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Looking For A Secured Loan? Jacaranda Finance Can Help!

On this page:

What is a secured personal loan?

Secured or unsecured loans: What's best for me?

Can I get a secured personal loan with a bad credit history?

Types of secured bad credit loans

Other types of secured loans

How do I apply for a secured personal loan?

Find out the benefits of getting a secured loan with bad credit
Find out the benefits of getting a secured loan with bad credit

Find out the benefits of getting a secured loan with bad credit

Having bad credit can make it difficult to access finance when you need it, but if you’re in that situation you still have some options to choose from. Borrowers have secured and unsecured bad credit loans available, however, you can get lower interest rates and fees if you are able to offer security. Lenders may also be more willing to approve you as the loan is less of a risky venture. If you're doing a secured personal loan comparison, don't look past Jacaranda Finance! Learn more about taking out a secured loan as a bad credit borrower below.

What is a secured personal loan?
What is a secured personal loan?

What is a secured personal loan?

If you’ve done a bit of searching online about finance options, you might have heard about a secured personal loan. So, what exactly does it entail? A secured loan is a method of borrowing money that requires collateral. This basically means you have to provide security for your loan in terms of an asset in any form. This could, for instance, be your vehicle, your house or another personal recourse. If you take out a secured personal loan and you’re not able to pay it back, the lender that provided you with the loan can take possession of the asset and sell it to cover the cost of the loan.

Secured or unsecured loans: What's best for me?

For many people, borrowing money happens at some stage in life. As a result, there are as many types of loans as there are reasons for taking them out, giving us all a variety of options to choose from. When it comes to secured vs unsecured loans, it all comes down to what your needs are.

An unsecured personal loan does not require an asset as security. You can use an unsecured loan for many different purposes, such as holiday, travel or improvement of your home. Unlike a secured personal loan, an unsecured personal loan is only supported by your creditworthiness, rather than by any type of collateral. That said, unsecured personal loans typically charge higher fees since they are riskier for the lenders. If you default on an unsecured loan the lender could pass you onto a debt collector as their final option.

Secured loans require an asset to be tied to the loan as security for the lender. This is to protect the lender in the event that you are unable to repay the loan. In other words, if you default on your loan or can’t pay it back, the asset can be seized and sold to make up for the lost money. However, that’s the worst-case scenario. In our experience, our clients take out a secured loan because they're looking to borrow a larger amount. This could be in the form of a medium loan, from $2,000 to $4,600, or a large loan of $5,000 to $10,000.

If you're applying for to Jacaranda Finance, you will have to provide a vehicle as security. This could be a caravan, motorbike, car or boat.

Can I get a secured personal loan with a bad credit history?

The short answer is yes, we do offer a secured personal loan bad credit. At Jacaranda Finance, we understand that getting personal loans from a bank or other financial institution can be difficult if you have bad credit. Although we will do a credit check, we mainly look at your bank history over the last 90 days as well as your Centrelink income statement (if you receive one). With this information, our highly skilled loan assessment team will do our best to understand your current financial situation and not blame you for your past.

The following are types of loans you may qualify for by submitting an application with us:

Secured Loans
Secured Personal Loan
Loan Against Car
Loan Using Car As Security
Loans Secured Against Car
Fast Secured Loans
Loan Against My Car
Secured Personal Loan With Bad Credit History

Types of secured bad credit loans

The kind of secured bad credit loan you can get depends on the kind of collateral you provide, but generally you’ll have the choice of:

Car loans

Car loans

If you’re looking to purchase a new or used car, you can use the car to secure the loan and receive a lower rate from the lender. These loans may have restrictions as to the type of car you can buy and what you can do with the loan amount.

Secured personal loans

Secured personal loans

You can also consider getting a secured personal loan. This loan is similar to the above in that you can purchase an asset such as a car and use it as security, but you also have the option to use an existing asset as collateral. This includes a car, boat, caravan, or motorbike, and some lenders even let you use jewellery or any other high-cost asset.

Home equity loans

Home equity loans

If you have equity in your home you can consider getting a home equity loan where the equity you hold works as collateral.

What is a secured car loan?

A secured car loan, also known as secured loans against car, is a helping hand in getting behind your dream wheels.

At Jacaranda Finance, you can apply for a secured car loan between $8,000 and $100,000. Therefore, whether you’re wanting to find a pre-loved gem just to get you from A to B or you’re after some luxury wheels to take you wherever you want to go, we have you covered. Just use our secured car loan calculator to find the right amount for you.

With our secured loans against car, you will use the vehicle that you are buying as security for your loan. However, as long as you keep up with your minimum repayments, your car loan will be paid off in no time and you could be looking at a much more impressive credit score! Check out our secured car loan calculator, here.

Something important to note:

Unlike a secured car loan, which is used to buy the car that then becomes the security tied to the loan, a personal loan can only be secured with an asset you already own. However, you can also apply for a secured car loan with Jacaranda Finance. Click here to find out more about a Jacaranda Finance secured car loan.

4 Benefits of Secured Loans

There are many benefits you can get from borrowing a secured loan. It’s important to know about those benefits as they can help you decide whether or not a secured loan will fit your financial goals and needs. Here are 4 advantages you’ll get from borrowing a secured loan:

  1. Borrowing amount. With a secured loan, you can borrow larger amounts, up to $10,000. Considering you’ll be providing an asset as collateral (that can be a car, motorbike, boat etc.), your loan will be secured against that.
  2. Interest rate. Did you know that by taking out a secured loan, you’re saving money on interest? Compared to unsecured loans, secured loans tend to have lower interest rates as they are considered less financial risk. This benefit is one of the main reasons borrowers tend to take out a secured loan as they save money on interest over the life of the loan.
  3. Flexibility. The requirements behind secured loans tend to be a bit more flexible than car loans. For instance, you can use secured loans to finance any legal asset, as long as it does not exceed the collateral’s value. While you can only purchase a vehicle with a car loan, you have the flexibility of financing anything that meets legal requirements with a secured loan. This can include a house, wedding, car or holiday.
  4. You don’t need a perfect credit score. If you have a bad credit rating and plan on taking out a loan, a secured loan might be your best option. Due to the purpose of meeting certain lending responsibilities, we can’t guarantee your application will be approved, however, your chances are much higher especially when compared to other loans.

Other types of secured loans

Even though you might not have realised it, you've probably come across secured loans before. Take a look at these.



A mortgage is a type of secured loan since the loan is tied to the property. The house or property is the asset that protects the lender if you were unable to repay the loan.

Secured loans against car

Secured loans against car

Another type of personal loan is a secured car loan. These loans allow people to borrow money to pay for the purchase of a vehicle.

Personal loans

Personal loans

Secured personal loans can be used for any purpose and secured with all types of assets - just make sure you check what your lender accepts as security.

How do I apply for a secured personal loan?
How do I apply for a secured personal loan?

How do I apply for a secured personal loan?

Well, if you’re doing a secured personal loan comparison, look no further than Jacaranda Finance. Head to our homepage or scroll up a bit and fill in our quick and easy online application form. It could take you just a few minutes!

To apply for a secured car loan, all you need to do is fill out our simple application form. It will ask you for relevant details that will allow us to assess your application, including your purpose for the loan.

Eligibility requirements
Eligibility requirements

Who can apply for personal loans?

At Jacaranda, we like to keep things as simple as possible so you don’t have to waste time with the unnecessary stuff. So, our application criteria are pretty simple! If you’re looking to apply for a personal loan, then you’ll just need to fulfil the following requirements:

👨‍🦰 Be over 18 years of age

💸 Receive a regular income into a personal bank account

🇦🇺 Be an Australian citizen, or have permanent residency

📱 Have an active mobile phone number and email address

🏦 Your internet banking is set up

If you have any questions regarding our eligibility requirements, don’t hesitate to get in touch! Our trusted lending team is committed to providing you with an outcome as soon as they possibly can.

What information do I need to provide when I apply for a secured personal loan?
What information do I need to provide when I apply for a secured personal loan?

What information do I need to provide when I apply for a secured personal loan?

To apply for a loan that is backed up by collateral, you’ll need to have your contact details handy, as well as your internet banking details. In addition, we'll also ask you to provide us with 100 points of ID.

If you receive government benefits, make sure you have those details handy.

Then, once you’ve submitted your application, make sure you keep an eye on your mobile phone for us to get in touch with you. This information remains the same for secured vs unsecured loans.

How much can I borrow?

You can borrow between $300 and $10,000 with Jacaranda Finance. However, if you’re looking for an amount of $2,000 or less, an asset isn’t required to be attached to the loan (unsecured loans). Secured or unsecured loans – it’s completely up to you. Do a secured personal loan comparison to see what’s right for you.

The following terms are displayed to assist people in finding our service. If you need any of the following services, please submit your application today.

Bad Credit Loans with Security
Bad Credit Secured Loans
Loan Against Car
Secured Bad Credit Loan
Loan Secured Against Car
Loan Against My Car
Personal Secured Loans for Bad Credit
Loan Using Car as Security

So, how do I repay my secured personal loan?

Secured loans with Jacaranda Finance can carry a repayment term of 13 to 24 months. Repayments work by setting up a direct debit with us. Therefore, your payments can be made automatically without you having to worry about doing them all yourself.

Why do people apply for secured loans?

Loans that are secured with collateral can be used for a variety of different purposes. So, here are some examples of reasons people choose to get one:

Secured loans definition: Terminology

Loans that are secured with collateral can be used for a variety of different purposes. So, here are some examples of reasons people choose to get one:


An asset refers to an item that has economic value that could be converted into cash. In relation to a secured personal loan, the asset refers to the vehicle you offer as security.


This stands for Annual Percentage Rate (APR). It is the rate of interest charged at the cost of borrowing the loan. Therefore, it describes the overall amount of interest you’ll pay for the loan over a whole year.

Comparison rate

These are useful tools to help consumers to understand the true cost of a loan. It combines the interest rate as well as the other fees and charges, to allow consumers to accurately compare loans. This rate is helpful for when you are doing a secured personal loan comparison.

Default fee

This is a fee that you may be charged if you were to default on any payments.

Direct debit

A direct debit is an automatic payment method that you can set up with your creditor, and allow payments to be automatically withdrawn from your account.


Refers to the amount of value you have built up on an asset. Equity can be explained as the total value of the asset minus the liabilities owed on that asset.

Establishment fee

This is a fee charged after first taking out a loan. However, make sure you check with your lender to find out how yours will be paid.

Interest rate

This refers to the cost of borrowing money over time. It is calculated as a percentage of the amount borrowed.


This is the initial amount of money borrowed and still owing on the loan. It is the actual amount requested, before interest is added.


Is the asset that secures the loan for lender.

Broader Lending Terms

Credit rating

This is a number given between 0 and 1,200, or 0 and 1,000 depending on the credit reporting agency, that reflects your history of using credit. Furthermore, traditional lenders use this credit rating to determine whether they want to lend to you or not.

Credit report

Your credit report is a breakdown of the information reflected by your credit rating. Some of the information that is shown in the report is the following: Personal information such as name, address and contact details. Other information includes the history of your credit, such as your payment history, as well as length of credit history, credit use and credit mix.


A creditor refers to the person or institution that lends you credit, with the intention of being repaid in the future. Another word for a creditor is a lender.

Debt consolidation

When you have multiple debts that you are paying off with separate payments, it may seem slightly difficult to manage. Therefore, debt consolidation works by taking out a larger loan to pay off smaller debts. So, this leaves you with just one payment to manage.

Apply for a secured personal loan with Jacaranda Finance today!

Secured loans are simple to apply for and you can get them right here online with us. So, if you needed to make a much-needed purchase, they might be exactly what you need to make that happen. Now that you know the secured loans definition, apply now! Even if you're after a secured personal loan with bad credit history.

You might be surprised, Jacaranda could even provide instant cash loans online!

Want to read more? Let us tell you about loans for people with bad credit!

Let us tell you more about bad credit unsecured personal loans with very fast approval! Jacaranda could even tell you how to repair your credit rating.

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

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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.