How does a ClearCash Loan work?
ClearCash loans range between $500 and $3,000. The loan terms vary between 4 to 12 months. Applicants can apply for a loan online and must meet the eligibility requirements. If approved, customers can receive funds within one hour of accepting the contract.
Borrowers are required to make repayments weekly, fortnightly or monthly, which are debited directly from the nominated account. Borrowers will also be charged an APR of 47.8% APR. As an ongoing line of credit, it will remain open until it's repaid and the borrower asks for it to be closed.
Features of a ClearCash Loan
- Loan amount. Credit limits range between $500 and $3,000.
- Top-up or redraw. You can log in to the member's area to see if you're eligible to increase your credit limit or top-up your cash.
- Fees. You'll be charged an interest rate of 47.8% APR and the other fees and charges depend on the frequency of your repayments. You will receive a full fee statement as part of your loan contract. Read this carefully and ensure you can afford it before signing anything.
- Repayments. Repayments can be made weekly, fortnightly or monthly and are debited directly from your account automatically. Customers will receive repayment reminders three days before so you know the money will be coming out.
- Turnaround. You can apply online in a few minutes and find out if you're approved soon after. After you accept your contract, your credit limit can be made available to you within the hour.
Compare Other Short Term Loans
Whilst we don't compare this loan directly, here are some other loans that are similar.
Updated February 19th, 2020
How to apply ClearCash Loan
People can apply for one of these loans online but must check if they meet the eligibility requirements and have the necessary information to complete the application.
You are still eligible if:
- You receive Government benefits
- You are currently, or have previously been, bankrupt
- You have any defaults listed on your credit file
You need to provide the following information as part of your application:
- How much you want to borrow and how long for
- The purpose of your loan (temporary cash shortfall, debt payments, etc.)
- Your income and expenditure
- The last 90 days of your banking statements or your internet banking details
- Personal details including your residency status and your age
- Whether you have missed any loan repayments in the last six months
How can I contact ClearCash?
If you'd like to get in contact with ClearCash to discuss your account or a new cash loan, you can find their phone number located in the top right hand corner of their official website.
⚠️ Warning about borrowing
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.