Clearloans Australia Personal Loans
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ClearLoans is an Australia-based guarantor-required lender. It is necessary for an applicant to have a friend or family member as a guarantor in order to secure a personal loan from ClearLoans.
ClearLoans’ dependency on guarantors enables them to loan money to riskier borrowers with bad credit scores and/or those who are unemployed.
Strictly speaking, ClearLoans is not a payday lender as its minimum loan amount exceeds the $2000 cap for payday loans.
Clearloans Australia personal loan repayment calculator
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- Bad credit or unemployment ok
- No upfront fee
- Ability to settle loan early with no fees
- High interest rates
- Loan deposited in guarantor’s account
- No branch access
Features of a ClearLoans personal loan
ClearLoans offers a borrowing range from $3,000 to $15,000 with a repayment period over 12 to 60 months (one to five years).
ClearLoans does not charge for extra payments for early loan settlement. While ClearLoans does not charge an upfront fee, their interest rates are high. Interest is calculated daily with borrowers only required to pay interest until the loan is paid.
Borrowers are required to pay off their loans through a monthly direct debit set up.
ClearLoans personal loans – customer service
ClearLoans does not have any branches for borrowers who need assistance. Customers can contact ClearLoans via email or by phone. ClearLoans’ call centre operating hours are from 9am - 9pm (AEST) Monday to Friday.
Applying and Eligibility
Who is eligible for a ClearLoans personal loan?
Borrowers will need a trusted guarantor that meets the following criteria:
- Australian aged 18-75
- Has a good credit history
- Preferably a homeowner
How to apply for a ClearLoans personal loan
- Apply on website
- Send bank statements
- Guarantor completes their application
- Guarantor supplies bank statements
- Guarantor speaks with ClearLoans before finalisation
ClearLoans personal loan review
Those who are in a tight financial situation and need money quickly could look to ClearLoans for their borrowing needs.
However, like many other short-term lenders, ClearLoans charges high interest rates. Taking out a loan from ClearLoans could negatively impact the borrower’s current financial standing rather than help it.
Typically, borrowers should only seek short-term loans for necessities. Even then, it is advised that borrowers exhaust all other options before borrowing money at such a high interest rate.
ClearLoans requires borrowers to have a guarantor who can apply and receive the loan. This type of lending might be designed to serve cash-strapped students or temporary residents who can’t take out a loan without a guarantor.
However, the guarantor is required to have a good financial standing, which means they could potentially find the borrower a loan with a lower interest rate elsewhere.
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If you’re having trouble being approved for a loan of less than $2000, and urgently need to purchase household essentials, there may be emergency loan options available to you.
For example, the No Interest Loans Scheme (NILS) allows low-income borrowers to take out interest-free loans of up to $1500 for essential goods and services.
For further assistance, consider contacting a financial counsellor, or calling the National Debt Helpline on 1300 007 007
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent. (Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions – although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.)
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders will offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.
When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.
Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.