If you need a little cash boost to meet a sudden and unforeseen bill or expense, a personal loan could be just the ticket. We have a few tips to help you understand what personal loans are all about.
Jacaranda Finance is an online lender, specialising in making the process of applying for a loan surprisingly fast and hassle-free.We’re an online lender so you can apply for a small personal loan from the comfort of your own private space rather than having to venture out to a bank and wait in long lines, only to have to discuss your personal needs with someone listening in from behind you.
Secured personal loan
A secured personal loan is a loan that is ‘secured’ by equity, such as a house or a car. At Jacaranda, we require all loans above $2000 to be secured by equity. We accept cars, boats, bikes and caravans as security. You’ll need to submit proof of ownership that clearly shows the details of the asset. We’ll also need a picture of your car, boat, caravan or bike.
Unsecured personal loan
Unsecured personal loans are typically smaller loans $2,000 or less and are not secured by equity. A lender assumes a higher risk for an unsecured personal loan, so the interest rates and fees are typically higher.
Fixed rate personal loan
A fixed rate loan refers to a fixed, agreed upon interest rate that will remain the same throughout the personal loan term.
Variable rate personal loan
The interest rates for a variable rate personal loan increase and decrease throughout the personal loan term, depending on the economy.
All you need to do is access the Jacaranda website and check that you are eligible for a loan. If in doubt, run through this list to make sure you can apply: In a nutshell you need to be over 18, an Australian citizen or permanent resident and have some form of income deposited regularly into a personal bank account. You’ll also need to make sure that you have an active email address and direct mobile number so we can let you know the outcome of your loan application.
Follow these steps for a seamless application process:
- Select how much you want to borrow and see if the amount on your personal loan repayment calculator fits within your budget.
- Once you’ve completed your application and hit the ‘submit’ button, you’ll need to wait a few minutes while we do an assessment. Once we’re done, we’ll let you know!
- Behind the scenes, we’ll be checking that the personal loan you want will suit your needs and that you’ll be able to make loan repayments without adding any unnecessary financial pressure to your shoulders.
- If we need to, we’ll get in touch with you to confirm or ask for any information that will give us a better understanding of whether a personal loan is the right solution for you.
If your cash flow needs a boost to help you through some tough times,as most of us do at some time or other, don’t be afraid to check out Jacaranda’s personal loan rates. You’ll find a full breakdown of what our loans cost over here.
Taking out a personal loan with Jacaranda Finance is easy, however, there are a few minimum requirements, check them out below:
FOR ONE OF OUR PERSONAL LOANS, YOU MUST:
Be over 18 years of age
Receive a regular income into a personal bank account
Be an Australian citizen, or have permanent residency
Have a direct contact number
Personal loans are our specialty, and our repayment process is 100% transparent, with no hidden fees or charges. Here’s a simple layout of our charges and terms:
Our unsecured personal loans
Loan amount – $300 minimum to $2000 maximum
Terms – loan period extends from 16 weeks to 50 weeks
Costs – Up to 20% establishment fee charged upfront + monthly fee up to 4%
>Our secured personal loans
Loan amount – $2001 minimum to $4, 600 maximum
Terms – loan period extends from 13 months to 24 months
Costs – Annual percent rate (APR) is 48% and the comparison rate is 66.0347% P.A. This comparison rate is based on a Jacaranda Secured Medium loan for an amount of $2, 500 over 2 years and a $400 establishment fee. Fees and charges are payable.
If numbers aren’t your strong suit, check out these examples of how our personal loans work:
Example of how our small, unsecured personal loans work.
- Ensure you meet the requirements for a personal loan: To save time and hassle, double check you meet the minimum requirements for a personal loan before applying.
- Check out your credit rating: Before applying for a personal loan, get the lowdown on your credit score. If your score is poor, then the lender may charge you higher interest
Small Loan Amounts: Minimum $400 to Maximum $2,000.
Terms: Minimum 16 weeks to Maximum 50 weeks.
Costs: Up to 20% Establishment Fee charged upfront plus a monthly fee up to 4%. Under the current legislation, Jacaranda Finance Pty Ltd does not charge an annual interest rate. You may know this as Annual Percentage Rate or APR (%).
Example: Loan Amount of $1,000 over 50 weeks repayable weekly $1,000 (Principle Amount) + $200 (20% Establishment Fee) + $480 (fees based on 4% per month over 50 weeks) = $1,680 total repayable in 50 weekly instalments of $33.60.
Example of how our medium secured personal loans work.
Loan Amounts: Minimum $2001 to Maximum $4,600.
Terms: Minimum 13 months to Maximum 24 months.
Costs: Annual Percentage Rate (APR) is 48%. Comparison rate is 66.0347% p.a. This comparison rate is based on a Jacaranda Secured Medium Loan for an amount of $2500 over 2 years and a $400 establishment fee. Fees and charges are payable.
Example: Loan Amount of $3,000 over 18 months repayable weekly $3,000 (Principle Amount) + $400 (Establishment Fee) + $1378.87 (other fees) = $4,840.14 total repayable over 18 months with weekly instalments of $61.27.
For more information about the allowable fees and charges for SACCs & MACCs visit the MoneySmart website.
To truly understand your possible repayments before taking out a personal loan, enlist the help of our personal loan repayment calculator.
There is no such thing as a stupid question, but, we want to save you time. Here are some of our most frequently asked questions about personal loans.
Can I still apply if I receive a Government Benefit?
Yes! We assess our loans on affordability and suitability, so we don’t automatically discount you because you are receiving government benefits.
Are there any restrictions on loan amount for my first personal loan?
Applicants who receive Centrelink as their sole source of income will be restricted to no more than a $1,000 loan for their first loan.
Do you require documents when applying for a personal loan?
Most of the time, no! At Jacaranda, we utilise the latest and safest banking and identification technology that can obtain 90 days of bank statements online in seconds and confirm your identity online. Outstanding circumstances may require you to supply a hard copy of these documents.
What happens when I apply for a personal loan outside of business hours?
Lucky for you, our business is 100% online so you can conveniently apply for a loan anytime. Of course, our worker bees must go home at some point, so our business hours are Monday to Thursday 8 am to 6 pm, Friday 8 am to 4 pm and Saturday 8am-12pm. If your application is submitted outside of business hours, you will be contacted within 2 business hours of the next business day.
How quickly will I receive my funds after my personal loan has been approved?
We release the funds within 60 minutes of approval. Depending on what bank you bank with will depend on how quickly you receive these funds. If you are with one of the bigger banks, the funds are normally available within 1 business hour providing your approval is finalised before 3 pm Sydney time. If by chance you are not with one of the bigger banks we will still release your funds within 60 minutes of approval, however, it will not appear in your account for up to 24 hours.
Do we charge thousands of percent in interest, fees or charges?
In the world of financial management, there is a common misconception that small lenders charge hundreds or even thousands of perfect interest, fees and charges on personal loans. We don’t! Our costs are simple and transparent; we charge a 20% establishment fee and a 4% flat fee per month. Try out our personal loan calculator to get an idea of loan repayments.
Personal loans serve many functions. They can act as a lifeline and pull you out a jam or help you live your dreams. Imagine you’re in the middle of paying your mortgage, your insurance is due and electricity bill, then BAM your washing machine decides to break down. That’s where we come in! Whatever your misfortunes, or wishful adventures, our simple personal loan application process can help you out. There is a myriad of reasons why one decides to take out a personal loan. Here are some:
Home improvements: Sometimes your home needs a touch of love, so why not take out a personal loan to finally upgrade the bathroom or kitchen and invest in your home?
Emergencies: When all the bills from on high seem to descend upon you at once, save yourself from the drama and invest in a personal loan. You may be tempted to charge the payments to your credit card, however, with higher interest rates, you’ll be paying more in the long term.
Pay for a wedding: Your wedding is a magical day and shouldn’t be burdened by financial stress. You can use a personal loan to fund a part of your wedding such as the venue payment, photographer or your wedding dress pr
Pay for a holiday adventure: Travel unlocks a world of wonder and excitement, so invest your time in your wanderlust fantasies and leave the finances to us. Check out our personal travel loan options.
Debt consolidation: Debt consolidation is a viable option for any looking to refinance. If you have multiple loans consolidating them into a single loan will reduce repayments and grant you a sense of control over your finances.
Navigating the world of finance and learning how to borrow money can be tricky and confusing. That’s where we come in! Here are some handy ideas to follow when you’re planning to apply for a personal loan:
Know your loans: Remember unsecured and secured loans? Well, it’s important to remember the difference to find out which personal loan type is right for you.
Apply for a sensible loan amount: Apply for a personal loan that we can afford. If you fail to make repayments, it will negatively affect your credit score and your ability to borrow money in the future.
At Jacaranda, we’ll always do our best to give you a fair go and, above all, act responsibly so you’re never offered a loan you can’t reasonably afford to pay back. We have created a simple and fast personal loan application process, to make financial management accessible to all.