Home > Bad Credit Loans: Get a Second Chance With Jacaranda
Bad Credit Loans: Get a Second Chance With Jacaranda
Getting a loan with a poor credit history
When you have a poor history of paying your bills, it can limit you in several ways. However, at Jacaranda, we know that your credit score can be the result of something that happened in your past that may have been out of your control. We understand that having not so great credit can be limiting, so we don’t want to make your situation any more difficult. That’s where bad credit personal loans come in handy.
With us, you can borrow up to $10,000 in the most hassle-free way. Your credit score is a result of the past and we know that’s where it should stay!
Who is Jacaranda Finance?
In a nutshell, Jacaranda Finance is an online lender that offers both personal loans and car loans. Our application process is very straightforward and can be completed in just minutes. The way it works is that you just need to jump online to apply for one of our loans. Once you’ve submitted, our team will assess your application and give you an outcome. In some cases, you could get your outcome in under 60-minutes*!
Another bonus is the time it takes for you to receive your funds. If you have an NPP or Osko-enabled bank account, you could have the money in your account in just 60-seconds after signing your contract.
You can also rest assured knowing that Jacaranda Finance is a responsible lender. What does this mean? It means that we won’t lend anyone an amount that they cannot afford to comfortably repay. After all, our aim is to help you out financially, not make you worse off!
Bad credit loans FAQs
What is bad credit?
Bad credit refers to a poor credit score. Your credit score is typically a number that ranges between 0 to either 1000 or 1200 depending on the credit bureau calculating it. This number is a reflection of the information in your credit report. Information that is reported on your credit score includes your current debt, repayment history, past credit/loan applications, and defaults. So a bad credit score is likely to be the result of missed payments, defaults, bankruptcy etc.
You can check your credit score by requesting a free copy of your credit report from any of the major credit reporting bureau’s. The average credit score in Australia is 550. So generally, a credit score below 500 is considered low and an indicator of ‘bad’ or ‘poor’ credit.
What are bad credit loans?
Although Bad credit personal loans may sounds like a negative thing, they are essentially just loans for people with poor credit scores. Lenders that offer this type of loan will focus more on your present financial situation that your past financial position.
At Jacaranda Finance, it’s our mission to give all Aussies the fair go they deserve at accessing finance. That means we offer fast and easy loans to people from all walks of life – bad credit and all!
Can I get a loan with a 500 credit score?
Yes, you can. Getting approved for a bad credit loan can be difficult with traditional lenders like banks or credit unions. However, online lenders like Jacaranda Finance can be more lenient when it comes to your credit score. We’ve helped thousands of Aussies access the finance they need despite having bad or average credits scores.
Do you perform credit checks
We approve loans for people with good credit, bad credit and even people without a credit score.
We do conduct credit checks on eligible applicants but it’s not the only thing we look at. These credit checks will play a small role in our assessment process. However, we mostly care about your current spending habits and relationship with money. We don’t think that the mistakes you’ve made in the past should necessarily affect your financial future.
Does applying for loans affect your credit score?
Yes, it most likely will. Each time you apply for a personal loan, a credit enquiry is applied to your credit report. Several credit enquiries may cause your credit score to drop over time. That’s why we recommend doing your research and only applying with lenders that are more likely to approve you for a loan.
Can I apply for a bad credit car loan?
Yes! If you’ve got bad credit and need a second chance on a car loan, Jacaranda can help. Although we do perform credit checks, this is not the only thing we look at when assessing your application. With our bad credit car loans, we find that the most important thing for us to look at is your current financial situation. This allows us to determine whether you will be able to manage the repayments.
All of Jacaranda’s car loans are secured. In some cases, you’ll be able to secure your loan with the car you’re purchasing.
We’ll ask you to provide information about the make, model and year of the car as well as the registration number. This is so that we can make an accurate valuation of the vehicle you’re purchasing.
Can I get a same day loan?
Definitely! Jacaranda’s loans are designed to be quick and easy – perfect for when unexpected expenses pop up. If you apply during our regular business hours you could get approval in just 1 hour. What’s even better is that once you’ve signed your contract, you could get instant fund transfer.**
Do you do loans for people on Centrelink?
When Centrelink benefits are your primary source of income, getting approved cash loans can be difficult. Fortunately, Jacaranda Finance works a little differently to traditional lenders. We treat certain types of Government benefits as a regular form of income. As long as you’ve been receiving these benefits into a personal bank account for the last 90-days, then you’re welcome to apply.
Unfortunately, we cannot accept applicants on temporary benefits such as Newstart (now Jobseeker) or Youth Allowance.
How can you improve your credit score?
Improving your credit score isn’t going to happen overnight, but the sooner you tackle the issues that are dragging it down, the faster you can get it patched up! You need to show that you can borrow money and pay it back on time. This includes everything from loans, credit cards, utility bills, phone bills etc.
A great way to demonstrate your reliability as a borrower is with a Jacaranda loan. If you’re approved for a bad credit personal loan and stay on top of your regular repayments, your credit score will positively reflect this.
An alternative to bad credit loans
If you don’t have bad credit, you can be eligible for a loan from a bank, credit union or standalone lender at a more competitive rate than loans for bad credit. You may be able to borrow up to a limit of $5,000 and do not have to attach an asset as a guarantee.
Typically, secured loans include mortgages, car title loans, and pawnshop loans. Generally, you can qualify for an unsecured loan if you are employed and get what is called a ‘bad credit loan.’
How to apply
Step 1: Apply online
To begin your application, scroll up to the top of this page. Using the slider, select the amount you’d like to borrow and the repayment period and click ‘Apply Now.’ You’ll then be taken to our online application form. This is very straightforward and could only take you a matter of minutes to complete. It’s important to fill out the required fields as honestly and as thoroughly as possible. When you’re done, hit ‘Submit.’
Step 2: Get assessed
Once you’ve submitted, you can sit back and relax while we get to work assessing your application. We’ll get back to you with the outcome of your application as soon as possible. You could even get your outcome in as little as 60-minutes.*
Step 3: Read and sign your contract
If we are able to offer you a loan, we’ll send you an online loan contract for you to review and sign. Make sure you read over it thoroughly to make yourself aware of terms of your loan. When you’re happy, you’ll be required to e-sign it and submit it back to us.
Step 4: Get your funds
Once we’ve received your signed loan contract, we’ll send your funds directly to you. Thanks to instant transfers, you could have the money in your account in 60-seconds**!
Types of Jacaranda loans
There are three types of personal loans that we offer to borrowers. So, even though we don’t offer cash loans no credit check fast approval, we may still be able to help. We offer small, medium and large personal loans that you can apply for online, from the comfort of your own home. Below we’ve explained all you need to know about our different types of loans:
|Loan Type||Secured Options||Loan amount||Loan term|
|Small Loan||Unsecured||$300 to $2,000||12 months|
|Medium Loan||Secured||$2100 to $4,600||13 to 24 months|
|Large Loan||Secured||$5,000 to $10,000||13 to 24 months|
Small personal loans
These are unsecured personal loans with very fast outcomes. With small loans, you can borrow between $300 and $2,000 that can be repaid over a period of 12-months.
Medium personal loans
With our medium-sized bad credit cash loans, you can borrow between $2,100 and $4,600. They can be repaid over a 13 to 24 month period.
Large personal loans
Our large personal loans are secured loans that allow you to borrow between $5,000 and $10,000 and can be repaid over a 13 to 24 month period.
Am I eligible for a bad credit loan?
To qualify for a personal loan with Jacaranda you must:
- Be 18 years or older;
- Be an Australian Citizen or Permanent Resident;
- Have received a regular income (for the last 90-days);
- Have internet banking set up;
- Have a phone number and email address.
What information do I need to provide?
When you apply for a loan with Jacaranda, there are a few details we will need from you. All of the following details are to be submitted online – no printing or copying required!
- Personal details (i.e. Name, Address, DOB);
- Your phone number and email address;
- The reason for your loan;
- myGov details (if you receive Centrelink benefits);
- Online banking and employment info.
4 ways to increase your chances of loan approval
If you’ve struggled in the past to get approved for a loan due to bad credit, you can always apply for bad credit loans. However, if your credit score reflects that you have handled past loans and debts very poorly, it might not be so easy to get approved for bad credit loans. Fortunately, you can increase your chances of getting approved for a personal loan. Here’s how:
- Know your credit score: You can access a free copy of your credit report every 12 months from the following credit bureau’s: Illion, Experian and Equifax. Make sure there are no inaccuracies on your credit report. If there is, you need to rectify these immediately. Knowing your credit score is important for when you’re applying for a loan. It can help you determine what to look for in a loan offer.
- Research lenders and find the best fit: Even if you have a bad credit score, you may still be able to qualify for a loan if you’ve chosen the right lender. Some lenders may be able to lend you smaller amounts of money if you are in the process of rebuilding credit. Traditional lenders like banks or credit unions will most likely turn down applicants with a credit score below 700. However, online lenders, like Jacaranda Finance may still be willing to work with you.
- Provide collateral: This refers to providing an asset such as a car or boat, to secure your loan. This is less risky for your lender as it means they can repossess your asset if you can’t repay your loan. This isn’t something you should be worried about, however, as most lenders will only repossess your asset as an absolute last resort.
- Don’t apply for more than you need: When assessing your application, lenders will look to see if the loan amount you’ve applied for fits the purpose of the loan. Applying for more than you need may be unaffordable and unnecessary for you.
If you have a question about our bad credit loans, you can get in touch with our friendly and helpful customer service team. To speak to someone directly, you can give us a call on 1300 189 829 between 8 am to 6 pm Monday to Friday. If you have a query outside of these times – simply send the team an email to firstname.lastname@example.org.
*If you apply during our regular business hours
**if you have an NPP or Osko enabled bank account