According to Jacaranda Finance, around three million people in Australia are considered “unbankable” by mainstream financial institutions.
The brand offers fixed-rate and fixed-term personal loans. The current maximum duration is 24 months. There are also no additional fees for prepaying your loan, which is “the best way to save money,” according to founder and CEO Daniel Wessels.
“Our loans are long enough to give you some breathing room with repayments, but short enough not to drag on for years, costing you more interest,” Mr Wessels told Savings.com.au.
Jacaranda loans have a few features that set the brand apart from the competition, including:
*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in different comparison rate, rates correct as of May 20, 2022. See disclaimer.
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 their needs since 2013 when the first customer was approved,” Mr. Wessels said.
“Jacaranda is fast becoming a household name, and more ordinary Australians know where to turn when they need a quick personal loan.
“The only way we know how to save our customers money is to charge them the lowest rates possible.
“We see our products as an alternative to bank personal loans, with fast, fair and responsible service. Our customer service is second to none and everything we do, we do for our customers.
What type of clientele is Jacaranda suitable for?
Jacaranda offers risk-based pricing, which means the better a client’s financial situation, the more competitive the rate they will receive.
Mr Wessels said the brand was aimed at customers in the “almost privileged” space.
A near-first-choice customer may be one who has been turned down by large traditional lenders but still has a good or even excellent credit rating.
Blockquote: “Generally, these customers have been taken in by their banking institution. Due to the inflexible nature of traditional lending models, these customers are denied bank financing, usually due to an anomaly in their credit history that could be three to five years old,” Wessels said.
“Our lending products are designed to provide these consumers with a fair alternative to traditional finance that they can easily access, 100% online. We believe that our products are priced fairly in relation to the risk profile of the borrowers to whom we lend money.
To be eligible for a personal loan with Jacaranda Finance you must meet the following criteria:
Be at least 18 years old;
Be an Australian citizen or permanent resident;
Have consistent income in your bank account for the past 90 days;
Have an active email address, phone number and online banking account.
Image by Tim Cooper via Unsplash