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Clearloans Australia Personal Loans

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

Thinking about taking out a personal loan with Clearloans Australia? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Clearloans Australia personal loans compare with other options.

Clearloans Australia Personal Loans rates

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

  1. Apply on website
  2. Send bank statements
  3. Guarantor completes their application
  4. Guarantor supplies bank statements
  5. 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.

FAQs

Many lenders offer online applications for personal loans, which can be convenient for borrowers who don’t have a lot of free time. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.

Details  

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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