If you’ve ever had the travel bug you’ll know how it feels to want to get out and explore the world, with travel loans this is much simpler. Those that have experienced it, understand that there is no other experience in the world that is quite like travelling. The only problem that can get in the way… is the costs of travel. Especially when you are travelling from a place like Australia. That’s because everywhere else in the world is so much further away. The further away places are, the more expensive they are. Nevertheless, it doesn’t mean it’s impossible to get there, especially if you can get a travel loan to pay for the costs. Sound like a travel loan is something you might need? Here’s what you need to know.
Travel loans Australia are loans that you can borrow from a lender such as Jacaranda Finance, to help you pay for the costs of travel. You can repay the loan over a predetermined period at a given rate.
Travelling can be expensive, and especially if you are planning a trip in advance, it isn’t always possible to have the funds. Travel loans allow you to have access to these funds ahead of time so you can go ahead and lock in your travel arrangements. Then you can pay off your loan in the time leading up to trip.
You can use travel loans Australia for a variety of different purchases when locking in your travel arrangements. Flights are a big one, since often they can be the biggest expense of the trip. The other thing about flights is that they go up in price as time goes by. So, you often need to purchase them a few months in advance to lock in the price before it significantly goes up.
They can also be used to pay for accommodation deposits, for tickets to music festivals or even train tickets. You may even need to purchase travel insurance. Depending on where you are travelling to, and how long you are travelling for, travel insurance can be very expensive.
The great thing about our travel loans is that they are available to anyone who meets our lending criteria. The following is a list of our eligibility requirements that must be met to get approved for a loan. You need to be:
- At least 18 years of age
- An Australian citizen or permanent resident
- Receive regular income (at least for 90 days prior to applying)
As part of your application, there are few key pieces we require from you to process your loa
Firstly, we require at least 100 points of ID, to verify your identity. To find out what makes up the 100 points of ID click here
Internet banking is set up with your bank. We’ll need this so that we can verify your financial situation. If you don’t have internet banking set up, just give your bank a call and they should be able to easily set that up for you.
We’ll also need your mobile phone number so that we can contact you with an outcome of your application.
To get travel loans you just need to apply by filling out our online application form. It’s a form that only takes a few minutes to complete which you can find here. Simply answer a few questions about your personal details, employment, purpose for the loan and the amount you want to borrow. Since, it is completely online, there is no need for you to worry about dealing with messy paperwork. Plus, we’ll get back you with an outcome of your application within the same hour that you apply.
Here is the step by step guide to our application process for getting travel loans Australia:
- Fill out the online application form online – our online application form only takes a few minutes to complete. It will ask a few questions about your personal details as well as your reason for applying for a travel loan.
- Sit back and relax – once you’ve applied all you have to do sit back and relax and we’ll get back to you with an outcome of your application, usually within an hour of applying.
- Accept the loan contract – once you’ve received an outcome of your application (we’ll let you know via text message) the next step is to accept the loan contract.
- Receive your funds – as soon as you accept the loan contract we’ll transfer you your funds straight away!
Since your credit rating isn’t the only thing we look at when making a decision to lend you a travel. So if you do have a bad credit rating, don’t be disheartened it may still be possible for to get a loan with us. That’s because we prefer to look at your recent financial history which we find gives us an accurate representation of your current financial situation.
We understand that a bad credit rating can be a result of decisions of the past. That’s why we don’t want to hold you back from achieving your travel goals.
We do accept some Centrelink recipients that apply for travel loans with us. However, we are much more likely to accept those who have a supplementary income to a Centrelink income.
Unfortunately, if you don’t have any source of regular income it will be difficult for us to approve you for a loan. That’s because we need to see that you will be able to make the repayments for the loan.
Depending on how much you want to borrow, will determine how much your loan will cost. We do two types of loans Jacaranda finance, and they vary slightly in terms of their cost structure. At Jacaranda, we do small personal loans and medium secured loans. The following details the cost structure below:
With our small personal loans, you can borrow between $300 to $2,000 repaid over 12 months. These loans cost both an establishment fee of 20% plus monthly fees of 4% per month. They also cost a $35 fee for any direct debit dishonours. However, if you always ensure you have enough money in your account when you need to make your repayments you won’t have to worry about being charged this fee.
These loans are slightly larger, where you can borrow between $2,100 to $4,600 and repay it over a period between 13 to 24 months. For these larger loans you will need to provide an asset to be tied to the loan as security. An asset can be a car, motorbike or caravan. They serve as a security for the lender in case you were unable to repay your loan.
These loans cost an establishment fee of $400 plus an annual fee of 48%. Our comparison rate is 66.0347% which is based on $2,500 loan over 2 years with a $400 establishment fee.
Though to give a better idea of what our loans cost and what your repayments would be, check out our loan calculator.
You can also visit the Moneysmart website which explains more about the costs of personal loans.
Once you’ve applied, we’ll send you an outcome of your loan application. If you are successful, we will extend you an offer to borrow a loan. As soon as you accept the loan contract we transfer your funds to you straight away. If your bank is with commonwealth you should receive your funds within a couple of hours. Otherwise, you’ll receive your funds overnight.
Repayment works by setting up a direct debit so that your repayments are deducted from your account automatically. We suggest setting your direct debits up to match your pay cycle. Whether its weekly, fortnightly or monthly, we can make it work for you.
If for some reason you can make a payment, don’t worry, just contact us soon as possible. We should negotiate a solution that works for both parties. We understand that things happen, and the last thing we would want is for you to get yourself into a difficult financial situation.
Our travel loans have several benefits you can enjoy. We’ve decided to the list the benefits below:
Our application process is super easy – we aren’t like traditional banks, so our application process is much easier and less time-consuming.
You receive your funds incredibly fast – from the time it takes to complete your application form to the time it takes to receive your funds, is incredibly fast!
Our customer service is great – throughout the whole length of your loan term, we’ve got an amazing team to help you out throughout the process along the way.
Everything is 100% online – Our whole application process is completely online. Therefore you don’t have to worry about messy paperwork. It also means you don’t have to step outside your house to apply for a loan, you can do it all from the comfort of your own home.
You can improve your credit rating my demonstrating responsible use of credit – one of the benefits of getting travel loans with us, is that it can help you to improve your credit rating my demonstrating a responsible use of credit. That means you’ll be able to.
You can pay your loan off early if you want to – when you borrow a travel loan with Jacaranda, you don’t have to worry about being charged expensive early exit fees. If you are ready to pay your loan off early, we allow you to do so without charging you anything.
Before making the decision to borrow money, there are some questions you may want to ask yourself before you apply.
Can I comfortably fit the repayments into my budget? – this is an important question to ask. The best way to answer this is by using a budget calculator, to help you to work out your living costs and see if your repayments can comfortably fit within your budget.
Have I met all the eligibility requirements? – before you apply check that you have met all the eligibility requirements. We won’t accept your application if you haven’t met the eligibility requirements.
Can afford a credit on my credit report? – since we do perform credit checks on first time applicants, it’s important to note that there will be a mark on your credit file.
If we don’t approve your application for a travel loan it may be for several reasons. However, if that doesn’t mean we won’t accept your application for a travel loan with us in the future. Wait until financial situation improves a bit more and then try applying again.
Nevertheless, if you are ready to embark on your travel adventure, wait no longer. Get out there Australia and see the world by getting travel loans with Jacaranda today! Make your travel goals a reality and apply now!