 

  • Have a healthcare/pension card or earn less than $45,000/year;
  • Applicants must have lived in their current premises for a minimum of 3 months;
  • A willingness and capacity to repay the loan are essential. 

For more information about no or low-interest loans, visit the MoneySmart website.

How can I apply with NILS?

If you would like to apply for NILS you will need to: 

  1. Enquire: Enquire about a NILS loan online or call 13 NILS.
  2. Interview: All applicants are required to attend an interview and provide the appropriate documentation to their local NILS provider. 
  3. Assessment: Your loan application will be assessed by your local provider. 
  4. Outcome: Once your provider has assessed your application, they will be in touch with an outcome. If your NILS application is successful, your provider will arrange the terms of repayment. 

Where can I borrow money ASAP?

Jacaranda Finance is Australia’s award-winning lender that can provide personal loans fast without the headache of a lengthy application and drawn-out approval process. When the banks say ‘no’, we want to say ‘yes’. Whether you have poor credit or receive Centrelink benefits, we want to help every Aussie gain access to the money they need. 

We’ll do our best to match you with an affordable loan for your individual circumstances. The Jacaranda team are proud to be matching borrowers all over Australia with the loan they need when they need it most.

Our entire process, from application to approval, is 100% online. That means you can apply for a personal loan wherever you are and whenever you like. Our application takes you minutes to complete, and we can deliver an outcome in 60 minutes**. Gone are the days of waiting weeks for the approval you need now. 

Affordable loans: what do they mean?

When you see ‘affordable loans’ think tailored financial rates and flexible loan options for every Aussie. The Jacaranda team lend within the parameters of the responsible lending code. It is important to remember that everyone is different and, therefore, every financial situation is different. The fees, charges and interest rates associated with a personal loan will be different according to the loan amount and repayment period. 

Our team cannot provide an accurate estimation of the cost of a personal loan without assessing your individual loan application. If you’d like to see how much a personal loan could cost, you can scroll up to the top of the page and use Jacaranda’s online loan calculator to get started or head to our costs page for more information.

Does Jacaranda provide affordable payday loans online?

Traditionally, payday loans were loans that were taken and paid in full by the clients on their next payday. However, these types of loans were made illegal, so now ‘payday’ loans are synonymous with SACC loans. 

We provide SACC (Small Amount Credit Contract) that can be used similarly to a payday loan. At Jacaranda, we provide SACC loans up to the value of $2,000 that can be repaid over up to 12 months. We do our best to make sure our applicants get the best rate possible on a personal loan. Our team conduct assessments on a case by case basis to determine suitability. 

What are the top 9 reasons to apply for a personal loan?

Below are just a few reasons people apply for personal loans:

  1. Wedding expeningses 
  2. Car repairs
  3. Debt consolidation
  4. Emergency expenses
  5. Vet bills
  6. Travel costs
  7. Car rego
  8. Medical costs
  9. Home improvement

If you have any questions about the reason for your loan, please feel free to contact our friendly team.

Can you get a loan for dental work?

If the dentist has dished out more than a few fillings, you can apply for the extra cash you need with Jacaranda. Our team does their best to provide affordable loans to all our applicants. We’ll assess your application thoroughly to ensure a personal loan is right for your individual circumstances. The best part is our application process is 100% online. That means you don’t have to waste time in line at the bank. You can apply wherever you are and whenever you like. 

Do people get loans for weddings?

Is the big day fast approaching? We all know how expensive a wedding can be. If you’re running low on cash with the big day just around the corner, why not apply for a personal loan with Jacaranda? Our team could approve you for a loan between $1,000 and $15,000 today. 

If you’ve been googling ‘affordable loans’, then you can rest easy in the knowledge that our team assess every application for affordability before approval. We’ll look at your income and spending habits to make sure you will be able to make the repayments on a possible personal loan. We deliver competitive rates on our personal loan products tailored to your financial situation. 

Simple ways you can make your wedding cheaper

Planning a wedding can be one of the most exciting yet stressful experiences a couple can go through. According to Moneysmart, the average Australian wedding costs approximately $36,000. This number may scare some people away, but keep in mind that it doesn’t get paid all at once. The timeline of wedding planning can take anywhere between several months or up to 2 years. Therefore, that big cost is usually broken down over the wedding-planning term. However, no matter how much weddings may seem expensive, there are always cheaper alternative options that can lower the overall cost. Here are some simple ways you can make your wedding cheaper:

  1. Host both the ceremony and reception at the same location. This suggestion can help you save thousands in hiring and transportation costs. By hosting your ceremony and reception at the same place, you’ll avoid having to pay for 2 venues, and having to worry about the cost of moving your guests from point A to B. 
  2. Day of the week. The day you have your wedding can weigh heavily on your overall costs. Consider hosting your wedding on a Friday or Sunday as Saturday tends to be the most popular day. Apart from making your wedding cheaper, you’ll also have higher chances of finding an available venue. 
  3. Venue. Where you get married is one of the most memorable and pricey factors of weddings. The reason we’re mentioning the venue is because some may not allow you to bring your own vendors. This can be expensive, especially when you don’t have the power of researching and finding caterers that meet your preferences and budget. Make sure you shop around before deciding on a venue, and discussing these terms with them to understand how flexible they can be. 
  4. Op-shops. One of the best ways of lowering the costs of your wedding is by op-shopping. That’s right! Buying your cutlery from op-shops tends to be cheaper than renting them and you also get the opportunity to resell them after the wedding. The same goes for any table cloths and other decorative materials. 
  5. Buffet-style. Having a buffet-style feast is much cheaper than having to pay for waiters to singularly deliver a three-course meal to every guest. Not only is it cheaper, but it also helps your guests choose their own dishes and avoid wasting food.

What loan options do we provide?

Before you apply for a personal loan, check out the loan options we provide below:

Loan type Loan amount Loan term
Unsecured $1,000 to $2,000 3 to 6 months
Secured $2,000 to $4,600 13 to 36 months
Secured $5,000 13 to 36 months

Found one that suits? Great! Use our loan calculator located at the top of this page to begin your application. 

Which loan company is best for bad credit?

If you’re looking for ‘affordable loans for poor credit’, skip the big banks and apply with an online lender you can trust. Some online lenders can offer bad credit loans from $1,000 to $15,000 and the repayment period would depend on the amount you choose to borrow.

At Jacaranda, your eligibility for a personal loan will not be based solely on the results of a credit score check. Our team looks at the whole picture. We’ll assess how you’re actually going to repay your loan rather than focussing on bad credit. 

The Jacaranda team assess each loan application on a case by case basis. Every applicant is different, and that means every financial situation is different. We’ll take a look at whether or not you will be able to afford a personal loan before we lend you the cash.

Can I get an affordable loan without a credit check?

Generally, most online lenders will conduct credit checks and therefore, don’t offer no credit check loans. If you’re looking for a loan without a credit check, then you can apply for bad credit loans from an online lender.

As part of our responsible lending practice, we conduct credit checks on all applications. If you’ve been searching ‘affordability loans no credit check’ it is essential to remember that Jacaranda does not provide no credit check loans. We aim to ensure all of our borrowers can comfortably make the repayments. Although we cannot guarantee approval, we can guarantee all applicants a fair go regardless of their circumstances.

How can I get a quick loan?

Like what you hear? If you’re ready to apply for a personal loan with Jacaranda, you’ll need to know who is eligible. Here are the criteria you’ll need to meet: 

  • All applicants must be over the age of 18;
  • You must have received some type of regular income for the last 90 days into a bank account that is your own;
  • Applicants must have an active mobile phone number and email address that we can contact you on; 
  • Use internet banking.

How do I make the repayments on my loan? 

Repaying your loan with Jacaranda Finance is simple. We will set up a direct debit with your account so you won’t have to worry about forgetting to make the transfer. That means you’ll never have to remember to make a repayment manually. You can pick which day you’d like your repayments to be deducted, so you can align it with your payday if you wish. 

If you think you will be unable to make a repayment we encourage you to get in touch as soon as possible so our team can arrange an alternative payment schedule. 

No hidden fees or charges 

We’re committed to transparency at every stage of the loan process. We won’t hide any of the fees or charges that could be associated with your loan. Your loan agreement will clearly outline the terms and conditions, including late payment charges. If you’ve got questions, we encourage you to get in touch with our lending team as soon as possible.

Do I need to provide paper forms?

At Jacaranda, we do not ask our applicants to submit any paper forms. We like to keep the process as simple and streamlined as possible. When you apply for an affordable loan with Jacaranda we’ll ask you to provide electronic copies of the following documents: 

  • Personal details like your online banking & employment info; 
  • An active email address and mobile number;
  • The reason you are applying for the loan; 
  • Your MyGov details (if you are receiving Centrelink payments);
  • Employer and contact details.

Our team will use your online banking details to access read-only copies of your bank statements to assess whether or not you will be able to afford a personal loan. We’ll look at factors like income, spending habits and pre-existing financial commitments. We use bank-level encryption to make sure no one can see your personal information or passwords.

We find a lender for the car loan you need 

Have you been googling ‘affordable car loans’? Jacaranda provides a lender-finding service for car loans. That means we submit your application to a variety of different lenders, so you get the best deal possible. You could apply for a car loan between $1,000 and $15,0000 today and have an outcome from our team in just 60 minutes**. If you’re looking for a lender finder that could match you with a competitive car loan, apply with Jacaranda today! Head up to the top of our car loans page and use our car loan affordability calculator to start your application. 

Ready to apply for affordable loans?

Great! Scroll up and use our loan calculator to apply for affordable loans in minutes, receive an outcome within the hour** and if approved, you could have your money in your bank and ready to use in 60 seconds*.

Want to know more?

Check out the costs to consider when planning a holiday.

Here’s how you could save on Christmas expenses this year!

*most approved applicants have their money in their bank account and ready to use within 60 seconds once they have accepted their digital contract.

**subject to when you submit your application

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Reviews current as of June, 2021.

Our low rates

Our low rates

💰 Personal Loans starting from 8.69% (12.05% p.a. Comparison Rate)

🚗 Car Loans starting from 5.29% (5.84% p.a. Comparison Rate).

We never charge early repayment or exit fees.

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Jacaranda is 100% online. So, we do not accept applications over-the-phone. However, our friendly team is more than happy to answer any questions you may have.