Home > What are Affordable Loans and How do They Work?
Fast affordable loans are personal loans with reasonable rates for Aussies looking for a fair go at the loan they need. Affordable personal loans are generally available from $300 to $10,000, and the repayment period will depend on the amount you choose to borrow. Jacaranda Finance provides Aussies with fair and reasonable rates on personal loans; however, we don’t offer low interest loans.
We’ve created a seamless application process, and we can deliver outcomes within 60 minutes**. Alongside a fast application and speedy outcomes, Jacaranda Finance is also a responsible lender. That means we lend cash within the terms of the Australian code of responsible lending. When you apply with Jacaranda, you can be assured that our team will never hit you with any unexpected fees or charges. We value honesty and transparency.
If you’re looking for ‘low affordability loans’ or ‘cheap affordable loans’, then you probably after a no or low-interest loan. Aussies can borrow personal loans with no interest. Generally, these personal loans can be referred to as a low-cost loan or no-interest loan.
The No Interest Loans Scheme (NILS) provides Aussies with the credit they need without the pressure of interest. NILS provides low-income earners with access to cash that can be used for the purchase of essential good and services. NILS is available for money up to the value of $1,500 and can be repaid over 12 to 18 months.
Affordable loans with low or no interest are loans offered by the Australian No Interest Loans Scheme (NILS). If you’re after finance and you have low income or receive a pension, NILS could be right for you. The NILS scheme provides borrowers with safe, fair and affordable credit as an alternative to a personal loan.
To be eligible for the No Interest Loans Scheme, applicants must:
For more information about no or low-interest loans, visit the MoneySmart website.
If you would like to apply for NILS you will need to:
Jacaranda Finance is Australia’s award-winning lender that can provide personal loans fast without the headache of a lengthy application and drawn-out approval process. When the banks say ‘no’, we want to say ‘yes’. Whether you have poor credit or receive Centrelink benefits, we want to help every Aussie gain access to the money they need.
We’ll do our best to match you with an affordable loan for your individual circumstances. The Jacaranda team are proud to be matching borrowers all over Australia with the loan they need when they need it most.
Our entire process, from application to approval, is 100% online. That means you can apply for a personal loan wherever you are and whenever you like. Our application takes you minutes to complete, and we can deliver an outcome in 60 minutes**. Gone are the days of waiting weeks for the approval you need now.
When you see ‘affordable loans’ think tailored financial rates and flexible loan options for every Aussie. The Jacaranda team lend within the parameters of the responsible lending code. It is important to remember that everyone is different and, therefore, every financial situation is different. The fees, charges and interest rates associated with a personal loan will be different according to the loan amount and repayment period.
Our team cannot provide an accurate estimation of the cost of a personal loan without assessing your individual loan application. If you’d like to see how much a personal loan could cost, you can scroll up to the top of the page and use Jacaranda’s online loan calculator to get started or head to our costs page for more information.
Traditionally, payday loans were loans that were taken and paid in full by the clients on their next payday. However, these types of loans were made illegal, so now ‘payday’ loans are synonymous with SACC loans.
We provide SACC (Small Amount Credit Contract) that can be used similarly to a payday loan. At Jacaranda, we provide SACC loans up to the value of $2,000 that can be repaid over up to 12 months. We do our best to make sure our applicants get the best rate possible on a personal loan. Our team conduct assessments on a case by case basis to determine suitability.
Below are just a few reasons people apply for personal loans:
If you have any questions about the reason for your loan, please feel free to contact our friendly team here.
If the dentist has dished out more than a few fillings, you can apply for the extra cash you need with Jacaranda. Our team does their best to provide affordable loans to all our applicants. We’ll assess your application thoroughly to ensure a personal loan is right for your individual circumstances. The best part is our application process is 100% online. That means you don’t have to waste time in line at the bank. You can apply wherever you are and whenever you like.
Is the big day fast approaching? We all know how expensive a wedding can be. If you’re running low on cash with the big day just around the corner, why not apply for a personal loan with Jacaranda? Our team could approve you for a loan between $300 and $10,000 today.
If you’ve been googling ‘affordable loans’, then you can rest easy in the knowledge that our team assess every application for affordability before approval. We’ll look at your income and spending habits to make sure you will be able to make the repayments on a possible personal loan. We deliver competitive rates on our personal loan products tailored to your financial situation.
Planning a wedding can be one of the most exciting yet stressful experiences a couple can go through. According to Moneysmart, the average Australian wedding costs approximately $36,000. This number may scare some people away, but keep in mind that it doesn’t get paid all at once. The timeline of wedding planning can take anywhere between several months or up to 2 years. Therefore, that big cost is usually broken down over the wedding-planning term. However, no matter how much weddings may seem expensive, there are always cheaper alternative options that can lower the overall cost. Here are some simple ways you can make your wedding cheaper:
Before you apply for a personal loan, check out the loan options we provide below:
|Loan type||Loan amount||Loan term|
|Unsecured||$300 to $2,000||3 to 6 months|
|Secured||$2,000 to $4,600||13 to 24 months|
|Secured||$5,000||13 to 24 months|
Found one that suits? Great! Use our loan calculator located at the top of this page to begin your application.
If you’re looking for ‘affordable loans for poor credit’, skip the big banks and apply with an online lender you can trust. Some online lenders can offer bad credit loans from $300 to $10,000 and the repayment period would depend on the amount you choose to borrow.
At Jacaranda, your eligibility for a personal loan will not be based solely on the results of a credit score check. Our team looks at the whole picture. We’ll assess how you’re actually going to repay your loan rather than focussing on bad credit.
The Jacaranda team assess each loan application on a case by case basis. Every applicant is different, and that means every financial situation is different. We’ll take a look at whether or not you will be able to afford a personal loan before we lend you the cash.
Generally, most online lenders will conduct credit checks and therefore, don’t offer no credit check loans. If you’re looking for a loan without a credit check, then you can apply for bad credit loans from an online lender.
As part of our responsible lending practice, we conduct credit checks on all applications. If you’ve been searching ‘affordability loans no credit check’ it is essential to remember that Jacaranda does not provide no credit check loans. We aim to ensure all of our borrowers can comfortably make the repayments. Although we cannot guarantee approval, we can guarantee all applicants a fair go regardless of their circumstances.
Like what you hear? If you’re ready to apply for a personal loan with Jacaranda, you’ll need to know who is eligible. Here are the criteria you’ll need to meet:
Repaying your loan with Jacaranda Finance is simple. We will set up a direct debit with your account so you won’t have to worry about forgetting to make the transfer. That means you’ll never have to remember to make a repayment manually. You can pick which day you’d like your repayments to be deducted, so you can align it with your payday if you wish.
If you think you will be unable to make a repayment we encourage you to get in touch as soon as possible so our team can arrange an alternative payment schedule.
We’re committed to transparency at every stage of the loan process. We won’t hide any of the fees or charges that could be associated with your loan. Your loan agreement will clearly outline the terms and conditions, including late payment charges. If you’ve got questions, we encourage you to get in touch with our lending team as soon as possible.
At Jacaranda, we do not ask our applicants to submit any paper forms. We like to keep the process as simple and streamlined as possible. When you apply for an affordable loan with Jacaranda we’ll ask you to provide electronic copies of the following documents:
Our team will use your online banking details to access read-only copies of your bank statements to assess whether or not you will be able to afford a personal loan. We’ll look at factors like income, spending habits and pre-existing financial commitments. We use bank-level encryption to make sure no one can see your personal information or passwords.
Have you been googling ‘affordable car loans’? Jacaranda provides a lender-finding service for car loans. That means we submit your application to a variety of different lenders, so you get the best deal possible. You could apply for a car loan between $300 and $10,0000 today and have an outcome from our team in just 60 minutes**. If you’re looking for a lender finder that could match you with a competitive car loan, apply with Jacaranda today! Head up to the top of our car loans page and use our car loan affordability calculator to start your application.
Great! Scroll up and use our loan calculator to apply for affordable loans in minutes, receive an outcome within the hour** and if approved, you could have your money in your bank and ready to use in 60 seconds*.
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*most approved applicants have their money in their bank account and ready to use within 60 seconds once they have accepted their digital contract.
**subject to when you submit your application
Jacaranda is 100% online. So, we do not accept applications over-the-phone. However, our friendly team is more than happy to answer any questions you may have.