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Find Competitive Personal Loan Rates Online!
Looking for competitive personal loan rates?
We, as humans, are always hunting for a bargain or ‘the best deal’. It‘s no different when hunting for the best personal loan rates. The truth is, however, that finding competitive interest rates can be extremely tricky. A quick Google search will show you a seemingly endless list of lenders claiming to have the perfect loan for you. Sifting through all these lenders, searching for the lowest rates can be a huge headache. Not to worry! At Jacaranda Finance, we’ve put together a personal loan rates guide on what to know and what to look for.
If you are interested in our interest rates, visit our costs page. Here you’ll get a breakdown of our rates for small, medium and large personal loans.
What is a personal loan?
Put simply, a personal loan is an amount of money that you apply to borrow from a lender and is provided in a lump sum. It comes with a number of conditions such as a fixed interest rate, potential fees and a repayment period. Generally, there’s said to be two types of personal loans. These are secured and unsecured personal loans. Secured loans require you to attach an asset, such as a car or boat to your loan as security for the lender. Unsecured loans – you guessed it – don’t require an asset.
Jacaranda Finance is an award winning online lender that provides personal loans from $300 to $10,000 over a period of 12 to 24 months (depending on the amount you borrow). We operate a little differently to a typical payday lender. We pride ourselves on our honesty. This means, no hidden fees or charges such as an application fee or early settlement fee. Just a damn good, transparent service that is bound to change your opinion of online lenders.
What is an interest rate?
When applying for a personal loan, your lender will almost certainly charge you an interest rate. If you don’t know what an interest rate is, there is no need to panic! It might sound like one of those complicated business terms but it’s a lot simpler than you might think.
An interest rate is just a percentage of the amount you borrow that’ll you need to pay back on top of your loan. For instance, if you borrow $1,000 with an interest rate of 20%, you’ll be required to pay back $1,200. Simple right?
Does my credit rating affect personal loan rates?
Yes, it can. Your credit score is a factor that can affect the interest rate you receive from your lender. Generally speaking, people with better credit scores will be offered better personal loan rates. Whereas people with lower credit scores may receive a higher interest rate as a result.
Your credit score is a numerical representation of the information in your credit report. Factors that affect your credit score include repayment history, amount of debt (also known as credit utilization ratio) and credit inquiries. If you don’t know your credit score, you can request a free annual credit report from each of the three following credit reporting agencies:
How can I get competitive personal loan rates?
Improve your credit score
We know you can’t exactly do this overnight, but improving your credit score is key to getting lower personal loan rates. You can start by paying your bills (telco, utility, credit card) on time. Managing your debt and implementing steps to start paying it off is also key. You can monitor your credit score using a range of online platforms, like Tippla.
It’s important to note that applying for a loan can cause a short term dip in your credit score. Therefore be careful not to apply for too many loans as it could have negative implications on your credit score.
Variable vs fixed rates
There are generally two types of interest rates. These are variable and fixed interest rates. Variable interest rates carry higher risk as they can change periodically. Fixed rates stay constant throughout the course of your loan repayment period.
Jacaranda’s personal loans have fixed interest rates which will be disclosed in your loan contract. This will allow you to calculate the total cost of the loan before committing and signing your contract.
Jacaranda’s personal loans
Jacaranda provides 3 types of personal loans. These are small, medium and large loans. The table below details the requirements for each on of these loans:
|Loan Type||Secured Options||Loan amount||Loan term|
|Small Loan||Unsecured||$300 to $2,000||12 months|
|Medium Loan||Secured||$2,100 to $4,600||13 to 24 months|
|Large Loan||Secured||$5,000 to $10,000||13 to 24 months|
If you want to check out our personal loan rates, head to our costs page for a breakdown.
Am I eligible to apply
Before applying, you first need to check you meet our eligibility criteria. To apply you need to:
- Be 18 years or older;
- Have an active mobile number and email address;
- Be an Australian Citizen or Permanent Resident;
- Have internet banking set up;
- Have had a consistent income into a personal bank account for the last 3 months.
That’s it! If you can comfortably say yes to the above criteria, then you’re eligible to apply! Simply scroll up to the top of this page to begin your application.
What can I use my loan for?
Contrary to what you might think, personal loans don’t have to be used for emergency expenses. If you want to treat yourself with an expensive purchase, who are we to tell you otherwise? All you need to do is state what the purpose of your loan is in your application. Below we’ve provided a few examples of what Jacaranda’s clients have spent their loan on in the past:
- Bond payments
- Debt consolidation
- Car registration
- Car repairs
- Solar installation
- White goods
- Holiday expenses
- Moving Costs
If you’re looking to purchase a new or used car, Jacaranda can also help with that! Visit our car loans page to apply for car finance from $5,000 to $35,000.
Ready to apply?
Now that you’re up to speed with personal loan rates, are you ready to apply for one of Jacaranda’s affordable loans? If so, scroll up to the top of this page to begin your application. Start by selecting your desired amount using the slider, and your repayment period and click ‘Apply Now.’
If you still have any other questions or concerns, please don’t hesitate to get in touch. There is no such thing as a stupid question and our customer service team is well equipped to assist and address your concerns.