It’s always a good idea to research companies such as Clear Loans by reading online reviews such as this one, as you’ll be much wiser moving forward.
Australia has many Pay Day and short term lenders dishing out loans each and every day. The thing is: Not all are created equal. You see – there is a big disparity.
We recommend that you READ THIS REVIEW FIRST of Clear Loans before you go through with your application. You’ll want to know if they’re the real deal.
Because here at The Debt Free Community, we actually research these companies for you. Plus – if you’re struggling with debt collectors hassling you, then we might be able to help too!
Clear Loans Review
When you search online, you’ve no doubt seen an interesting mix of reviews about Clear Loans. Some say they’re very good, while others are not so happy.
Why is this so? Well, typically those who got finance approval left a 5-star review, while those who got denied left a 1-star review. It’s pretty typical and not many people leave more constructive feedback halfway through.
But one thing is for sure: They have been around for a long time and will continue to stick around in Australia for a lot longer. While not one of Australia’s biggest companies in the financing space, they have made some good progress since the early days of the company.
At the same time, the emphasis should be on you. What you want is a fast finance application process, quick approval but at a good interest rate.
What we can recommend is:
- Make sure you have all your documentation in order before applying.
- Don’t count on finance approval because it’s never guaranteed at all.
- Consider just getting a 2nd job or drive for Uber if you need quick cash.
The last point is interesting as we generally don’t recommend Pay Day loans around here. This is because the consumer (yourself) often doesn’t get a good deal.
In fact, we’re all about 100% zero debt lifestyles, but we understand that this isn’t entirely possible for most people. Like sometimes life just throws them a curveball, right?!
In such situations, engaging with Clear Loans could be a good idea. These guys may be also able to help with car loans and home loans, especially if you have full-time employment currently.
What’s evident is that they do their best to stay within the confines of Australian laws and regulations. Not always but almost all of the time.
The main thing we don’t really like is the guarantor loan approach. That is – someone else has to cover your loan if you fail to pay. It’s not a wise move for anyone. Again – see if you can get another job if possible.
That said – this company still continues to do their best and often tries to avoid guarantor loans in the 1st instance. It all comes down to how good of an application you are to them.
How long does Clear Loans approval take?
This really depends on the individual circumstances. We’ve heard of same-day approvals but this isn’t often the case, especially if you apply at 4pm on a Friday afternoon! Generally, it takes a few days for approval AND for the funds to transfer across.
Why are the Clear Loans interest rates?
Typically higher than most other lending products. After all, they specialize in Pay Day loans which are high risk. For that reason – they need to charge more, up to 30% under Australian laws. It’s crazy!
Is it still worth it?
Yes – it can be worth it if you can justify the reason for the loan to yourself. Gambling is not a sufficient reason. You might need to buy a cheap 2nd hand car to get to and from your new job. That’s a sufficient reason where it might be worth it, when all other options have been diminished due to a bad credit history.
How can you help?
The Debt Free Community helps people with our recommended service. They can talk to debt collectors or even banks on your behalf, so you don’t have to. If you’re receiving threatening phone calls and letters, but you’re too scared to answer them, then this is exactly where you could perhaps benefit.
Clear Loans is clearly a loan service provider that most Australians are happy with, but not all people. The thing is – you’ll get a better chance of approval if you have regular employment and reasonably clean credit history, paired with well-prepared documentation for the bank.
The interest rates are a tad on the high side, but a tradeoff if you’ve considered all other options or have been denied elsewhere. For this reason, we rate them reasonably well within this review.
At the same time, if you’re already in financial distress, then please consider getting in touch. If threatening phone calls, messages and letters from debt collectors is stopping you from sleeping, then it’s time to take action today.
If you don’t want to speak with them, then we can! 😃
Here’s what you can do:
- Drop-in your contact details to have a chat
- One of the team members will be in touch
- You’ll be assessed if you’re a good candidate
- Celebrate in no more phone calls or letters arriving
It’s really that easy!
Thousands of Australians have already taken this approach to their debt collection harassment and dramas. If you want to sleep at night, then this is a wise approach.