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
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
- 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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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.