Need a loan but concerned about your credit history? Clearloans specialises in guarantor loans available to bad credit applicants.
A loan from Clearloans can give you the financial freedom to take care of your bills until payday or make a large purchase, even if you have bad credit. This unsecured guarantor loan has terms available up to 5 years and is available to people who have a bad credit history because it is guarantor based.
|Product Name||ClearLoans Personal Loan|
|Minimum Loan Amount||$3,000|
|Maximum Loan Amount||$15,000|
|Loan Term||60 months|
|Cash Deposited In||Next business day|
|Costs||43% APR of borrowed amount|
|Available to Centrelink Borrowers?||No|
- Loan terms up to 5 years
- Bad credit applicants considered
- No early repayment fees
- High interest rate
- Must have a guarantor
- Be between 18-75 years old
- Cannot be currently or recently bankrupt
- Have a suitable guarantor
How does a loan from Clearloans work?
This loan is unsecured and comes with an interest rate of 43% p.a. You’re required to have a guarantor for this loan, so it is important that you have someone who you trust, and who understands the risks and responsibilities of becoming a guarantor.
The minimum amount you can borrow is $3,000 and the maximum is $15,000. The terms that you can borrow are 1 year to 5 years, so if you’re using a guarantor that you don’t see sticking around for the duration of your loan, consider picking someone else.
Features of a loan from Clearloans
Some of the features of a loan from Clearloans include:
- Poor credit history. If you’ve been denied a loan before due to your less than desirable credit history, that’s not something that you need to worry about with Clearloans. It will consider you for a loan even with poor credit.
- Guarantor loan. Clearloans offers a guarantor model with this loan. This allows someone who you trust to guarantee that they will make the payments if you’re no longer able to (so make sure you pick someone who is able to take on this responsibility).
- “Top up” of your loan principal. Clearloans offers existing customers the chance to borrow more money. This works by you borrowing on top of what you already borrowed, giving you access to more credit.
- Quick turnaround. The loan application process aims to be completed by the next business day or within 24 hours of your application.
- Unsecured loan. Although this loan is unsecured, which means you don’t have to put an asset against it to borrow the money that you need, you still have the security of a guarantor if things go bad. Not that you should solely rely on them for your payments, but it’s a nice safety net to keep in mind.
- Few to no fees. There are no set-up fees, no late repayment fees and no early settlement fees offered on this loan.
Fees and charges
Here are some of the fees and charges you can expect with this loan:
- No set-up fees, such as an establishment fee.
- No late payment fees.
- No early settlement fees.
However, if you are unable to pay this loan off and Clearloans are unable to get a payment, the guarantor of the loan is responsible for the repayments.
Are you eligible for a Clearloans loan?
- You must be between 18-75 years old
- You cannot be currently or recently bankrupt
- You must be able to find a suitable guarantor
How you can apply
The application process for this loan is as follows:
- Click on “Go to Site” and apply online.
- You will be asked much you want to borrow over how many months. You will also be asked to fill out a budget plan to ensure that you can afford the repayments.
- A link is then sent to the guarantor of the loan as they have to complete a part of the application as well, as well as filling out a budget plan.
Once you have filled in your application, you can expect your application to be approved and funded within 24 hours.