Frequently Asked Questions (FAQs)

We offer three main products at Jacaranda:

• A Personal Loan
• A Car Loan
• A Line of Credit

For detailed information about who our products are designed for, please review our Target Market Determinations. Use our loan repayment estimate calculator to get a guide on what your repayments could be. To get an idea of what rates, fees and charges are associated with our loans, visit our rates and fees page.

Visit our rates and fees page to get an idea of the costs associated with our loan products.

The interest rate, fees and charges applied to your loan will depend on your individual circumstances and the information verified during the loan assessment. It will also depend on our assessment criteria, loan amount, and loan term for which you qualify.

Use our loan repayment estimate calculator to get a guide on what your repayments could be. 

Jacaranda takes the security of your information extremely seriously. We work hard to protect your personal information from unauthorised access. We also protect against unauthorised disclosure, alteration or destruction of information we hold. Our systems are secured, encrypted and scanned daily.

However, Jacaranda Finance would like to remind all customers that they should stay vigilant at all times when it comes to protecting their personal accounts, as there are a multitude of ways scammers may look to obtain your information with the intention of taking your money.

Visit our security page for tips and things to look out for.

You can apply for varying loan amounts with Jacaranda, depending on your needs:

• With our Express Personal Loan, you can borrow between $3,000 and $25,000. 
• With our Car Loan, you can borrow between $10,000 and $25,000.

For detailed information about who our products are designed for, please review our Target Market Determinations.

Use our loan repayment estimate calculator to get a guide on what your repayments could be. To get an idea of what rates, fees and charges are associated with our loans, visit our rates and fees page.

The loan terms available on our Personal Loan & Car Loan products range from 25 months up to 48 months.

For detailed information about who our products are designed for, please review our Target Market Determinations.

Use our loan repayment estimate calculator to get a guide on what your repayments could be. To get an idea of what rates, fees and charges are associated with our loan products, visit our rates and fees page.

Your repayments will vary depending on several factors, such as the amount you borrow, your loan term, interest rate, and more.

If you're approved, the loan contract will include all of the loan details, including the repayments, terms, interest rate, and fees, for you to review before signing.

Use our loan repayment estimate calculator to get a guide on what your repayments could be based on some of these factors. Visit our rates and fees page to get an idea of the rates, fees, and charges associated with our loan products.

Yes, you can cancel your loan application at any point. Simply contact our application concierge team, and they will be able to assist you. Alternatively, reply to any SMS or email we have sent you to withdraw your application.

If you've already received your funds, we offer a 48-hour cooling-off period for all loan products. Anyone unsatisfied with their loan for any reason can return the total principal funds, including any payments made to third parties on your behalf, within a 48-hour cooling-off period and cancel their loan.⁴

Yes, you can apply for a loan with us after starting a new job if you meet the following criteria:

• You must be in your new job for at least one month and have received two full pays into your bank account. If you're paid monthly, we will need to see two payments going into your bank account.
• You must not have had more than a two-week gap between jobs.
• The majority of your income must be from an employer, and it must be deposited into your bank account.
• You must still have income going into your own bank account for the last 90 days.

Read more: Can I get a personal loan if I've just changed jobs?

No, we cannot assist you if you do not have internet banking.

During the application process, we use secure third-party services that allow you to share your banking transactions with us via your Internet banking. We only accept bank statements via this method to prevent fraud, and it also allows us to get back to you about your application very fast.

We are based in Brisbane.

We only offer our loan products 100% online nationally across Australia. We do not accept applications any other way than through our Better Credit mobile app or digital application form online via our website.

Yes, you can apply for a loan with us if you have other financial commitments already.

We are committed to responsible lending. Once you submit an application, we will conduct a credit assessment, where we will verify your income and verify what other financial commitments you are currently paying.

Provided our assessment determines that you could comfortably afford our loan repayments, you may receive a loan offer from us.

No, you do not qualify to apply with us if you are currently Bankrupt.

In order to qualify for a Jacaranda loan, you must have a credit score and have been discharged from any form of bankruptcy for at least 3 years. This includes Part 9 (IX) Debt Agreements.

We require the majority of your income to be paid by an employer. This means you may have to receive at least 50% of your total income from:

• A full-time or part-time job,
• A casual job,
• A job as a sole trader or contractor.

The income must be paid into your bank account consistently and regularly. In some scenarios, we may need to conduct an employment check with your employer.

You can qualify for a loan with us if you receive Centrelink or other government benefits. However, if your sole source of income is Centrelink benefits, you do not qualify to apply at Jacaranda Finance.

If you're not sure if you're eligible for a loan with us based on your income, you can check if you qualify without impacting your credit score.

You can also get in touch with our customer support team here if you have any further questions about your eligibility.

In order to qualify to submit an application, you must be an Australian citizen or permanent resident of Australia.

This is verified once your application has been submitted and we conduct a credit assessment.

No, we do not offer joint loan applications or guarantor loan applications.

It's possible to receive a loan offer from us if you have 'bad credit'. We offer fast and reliable personal loans for applicants with varying credit histories. If you're in a good financial position and handling your existing financial commitments comfortably, check if you're eligible and submit an application.

We accept a wider range of credit history than a bank or a prime lender. But we do not recommend submitting an application if you're currently or recently bankrupt (you must be three years discharged and in control of your finances) or if you are not comfortably repaying your existing financial obligations.

We only offer fixed-rate loans. See our guide to fixed vs. variable interest rates to learn the differences between the two.

Use our loan repayment estimate calculator to get a guide on what your repayments could be. To get an idea of what rates, fees and charges are associated with our loan products, visit our rates and fees page.

We offer both Secured and Unsecured Personal Loans to suit many purposes. We also provide Secured Car Loans.

See our article on secured vs unsecured loans to learn the differences between the two.

• Be at least 19 years of age.
• Be employed on a permanent or casual basis.
• Have a consistent income going into your own 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.

If you are unsure whether you're eligible, you can check if you qualify initially. This will not impact your credit score.

We accept a wider range of credit history than a bank or a prime lender, but we do not recommend submitting an application if:

• You are currently or recently bankrupt (you must be three years discharged and in control of your finances)
• You are not comfortably repaying your existing financial obligations

Before you formally apply with Jacaranda, you can check if you qualify for a loan in a way that does not impact your credit score. We do this by performing a 'soft' credit check that is only visible to you.

If you don't meet our initial criteria, your credit score won't be affected.

Once you've checked your eligibility and we've let you know that you do qualify for a loan, you have the option to move forward with a full application.

We will perform a credit assessment during this process, which involves checking your credit report. By submitting a full application, you authorise Jacaranda Finance to obtain a copy of your full credit file, referred to as a 'hard' credit check.

Other lenders will be able to see that you applied for a loan with Jacaranda.

This might impact your credit score.

Review our Privacy Policy for more information.

If you’re considering applying for finance with Jacaranda, you can check if you qualify in a way that does not affect your credit score.

Checking if you qualify

When you check if you qualify, we can access your credit file in a way that does not impact your credit score and that is not disclosed to anyone other than yourself. If you have alerts set up on your credit file, you will get a notification. This is called 'file access', and is different to a 'full credit enquiry'.

Submitting your loan application

Once you have checked if you qualify, and in the case that you do qualify, you have the option to submit your application to Jacaranda to perform a credit assessment. By submitting a full application, you authorise Jacaranda Finance Pty Ltd to obtain a copy of your full credit file. Other lenders will be able to see that you applied for a loan with Jacaranda.

Information we provide to Credit Reporting Bureaus

While we receive information from credit reporting bodies, we also advise them about your repayments. This is a good thing because other credit providers will be able to see your repayment history with Jacaranda. If you're making all of your repayments to us on time, this could positively impact your ability to get credit in the future.

For more information on your credit report and credit score, visit CreditSmart's website. You can also contact our customer service team if you have any further questions about how your credit score can be impacted by applying for one of our loans.

We only accept loan applications online via our online application form on our website or the Better Credit app. We're 100% online, so there are no other ways to submit an application.

If you're considering applying for a loan with Jacaranda, you can first check if you qualify in a way that does not affect your credit score.

The good news is, being a 100% online lender, you may submit an application with Jacaranda 24/7, 365 days a year. You can apply in as little as 5-12 minutes¹ via our online application form or Better Credit app.

If you need assistance or can't find the answers to your questions before you decide to apply, simply contact our customer service team during normal business hours, and they will be happy to assist you.

Being prepared before you start your application will ensure that it is fast and easy to complete.

The application form will ask you for personal information about yourself that you should know or have easy access to. In the application, the only supporting documents you will need to provide will be the last 12 months of your bank statements. 

We utilise safe and secure third-party open banking service providers with 256-bit SSL encryption to make this quick and easy for you. You'll need to have your internet banking details handy.

Once your application is complete, our credit assessment team may ask for more information depending on the details you’ve provided, such as ID documents, payslips and loan statements. We've built our own custom technology that makes this simple and easy for you to provide online via our loan platform.

Read more about our security and privacy policy.

Once you've submitted your loan application, we'll send you a confirmation that it has been received.

Our Credit Assessment team will contact you if they need any further information. Once they have completed their credit assessment, they'll send you a loan offer to consider.

Our loan application process has been designed to be as simple and quick as possible, as we know how important it is to receive your funds in a timely manner. How quickly you can apply for a personal loan and receive your funds will depend on your situation.

Applying for a loan with Jacaranda Finance takes most people 5-12 minutes¹, but it could take longer depending on a number of factors such as but not limited to how fast you are at typing or if you have all the required information on hand.

After applying, most customers get an outcome on their loan application on the same day during normal business hours once we have received all of the supporting information we require. We do not guarantee same-day outcomes for all customers.²

Once an applicant has been approved and they have signed a contract, we automatically attempt to release the money to the applicant's bank account. Most customers have a New Payments Platform (NPP) bank account and receive the money in their bank account within 60 seconds. For other customers, the money will be available overnight on weekdays and overnight the following business day if approved on a weekend or public holiday.³

Once you've been approved and have accepted our offer by signing your digital contract, we automatically attempt to release the money to your bank account. Most customers have a New Payments Platform (NPP) bank account and receive the money within 60 seconds.³

You must have an NPP-enabled bank account. For customers without an NPP-enabled bank account (or the instant payment fails), the money will be available overnight on weekdays and overnight the following business day if approved on a weekend or public holiday.

See also: Weekend Loans.

We require bank statements from you to gain insight into your spending habits and verify your income and expenses. 

As a responsible lender, we want to ensure that you can comfortably afford our loan repayments.

Yes, you can cancel your loan application at any point. Simply contact our application concierge team, and they will be able to assist you. Alternatively, reply to any SMS or email we have sent you to withdraw your application.

If you've already received your funds, we offer a 48-hour cooling-off period for all loan products. Anyone unsatisfied with their loan for any reason can return the total principal funds, including any payments made to third parties on your behalf, within a 48-hour cooling-off period and cancel their loan.⁴

If we are unable to assist you, we will decline your loan application. We will notify you via SMS and email that your application has been declined.

Read more: 10 Tips To Improve Your Chances Of Loan Approval.

If your application has been withdrawn, it is usually because we have yet to receive all the required supporting information or documents. Our easy-to-use online portal allows you to provide any additional information we need.

Other reasons for withdrawing your application include:

• We're unable to provide a loan for your chosen reason (such as everyday expenses).
• You've notified us that you no longer need the loan.

Your application will generally be withdrawn after 14 days from the last document request notification if we haven’t heard from you or received the required information.

We will always notify you via SMS and email if your loan application is withdrawn. You will also receive several notifications before this happens. Whatever the outcome of your application, we will always communicate with you.

Contact our customer service team if you have any further questions about your application or if you haven't heard from us.

Whatever the outcome of your application, we will always communicate with you. Your application may currently be with the assessment team or waiting for a document - if you are unsure, please contact our customer service team. We will inform you of your application's outcome via SMS and email.

If you don't believe you’ve had communication from us, please contact us so we can investigate and provide you with an update or outcome on your application.

We have a legal obligation to verify your identity before we can provide services to you. We also have obligations to collect other information about you to comply with anti-money laundering and counter-terrorism financing legislation.

If your application is approved and we provide you with a loan offer, we will send the details of your offer electronically for you to consider in the form of a digital loan contract.

Read and consider your contract thoroughly before following the instructions to sign the contract digitally. Once the contract has been signed, you will be emailed a copy for your records. It can also be accessed through your account in the customer portal, within the Better Credit mobile app, or by contacting our customer service team to request a copy.

The easiest way to manage your loan is through the Better Credit app or online customer portal.

Log into the app or portal to check your loan balance and loan contract; request loan statements; make extra loan repayments, ask to change your repayment schedule, and more.

Download the app on the Apple Store or Google Play Store  today.

Repayments on your loan are automatically set up to be deducted via direct debit from your bank account in line with your pay cycle.

You can view your repayments from either the Better Credit app or online portal and contact our friendly customer service team to request any changes that you need.

Download the app on the Google or Apple store today.

Read more: Personal Loan Repayments 101.

The easiest way to manage your loan is through the Better Credit app or online customer portal.

Log into the app or portal to update your loan details, check your loan balance and loan contract, request loan statements, make extra loan repayments, ask to change your repayment schedule, and more with ease.

Download the app on the Apple Store or Google Play Store  today. Otherwise, please feel free to contact our customer service team for any queries or changes you may need!

Yes, there are several ways to make additional repayments on your Jacaranda Car or Personal Loan at no additional cost. 

Simply log into the Better Credit mobile app or customer portal and choose from options such as debit card payment, bank transfer, or direct debit.

Read more: Personal Loan Repayments 101.

Yes, there are a number of ways that you pay out your loan ahead of the loan term specified in your loan contract at no additional cost.

To pay out your loan early or make extra repayments, log into the Better Credit mobile app or customer portal and choose from a range of options such as debit card payment, bank transfer or direct debit.

Comprehensive Credit Reporting (CCR for short) refers to sharing more comprehensive customer information between credit providers and credit reporting bodies. It means someone's credit behaviour can now be seen on their credit report, such as:

• Repayment history of accounts (credit cards, loans, bills, etc.)
• Types of credit accounts opened in the last two years (including Buy Now, Pay Later (BNPL)
• The dates you applied for, opened, and closed credit accounts.
• The current limits on your credit products.

And more. Making this information available to credit providers can result in more accurate assessments of your suitability for finance products and give them more insight into your creditworthiness.

Read More: What is Comprehensive Credit Reporting?

Yes! Jacaranda Finance is reporting data under the Comprehensive Credit Reporting (CCR) regime. We will now provide a more detailed and comprehensive view of your credit history to credit bureaus.

This means that your positive credit behaviour, such as making timely repayments and managing your loans responsibly, will be reported, potentially strengthening your credit profile and credit score.

Read More: What is Comprehensive Credit Reporting?

When a direct debit is dishonoured by your bank, it is often highlighted on your bank statement by what looks like a credit going into your bank account. Most of the time, the repayment has been declined, and we ask that you contact our customer service team to discuss your options.

Our customer service team exist to make your life easier, and that is what they will do. It is important that you contact them and communicate with them so they can help you.

Please consider that any changes to the loan schedule may extend the term of your loan and result in additional interest and/or fees being applicable.

If you want to adjust your loan repayments, you can submit a request via the Better Credit app, online portal or by contacting our customer service team.

Yes, we may be able to defer your repayments depending on your situation.

It's important to understand that if you miss or stop making loan payments, interest is still charged, and your loan balance will continue to increase. When you start making payments again, your regular repayment amount may increase because your loan balance is higher.

Please contact us to discuss arranging to defer or reduce your repayments if necessary. See our Hardship Policy for more details.

Read More: What is Financial Hardship?

Loan statements are made available to you every month via email. You can also access them within the customer portal and Better Credit mobile app.

If you'd like to know your outstanding loan balance, you can quickly and easily find it by logging into the Better Credit app or customer portal.

To access more funds, you must submit a new loan application, which is subject to a full credit assessment and the company's lending criteria.

If approved, you will then be issued a new loan contract covering the balance of your existing loan, including the new credit amount.

It is not possible to have two different active Personal Loans with Jacaranda Finance at the same time. However, you can still have active loans with another lender or credit provider, and this will be factored into your application when you apply.

Our customer service team is available during normal business hours. Visit our Contact Us page to see our business hours and the methods of contact for our customer service team.

You can also access our Better Credit app or online customer portal to manage your loan or submit a request to the customer service team.

When you sign your digital contract, a copy of your loan contract is emailed to you. It's possible to access a copy of the loan contract by logging into the Better Credit mobile app, online portal or by contacting our customer service team.

Once you've been approved for a loan product, your account is automatically set up for you. 

You will receive email instructions on how to access this account. The customer portal can be accessed through the 'login' section of our website or by clicking on this link.

However, it's much easier to manage your Jacaranda account through the Better Credit mobile app. Download the app on the App Store or Google Play today.

Yes! Jacaranda uses the latest technology to make automated phone calls using our AI bot, Sam. These calls will only come from 07 2140 0833, and you may also receive a text message from us in advance. If you receive a call from this number, rest assured that it is a genuine communication from Jacaranda. If you prefer, you can always ask to talk to our customer service team, call 07 2101 4030 or email us at h******@j******.

Generally ranging from 0 to 1,200, a credit score, also known as a credit rating, is an extremely important number given to you based on your borrowing history from credit providers.

When you apply for a credit product, your credit score acts as a numerical representation of your trustworthiness and reliability as a borrower.

See also: Credit Scores Explained.

Your credit report is a more detailed document on your credit history and includes your credit score, in addition to:

• Your personal information (name, date of birth, 100 points of ID etc.)
• Each credit product you've held in the last two years (the type, the provider, credit limits, opening and closing dates etc.)
• Your repayment history (repayment amounts, due dates, any missed payments etc.)
• Any financial hardship applications
• Any applications for credit
• Defaults on bills, bankruptcies and debt agreements

Read more: What Do Lenders See On Your Credit Report?

These terms can be subjective, as each credit reporting body uses a different formula when calculating your credit score. For Equifax, which uses a 0 - 1,200 range, a 'good' score is 666-755, a 'very good' score is 756 - 840, and an 'excellent' score is 841 - 1,200.

These credit bodies tend not to use 'bad' to describe someone's credit score, instead using 'low' or 'below average'. With Equifax, 459 or under will put someone in the lowest credit rating category.

See also: What is a 'Good' Credit Score?

There are several main credit reporting agencies in Australia, primarily Equifax, Experian, and illion. Each of these companies uses a different formula when calculating your credit score, but generally speaking, your credit score will be calculated based on the following factors:

• Your repayment history
• The type of lender you've applied with
• Your number of recent credit applications
• The amount of money you've borrowed
• Any defaults, bankruptcies and court judgements

See Also: What is the Average Credit Score in Australia?

When you apply for a loan or credit product, lenders will likely use your credit score to assess your application.

Having a low credit score can limit your options in many ways. It could not only lower your chances of being approved for loans you apply for, but it could also exclude you from being eligible for certain loans.

On the other hand, a higher credit score can improve your chances of a successful loan application for a desirable product that meets your needs.

By checking your credit score regularly, you can see where you're at financially.

See also: 9 Ways to Improve Your Credit Score.

Yes, you can check your credit score with Jacaranda Finance. For free! 

Monitor your score and know where you stand to unlock new financial opportunities in the future.

Read More: How to Check Your Credit Score.

You can only check your credit score by logging into the Better Credit app and following the prompts or by logging into the online portal.

Download the app on the Google or Apple store today.

While Jacaranda does receive information from Equifax about your credit report in order to show your credit score, we do not show more information from your report in the Better Credit app at this stage.

Your credit report is free for you to access every three months from Equifax, Experian, illion and Talefin, as well as smaller, third-party services like Credit Savvy and Clearscore.

See Also: How to Fix Errors on Your Credit Report.

Nothing! Checking your credit score with Jacaranda Finance is completely free!

Yes! The ability to check your credit score is available to both existing Jacaranda Finance customers and non-customers.

For our check credit score feature, your credit report data is provided by Equifax, Australia's largest credit reporting agency. Your Equifax credit score is out of 1,200.

• Website: www.equifax.com.au
• Privacy Policy: www.equifax.com.au/privacy
• Telephone: 13 8332

However, when you apply for a loan with us, we may use four credit reporting bodies to conduct a credit check. Equifax is one of them:

• Equifax
• Experian
• illion
• Talefin

Review our Privacy Policy for more information.

Checking your credit score with Jacaranda will not affect it in any way. We use a 'file access' to retrieve your credit information from Equifax, which is different to 'full credit enquiry' and will not appear on your credit report.

Read more: 10 Credit Score Myths Busted.

Yes, you can still view and check your credit score in the app or online account if you miss a repayment. However, missing a repayment with us may incur a late fee.

If you think you'll miss a repayment or already have, contact our customer service team to discuss your options.

Our customer service team exist to make your life easier, and that's what they'll do. It's essential that you contact them and communicate with them so they can help you.

Please consider that any changes to the loan schedule may extend the term of your loan and result in additional interest and fees being applicable.

See our Hardship Policy for more information.

There are a number of reasons why you might not be seeing your credit score in your account:

• You might not yet have a credit score if you've only just taken out your first credit product
• The latest data from Equifax might not be available
• Your personal details in your application might not match the information in your credit report

There might also be an error on our end. If you're having trouble viewing your credit score, please contact our customer service team so we can help you.

See Also: How to Fix Errors on Your Credit Report.

Your information is protected through bank-level security and encryption. We keep your data safe, and we'll never sell your information to any third parties.

Review our Privacy Policy for more information.

We will not share your credit score or report with any other parties. Only you can see it: checking your credit score will not trigger a hard credit inquiry and won't appear on your credit report to other lenders.

Your score is not affected by the frequency of checking it or requesting a credit report, and you are encouraged to do so frequently. 

At Jacaranda, you can check your credit score in the Better Credit app or online account as often as you like. However, we only update your credit score monthly, so it might not change until the start of the following month.

Read more: 9 Ways to Improve Your Credit Score

If your circumstances have changed or you're experiencing financial hardship, it's essential that you contact us or advise us to contact you.

Our customer service team is trained to assist you but can only do so if they can contact you or vice versa. We're here to help, and we're dedicated to making your life easier and helping you get back on track.

See Also: What Is Financial Hardship?

According to AFCA, "financial hardship is when you are temporarily unable to make a repayment on a debt, such as a credit card, home loan or personal loan".

Hardship often occurs because there's been a change of circumstance in your life since you initially took out the loan, which means you're now having trouble meeting your repayments.

See ASIC's MoneySmart for more information on financial hardship, or contact our hardship team via h******@j****** to ask our friendly staff members.

See Also: What Is Financial Hardship?

If you miss a repayment deadline and do not contact us beforehand, you will likely be charged a missed payment fee.

If you think you'll miss a repayment or you already have, contact our customer service team to discuss your options.

Our customer service team exist to make your life easier, so it's vital that you communicate with them so they can help you.

Please consider that any changes to the loan schedule may extend the term of your loan and result in additional interest and/or fees being applicable.

Anyone who is experiencing financial hardship or thinks they may be about to be in financial hardship can contact us via the following methods:

• Email: h******@j******
• Phone: 1300 189 823
• Mobile: download or log in to our Better Credit app
• Online: log in to your online customer portal.

Our team will then send you a link to our online Hardship Application, which will prompt you to enter the following relevant information:

• The primary reason you are experiencing financial difficulty
• The expected length of time you are requiring assistance
• Current income/employment status
• Estimated income vs expenditure each month
• Number of dependents
• Requested repayment amount and frequency

Our team will review your application and contact you to discuss your options, so be as detailed as necessary in your form.

See Also: What Is Financial Hardship?

Ultimately, the goal of a financial hardship variation is to assist customers until they are in a position to resume their original repayments as specified in their loan contracts.

Since financial hardship can take many forms, each request is assessed on a case-by-case basis, and the assistance offered will vary on the needs of each individual applicant, which is why there are numerous different types of financial hardship assistance available.

Common examples we may offer you include, but aren't limited to, the following:

• A temporary reduction or pause of your ongoing repayments
• Pausing certain fees and charges
• Extending your loan term, which reduces the size of ongoing repayments

If you have any questions about the kind of support Jacaranda Finance may be able to offer you, please contact our Customer Service Team.

No, applying for financial hardship or being approved for a hardship variation will not impact your credit score. A Financial Hardship Indicator (FHI) will appear on your credit report and remain there for one year if a hardship variation is approved, but this will not impact your score.

Financial Rights Legal Centre (FRLC) has an insightful fact sheet on how your credit may or may not be affected by financial hardship.

Depending on your circumstances, you may find the following financial hardship resources helpful:

• National Debt Helpline: 1800 007 007
• Small Business Debt Helpline: 1800 413 828
• Find a financial counsellor near you
• MoneySmart Budget Planner
• Australian Banking Association – financial hardship contacts.

A line of credit is a flexible product that acts like a credit card: you don't have to drawdown the total amount you've been approved to borrow and only have to pay interest on the balance used.

If, for example, you applied for a $2,000 line of credit and initially only used $500, you wouldn't have to pay interest on the remaining balance ($1,500) yet.

Read more: What is a Line of Credit?

Jacaranda's FlexiCredit product is different from our loan products for several reasons. 

The key difference is your credit limit: With a Jacaranda FlexiCredit, you can borrow up to a predetermined amount but drawdown on this amount in any increments, only paying interest on the balance used.

With our loan products, however, you can borrow up to the following loan limits and pay interest on the full amount in instalments from the beginning:

• Jacaranda Express Personal Loan: $3,000 to $25,000
• Jacaranda Car Loan: $10,000 to $25,000

For detailed information about who our products are designed for, please review our Target Market Determinations.

Our FlexiCredit product has a minimum credit limit of $1,000 and a maximum credit limit of $2,000, but you can drawdown from this amount in any increments starting from $200. You can continue to do so until your $2,000 credit limit has been reached.

We only accept FlexiCredit applications online via the application form on our website or Better Credit app. We're 100% online, so there are no other ways to submit an application.

If you're considering applying for a Line of Credit with Jacaranda, you can first check if you qualify without affecting your credit score.

Download the app on the Google or Apple store today.

• Be at least 19 years of age.
• Be employed on a permanent or casual basis.
• Have a consistent income going into your own 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.

If you are unsure whether you're eligible, you can check if you qualify initially. This will not impact your credit score.

We accept a wider range of credit history than a bank or a prime lender, but we do not recommend submitting an application if:

• You are currently or recently bankrupt (you must be three years discharged and in control of your finances)
• You are not comfortably repaying your existing financial obligations

Your credit limit is the maximum amount you can borrow with our FlexiCredit loan. This credit limit is between $1,000 and $2,000, but you can drawdown at any time - from as little as $200 - up to this limit.

Your available credit is the difference between your credit limit and current account balance, which will be visible in your online portal or in the Better Credit app. For example, if you decided to drawdown $300 of your total $2,000 credit limit, your available credit would be $1,700.

Download the app on the Google or Apple store today.

You can access your FlexiCredit loan anytime by logging into your online portal or your account in the Better Credit mobile app. There, all you have to do is request to drawdown from your available credit, and the money should land in your bank account in under 60 seconds!³

There may be instances where you cannot access your credit, or your request is denied. These reasons might be because:

• The amount you've requested is less than our minimum required drawdown amount ($200);
• Your request would exceed your maximum credit limit;
• Your loan is in default (overdue); or
• You've given notice that you require hardship relief or are in an approved hardship plan
• You have turned off your direct debit repayments for your account.

Contact our customer service team if you have any questions about accessing your Line of Credit.

Download the app on the Google or Apple store today.

Our FlexiCredit loan has a maximum credit limit of $2,000, and at this stage, this cannot be increased, but this is something that is coming soon! If you need more funds with a higher credit limit, check out our other loan products:

• Jacaranda Express Personal Loan: $3,000 to $25,000
• Jacaranda Car Loan: $10,000 to $25,000

If you already have a FlexiCredit loan, applying for one of our other loans could be easier and faster. Head online or into your Better Credit app to apply for another loan.

Download the app on the Google or Apple store today.

Your minimum repayment amount is determined by your approved credit limit. This will be specified in your loan contract before you receive your funds, so make sure you read this.

Use our calculator to estimate what your FlexiCredit repayments could be.

Repayments on your Line of Credit are automatically set up to be deducted via direct debit from your bank account in line with your pay cycle.

You can also make your repayments weekly, fortnightly or monthly, based on your preferences. Head online or into your Better Credit app to change your repayment schedule.

Download the app on the Google or Apple store today.

You can view each upcoming due date in our online portal and the Better Credit app.

This date is originally set to be the same date you receive your primary source of income (i.e. your salary), but you can request to change this if you wish. You can also make your repayments weekly, fortnightly or monthly, based on your preferences.

Yes, you will be charged interest on your FlexiCredit loan, but only on the existing balance. 

For example, if you're approved for a $2,000 credit limit but only decide to use $1,000 to cover your expenses, you will be charged interest (and a monthly account-keeping fee) on $1,000.

See our rates and fees page for more information about what your line of credit might cost.

If you miss a FlexiCredit repayment, we may pause or cancel your remaining credit limit until further notice. You will be unable to drawdown on your remaining credit until you are up to date with your repayments.

If you think you're going to miss a repayment or you already have, contact our customer service team to discuss your options.

Our customer service team exist to make your life easier, and that's what they'll do. It's important that you contact them and communicate with them so they can help you.

Head to our rates and fees page for a breakdown of the costs associated with a Jacaranda Line of Credit, as your FlexiCredit loan may come with different fees based on your circumstances.

As with most credit products, your credit score could be affected positively or negatively depending on various factors.

Failing to meet your repayments or defaulting on your FlexiCredit loan could result in your credit score falling. 

On the other hand, making your repayments on time and in full (every time) could help improve your credit score and unlock greater financial opportunities, thanks to Comprehensive Credit Reporting (CCR).

You can check if you’re eligible for FlexiCredit without impacting your credit score if you aren’t sure.

To end your FlexiCredit contract, you must pay down your balance to $0. Once that is done, you have to let our customer service team know you wish to end your Line of Credit, and they'll inform you of the next steps.

Usually, you'll have to make any outstanding repayments before your FlexiCredit account can be closed.