Looking For A Secured Loan? Jacaranda Finance Can Help!
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. Learn more about taking out a secured loan as a bad credit borrower below.
Secured vs unsecured loans: what is best for you?
If you’ve done a bit of searching online about finance options, you might have heard about a secured personal loan. However, what exactly does it entail?
For many people, borrowing money happens at some stage in life. Therefore, 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. So, if you’re thinking to yourself ‘secured vs unsecured loans’ and you’re after a loan comparison, keep reading. You might be surprised, Jacaranda could even provide instant cash loans online!
What is a secured personal loan?
A secure loan is a method of borrowing money that requires collateral. In order to get a loan of this type, you must have in your possession a title to a vehicle. First, apply online for a secured personal loan and submit your vehicle details. Last, follow up with any additional document requests and then you may qualify to get a secured loan.
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. 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.
- 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.
- 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.
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|
|Secured or Unsecured Loan||Secured vs Unsecured Loan|
Secured vs unsecured loans: The secured type is a loan that requires 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. So, if you’re looking to consolidate your debt against security, this could help you out. This way you have a single loan with one manageable repayment.
At Jacaranda Finance, we would consider a car, motorbike, caravan or boat as security that could be tied to your loan.
Don’t pawn your car just yet, instead use it as collateral to get a loan!
Even though you might not have realised it, you’ve probably come across secured loans before. Take a look at these.
- Mortgages – 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 – 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 – 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.
- Here’s something important to make note of – unlike a secured car loan, which is used to buy the car that then becomes the security tied to the loan, a 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.
What is a secured car loan?
If you’re doing a secured personal loan comparison, don’t look past Jacaranda Finance!
A secured car loan, also know as secured loans against car, are 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.
When can 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!
How do I apply?
To apply for a loan against a venicle, 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.
What are the eligibility requirements for a secured personal loan?
In order to be eligible to apply for a secured personal loan with Jacaranda Finance, there are few basic requirements that you’ll need to meet.
- Be at least 18 years of age
- Have been receiving a regular income into a personal bank account for at least the past 90 days
- Be an Australian citizen or permanent resident
- Have a contact number and email address
Do you offer a secured personal loan bad credit?
The short answer is yes, we do offer a secured personal loan bad credit. So, if you’re doing a secured personal loan comparison, read this…
At Jacaranda Finance, we understand that getting personal loans from a bank or other financial institution can be difficult if you have bad credit. It’s disappointing to get let down, so that’s why we think you should come straight to us for a secured personal loan with bad credit history.
Instead of looking at your credit rating, we 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. Therefore, a secured personal loan bad credit from Jacaranda Finance might be just what you have been looking for!
If you have been searching endlessly for secured personal loan bad credit, your search may be over. As long as you meet our eligibility requirements, you could be one step closer to getting approved for a secured personal loan with bad credit history.
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?
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|
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 unsecured personal loan, we may be able to help you too. Secured vs unsecured loans – it’s completely up to you. Do a secured personal loan comparison top see what’s right for you.
How long do I have to repay the loan?
Secured loans with Jacaranda Finance can carry a repayment term of 13 to 24 months.
How much does a secured personal loan cost?
Well, we offer two different types of secured personal loans: Medium and Large loans. Here’s what they look like.
Medium secured personal loan
- Amount: $2,100 – $4,600
- Repayment period: Between 13 and 24 months
- Establishment fee: $400
- Annual Percentage Rate: 48%
- Maximum Comparison Rate: 67.41%
- Must include a vehicle (car, motorbike, caravan or boat) as security
Large secured personal loan
- Amount: $5,000 – $10,000
- Repayment period: Between 13 and 24 months
- Annual Percentage Rate: 21.24%
- Maximum Comparison Rate: 48%
- Must include a vehicle (car, motorbike, caravan or boat) as security
So, how do I repay my secured personal loan?
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.
What do people apply?
Payday 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:
- Car repairs or maintenance
- Wedding expenses
- Moving costs
- Home renovations
- Child care costs
- Medical bills
- New furniture
- Down payment on a car
Can I apply if I have bad credit?
You can apply for secured loans if you have bad credit. However, even though we do conduct credit checks, we assess people on a case by case basis. Therefore, even if your credit rating is less than perfect, you may still be able to get a secured personal loan with Jacaranda Finance. That’s because we understand your credit rating may not be a true reflection of your actual relationship with money and credit. We prefer to look at your current financial situation. Therefore, we use the latest in safe banking technology to look at a read-only copy of your most recent financial transactions to see if you can safely manage the financial obligation of a loan.
What’s the difference between a secured personal loan and an unsecured personal loan?
While secured and unsecured loans are both types of personal loans, there are a few factors that differentiate them from one another.
With secured loans you can usually borrow larger amounts since the lender is protected by security.
Unsecured personal loans typically charge higher fees since they are riskier for the lenders.
If you default on your payments on the secured loan, the lender is legally liable to repossess your asset presented as security.
If you default on an unsecured loan the lender could pass you onto a debt collector.
Secured loans definition: Terminology
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.
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.
This is a fee that you may be charged if you were to default on any payments.
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.
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.
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.
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.
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 an unsecured personal loan with Jacaranda Finance today!
In summary, 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.
Want to read more? Let us tell you about loans for people with bad credit!