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Personal Loans Rates – What You Need To Know Before You Apply

Personal Loans Rates – What You Need To Know Before You Apply

Understanding personal loan rates

Looking for a lender but want to know more about personal loan rates in Australia? Well, you’ve come to the right place. Jacaranda is an online lender providing competitive personal loan interest rates on a variety of different loan products. 

We think you deserve a break, Australia. When you apply with Jacaranda, we’ll tailor your loan to suit your lifestyle. Our lending experts will even do their best to arrange loan repayments in line with your income. How convenient is that! Keep reading to find out more about personal loan rates and other key info you should consider before you apply with us.

What are personal loan rates?

For starters, a personal loan is a form of credit that is borrowed and then repaid over a set period of time. Personal loans accrue interest and that’s where personal loan rates come in. Essentially, a personal loan rate is just the interest rate payable on the loan. Interest rates vary from lender to lender and can also depend on the current state of your credit report. It is a good idea to make sure you are aware of what a personal loan might actually cost you before signing an agreement. Let us show you how to make sure you are getting the best personal loan interest rates! 

Compare personal loan rates

Have you been googling ‘best personal loan rates Australia’ or ‘lowest interest rate personal loan’? If you’re looking for a competitive rate on a personal loan it is important that you compare personal loan rates before signing an agreement. There are a variety of different lenders on the market promising a wide range of different things. Whilst it is smart to do a personal loan rate comparison, it is important to remember that sometimes what you see is not what you get. There may be other fees and charges that will affect the cost of your loan over its lifetime. So, it’s key to do your research and ensure your lender has outlined all appropriate charges clearly, in line with ASIC’s Code of Responsible Lending. 

Responsible lending

Responsible lending is a lender’s commitment to doing the right thing by consumers. Keep in mind that responsible lenders do not approve applicants for personal loans they do not have the means to repay. Online lenders must:

  • Make reasonable inquiries about the consumer’s financial situation;
  • Take reasonable steps to verify the consumer’s financial situation;
  • Make a preliminary assessment of whether the credit contract is ‘not unsuitable’ for the consumer.  

If you’d like to learn more about responsible lending you can head to the ASIC website for more information. 

Jacaranda Australia 

Jacaranda Finance is an online lender proud to be providing Aussies with fast, reliable and safe cash. We understand that each applicant is different. That’s why we assess all of our applications on a case by case basis. Got bad credit or receiving Centrelink benefits? We won’t stereotype. The Jacaranda team will take a closer look at your finances to determine how you are going to repay your loan. We do our best to find a solution for money worries. 

Don’t have time to wait in line at the bank? When you apply with Jacaranda you won’t need to. Our entire application process is 100% online. That means you can apply from anywhere and at any time. All you’ll need to do is complete our online application form which could only take you a few short minutes. If you choose to submit your application during AEST business hours you could even have an outcome from our team in just 60-minutes. 

Personal loan rates with Jacaranda 

Wondering what your personal loan rate could be with Jacaranda? You can head to the top of this page and use our loan calculator to get an estimate on what your weekly, fortnightly or monthly repayments could be. However, we can not provide you with an exact rate without assessing your personal loan application. If you’re interested in applying for a loan we recommend you go ahead. The application itself will cost you nothing. We will assess your current financial situation and get back to you with an outcome. Keep in mind that if you apply during AEST business hours you could have an outcome in just 60-minutes.

How do I apply?

At Jacaranda, we do our best to offer competitive personal loan rates on all of our loan products. You will, however, need to submit an application if you would like to get an exact figure on what your personal loan rate could be. The good news is, it’s free to apply, so you can find out exactly what that might be today!

Here’s what you’ll need to do: 

Apply online 

Use the loan calculator at the top of the page to input the amount of cash you’d like to borrow and your desired repayment period. You will then be able to have a look at what your weekly, fortnight or monthly repayments could be. 

Fill out the form 

We’ll need to grab a few details from you in order to properly assess your loan application. That’s where our 100% online application form comes in. The good news is there is no paperwork involved – at all! The whole thing could only take you a few minutes to complete. 

We assess your application 

As soon as you’ve finished your online application form our team will get started on their assessment. You can kick back and relax, let us do the hard work for you! If you have submitted your application during AEST business hours you could get a response from our team in just 60-minutes.

Sign your agreement 

If the Jacaranda team has successfully matched you with a personal loan we will send over an agreement for you to review and sign. This agreement will include your personal loan rate. It is important that you read through your agreement carefully and make yourself aware of the full terms and conditions. Remember, you could incur default fees for failed payments.

Get your money 

Once the Jacaranda team receives a signed copy of your contract your loan will be deposited straight into your account. If your bank is NPP or Osko enabled you could have the cash in your account and ready to use in just 60-seconds! If you’d like to find out whether or not your bank supports instant transfers click here.  

Who is eligible?

Our eligibility criteria are simple, just like our application process. If you can meet the following and you’re interested in personal loan interest rates you could scroll up and apply for a loan today. All applicants must:

  • Be over the age of 18;
  • Have received some type of regular income for the last 90 days into a bank account that is your own;
  • Have an active mobile phone number and email address that we can contact you on; 
  • Hold Australian citizenship or residency;
  • Have your internet banking set up.

If you’ve got questions regarding these criteria you can always ask our team. We are more than happy to assist applicants.

No paper forms

At Jacaranda, we are proud to be delivering paperless applications. That means we won’t ask you to fill out any paper forms when you apply with Jacaranda. We will, however, need you to provide a few important documents so we can properly assess your application. So, we recommend you have these things close by:

  • 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 contact details.

Will Jacaranda contact my boss?

Yes, in most cases a member of our team will get in touch with your workplace to conduct an employment check. This is usually just a routine part of our assessment process, there is no cause for concern. At Jacaranda, we will always conduct ourselves with the utmost professionalism when conducting an employment check. We will never disclose any of your private or personal information – this includes the reason why you are applying for a personal loan. If you’d like to discuss this process further with our team we encourage you to get in touch with any queries or concerns.

Do I need to provide my online banking details?

Yes! Our lending team might use your online banking details to access read-only copies of your bank statements. Bank statements provide our team with a realistic look at your finances. We are able to view your spending habits, income and existing financial commitments. This gives us a better idea of whether or not you will be able to afford a personal loan. Jacaranda is proud to be a responsible lender, we will never approve cash for individuals who can not afford to make the repayments.

No hidden fees or charges

The Jacaranda team does not believe in hidden fees or charges. We think honesty is the best policy. So, you won’t find our terms and conditions in the fine print. We make our loan agreements clear and easy to understand. Jacaranda encourages all borrowers to read through their agreement carefully before committing to a personal loan. You will need to make yourself aware of the personal loan rates and any fees that could incur for payment defaults. It is important to get in touch with our team before signing your agreement if you have any questions. 

Our customers 

At Jacaranda, we understand that without you there is no us. That’s why we do our best to provide the very best customer service possible. Our team is down to earth and realistic. We understand that sometimes life gets in the way. We want to make sure your experience with Jacaranda Finance is a positive one. So, we’re here every step of the way. 

If you ever have any questions or concerns about our personal loan rates, you can give us a call or get in touch online today.

Want to read more?

Are you keen to read more from the Jacaranda team? Head to our blog today. 

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Considering debt consolidation? Read more here. 

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

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