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Small Loans For Small Hurdles

Small Loans For Small Hurdles

Looking for a small loan? 

What do you do when life throws curve balls? Sometimes you’ll have the resources to hit them out of the park. Other times you won’t know where to turn. Jacaranda’s small loans are perfect for when you need a cash pick-me-up before your next payday.

Jacaranda Finance provides personal loans ranging from $300 to $10,000. You can apply for these loans for a variety of different reasons. Whether you need small loans to cover an unusually large bill or a large personal loan for an extravagant purchase. Our online application could take you just a few minutes to complete and we could get back to you with an outcome in just 60-minutes*! Not convinced yet? Read on to find out if you’re eligible and how to apply.

What is a small loan?

In short, a small loan (also called a short term loan or cash loan) is a small personal loan that aims to help you get by in the short term to cover a small expense. These small loans range in size from as little as $300 to $2,000. They can also range in length of repayment period depending on the lender.

Many people are surprised that borrowing $500 is an option, however, many Australian’s just need a little financial help from time to time. Despite your best intentions to save and be responsible with your money, a financial emergency can hit you out of nowhere, throwing your whole budget out of whack. At Jacaranda, we understand this better than most. That’s why our aim, regardless of the outcome of your loan application, is to help you move forward in life.

Small Cash Advance

A small loan is a cash advance between $300 and $2,000. They are usually repaid within a period of up to 12 months (depending on the lender), and the application process takes just a few minutes. Small loans can be used to pay for unexpected expenses that require fast access to small amounts of cash. Some examples of what you could use our loans for include:

  1. Bond payments
  2. Debt consolidation
  3. Car registration
  4. Car repairs
  5. Furniture finance
  6. White goods
  7. Holiday expenses
  8. Home renovations

Sometimes, bills come in that are higher than expected. Or perhaps it’s that time of year when you have to pay your car rego. Whatever the situation it is, you’ll often find that it’s something that needs to be paid ASAP! It can be incredibly stressful to have to pay for emergency expenses. However, that’s where we come in. We offer small loans to cover those unexpected costs so that you can go back to focusing on the more important things in life.

What are Jacaranda’s small loans?

They are short-term personal loans that you can apply for to cover any personal expense that you may need help with, in the lead up to your payday. Typically, these little loans are unsecured and can range from $300 up to $2,000 with a repayment period of 12-months. Our small loans range from $300 to $2,000 and are repaid over a 12-month period.

What loans do you offer? 

At Jacaranda, we offer three types of personal loans: small personal loans and medium and large . The three types vary slightly in terms of the features they offer and the requirements needed to qualify for the loans. The table below gives a breakdown of these details.

Loan TypeSecurity OptionsLoan amountLoan term
Small LoanUnsecured$300 to $2,00012 months
Medium LoanSecured$2,100 to $4,60013 to 24 months
Large LoanSecured$5,000 to $10,00013 to 24 months

To find out more about personal loans interest rates and fees, head to our costs page. In addition, check out the Moneysmart website which contains useful info about the permissible fees and charges for loans.

How can I get a small loan?

To get small cash loans all you need to do is head to our website and fill out our online application form. Just meet our eligibility requirements and provide the required information and you should have no problem applying for quick loans with us.

How do I apply?

You won’t have to jump through hoops to apply for one of Jacaranda’s online personal loans. To apply, we have a few simple steps you’ll need to follow. These are:

Step 1: Apply online

To begin your application, scroll up to the top of this page to find our loan calculator. Using the slider, select the amount you’d like to borrow and the repayment period and click ‘Apply Now!’

Step 2: Fill out the application 

You’ll then be taken to our 100% online application form. You’ll need to fill out the required details and provide documentation. This step usually only takes people a few minutes to complete. Once you’re done hit ‘Submit.’

If you’re having any trouble with any of these steps, please don’t hesitate to get in touch with our customer service team. Although we cannot accept applications over the phone, we can answer any questions or queries you have.

Step 3: We’ll assess you

Once we’ve received your application, our assessment team will get to work. They’ll assess whether you can comfortably afford the repayments on your desired loan. If they don’t require any additional information, you could get an outcome in as little as 60-minutes.*

Step 4: Sign your contract

If you’ve been approved for a loan, congrats! Our team will then send over a loan contract for you to review and sign. We recommend thoroughly reading your contract to make yourself aware of any fees or charges for late or missed payments. E-sign the contract once you’re happy to proceed.

Step 5: Get your funds

Once we’ve received your signed copy of your loan contract, a member of our team will transfer your funds directly to you. If you have an NPP-enabled bank account, you could have the cash in your account in 60-seconds or less!

Why do people borrow small loans?

There are several reasons why people borrow small personal loans. Sometimes it’s to pay for an emergency expense and other times little loans can simply help to enhance your quality of life! Here is a list of some of the ways a loan could help you create unforgettable experiences:

Music festival tickets

Popular music festivals can be great fun, but sometimes tickets sell out fast. If you can’t wait until your payday and don’t want to miss out, a loan can help you pay for the tickets.Travelling

They say that life begins at the end of your comfort zone. Whether you want to take the overseas trip of a lifetime or just need extra cash to book accommodation on the coast, a small loan can help you to take the leap and go on your next adventure.

Funding a start-up business

If you’ve got a great idea but need a bit of capital to get your business off the ground, quick loans could get you the funding you need.

To fund an awesome birthday party

Is it your 30, 40th, or 50th? Maybe it’s your child’s 18th? If you want to have a great celebration on your birthday, loans can be just the thing to make your party dreams a reality.

To plan your wedding ceremony

Your wedding is your special day. But it’s certainly no secret that they’re expensive!

Therefore, a small loan can be the tool to help you make it the special day you’ve always dreamed of.

Renovating a room in your house

Sometimes it’s worth giving a room a face-lift! Thus, not only can you enjoy the place more, but you can increase the future resale value of your house.

Paying for a toy

If you’ve always wanted to own the ultimate toy to have fun with on the weekend, small loans can be just the thing you need. Whether you want to own a motorbike, scooter, jet ski, quad bike, kayak or paddle board, get a small loan to make it happen.

Take a course

If there is a skill you’ve always wanted to learn whether professional or hobby related, why not immerse yourself in a course. Sometimes courses can be expensive, and loans could help to pay for these costs.

Am I eligible to apply? 

While the application for small cash loans is simple, there are a few requirements that you’ll need to meet to qualify. To be eligible to apply for Jacaranda small personal loans you need to:

  • Be 18 years or older;
  • An Australian citizen or permanent resident;
  • Receiving regular income into a personal bank account for at least the last 90-days;
  • Have an active mobile number and email address;
  • Have internet banking setup.

What documents will I need?

If you meet our eligibility requirements, next you’ll need to make sure you have all the required documents to submit an application. We recommend having the following details handy before you start the application and you’ll breeze through it. Some information required to assess your application includes:

  • 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.

How do repayments work for Jacaranda loans?

With Jacaranda, our repayments work by setting up a direct debit, so that your repayments will come out of your account automatically. They can be set up to come out of your account on a weekly, fortnightly or monthly basis. Though, we suggest matching your repayment interval with your pay cycle, as we find this to be the easiest way.

Reasons people apply

There are a variety of reasons people need to apply for small personal loans. Here are some of the common reasons:

  • Pay for car rego – car registration can be expensive. Depending on what car you drive, car rego can cost up to $1000. Not everyone has the money to cover this cost before it’s due.
  • Replace a broken household item – particularly when it comes to white goods, these can cost a lot of money.
  • Cover your rental bond costs – moving can be expensive. In addition, you have to think about the costs of transporting your furniture as well.
  • Pay for your wedding costs – even if it’s just to pay for part of your wedding or even the honeymoon.
  • Plan a holiday – need a break from reality? A Jacaranda loan could be the thing you need to help you pay for your getaway.
  • An unexpectedly high utility bill – sometimes bills are higher than expected. If you need to pay for an expensive bill out of the blue, it can be hard to know where to get the funds from.

Do you do small loans no credit check?

We always conduct a credit check when assessing your application for a personal loan. Don’t let this deter you from applying, however, as it’s not the only thing we look at. Unlike traditional lenders like banks or credit unions, we won’t reject your application solely on the basis of a credit check.

Having bad credit is often a result of situations that may have happened in the past. We view your credit history as exactly that – history. We don’t think a mistake you made up to 7 years ago should necessarily affect your ability to get approved for finance today. In addition to a credit check we will also look at your bank statements. This allows us to view your income, spending habits, and your overall relationship with money.  This generally gives us a better indication than a credit check, of whether a personal loan is suitable and affordable for you.

What does it mean to have bad credit?

Your credit score is a numerical representation of the information in your credit report. Your score generally lies on a scale between 0 and 1200 (depending on the credit agency) and describes your history with credit.

The higher the value the better your credit rating is. If your credit rating is anywhere below 620, it is considered bad. Therefore, the credit rating reflects the information contained in your credit report, which includes the following details:

  • Personal details such as age – this relates to the length of your credit history since the longer your credit history is, the better.
  • Your address – if you have changed addresses many times, this can reflect badly on your credit report.
  • The number of credit inquiries you have had – each time you apply for credit it gets recorded on your credit file. Making multiple credit inquiries at one time can reflect badly on your credit report.
  • Defaults – if you have defaulted on any credit accounts this will reflect badly on your credit rating. Defaults mean you fail to meet your obligations to repay debt.
  • Your repayment history – this refers to how reliable you are with making your repayments and will be reflected on your credit report. If you have been unreliable with making your payments on time it can damage your credit rating.
  • Credit mix – the diversity of your credit mix can actually help to improve your credit rating if you can show that you can responsibly manage the multiple types of credit you have.
  • Any public records – this includes things like bankruptcies and court judgments. This can all be very damaging and remain on your credit report for a long time.

Do you do small business loans?

If you’ve got a small business that is a sole prop, you could look for loans to cover your business expenses. For instance, if you need to pay for new machinery or office supplies, our small cash loans can cover these costs. The only thing you need to keep in mind is you will need to apply for a personal loan as we cannot provide loans to business entities. Here are other examples of what our small business loans can be used for:

  • Office furniture;
  • Buying computer software;
  • Paying for inventory;
  • Covering start-up costs.

Do you do small loans for Centrelink customers?

Yes, we can provide loans to people who receive Centrelink benefits! You need to be receiving Centrelink income payments and provide us with your Centrelink MyGov statement. However, it’s important to note that we can’t guarantee approval for Centrelink recipients. We assess everyone on a case by case basis and we will never lend anyone who cannot comfortably afford the loan repayments. We take our duty as responsible lenders very seriously.

What if my loan application is not accepted?

If your loan application is rejected there may be several reasons as to why. Below we’ve listed some of the reasons your small loan application may not have been accepted:

  • Didn’t meet the eligibility requirements: First and foremost, if your application was not accepted, check that you have met all the requirements to qualify for a loan. 
  • Insufficient income For us to qualify you for a loan we need to ensure that you can afford the repayments. So, if we deem that you do not earn enough to afford the loan repayments we won’t be able to approve you for a loan. 
  • You’re going to use your small loan to pay for another small loan: So, unfortunately, if you are going to use a small loan to pay off another loan, this is a sign that you won’t be able to afford the repayments of the loan. This in turn might make you worse off financially. It is our intention to put you in a better position moving forward, not make you worse off. 
  • You don’t have a stable job with a regular income: If your income varies from paycheck to paycheck, lenders will see this as risky. We may be concerned that you won’t be able to keep up with regular repayments if your income fluctuates a lot.

4 Ways to improve your chances of loan approval

If you are applying for small loans and are concerned about whether or not you’ll be approved, there are ways you can increase your chances of approval. As a guide, we have noted some things down that your could look into doing:

  • Contact the lender first: Before you apply for a loan, it may be a good idea to contact your lender first. This way you can get a better idea on whether you’re likely to be approved or not based on your eligibility and financial circumstances. They may not be able to give you a definitive answer but every bit of info helps. They may also be able to let you know if there is any additional information you can provide to improve your chances of approval. This will help you narrow down which lenders are more likely to approve you.
  • Provide correct information: This is super important! If you provide incorrect information, whether intentional or not, this can negatively impact your chances of approval. Make sure you clearly read and understand the questions on the application and answer them honestly and transparently. 
  • Look at improving your credit score: Although this can take time, it’s definitely something you should be doing for future endeavors. There are several ways you can improve your credit score. Start by paying your bills on time. Then you can start to get the ball rolling on paying off your debt. Applying for too much credit creates hard inquiries on your credit report, so you shouldn’t apply for too many loans. 
  • Don’t apply for more money than you need: This is an easy one! Lenders will typically assess two things in your application. Firstly whether the loan repayments will be affordable for you and secondly if the loan amount is fit for its purpose. If you apply for more money than you need, this may be unaffordable and unnecessary.

Ready to apply? 

So, there you have it – all you need to know about borrowing money. If you need a small loan you know where to go. Whether it’s small loans for bills or small loans for a relaxing getaway, we can try and offer you the loan you need. Even if you need a quick cash loan for unexpected expenses, or even to fund those life experiences that just make life worth living. The Jacaranda easy loan application process makes us your go-to for loans! Sound good? Then why not go ahead and apply. Scroll up to the top of this page to begin your application.

Want to know more? Find out how you could get a poor credit loan with Jacaranda.

*If you apply during business hours and we don’t require any additional information from you

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Last updated: 13/05/2020, 3:57pm

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