The brand offers fixed-rate, fixed-term personal loans. The current maximum term is 24 months. There are also no added fees for paying off your loan early, which is “the best way to save yourself some money”, according to Founder and CEO Daniel Wessels.
“Our loans are long enough to give you some breathing space with repayments, but short enough not to drag on for years, costing you more in interest,” Mr Wessels told Savings.com.au.
There are a few features that Jacaranda loans have, which makes the brand stand out among the competition including:
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No Early Repayment & Payout Fees
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Fast Applications and Loan Outcomes Available
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60-Second Transfers for eligible customers (conditions apply)
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Easy 100% Online Applications
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Weekend Loan Approvals
| Lender | Car Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Interest Type | Secured Type | Early Exit Fee | Ongoing Fee | Upfront Fee | Total Repayment | Early Repayment | Instant Approval | Online Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
16.95% p.a. | 32.99% p.a. | $713 | Fixed | Secured | – | $26 | $125 | $25,652 | Interest rates subject to change based on your personal circumstances |
| Promoted | Disclosure | |||||||
16.95% p.a. | 32.99% p.a. | $713 | Fixed | Secured | – | $26 | $125 | $25,652 | |||||||||||
19.95% p.a. | 36.11% p.a. | $743 | Fixed | Unsecured | – | $26 | $129 | $26,739 | |||||||||||
19.95% p.a. | 36.11% p.a. | $743 | Fixed | Unsecured | – | $26 | $129 | $26,739 |
What is Jacaranda Finance?
Jacaranda is a family-owned and operated lender, and founder Daniel Wessels says its customers are “more than a credit score”.
“The company has been built from the ground up by listening to customers and what they need since 2013, when the first customer was approved,” Mr Wessels said.
“Jacaranda is fast becoming a household name, and more and more everyday Australians know where to turn when they need a fast personal loan.
“We see our products as an alternative to a bank personal loan, with fast, fair and responsible service. Our customer service is second to none, and everything that we do, we do for our customers.”
What type of customer does Jacaranda suit?
Jacaranda offers risk-based pricing, which means the better a customer’s financial position, the more competitive rate they’ll receive.
Mr Wessels said the brand caters towards customers in the ‘near prime’ space.
A near prime customer is perhaps one who has been turned away by the big mainstream lenders yet still has a good, if not excellent, credit rating.
Blockquote: “Generally, these customers have been messed around by their banking institution. Due to the rigid nature of traditional lending models, these customers are turned away for bank finance, generally due to a blemish in their credit history which could date back as far as three to five years,” Mr Wessels said.
“Our loan products are designed to give these consumers a fair alternative to traditional finance that they can access with ease, 100% online. We feel that our products are priced fairly in relation to the risk profile of the borrowers we lend money to.”
Eligibility Criteria
To be eligible for a personal loan with Jacaranda Finance, you generally need to meet the following minimum criteria:
- Be at least 19 years of age.
- Be employed on a permanent or casual basis.
- Have a consistent income going into your bank account for the last 90 days.
- Be in control of your finances and be handling existing financial commitments comfortably.
- Be an Australian citizen or permanent resident with a fixed address.
- Have an active email address, phone number, and online banking account, in your name, that belongs to you.
Image by Tim Cooper via Unsplash
Harrison Astbury
Harry O'Sullivan
Brooke Cooper
Rachel Horan
