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Personal Loan Calculator: Work Out Your Loan Repayments Before Applying!

Personal Loan Calculator: Work Out Your Loan Repayments Before Applying!

What is a loan calculator? 

A personal loan calculator is a handy tool that helps you calculate your loan repayments. It’s a great way to help you understand if a loan is suitable and affordable for your budget. 

You can access Jacaranda’s user-friendly loan calculator by scrolling to the top of this page. Here you’ll be required to select an amount between $300 and $10,000 and your repayment period. Once you’ve done this, you’ll be shown your estimated weekly, fortnightly and monthly repayments. Once you’re happy with your proposed loan, click the ‘Apply Now’ button and you’ve started your application! 

Jacaranda’s personal loans

Jacaranda Finance offers personal loans up to $10,000. The loan application is 100% online so you can apply anytime, anywhere! The application takes only a few minutes to complete and if you apply during our business hours, we can get you an outcome in just 60 minutes. Once you are approved and you have viewed and signed your loan contract, your funds will be transferred within 60 seconds!* 

We work a little differently to traditional lenders like banks and credit unions. Our commitment to responsible lending, our streamlined application process and our approach to bad credit sets us apart from our competitors. So, if you need a personal loan, we recommend looking into the costs and fees associated with the personal loan you want. With Jacaranda, nothing is hidden and we will always do our best to get you the finance you need when you need it. 

How do I use a personal loan calculator?

To find out exactly what you will need to pay for your personal loan, you need to determine these few factors:

How much do you need to borrow?

Whether you’re looking for a small financial pick-me-up to solve your cash flow problems, or something more, we offer a range of personal loans to suit your needs. From small to large, each of our loan types has its own unique requirements and specifications. The table outlines everything you need to know:

Loan typeAmountLoan term
Small unsecured loans$300 to $2,00012 months
Medium secured loans$2,100 to $4,60013 to 24 months
Large secured loans$5,000 to $10,00013 to 24 months

How long do you want to repay your personal loan?

Jacaranda offers different types of repayment options. These are in weekly, fortnightly and monthly instalments. However, we will most likely align your repayments with your payday. 

Another important thing to keep in mind is generally, the longer the repayment term, the more interest you will pay. Interest rate is a percentage above the original sum borrowed. 

Will I need to provide collateral? 

If you are looking to borrow more than $2,000, you will most likely need to provide collateral to secure your loan. This needs to be an item that’s higher or equal in value to your loan amount. For instance, you could provide your car, motorbike, boat etc. So, if you are looking to borrow a medium or large personal loan, keep this in mind. 

Why might you need to provide collateral to secure your loan? When borrowing a larger amount of money, it’s a greater risk to your lender. In the case you are unable to repay your loan, your lender has the option to repossess your asset to cover the funds that you weren’t able to repay. Jacaranda Finance will only consider repossession as an absolute last resort. If you’re having trouble committing to your regular instalments, we can reduce your weekly, fortnightly or monthly repayments. 

This is why it’s important to calculate your repayments using a personal loan calculator. This can give you a good idea of whether or not you can afford the regular repayments on a loan. 

Personal loan costs and additional fees

A personal loan calculator can help you calculate your weekly, fortnightly or monthly repayments. However, The overall cost of your loan depends on a number of different factors like interest rates and fees. Visit our costs page for a brief explanation of our costs.

Interest rates

the interest rate you receive on your personal loan varies depending on a number of factors. If you have a good credit score you will most likely have access to lower interest rates. This is largely due to the fact you’re considered less risky to the lender. Interest rates are also largely based on the amount you apply for. Small, medium and large personal loans all have different terms and rates of interest. 

Fees and charges

Jacaranda’s personal loans also have fees and charges for late or missed payments. If you miss a payment, you will be charged a default fee for late payment. So, If you are unable to make a payment on a scheduled date, you need to let us know as soon as possible. Our customer service department will chat to you to figure out an alternative arrangement that works for both parties. 

Additionally, you will not be charged a fee if you choose to repay your loan earlier than the stated term. Why do we do this? Well, we don’t believe you should be punished for getting on top of your finances. So if you want to lay down a lump sum to get your loan balance paid off quicker, by all means, don’t let us stop you! 

How much can I borrow?

To make sure the personal loan you’re after suits your budget, you should work out how much you will be able to borrow based on your income and expenses. Jacarandas personal loan calculator can help you with exactly this. Our personal loan calculator gives you an estimation of what your regular instalments will cost. 

The often most important consideration when deciding how much to borrow is your objective for taking out a personal loan. Most people take out a personal loan for a specific personal purpose. This could be, for example, to consolidate existing debt, to do a home improvement project or get medical treatment. The purpose of your loan can determine how much you need to borrow. 

Scroll up and apply today!

Scroll up to the top of this page to find our easy-to-use personal loan calculator. Using the slider, select a loan amount and a repayment period and you’ll be shown your estimated repayments. When you’re happy, simply hit ‘Apply Now’. Next, you will be directed straight to our online application form. This could only take a few minutes to complete. Once you’ve finished, our team will start assessing your application.

If you apply during regular AEST business hours, we could have an outcome for you in as little as 60 minutes! Getting a personal loan has never been easier or faster with Jacaranda! 

If you have further questions, head over to our contact page or call us on 1300 189 823. We are happy to answer all your questions to make the application even smoother. 

*If you have an NPP-enabled bank account

Get the lowdown on low rate personal loans with Jacaranda! Looking for a pay calculator? get the details with Jacaranda!

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

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