ClearLoans is an Australia-based lender which requires an applicant to have a friend or family member act as a guarantor to secure a personal loan from ClearLoans.
The requirement for a guarantor enables them to loan money to riskier borrowers with bad credit scores, as well as those who are unemployed.
Strictly speaking, ClearLoans is not a payday lender as its minimum loan amount exceeds the $2,000 cap for payday loans.
ClearLoans personal loan repayment calculator
Thinking about taking out a personal loan with ClearLoans? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how ClearLoans personal loans compare with other options.
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Pros and cons
- 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
ClearLoans personal loans rates
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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.
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 for a ClearLoans personal loan and eligibility
Who is eligible for a ClearLoans personal loan?
ClearLoans provides personal loans to people who are:
- Australian residents aged 18-75
- Not going through bankruptcy
- Not on an active or terminated debt agreement
- Able to service repayments
Borrowers will need a trusted guarantor that meets the following criteria:
- Australian aged 18-75
- Has a good credit history
- Able to comfortably afford monthly repayments in the event that the borrower cannot pay back the loan
- 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
- If approved, ClearLoans will aim to pay out the loan into the guarantor’s bank account within 24 hours
ClearLoans personal loans review
Those who are in a tight financial situation and need money quickly could consider ClearLoans.
However, like many other short-term lenders, ClearLoans charges high interest rates. If a borrower can’t afford repayments, taking out a loan from ClearLoans could negatively impact the borrower’s current financial standing and credit rating.
Typically, borrowers should only seek short-term loans if necessary. 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.
Learn more about personal loans
Can I get a bad credit personal loan with a guarantor?
Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).
If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.
How much can you borrow with a bad credit personal 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 and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Is a personal loan a variable or fixed-rate loan?
Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.
A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.
With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
Can I merge my personal loan with my home loan?
Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.
However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.
Can I repay a $3000 personal loan early?
If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.
Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.
Does refinancing a personal loan hurt your credit score?
Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.
In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.
However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.
Can I include my spouse’s income on a personal loan?
If you apply for a joint personal loan with your spouse, you can include their income on the application. If approved, they then become jointly liable for the loan.
Both you and your spouse need to meet the eligibility criteria, such as income, age, and residency requirements, as stipulated by the lender. A joint loan could increase your chance of approval for a higher amount, as both borrowers’ incomes are assessed when determining borrowing capacity.
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.