Finty

Jacaranda Finance Secured Personal Loan

SecuredFixed rate

A secured loan is a personal loan that uses an asset – usually a vehicle – as security. By using an asset as security, you may be able to access different loan options compared to if your loan was unsecured. For example, you may be offered lower interest rates, higher borrowing limits or longer loan terms.

Written byDavid Boyd
Interest rate a year, from
14.95%
Comparison rate, from
30.98%
Establishment fee
$1,190
Monthly fee
$26
Borrow
$3,000 to $30,000

Monthly repayment

$20,000 over 3 years

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What it would cost

At the lowest published rate of 14.95%, including the monthly fee. The rate you are offered depends on your circumstances, and the establishment fee is not included.

Monthly repayment
$719
Total repayments
$25,877
Interest and monthly fees
$5,877

Loan details

Rates

Interest rate (a year)
14.95%–29.95%
Comparison rate (a year)
30.98%–45.50%
Rate type
Fixed
Security
Secured

Limits and fees

Loan amount
$3,000 to $30,000
Loan term
25 months to 4 years
Establishment fee
$1,190
Monthly fee
$26

How it compares

Against the other secured personal loans we compare. Typical means the middle half of them.

Comparison rate

30.98%

From 30.98%. A typical loan starts at 8.63%.

Setup fee

$1,190

A typical setup fee is $250.

Monthly fee

$26

A typical monthly fee is $8.

Most you can borrow

$30,000

Typically you can borrow up to $100,000.

Longest term

4 years

7 years is the usual longest term.

Pros and cons

Pros

  • A fixed rate. Your repayments stay the same for the whole loan, which makes it easier to budget.
  • A soft check on your rate. You can see the rate you'd get without it showing on your credit report.

Cons

  • A higher starting rate. Its comparison rate starts at 30.98%, above the typical 8.63%, so it's likely to cost more than most similar loans unless you're offered less.
  • Your rate isn't known until you apply. It's set by your credit history and finances, anywhere from 14.95% to 29.95%, and only some people get the starting rate.
  • A higher setup fee. $1,190, above the typical $250. It's usually added to the loan, so you pay interest on it too.
  • A $26 monthly fee. That adds $1,560 over 5 years, as well as the interest.
  • A lower limit. Up to $30,000, less than the typical $100,000, so it may not cover a larger purchase.
  • Secured against an asset. That usually keeps the rate down, but the lender can take the asset if you can't repay.

Similar loans

Secured loans from other lenders that start at a similar comparison rate.