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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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 Australia 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 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.
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 usually 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.
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, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
Can I get a bad credit personal loan with a guarantor?
Selected lenders will consider personal loan application 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 costs.
How can I get a $3000 loan approved?
Personal loans and medium amount loans from responsible lenders don’t have guaranteed approval, 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).
Can you refinance a $5000 personal loan?
Many personal loans, much like home 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.
Can single mothers get personal loans online?
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.
How do I know if I've got a bad credit history?
You can find out what your credit history is like by accessing what’s known as your credit rating or credit score.
What's a credit report?
A credit report is a record of your credit history – your credit enquiries, borrowings and your repayments. The report will include information about any bankruptcies or other relevant legal judgements. It will also include biographical information such as your address, date of birth, driver’s licence number and employment history.
Can I get a personal loan if I receive Centrelink payments?
It is hard, but not impossible, to qualify for a personal loan if you receive Centrelink payments. Some lenders won’t lend money to people who are on welfare. However, other lenders will simply consider Centrelink payments as another factor to weigh up when they assess a person’s capacity to repay a loan.
What interest rates are charged for personal loans?
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.)
Do $4000 loans have no credit checks?
Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can prove less affordable than other options.
Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.
Can you pay off a quick loan early?
Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. They have higher interest rates than regular personal loans and are also harder to access.
What is bad credit?
A person is deemed to have ‘bad credit’ when they have a poor history of repaying debts.
What can I use a bad credit personal loan for?
Generally, bad credit personal loans can be used for one or more of the following purposes:
- Debt consolidation
- Paying bills
- Buying vehicles
- Moving expenses
Some lenders restrict how their bad credit personal loans can be used as part of their commitment to responsible lending – be sure to check before applying.