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Personal Loan Comparison

Personal Loan Comparison

Looking for a personal loan comparison?

When it comes to borrowing money, researching and comparing the multitude of personal loan options out there can be a stressful experience. If you’re on the hunt for quick cash loans, you’ll want a lender you can trust to give you the fair, reasonable, and competitive rate you deserve. At Jacaranda Finance, we make it simple for our applicants to see what a loan could cost. We also offer tools like comparison rates and repayment calculators to help you with your personal loan comparison. 

So, if you’re currently going through the process of comparing your options, keep reading to find out more about our fast cash loans!

Personal Loan Comparison FAQs

What is a personal loan?

In its simplest terms, a personal loan lets you borrow a set amount of money from a financial institution such as a bank, credit union, or online lender. You then repay the borrowed amount of money with interest in fixed instalments over time. Personal loans are especially useful when you need a lump sum to pay for a personal expense. 

What is a comparison rate? 

A personal loan comparison rate is a tool designed to calculate a closer estimate of the total cost of a loan. A comparison rate is expressed as an annual percentage and combines the interest rate of a loan and any upfront or ongoing fees and charges you can expect to pay across the lifetime of the loan. Ultimately, the aim of a comparison rate is to help you see the bigger picture. It can help you compare other loans and services offered by financial institutions and mortgage providers easily. 

So, if you are comparing personal loans from different lenders, pay attention to the relevant comparison rates. Before you apply, we can give you an estimation of the interest rate, fees and charges associated with a personal loan. 

Head over to the costs page now to get an idea of what a personal loan could cost you! Remember, comparison rates are only true for the examples given, and may not include all fees and charges.

How can I get cheap personal loans? 

At Jacaranda, we do things differently. When you submit an application for our affordable personal loans, our team will get straight to work assessing your application in order to give you a quick outcome. The best part? You won’t even have to step outside your house. Our application is 100% online, allowing you to complete it from the comfort of your own home, in just a few short minutes. 

Can I get a personal loan with bad credit? 

Yes! At Jacaranda, we believe having a bad credit score shouldn’t mean you have to endure financial stress. Our promise to you is that we’ll look beyond your past financial habits. Unlike traditional lenders, we don’t believe your credit score tells your entire story. While we always conduct a credit check, our team will also look deeper. Our highly reliable system uses your internet banking logins to obtain a read-only copy of your bank statements. This gives us an accurate representation of your income, expenses, spending habits and your overall relationship with money all to get a better idea of how you’re going to repay your loan. 

Can I get a loan with no credit check? 

As part of our responsible lending practices, Jacaranda does not offer loans without conducting a credit check. However, don’t let that deter you from applying for our personal loans. We aim to give every Aussie a fair go which is why we assess applicants on more than just their credit score. We put more focus on your current finances to see how you’re going to repay your loan. 

What’s the difference between a secured and unsecured personal loan? 

There are generally two types of loans you can opt for: secured or unsecured. 

A secured personal loan requires you to provide an asset or ‘collateral’ to secure the loan agreement. This could be a car, boat, home equity, or even jewellery. By showing proof of any of these assets, you are providing a greater sense of security to the lender. Secured loans are generally long term personal loans as they enable you to borrow more for longer periods of time.

On the other hand, an unsecured personal loan does not require an asset to be used as collateral for your loan. Since they are higher risk, lenders tend to offer them for smaller borrowing amounts. If you only need a small loan to cover some short-term expenses, then an unsecured personal loan may be a better choice. 

Who is eligible for a personal loan?

The most important part of a personal loan comparison – checking if you’re eligible! The following is a list of our eligibility requirements that you’ll need to meet:

  • Be 18 years or older with an active Australian mobile number and email address;
  • Be an Australian Citizen or Permanent Resident;
  • Have a driver’s licence
  • Be receiving a regular income into a personal bank account (for at least the last 3 months);
  • Have internet banking.

If you meet these criteria, then you’re eligible to apply!

What information do I need to provide?

We stay true to our word – our application really is simple, quick and 100% online! That means no unnecessary documents and paper forms. You just need to fill out a few important personal and financial details, such as:

  • 100 points of ID (name, D.O.B, etc.)
  • Contact information
  • The reason for your loan
  • Internet banking details
  • Your MyGov account details (if you receive Centrelink benefits)
  • Employment details and employer contact information

Don’t stress about handing over your banking information. Our team will obtain a read-only copy of your bank statements to get a better understanding of your spending habits, income and existing financial commitments in order to determine whether or not you will be able to repay a personal loan. 

How do I apply for a personal loan?  

When you’re all done with your personal loan comparison, applying for our loans is quick and easy! We’ve provided you with these simple steps on how to do this:

Step one: Apply online

To start your application, simply scroll up to use our loan slider. Select the amount you’d like to borrow and the repayment period and click ‘Apply Now.’  Next, you’ll be directed to our 100% online application. Here, you’ll need to provide some personal and financial details. Make sure you fill out the required fields as thoroughly and as honestly as possible. When you’re finished, hit ‘Submit.’

Step two: We’ll assess your application

That’s it from you! We’ll take over from here. Once we’ve received your application, our team of loan specialists will get to work assessing it. In other words, just sit back and relax while we assess your application. 

Step three: Review and sign your contract

If the Jacaranda team has been able to match you with a personal loan, congratulations! We’ll then send you an electronic copy of your loan contract for you to review and sign. We recommend reading the terms and conditions thoroughly to make yourself aware of any fees and charges for late or missed payments. When you’re happy, e-sign it!

Step four: Get your cash!

Finally, as soon as our team receives a signed copy of our agreement, we’ll transfer your cash. If your bank is NPP-enabled, you could have the cash in your account in just 60 seconds*. Of course, this is all provided your contract is signed before the close of business.

Can I get a loan without an employment check?

An employment check is a routine step in the loan assessment process and should be conducted discreetly. Generally, online lenders will conduct an employment check to verify your identity and source of income. 

As a part of our commitment to responsible lending, Jacaranda will sometimes conduct employment checks if we need additional information. Our team may also get in touch with your employer as a way of verifying your income and employment status.

If you’re worried about Jacaranda contacting your employer, there is no reason to be. Our team is professional when conducting employment checks. We will never disclose any of your personal or private information to your employer. You can rest easy in the knowledge that we will never discuss why you are applying for a loan either.

Ready to apply?

We’re hoping you now have all the info you need on personal loan comparison rates. 

If you still have a few more questions, please check out our FAQ page or send us a message, here. Otherwise, go ahead and scroll to the top of this page to get started with your application! 

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Last updated: 19/08/2020, 10:00am

Our low rates

Our low rates

💰 Personal Loans starting from 7.59% (12.24% p.a. Comparison Rate)

🚗 Car Loans starting from 5.29% (5.84% p.a. Comparison Rate).

We never charge early repayment or exit fees.

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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.