ClearLoans Personal Loan
This loan allows you to borrow up to $15,000 with a guarantor. While it accepts bad credit applicants, the interest rate is high.
A ClearLoans unsecured guarantor loan allows you to borrow from $3,000 up to $15,000, with loan terms from 1 year to 5 years. As it is guarantor based, you can apply even if you have a bad credit history. It is also available to applicants who receive Centrelink payments. This loan does not charge establishment fees, late payment fees or early settlement fees but the interest rates are high. The interest rate is 43% p.a.
Maximum loan amount
Next business day
Term of loan
Are you struggling financially?
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.
⚠️ 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.
How does a loan from ClearLoans work?
This loan is unsecured and charges an interest rate of 43% p.a. You're required to have a guarantor for this loan, so it is important that they are someone who you trust and who understand the risks and responsibilities of becoming a guarantor.
Applicants can request to borrow a minimum of $3,000 up to a maximum of $15,000. The terms that you can borrow are 1 year to 5 years, so it's important to consider if the guarantor will be available for the duration of the loan term.
Features of a loan from ClearLoans
- Poor credit history applicants accepted. ClearLoans consider applications from people with bad credit, but they'll still need to meet other eligibility requirements and demonstrate the ability to repay the loan.
- Guarantor loan. ClearLoans offers a guarantor model with this loan. This means that the guarantor will make payments if the applicant can no longer do so.
- Turnaround. If the application is submitted and approved, the applicant can receive their funds within 24 hours.
- Unsecured loan. This loan is unsecured, which means customers don't have to put an asset against it to borrow the money. However, they do require the security of a guarantor if repayments can't be made.
What are the risks of no credit check loans?
- Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
- Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
- Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
- Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.
Fees and charges
This card charges an interest rate of 43% p.a. to any outstanding balances. Unlike some other loans, it doesn't charge an establishment fee, late payment fees or early settlement fees.
How to apply
People can apply for a ClearLoans Guarantor Loan online but they'll need to meet the eligibility requirements and provide the necessary information.
- Age. Available to applicants aged between 18-75 years old.
- Credit history. People with bad credit can apply but ClearLoans won't accept anyone who is currently or recently bankrupt or on a terminated Part IX Debt Agreement.
- Guarantor. Must be able to find a suitable guarantor.
- Loan details. This includes the desired loan amount and loan term as well as the purpose of the loan.
- Personal details. Including the applicant's full name, date of birth, contact information and address.
- Finances. Confirm income (including Centrelink payments) and employment status. ClearLoans will ask applicants to complete a budget plan to ensure that they can afford the repayments.
- Guarantor. Provide information regarding the guarantor for the loan.
Once the application has been submitted, ClearLoans will send a link to the guarantor so they can complete part of the application. You can expect a response and, if approved, the funds within 24 hours of completing the application.