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Small Loans Can Help When the Unexpected Strikes

Small Loans Can Help When the Unexpected Strikes

Looking for a small loan? 

What do you do when life throws curve balls? Sometimes you’ll have the resources to hit them out of the park. Other times you won’t know where to turn. Jacaranda’s small loans are perfect for when you need a cash pick-me-up before your next payday.

Jacaranda Finance provides personal loans ranging from $300 to $10,000. You can apply for these loans for a variety of different reasons. Whether you need small loans to cover an unusually large bill or a large personal loan for an extravagant purchase. Our online application could take you just a few minutes to complete and we could get back to you with an outcome in just 60-minutes*! Not convinced yet? Read on to find out if you’re eligible and how to apply.

Small Loans FAQ

What is a small loan?

In short, a small loan (also called a short term loan or cash loan) is a small personal loan that aims to help you get by in the short term to cover a small expense. These small loans range in size from as little as $300 to $2,000. They can also range in length of repayment period depending on the lender.

Many people are surprised that borrowing $500 is an option, however, many Australian’s just need a little financial help from time to time. Despite your best intentions to save and be responsible with your money, a financial emergency can hit you out of nowhere, throwing your whole budget out of whack. At Jacaranda, we understand this better than most. That’s why our aim, regardless of the outcome of your loan application, is to help you move forward in life.

How can I get a small loan fast?

Jacaranda’s small loans are fast and hassle-free. Our application is 100% online so you can complete it from the comfort of your own home in under 10 minutes. From there, our assessment specialists will work hard to deliver you a quick decision. If you apply during AEST business hours, then you could find out whether or not you’ve been approved in 60 minutes.* Then, once you’ve signed your contract, we’ll transfer your funds immediately, which could reach your account in under a minute.** 

What can small loans be used for?

Small loans can be used to pay for unexpected expenses that require fast access to small amounts of cash. Some examples of what you could use our loans for include:
1. Bond payments
2. Debt consolidation
3. Car registration
4. Car repairs
5. Furniture finance
6. White goods
7. Holiday expenses
8. Home renovations

Sometimes, bills come in that are higher than expected. Or perhaps it’s that time of year when you have to pay your car rego. Whatever the situation it is, you’ll often find that it’s something that needs to be paid ASAP! It can be incredibly stressful to have to pay for emergency expenses. However, that’s where we come in. We offer small loans to cover those unexpected costs so that you can go back to focusing on the more important things in life.

Can you get a small personal loan with bad credit?

Yes, absolutely. We understand that not everyone is able to maintain a perfect credit score. That’s why Jacaranda Finance takes a fresh approach to bad credit. We’ve provided thousands of loans to Aussies with bad credit scores.  

Because we are a responsible lender, we will still conduct a credit check. However, your credit score is definitely not the only aspect we’ll look at when assessing your application. We prefer to look at your current finances to see how your you’re going to repay your loan. So if your credit score has caused you some trouble in the past, Jacaranda could be your best bet at getting fast, responsible cash.

Can I get unsecured small loans?

Yes, you can. All of Jacaranda’s small personal loans which range from $300 to $2,000 are unsecured. This means you won’t have to provide an asset like a car or boat to secure your loan. On the other hand, personal loans that exceed $2,100, generally are secured.

Do you do small loans with no credit check?

We always conduct a credit check when assessing your application for a personal loan. Don’t let this deter you from applying, however, as it’s not the only thing we look at. Unlike traditional lenders like banks or credit unions, we won’t reject your application solely on the basis of a credit check.

Having bad credit is often a result of situations that may have happened in the past. We view your credit history as exactly that – history. We don’t think a mistake you made up to 7 years ago should necessarily affect your ability to get approved for finance today. In addition to a credit check, we will also look at your bank statements. This allows us to view your income, spending habits, and your overall relationship with money.  This generally gives us a better indication than a credit check, of whether a personal loan is suitable and affordable for you.

Do you do small business loans?

If you’ve got a small business as a sole proprietor, you could look for loans to cover your business expenses. For instance, if you need to pay for new machinery or office supplies, our small cash loans can cover these costs. The only thing you need to keep in mind is you will need to apply for a personal loan as we cannot provide loans to business entities. Here are other examples of what our small business loans can be used for:

– Office furniture;
– Buying computer software;
– Paying for inventory;
– Covering start-up costs.

How do repayments work?

With Jacaranda, our repayments work by setting up a direct debit, so that your repayments will come out of your account automatically. They can be set up to come out of your account on a weekly, fortnightly or monthly basis. Though, we suggest matching your repayment interval with your pay cycle, as we find this to be the easiest way.

How it works

Step 1: Submit an application

To begin your application, scroll up to the top of this page to find our loan slider. Using the slider, select the amount you’d like to borrow and the repayment period and click ‘Apply Now!’

You’ll then be taken to our 100% online application form. You’ll need to fill out the required details and provide documentation. This step usually only takes people a few minutes to complete. Once you’re done hit ‘Submit.’

Step 3: We’ll assess you

Once we’ve received your application, our assessment team will get to work. They’ll assess whether you can comfortably afford the repayments on your desired loan. If they don’t require any additional information, you could get an outcome in as little as 60-minutes.*

Step 4: Sign your contract

If you’ve been approved for a loan, congrats! Our team will then send over a loan contract for you to review and sign. We recommend thoroughly reading your contract to make yourself aware of any fees or charges for late or missed payments. E-sign the contract once you’re happy to proceed.

Step 5: Get your funds

Once we’ve received your signed copy of your loan contract, a member of our team will transfer your funds directly to you. If you have an NPP-enabled bank account, you could have the cash in your account in 60-seconds or less!

What loans do you offer? 

At Jacaranda, we offer three types of personal loans: small, medium and large personal loans. The three types vary slightly in terms of the features they offer and the requirements needed to qualify for the loans. The table below gives a breakdown of these details.

Loan TypeSecured OptionsLoan amountLoan term
Small LoanUnsecured$300 to $2,00012 months
Medium LoanSecured$2100 to $4,60013 to 24 months
Large LoanSecured$5,000 to $10,00013 to 24 months

To find out more about personal loan interest rates and fees, head to our costs page. In addition, check out the Moneysmart website which contains useful info about the permissible fees and charges for loans.

Am I eligible to apply? 

While the application for small cash loans is simple, there are a few requirements that you’ll need to meet to qualify. To be eligible to apply for Jacaranda small personal loans you need to:

  • Be 18 years or older;
  • An Australian citizen or permanent resident;
  • Receiving regular income into a personal bank account for at least the last 90-days;
  • Have an active mobile number and email address;
  • Have internet banking setup.

What documents will I need?

If you meet our eligibility requirements, next you’ll need to make sure you have all the required documents to submit an application. We recommend having the following details handy before you start the application and you’ll breeze through it. Some information required to assess your application includes:

  • 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 choose Jacaranda?

We’re glad you asked! Now that you’ve stumbled across our small loans product page, let us fill you in on a few of the reasons that make Jacaranda one of the best lenders on the market.

Responsible lenders

It’s our aim to give everyone the fair go they deserve, but we can’t just lend to anyone. Jacaranda adheres to responsible lending guidelines. This means we conduct a full assessment of every application we receive, including a credit check on eligible applicants. We do this to ensure you can manage the loan you’ve applied for. After all, we want to assist you financially, not make your worse off! 

Online based service and application

With the digital world constantly evolving and expanding, the same goes for the personal loan industry. No longer will you have to print, copy or make tedious trips to the bank to apply for a loan. Jacaranda is 100% online. That means you can complete a loan application from the comfort of your own living room in a matter of minutes. If you have a smartphone you could even apply on the go, so long as you have an internet connection.  

Transparent practice

We are well aware of the stigma attached to our industry and that’s why we use to honesty transparency and damn good service to prove that we are not like your typical payday lender. We’ll ensure you have all the information available to you before you commit to a loan. That include fees, interest rate, repayment amounts and frequency etc. We also don’t charge a processing fee for submitting an application and we certainly won’t charge you an early settlement fee if you decide to pay off your loan early. 

4 Ways to improve your chances of loan approval

If you are applying for small loans in Australia and are concerned about whether or not you’ll be approved, there are ways you can increase your chances of approval. As a guide, we have noted some things down that you could look into doing:

  1. Contact the lender first: Before you apply for a loan, it may be a good idea to contact your lender first. This way you can get a better idea on whether you’re likely to be approved or not based on your eligibility and financial circumstances. They may not be able to give you a definitive answer but every bit of info helps. They may also be able to let you know if there is any additional information you can provide to improve your chances of approval. This will help you narrow down which lenders are more likely to approve you.
  2. Provide correct information: This is super important! If you provide incorrect information, whether intentional or not, this can negatively impact your chances of approval. Make sure you clearly read and understand the questions on the application and answer them honestly and transparently.
  3. Look at improving your credit score: Although this can take time, it’s definitely something you should be doing for future endeavours. There are several ways you can improve your credit score. Start by paying your bills on time. Then you can start to get the ball rolling on paying off your debt. Applying for too much credit creates hard inquiries on your credit report, so you shouldn’t apply for too many loans.
  4. Don’t apply for more money than you need: This is an easy one! Lenders will typically assess two things in your application. Firstly whether the loan repayments will be affordable for you and secondly if the loan amount is fit for its purpose. If you apply for more money than you need, this may be unaffordable and unnecessary.

Get in touch

Got any question or concerns? Visit our contact page to make an enquiry. Alternatively, you could speak to someone over the phone by calling 1300 189 829.

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Last updated: 13/05/2020, 3:57pm

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