Jacaranda Finance Review

jacaranda finance logo

Jacaranda Finance is an award-winning company that is focused on helping creditworthy customers meet unexpected medium and large expenses. Jacaranda Finance was founded in 2014 and has its headquarters at Milton, Brisbane. They provide fixed-rate personal and car loans and operate under an Australian credit licence 456404.

Applying for a Jacaranda personal loan is straightforward. The application process involves filling out an online form, meeting eligibility criteria such as being over 18 years old, having a regular income, and being an Australian citizen or permanent resident. The benefits of a Jacaranda personal loan include loan amounts ranging from $3,000 to $25,000 with terms of 25 to 48 months, making it competitive compared to other lenders.

Personal loans offered are in the range of $3000 to $25000, 25 to 48 months term and car loans are from $10000 to $25000, 25 to 48 months term.

About Jacaranda Finance

Jacaranda Finance is a 100% Australian-owned and operated digital lender, based in Milton, Brisbane. Established in 2014, the company has been providing fast and flexible loans to mainstream Australians for various expenses, including debt consolidation, home and car repairs, medical and veterinary procedures, and other major expenses. Jacaranda Finance is committed to giving everyday working Aussies access to credit for life’s key expenses, unlike traditional lenders. Their mission is to offer a seamless borrowing experience, ensuring that customers can manage their financial needs without unnecessary stress or delays.

Fees on different products including early repayment fees

Unsecured personal loan

Unsecured personal loans come with interest rates ranging from 17.95% to 27.95%, and the associated fees and eligibility requirements can vary.

In addition, the following fees may be applicable:

  • Establishment fees $130 to $990
  • Monthly fees $24 p/month
  • Risk fees $0 – $995, a variable fee based on various factors such as the loan amount, borrower’s credit score, financial history and more.

Secured personal loan

On secured personal loans the rate of interest varies from from 14.95% to 27.95 %

  • Establishment fees – $130 – $990
  • Monthly fees $24 p/month
  • Risk fees $0 – $995

Eligibility criteria

  • The applicant should be at least 19 years of age
  • The applicant should have consistent income for at least 90 days through casual or permanent employment
  • Be an Australian citizen or a permanent resident with a fixed address
  • Be handling existing commitments comfortably
  • Should have an active mobile connection, email ID and online bank account in their name
  • A credit check will be conducted as part of the loan approval process. Having a good credit score is crucial for swift approval, as significant credit issues can lead to rejection.

Features of the loan

  • The loan can be both unsecured or secured
  • It can be used for a variety of purposes. Jacaranda Finance is an Australian digital lender specializing in personal and car loans, known for its flexibility and quick loan processing.
  • The application process is entirely online, quick and simple.
  • The application can be made on the app or website
  • The outcome of the application is usually possible in a business day.
  • In case you change your mind about the loan, a 48-hour cooling-off period for all loan products is available in which the loan amount can be returned and the loan cancelled.

Loan Application Process

The loan application process at Jacaranda Finance is simple and quick, designed to minimize paperwork and hassle. To apply, customers can visit the company’s website and click on the “Apply Now” option. They will be asked to enter some personal and financial information, including name, date of birth, address, employment details, income details, and online banking details. The application process typically takes a few minutes to complete, and customers can receive their funds in a timely manner if approved. This streamlined approach ensures that borrowers can access the funds they need without the lengthy procedures often associated with traditional lenders.

Customer Service and Support

Jacaranda Finance offers excellent customer service and support to its customers. The company’s customer service team is available six days a week and can be contacted online or through the Better Credit app. Customers can get in touch with the team for assistance with their loan applications, credit scores, or any other queries they may have. Jacaranda Finance is committed to providing fast and flexible loans, as well as exceptional customer service, to help customers achieve their financial goals. Whether you need help understanding the loan process or have questions about your credit score, Jacaranda Finance’s dedicated support team is ready to assist.

Positives: A Jacaranda Finance Review

  • An unsecured loan may be granted to credit worthy customer
  • The entire process is online and quick
  • Understanding comprehensive credit reporting can lead to better financial outcomes and access to loans.

Factor In Costs

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

16 days (minimum)

12 months (maximum)

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Loan amount

$2,100 - $4,600

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.

Example

Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid 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 with the lender that finances your loan. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000

Terms

12 months (minimum)

24 months (maximum)

Costs

47.8% Annual Percentage Rate (APR)

47.8% Comparison Rate p.a.

Example

Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04.

This is an estimate only and the comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit.The maximum interest rate for a Personal Loan is 47.8%. Comparison Rate 47.8% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $18,995.04. WARNING: This comparison rate is valid 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 with the lender that finances your loan. Credit criteria and terms and conditions apply.