Clearloans Australia Personal Loans
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 Australia personal loan repayment calculator
Total interest paid
Total amount to pay
Clearloans Australia personal loans rates
Oops, no result found.
- 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.
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.
Today's top personal loans products
Find popular personal loans lenders from a wide range of Australian. View All >
It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.
As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.
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.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
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
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:
- Proof of identity
- Proof of residence
- Proof of income
- Details of assets (e.g. car, home)
- Details of liabilities (e.g. credit cards, other loans)
- Loan amount
- Loan term
Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.
Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension.
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.
Depending on the lender, personal loans and medium-amount loans for $5000 can sometimes be approved in under an hour, and give you access to the money the same day. Other loans may take 24 hours or longer to assess your application, and you may not get the money for a few days.
If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility of your home, car or personal loan.
Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.
Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.