Guide on Getting you Clear Loans
Have you been looking for a guarantor loan provider in Australia? Look no further because Loanscout is here to help you during these hard times with providing you a guide to getting yourself a Clear Loan. If you have not heard about it yet, Clear Loans is from the company called Richmond Group Financial Services.
As a guarantor loan provider, Clear Loans can offer you personal loan amounts between $3,000 to $15,000 respectively. Normally, loan terms range between 12-60 months based on the which term the company allows you. It should also be noted that the possible maximum interest rate that could be charged by lenders is 43% per year with the same comparison rate of 43%. This is an example for a loan amounting to $10,000 at 36-month loan terms.
This Guarantor Loan has the following key features:
- Loan amount available is between $3,000 and $15,000.
- Repayment Loan Terms that are available are between 12-48 months for borrowers with loan amounts under $9,000 while those exceeding $9,000 shall be allowed for 24-60 months of loan terms.
- A fixed and all-inclusive rate of 43% per year as interest can be charged by the lender and no other charges shall be applied to the loan.
- A guarantor is necessary when applying for clear loans.
- As a precaution against fraudulent activities, the loaned amount shall be deposited into the guarantor’s bank account once approved. This is also done to make sure that your guarantor is fully aware of the amount being disbursed, the entire loan terms and the obligations of becoming one’s guarantor.
- For the instance that a borrower fails to make a loan repayment, the lender will then approach the loan guarantor for the repayment instead. In the case that both borrower and guarantor refuses or simply fail to make due repayments, further actions can be taken by the lender such as taking legal action or passing on the debt to a professional debt collection service.
Cost Chart of a Loan taken from Clear Loans
No establishment fees are charged by Clear Loans. 43% per year interest rate and comparison rate is charged for both medium loans ($3,000-$5,000) and personal loans (above $5,000). Lastly, we also make sure that no additional fees shall be charged by a lender to a borrower, whether that may be late payment fees, letter fees, early repayments, or fees on arrears. You can check the chart below and use it as a guide to having a clearer understanding on the costs of a loan taken from Clear Loans.
Things to consider before applying are the pros and cons of Clear Loans
- If you have a bad credit history, Clear Loans can still accept you, unlike traditional bad credit loan companies.
- If you are self-employed, you are also welcome to apply.
- Early repayments will not cost you additional fees and charges.
- No lender will charge any fees on top to their quoted interest rate.
- A guarantor may not always be available for you to find, however, Clear Loans is strict on only accepting applicants with guarantors.
- Since it is a guarantor lender, services provided by the company may take longer unlike quick cash loans or payday loans. The application process may take longer if compared to the many personal loan providers found online.
- Clear Loans may accept borrowers with poor credit histories, however, guarantors should have proven good credit history instead.
- Payday loans can be cheaper among short term borrowers.
If you feel that Clear Loans are for you, proceed ahead to check your eligibility and start your application process.
Borrowers shall meet the following criteria:
- Be 18 years of age or over (until 75 yrs. old only);
- You should not be coming out from a recent bankruptcy;
- Ability to repay the loan, even if you’re self-employed or receiving benefits from Centrelink payments;
- Have a guarantor on board.
While these are the criteria for your guarantor:
- Be 18 years of age or over (until 75 yrs. old only);
- Be able to provide proof of affordability to make repayments in place of the borrower if he/she fails to repay accordingly.
- Proof of good credit history
- Either be a homeowner in Australia or have exceptionally great credit scores. Note that homeowner guarantors have higher chances of loans getting accepted compared to guarantors who are non-homeowner.
How to Apply for a loan with Clear Loans?
Applying for a loan with Clear Loans may not be as easy as other online loan processes, but this should take you a lot shorter than long waiting queues at branches because it is still 100% online!
Step 1: Fill in and submit your initial application
Visit Clear Loans website and simply click on the ‘Apply Now’ button to begin your application. Input all the information asked in the provided application form. This includes your desired loan amount and repayment loan terms, the purpose of your loan, and other particulars. Lender site shall also provide you with a link for the guarantor to fill in. Be truthful and make sure to attach all necessary documents such as bank statements. Submit your application.
Step 2: Get evaluated and verified by Clear Loans
All necessary assessments will be conducted by Clear Loans and if you pass these, the lender will head over and call your guarantor to confirm and explain all details regarding all loan terms. Assessment check that includes credit checking on your guarantor is done to determine if they will accept your loan application.
Step 3: Get your cash
Upon giving confirmation by your guarantor, the lender may do further evaluations before the loan amount is disbursed. Once fully approved, within the following 24 hours, the loaned amount can be disbursed to your guarantor’s bank account. It is expected that the main borrowers will get their cash from their guarantors.
How to Reach Us
Before trying to contact Clear Loans, you may first head over to our FAQs, because your question may have been answered here already. In the case that you cannot find the answer from the FAQs, then Clear Loans’ customer support may be the quickest way for us to resolve your problem. If you have any query or clarifications, it is recommended that you head to their website and use the online chat assistants available on the site.
You may also speak with a Clear Loans representative by dialling 1300 430 935 that is open from Monday to Friday (9AM – 9PM only). Repayment related concerns can be directed at firstname.lastname@example.org. For complaints, you can send a message directly at email@example.com.
Do I really need a guarantor to secure a loan with Clear Loans?
Unfortunately yes, Clear Loans strictly requires guarantors for every loan application.
How long is the decision for my loan application?
There is no specified time limit on how fast Clear Loans can check your loan application. Such factors shall be included when making an estimated decision from Clear Loans: time of filing the loan application, quickness of guarantor to comply with the requirements for the application process, and guarantor’s availability to take a call from the lender for verification purposes.
Are there any additional and hidden charges?
None! We make sure that no additional fees shall be charged by a lender to a borrower, whether that may be late payment fees, letter fees, early repayments, or fees on arrears. No excess of its quoted 43% interest rate per year is implemented.
How long will it take for the loan amount to be disbursed?
Upon approval, it may take Clear Loans up to 24 hours to process this disbursement.