Responsible Lending

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Jacaranda Finance is committed to the practice of responsible lending. We ensure that we only lend to customers when we know they can comfortably afford our products.

Our service is designed to put you in control of your cash flow, for those times when the occasional emergency or unexpected bill catches you off guard.


Assess loan affordability

At Jacaranda Finance we understand the importance of accurately assessing an applicants affordability and suitability situation for one of our products. We see affordability as a measure of an applicant’s capacity to fund new and outstanding debts, currently as well as in the future. Therefore, we undertake reasonable enquiries to verify your financial situation and ensure you can comfortably repay your loan now and in the near future.


Flexible loans

Varying loan amounts are available with Jacaranda Finance. Personal Loan amounts range from $500 to $2000. Initially, all loans have a 12-month loan term. However, you can pay your loan out at any stage with NO additional fee’s or charges.


Income

As part of our commitment to responsible lending, customers need to have regular income going into a personal bank account. We accept applications from people who are employed as well as people receiving Government benefits, providing they meet our eligibility criteria.

To qualify for one of our Personal Loans, you must:

  • Be over 18years of age
  • Receive a regular income into a personal bank account
  • Receive at least $400 per week income
  • Be an Australian resident, or have permanent residency
  • Have a direct contact number

Transparent service

Jacaranda Personal Loans comply with all relevant Commonwealth and State Legislation. There are no hidden fees or surprises. We are very transparent, and all of the costs associated with our loan products are described in detail within your loan contract once approved. There is no obligation to take us up on an approved loan. If you are not happy with what is on offer you may withdraw your request at no cost.

Refer to our loan calculator to get an idea of what your repayments will be. If costs increase, it will be because you have failed to honour your loan agreement!


ID verification

Part of our responsible lending process includes collecting personal information. We take fraud very seriously. Identification information you provide us when you fill out an application will be used to conduct an e-verification (an online identity verification). At the time of your application we will specifically seek your consent for these verifications and checks to be conducted. Should you not agree to have your identity verified by these means, please contact us so as we can discuss different options with you such as confirming your identity with your employer.
Ultimately we want to ensure it is really you who is taking out the loan and that the funds are sent to the correct bank account.


Credit check

As a responsible lender, we do carry out a Credit Check on eligible applicants. We are more lenient than traditional institutions such as Banks; however, we too have ideals to follow. As long as your current financial situation is looking good, we will happily consider your loan application. Bad credit loans are based on your capacity to meet your loan repayments and future credit worthiness.


Are you a responsible borrower?

While it is important when applying for a line of credit to choose a company that practices responsible lending, it is just as important to make sure that you use a personal loan responsibly. This is what we trust you will do with a Jacaranda Finance Online Loan! Manage your money wisely.


Guidance and Warning About Borrowing

We strongly advise that you think carefully before applying for a Jacaranda Personal Loan, because we expect it to be repaid as agreed. We describe the potential consequences of failing to repay as promised in our FAQ’s and costs section.

*The following statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:
  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

*This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

How customers rate Jacaranda

Responsible Lending Overall rating: 4.8 out of 5 based on 57 reviews.

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Fast & Safe Loans

Small Personal Loan

Loan Amount

Minimum
$300


Maximum
$2,000

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Terms

Minimum
12 Months


Maximum
12 Months

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Costs

Up to 20% Establishment Fee
+ monthly fee up to 4%

Jacaranda Finance does not charge an annual interest rate on SACC loans. These small amount loans incur 'fees' instead of interest. The maximum comparison rate on our loans between $300 and $2000 is 199.43%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Loan Amount of $1,000 over 12 months repayable weekly (50 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $480 (fees based on 4% per month over 50 weeks) = $1,680 total repayable in 50 weekly installments of $33.60.

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Medium Personal Loan

Loan Amount

Minimum
$2,100


Maximum
$4,600

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Terms

Minimum
13 Months


Maximum
24 Months

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Costs

Annual Percentage Rate (APR) is 48%
Comparison Rate is 67.41% per annum.

This comparison rate is based on a medium amount credit contract of $2,500 repaid over 2 years with a $400 establishment fee and APR of 48%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest*) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

Loan Amount of $4,500 over 24 months repayable weekly (104 weekly repayments). $4,500 (Principle Amount) + $400 (Establishment Fee) + $2,732.56 (reducing interest*) = $7,632.56 total repayable over 24 months with weekly installments of $73.39.

* Reducing intertest means that the 48% APR is applied to the outstanding balance on a loan. When a loan repayment is made, the loans outstanding balance goes down and the APR is applied to that lower balance. Therefore, the interest component of the loan will constantly reduce (as long as repayments are being made!) - thus it is called reducing interest.
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Large Personal Loan

Loan Amount

Minimum
$5,000


Maximum
$10,000

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Terms

Minimum
13 Months


Maximum
24 Months

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Costs

Annual Percentage Rate (APR) is 21.24%
Comparison rate is 48% per annum.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $5,000 over 18 months repayable weekly (78 weekly repayments). $5,000 (Principle Amount) + $2,027.80 (Interest) = $7,027.80 total repayable over 18 months with weekly installments of $90.10.

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

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