Home > First Time Loans May Be Just What You Need. Apply Now up to $10,000!
First Time Loans May Be Just What You Need. Apply Now up to $10,000!
How can I get my first time loan with no credit?
First time loans typically refer to people applying for a loan with less or no credit history. If you’ve never had a credit card, of borrowed money from a lender, you may have little to no credit. Some may find it challenging to get approved for any type of credit without a credit history. If that’s you, we’re glad you found us.
If you’re looking for a first time loan, then you might have just found the lender for the job. Jacaranda Finance is Australia’s award-winning online lender that you can bank on to provide quick personal loans. If you’re looking for a first time personal loan, it’s a good idea to go with a lender you can trust to deliver a fair assessment.
We are proud to be a part of the responsible lending community. Our team always conduct the necessary checks associated with assessing a personal loan application so you can rest easy knowing you’re in safe hands. If you’re looking for a first time loan apply with Jacaranda Finance today.
First time loans: what should I look out for?
A first time loan can be overwhelming. There is so much to consider and if you’ve been searching google you probably already know how many online lenders are out there. Here are a few things that are important to keep in mind while looking for a first time loan:
Does my credit score matter?
If you’re about to apply for a first time loan, it is a good idea to be aware of your credit score. Your credit score could have a bearing on whether or not a possible lender will approve your application for a personal loan. You can request a free credit score check from the main reporting agencies: Equifax, Illion and Experian. Not all lender will base their assessment on the result of a credit score check; however, it is vital to remain aware of how this could affect your ability to apply for a loan.
How does my income affect my application?
Your income is a significant factor when it comes to assessing eligibility for a first time loan. How much you earn may affect the amount of money you can borrow. A possible lender will need to assess your current working situation and income to determine whether or not you are eligible for a personal loan.
How do other payment obligations impact my chance of approval?
If you’re looking to apply for a first time loan, it is important to consider what your repayments may be. Although a responsible lender will always make sure an applicant has the means to repay their loan before approval, it is still the borrower’s responsibility to ensure that a personal loan is an appropriate financial decision. It is essential to be aware of when repayments are due as most lenders will charge a fee for late or failed payments. If you’d like to see what the possible repayments on a personal loan could be, you can scroll up and use Jacaranda’s online loan calculator.
What types of first time loans do we provide?
There are two different types of personal loans; unsecured and secured personal loans. An unsecured loan is a personal loan that doesn’t require an asset as security. A secured loan, however, means that a borrower may need to attach security to their personal loan. Most lenders accept a car, motorbike, boat or caravan as collateral.
Below are the loan options we can provide:
|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 get started with your application.
Can I first time personal loans no credit history near me?
If you’re looking to get a first time loan with no credit, then we may be able to help! Most lenders will conduct an employment check when you apply for a first time loan. This is a routine part of the assessment process. If you have chosen to apply with a responsible lender, you can rest easy knowing that they will always remain professional when contacting your boss. None of your personal information or the reason why you are applying for a personal loan will be disclosed.
As part of our commitment to responsible lending, we do conduct credit checks. If you’re worried about your credit score, don’t let that deter you from applying for the loan you need. We look at more than just your credit score. We also examine your current relationship with money.
What bank is easiest to get a personal loan from?
You can apply for a personal loan from a variety of financial institutions, including a bank, credit union or an online lender. But which is the easiest? If you’re looking for a fast application you can submit online, speedy outcomes in 60 minutes** and cash in your bank and ready to use in 60 seconds* – then Jacaranda Finance is the lender for you.
Submitting an application for a first time personal loan can be nerve-wracking, we get it. That’s why we designed a seamless online application you can complete in minutes. Easy.
Jacaranda is 100% online, so you can apply anytime anywhere, whether you’re on the go or sipping a cuppa at home. You won’t be asked to fill out pages and pages of questions. Our team cut straight to the chase, so you get the cash you need as fast as possible.
We are proud to be making fast personal loans available for all Aussies. Regardless of where you are across the country, you could apply for a first time loan in just minutes. We understand that applying for a first time personal loan can be daunting, so our team are always here to help. You can get in touch during AEST business hours or visit our FAQ page for more information.
Can I apply a first time loan?
Applying for a first time personal loan can be daunting, and it can be hard to know whether you’re eligible. So, before you apply, you can check if you meet the requirements below:
- All applicants must be over the age of 18;
- You must have received some type of regular income for the last 90 days into a bank account that is your own;
- Applicants must have an active mobile phone number and email address that we can contact you on;
- Internet banking must be set up.
Meet these requirements? Great! Scroll up and use our loan calculator to get started now.
What documents do I need to provide?
When you apply for your first personal loan, our team will need to view a few important documents to access your eligibility. Don’t worry, you don’t need to submit any paperwork physically. With the details you provide, we can access the information we need electrically using third-party encryption.
Here is what we suggest you have handy while completing our 100% online application form:
- Personal details like your online banking & employment info;
- An active email address and mobile number;
- The reason you are applying for the loan;
- Your MyGov details (if you are receiving Centrelink payments);
- Employer and contact details.
Why do I need to submit online banking details?
The Jacaranda team will use your online banking details to access read-only copies of your bank statements. We’ll consider factors like spending habits, income and financial commitments to determine whether or not a personal loan is right for you. When you apply with Jacaranda Finance, we do everything possible to ensure you are receiving a personal loan that is right for your individual financial circumstances.
Can you get a personal loan with a credit score of 550?
A lender will typically consider a 550 credit score as poor credit. Your chances of approval will depend on the financial institutions. Banks are generally less forgiving when it comes to bad credit, whereas online lenders look past your credit score, and assess your income and spending habits.
If you’ve been googling ‘loans for bad credit first time buyers’, ‘first time personal loans bad credit’ or ‘first-time personal loans no credit history near me’ – you’ll be pleased to know that Jacaranda looks beyond your credit score. We assess loan applications based on the applicant’s ability to repay the loan. Although we will take your credit score into consideration, our team will do their best to find an appropriate loan product that is suitable for your financial situation.
What are the top 10 reasons to apply for a loan?
Below are the top 10 reasons you can apply for a personal loan:
- Home renovations
- Medical bills
- Vet bills
- Travel costs
- Debt consolidation
- Relocation costs
- Unexpected bills
- Dental costs
- Car repairs
- Car rego
You can use your first time loan for a variety of expenses, including travel, vet bills, or any emergency expense. At Jacaranda, we approve personal loans for a wide range of purposes.
Here are the top reasons first-time clients apply for a fast personal loan:
First time home buyer renovation loan
If you’ve just purchased your first home and are looking for a little extra cash for renovations, then Jacaranda could be the lender for the job. You could be eligible for a renovation loan between $300 and $10,000 today. You won’t even have to leave the house to apply for a first time home buyers renovation loan. Our application process is 100% online, and you can submit a loan application in minutes, with no paperwork required. If we approve your application, you could have your funds in the bank and ready to use in 60 seconds*.
First time loans for medical bills
If an unexpected medical bill has come your way, there is no need to blow the budget. At Jacaranda, we provide first time loans for medical bills between $300 and $10,000. If an unexpected medical expense arises you can jump online, quickly submit an application and hear back from us within the hour**. Jacaranda is committed to providing a reliable service to all of our applicants.
Can I get a first time loan on Centrelink benefits?
We do our best to say ‘yes’ to applicants receiving Centrelink benefits or a pension. If the bank says ‘no’ we encourage you to submit an application and we’ll guarantee a fair go at the finance you need. We’ll look at what percentage of your income is from Centrelink to determine whether or not a personal loan is a suitable financial decision.
Since every financial situation is different, our team cannot guarantee approval, without assessing your application. The good news is, it will cost you nothing to apply online, and you could have an outcome in 60 minutes**. So, what are you waiting for?
What are the costs of a personal loan?
The costs of a personal loan will depend on the policies of individual lenders. Before you sign your contract, ensure you check all the possible costs of your loan, particularly charges for late or missed payments.
Our team are 100% honest and transparent. All of the terms and conditions of your contract will be made clear. We encourage our applicants to read through their agreement carefully to ensure they are aware of any fees or charges that could incur for late or failed payments. Our team are here to help. If you’ve got questions regarding your contract, it is important to get in touch as soon as possible.
How do I make my repayments?
At Jacaranda, we are all about convenience. Your repayments will be directly debited from your account. That means you will never have to worry about manually making a repayment. If you like, you can ensure your repayments align with your income, so there is always money in your account.
Easy ways you can stay on top of your payments
We understand some expenses can accumulate and become hard to deal with. Even during tough times, it’s best to stay on top of all your payments such as bills and loan payments. After all, missing repayments, whether it’s loans, bills, or debt, can result in a default on your credit report. However, this is usually the worst case scenario. So, here are a few easy ways you can avoid drowning in debt and staying on top of your payments:
Stay aware of due dates
Almost everyone has received an unexpected bill at some point in their life. Even while staying on budget, unexpected/ forgotten payments can definitely throw you off your game. Therefore, it’s best to write down when all your bills are due, and more importantly, set a reminder! By having everything written down, you can avoid missing payments and having to pay defaults. Additionally, having everything written down and planned ahead can help you get prepared for expensive months like December (having all your bills due around the same time as christmas shopping is definitely something you’d want to prepare for!)
Calculate your expenses
Apart from your loan payments, you might have a fair amount of bills to prepare yourself for. With all your bills in mind, calculate how much the expenses will cost you and consider planning an emergency fund to ensure you’re on your feet at all times. Here are some bills you might be paying, along with your loan:
- Car insurance
- Car services, registration, fuel
- Rent or mortgage
- Electricity, water, gas
- School expenses such as uniforms, fees, or extra-curricular activities
- Medical expenses
- Credit card payments
- Other personal expenses
Set up an emergency fund
As mentioned above, you may want to set up an emergency fund for those unexpected and crazy days. An emergency fund is simple to open and maintain. Contact your bank and open a high-interest account that you primarily deposit a fraction of your income in, rather than withdraw funds. This can help you with unexpected medical bills, car accidents, travel, etc.
Are you worried about remembering when all your bills are due? Contact your bank and set up a ‘recurring payment’. Automated payments can ensure all payments are made on time, as long as you’re ensuring there are enough funds in your account.
Want to know more?
Keen to read more from Jacaranda? Find out how you could get your credit card debt under control and plan a cheap family getaway.
Want to know more about short term loans? Check this out.
*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