Bad Credit Loans

A bad credit loan is a term used to describe a type of loan for people with a less-than-ideal recent credit history.

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Improve your credit score with consistent on-time repayments
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Check and monitor your credit score
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Fixed interest rates with flexible repayments

Check If You Qualify

With no impact on your credit score!

Check If You Qualify with no impact on your credit score!

*Subject to lending criteria, T's and C's'

*Subject to lending criteria, T's and C's'

A bad credit loan is a term used to describe a type of loan for people with a less-than-ideal recent credit history.

Decorative graphic of a GraphAscend
Improve your credit score with consistent on-time repayments
Decorative graphic of a calendar
Check and monitor your credit score
Decorative graphic of a Dollar
Fixed interest rates with flexible repayments

We don’t specifically offer ‘bad credit loans’: we offer fast and reliable loans for applicants with varying credit histories.

1.
UNLOCK THE NEW FINANCIAL YOU

Boost Your Credit Score With Jacaranda

Check your eligibility

Worried about being denied a loan? No stress! At Jacaranda, QualifyCheck lets you check if you qualify without affecting your credit score!

Comprehensive Credit Reporting (CCR)

Making all your repayments to us on time could steadily improve your credit score and positively impact your ability to get credit in the future.

2.

Does Jacaranda offer bad credit loans?

'Bad credit' isn't a technical term, and there is no definitive definition of it. A bad credit history is any credit history that prevents you from getting the loan you need from a particular lender.

A bad credit loan is a term used to describe a type of loan for people with a less-than-ideal recent credit history. We don’t specifically offer 'bad credit loans': we offer fast and reliable loans for applicants with varying credit histories.

When we assess your application, we do consider your credit history. However, we also take into account your current financial position by considering factors like your income, your expenses, and how you handle your current financial commitments.

3.

Our Loans

Each of our loans is fast, flexible and affordable, with no hidden fees or charges. If you want to improve your credit score with a loan that fits your budget, Jacaranda could have a suitable loan for your needs.

See the table below for a quick guide to our fees and charges.

Interest Rate
Comparison Rate
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Loan Term
Repayment Cycle
Secured or
Unsecured
Show the What does it mean? modal
Establishment Fees
Show the What does it mean? modal
Monthly Fees
Show the What does it mean? modal
Risk Fee
Show the What does it mean? modal
Comparison Rate Warning*
  • Unsecured
    Personal Loan
    $3,000 - $15,000
    Interest Rate
    17.95% to 27.95%
    Comparison Rate
    Show the About Comparison Rate modal
    32.40% to 42.80%
    Loan Term
    25 - 36 months
    Repayment Cycle
    Weekly, fortnightly or monthly
    Secured or
    Unsecured
    Show the About Security modal
    Unsecured
    Establishment Fees
    Show the About Establishment Fees modal
    $130 to $990
    Monthly Fees
    Show the About Monthly Fees modal
    $24 p/month
    Risk Fee
    Show the About Risk Fee modal
    $0 to $995
    Comparison Rate Warning*
    Comparison Rate Warning: the comparison rate is based on $10,000 over 36 months. 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.
  • Secured
    Personal Loan
    $3,000 - $25,000
    Interest Rate
    14.95% to 27.95%
    Comparison Rate
    Show the About Comparison Rate modal
    29.30% to 42.80%
    Loan Term
    25 - 48 months
    Repayment Cycle
    Weekly, fortnightly or monthly
    Secured or
    Unsecured
    Show the About Security modal
    Secured
    Establishment Fees
    Show the About Establishment Fees modal
    $130 to $990
    Monthly Fees
    Show the About Monthly Fees modal
    $24 p/month
    Risk Fee
    Show the About Risk Fee modal
    $0 to $995
    Comparison Rate Warning*
    Comparison Rate Warning: the comparison rate is based on $10,000 over 36 months. 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.
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.
  • Unsecured
    Personal Loan
    $3,000 - $15,000
    Interest Rate
    17.95% to 27.95%
    17.95% to 27.95%
    Comparison Rate
    Show the What does it mean? modal
    32.40% to 42.80%
    32.40% to 42.80%
    Loan Term
    25 - 36 months
    25 - 36 months
    Secured or
    Unsecured
    Show the What does it mean? modal
    Unsecured
    Unsecured
    Monthly Fees
    Show the What does it mean? modal
    $24 p/month
    $24 p/month
    Repayment Cycle
    Weekly, fortnightly or monthly
    Weekly, fortnightly or monthly
    Establishment Fees
    Show the What does it mean? modal
    $130 to $990
    $130 to $990
    Risk Fee
    Show the What does it mean? modal
    $0 to $995
    $0 to $995
    Comparison Rate Warning* Comparison Rate Warning: the comparison rate is based on $10,000 over 36 months. 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.
  • Secured
    Personal Loan
    $3,000 - $25,000
    Interest Rate
    14.95% to 27.95%
    14.95% to 27.95%
    Comparison Rate
    Show the What does it mean? modal
    29.30% to 42.80%
    29.30% to 42.80%
    Loan Term
    25 - 48 months
    25 - 48 months
    Secured or
    Unsecured
    Show the What does it mean? modal
    Secured
    Secured
    Monthly Fees
    Show the What does it mean? modal
    $24 p/month
    $24 p/month
    Repayment Cycle
    Weekly, fortnightly or monthly
    Weekly, fortnightly or monthly
    Establishment Fees
    Show the What does it mean? modal
    $130 to $990
    $130 to $990
    Risk Fee
    Show the What does it mean? modal
    $0 to $995
    $0 to $995
    Comparison Rate Warning*
    (Personal Loans)
    Comparison Rate Warning: the comparison rate is based on $10,000 over 36 months. 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.
    Comparison Rate Warning* Comparison Rate Warning: the comparison rate is based on $10,000 over 36 months. 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.
4.

How we could help improve your credit profile

Improving your credit score can be challenging and time-consuming. It can also be a vicious spiral. That's where we come in.

At Jacaranda, we want to help you unlock your true financial potential. You could boost your creditworthiness over time by applying for and repaying a loan with us

You can check if you qualify before officially applying using our QualifyCheck technology, which does not affect your credit score.

When you check if you qualify, we can access your credit file in a way that does not impact your credit score, and that is not disclosed to anyone other than yourself. This is called 'file access' and differs from a 'full credit enquiry'.

In the case that you do qualify, you have the option to submit your application to Jacaranda to perform a credit assessment. By submitting a full application, you authorise Jacaranda Finance to obtain a copy of your full credit file. Other lenders will be able to see that you applied for a loan with Jacaranda, and this may affect your credit score.

For more information on your credit report and credit score, visit CreditSmart's website. You can also contact our customer service team if you have any further questions about how your credit score can be impacted by applying for one of our loans.

We have also introduced Comprehensive Credit Reporting (CCR), which essentially means more positive credit information can be seen on your credit report, such as making your repayments on time.

At Jacaranda, Comprehensive Credit Reporting now makes it much easier to rebuild your credit. By applying for and repaying one of our loans on time, every time, you might find your credit score could go up faster than it ever did before.

Not only could we make it easier to improve your credit score, but we also make it easier to check and track your score to view your progress.

If you're a current Jacaranda customer, you can track your credit score's progress with monthly updates to help you monitor your credit in real time by signing into the Better Credit app and opting in.

The best part? Checking your credit score in our app is completely free for our customers.

Start Tracking Your Credit Score With Jacaranda Today.

Our interest rates are fixed for the duration of your loan contract, meaning your minimum repayments will never change. This allows you to budget more easily by knowing exactly how much you owe each time.

See also: Fixed vs variable interest rates.

As well as offering security through our fixed repayments, our loans are also highly flexible, allowing you to tailor your repayments to your needs. You can easily manage your loan to:

  • Make extra repayments and early loan payouts at no additional cost
  • Change the frequency of your repayments (weekly, fortnightly or monthly)
  • Change the date your payments are direct-debited from your account

See also: Why you should make extra repayments on your loan.

We pride ourselves on offering what we believe to be some of the best customer service in Australia. Our friendly and helpful customer service team is 100% based in Australia, so you’ll always speak to a human being at Jacaranda.

If you need help with your loan or think you’re going to miss your next repayment, we can encourage you to get in touch with us so we can work it out.

5.

What is a ‘bad’ or ‘good’ credit score?

Australia has three main credit rating agencies that calculate your credit score:

  • Equifax
  • Experian
  • illion

Each credit agency uses different ranges for their credit scores. Here's what these currently look like:

Credit Score Ranges
6.

Ready to apply?

Calculate your repayments first!

If you're ready to get started, we think it's important to review your budget and ensure you can comfortably meet the repayments. Use our easy three-step loan repayment calculator to estimate your repayments before you apply.

Ready to Apply? You can get started now.

1. I'd like to borrow: $8,500
Please consider: loans above $15,000 and terms above 36 months, require security in the form of a registered motor vehicle you own.
2. Loan Term (Months)

Ready to Apply? You can get started now.

Read some of our most frequently asked questions below.
8.

Bad Credit Loan FAQs

Our loan 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. Applying for a loan with Jacaranda Finance takes most people 5-12 minutes1; how quickly you can apply for a loan and receive your funds will depend on your situation.

We only accept loan applications online via our online application form on our website or the Better Credit app. We're 100% online, so there are no other ways to submit an application.

If you’re considering applying for a loan with Jacaranda, you can first check if you qualify using our QualifyCheck technology, which does not affect your credit score.
The basic eligibility criteria you must meet before submitting an application:
  • 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 be handling 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
Our loan 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. How quickly you can apply for a personal loan and receive your funds will depend on your situation.

Applying for a loan with Jacaranda Finance takes most people 5-12 minutes1, but it could take longer depending on a number of factors such as but not limited to how fast you are at typing or if you have all the required information on hand.

After applying, most customers get an outcome on their loan application on the same day during normal business hours once we have received all of the supporting information we require. We do not guarantee same-day outcomes for all customers.2

Once an applicant has been approved and they have signed a contract, we automatically attempt to release the money to the applicant's bank account. Most customers have a New Payments Platform (NPP) bank account and receive the money in their bank account within 60 seconds. For other customers, the money will be available overnight on weekdays and overnight the following business day if approved on a weekend or public holiday.3
Repayments on your loan are automatically set up to be deducted via direct debit from your bank account in line with your pay cycle.

You can view your repayments from either the Better Credit app or online portal and contact our friendly customer service team to request any changes that you need.

Download the app on the Google or Apple store today.

Read more: Personal Loan Repayments 101.
We offer secured and unsecured loan products. See our article on secured vs unsecured loans to learn the differences between the two.

Use our loan repayment estimate calculator to get a guide on what your repayments could be. To get an idea of what rates, fees and charges are associated with our loan products, visit our rates and fees page.
9.

Trusted by 1,000s

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