- Jacaranda Finance is an alternative lender for those whose credit scores see them rejected for loans through major lenders
- Jacaranda offers online personal loans and car loans
- The company sets its interest rates depending on a borrower's individual financial circumstances
The reality is there are millions of people in Australia with less-than-perfect credit scores. When they need to take out a loan, this can pretty much rule them out of being approved by mainstream lenders.
See also: Credit Score Calculator
This is where 'alternative lenders' fill the gap, providing loans to those who may be considered too high-risk by traditional financial institutions.
One such lender is Jacaranda Finance, an Australian-based, online lender offering personal and car loans.
What is Jacaranda Finance?
Jacaranda Finance was founded in 2014, after seeing a gap in the market for borrowers essentially locked out of accessing loans through the traditional lending system.
Since that time, the Brisbane-based has provided thousands of customers with personal and car loans.
Founder and CEO Daniel Wessels says Jacaranda's 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.
“We see our products as an alternative to a bank personal loan, with fast, fair and responsible service."
What loans does Jacaranda offer?
As at February 2026, Jacaranda Finance offers:
Personal loans
- Loan amounts: between $3,000 - $25,000
- Loan terms: ranging from 25-36 months
- Secured and unsecured
- Fixed-rates only
- Monthly fees: $26 per month
- Establishment fees: $125 - $1,190
- Risk fee: $0 - $995
Car loans
- Loan amounts: $3,000 - $30,000
- Loan terms: 25 - 48 months
- Secured
- Fixed-rates only
- Available for new, used cars, caravans, and motorcycles
- For private and dealership sales and existing balloon payment payouts
- Pre-approval available
- Monthly fees: $26 per month
- Establishment fees: $125 - $1,190
- Risk fee: $0 - $995
Interest rates for both types of loans vary markedly depending on individual circumstances and are calculated according to Jacaranda's risk-based pricing model (more on this below).
What makes Jacaranda different to other alternative lenders?
“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.
Other loan features include:
No early repayment, extra repayment, or payout fees
Fast 100% online application process (advertised as between 5-12 minutes)
Fast loan outcomes available (most, but not all, customers receive same-day notification)
60-second transfers for eligible customers (conditions apply)
Weekend loan approvals (until midday Saturday on most weekends)
- Offers opportunity to check for loan qualification without impacting the borrower's credit score
What type of customer does Jacaranda suit?
Mr Wessels said Jacaranda caters for customers in the ‘near-prime’ space.
He describes this as someone who perhaps has been turned away by the major mainstream lenders yet still has a good, sometimes near-excellent, credit rating.
"Due to the rigid nature of traditional lending models, these customers can be 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. We feel that our products are priced fairly in relation to the risk profile of the borrowers we lend money to.”
How does Jacaranda assess your interest rate?
Jacaranda adopts what's called a risk-based pricing model, which means the interest rates offered reflect a customer’s individual financial circumstances.
Simply put, the better their financial position is deemed to be - or the less risk they pose as a borrower - the more competitive interest rate they’ll receive.
That said, even Jacaranda's lowest advertised interest rates are considerably higher than interest rates many mainstream lenders offer.
Can taking out a Jacaranda Finance loan affect your credit score?
Like all credit providers, Jacaranda will conduct a credit assessment which involves checking customers' credit reports.
This is referred to as a 'hard' credit check that will be recorded on a customer's credit history. This may impact their credit score.
Jacaranda encourages its customers to do an initial check first to see if they qualify for a loan in a way that doesn't affect their credit score before formally applying.
For customers approved for a loan, Jacaranda Finance is a registered participant in Comprehensive Credit Reporting which means their activity in repaying their loan will be recorded and will have an impact on their credit rating.
If they make their loan repayments in full and on time, it will likely improve their credit score (depending on their other financial behaviours of course) but any loan defaults will also be recorded.
The best way to improve your credit score is to be financially responsible across all aspects of your personal finances for an extended period. This includes credit and loan activities, payment of bills, and maintaining minimal available credit limits (such as on credit cards).
See also: How to get a personal loan with bad credit?
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, with consistent income going into your bank account for the last 90 days
- Be an Australian citizen, permanent resident or hold a temporary visa (not all are eligible) with a fixed address
- Have an active email address, phone number, and online banking account, in your name
- Be in control of your current finances and be handling existing financial commitments comfortably