Our application process explained
Make an application on our website, tell us how much you'd like to borrow and over how many months. We'll ask you to send us your bank statements to help us to make sure the loan is affordable.
We'll give you a link to send to your guarantor so they can complete their part of the application. Once your guarantor is accepted, we'll also ask them to supply their bank statements. Again, this is to make sure the payments are affordable in case they ever need to step in.
Once your guarantor has finished their part, you'll need to give us a quick call so we can check your details and arrange paying out the money. We'll also need to speak with your guarantor before we can finalise everything. We'll always let you know if and when we can pay out the loan.
We aim to pay out every loan within 24 hours of it being approved. It may take longer on weekends and national holidays. We pay the money into the guarantor's bank account, for them to give to you. This is to protect customers from fraud, by making sure the guarantor is aware of the loan.
How long does it take to get my loan?
We will always do everything we can to make sure your loan is paid out as quickly as possible.
We aim to pay out every loan within 24 hours of it being approved. If you and your guarantor complete the application online and all checks are completed without an issue, we could get the money to you sooner.
When your guarantor has signed the online agreement and submitted their bank statements, you'll need to give us a quick call so we can check your details and arrange paying out the money. We'll also need to speak with your guarantor before we can finalise everything. We'll always let you know when we can pay out your loan.
Some things that could slow your application down are:
- If we're not able to speak to your guarantor when we call.
- If your guarantor's property documents are difficult to locate.
- You've applied over a public holiday or weekend, in which case we'll process your application as soon as we're back in the office.
- We need something additional from you like additional proof of ID or a different bank statement.
How does the interest work and can I make extra payments?
The most important thing to know about our guarantor loans is that you only pay interest for the time you have the loan, because we calculate our interest daily.
For example, if you borrow $5000 over 36 months but decide to repay the loan in 12 months, you'd only pay interest for those 12 months.
There are no early settlement fees or charges for making extra payments, so you're free to make as many extra payments, alongside your set monthly repayments, as you like.
Can I get a loan without a guarantor?
ClearLoans is a guarantor lender; all of our customers must have a guarantor for us to lend to them. A guarantor is a great sign to us that someone trusts you and that we should too, no matter what your credit score!
A guarantor's responsibility is to make the loan repayments if the borrower does not. A suitable guarantor is someone who is aged 18-75, has a good credit history with no trouble paying bills in the past, and who can afford to make the monthly payments if you don't.
Although they do not have to be a homeowner, it may increase the possibility of us accepting them as your guarantor if they do own their own home.
What will you ask my guarantor?
We've made our loan process as simple and stress-free as possible for both you and your guarantor.
Once you've completed our five minute application, we'll give you a link for your guarantor so they can complete their part.
Your guarantor will be asked to send us their bank statements so we can make sure the loan payments are affordable. This is just in case your guarantor ever did need to step in and make payments.
When your guarantor has done this, they will need to give us a quick call to confirm their details, check they understand their responsibilities and to arrange paying out the loan.
Why was my guarantor declined?
Don't worry if your guarantor has been declined, the most important thing is we've already accepted your application and want to help you get the money you need.
You just need to find someone else to be your guarantor instead. As soon as you've found someone new, we'll check that the payments are affordable for you both and will then arrange paying out the loan.
There are a few reasons why we're unable to accept someone as a guarantor, but the most common is they didn't meet our criteria.
If someone is a guarantor, it will be up to them to make the loan payments if you did not. We check to see if they've kept up with their own bills in the past amongst other things to help us decide if they would be a suitable guarantor.
Other reasons include:
- If they aren't aged between 18-75
- If they're not an Australian resident
- If they're already a guarantor on another ClearLoan
- If they have a ClearLoan themselves
Do I have to be employed?
No, we could lend you money as long as you aren't bankrupt or on an active Part IX Debt Agreement and can afford the loan as well as having enough money left over to live your normal life.
Though you do not need to be employed, you will need a source of income to repay the loan. This doesn't have to come from a full or part time job; we can accept applicants receiving centrelink for example.
How do I make a payment or settle my loan?
We've made repaying the loan as simple and stress-free as possible.
When we pay out the money, we'll set up a monthly direct debit and collect your debit/credit card details. This is so you have a backup if the direct debit ever failed, to help ensure the loan doesn't fall behind.
We promise to never charge you for making extra payments or settling your loan early. This will actually save you money, as you'll only repay what you borrow and the interest accrued for the time you have the loan.
How do I change my payment date?
To change your payment date, call our collections department on 03 8566 7726
There are some rules to consider before changing your payment date:
- You can't move the date of your first payment, so make sure you choose this date carefully.
- No date changes can take place if you're behind on a payment.
- If you usually pay by Direct Debit then you need to give us 5 working days notice before your payment is due so we can tell the bank.
- You can only move your payment date once in any 2 month period.
- You can move your payment date further away a maximum of 3 times a year and 5 times over the loan term.
- You can only move your payment date forward by 20 days maximum.
Can I make a late payment?
It is important that payments are made in full and on time each month, as that is our contractual agreement with you.
If you don't think you will be able to pay us on time, call us on 03 8566 7726 immediately, so we can work out what's gone wrong and see if we can come to a reasonable resolution with you.
If your payment is late, we will first try to bring the account back up to date by attempting to collect it from your alternative payment method. If that doesn't work we will attempt to collect the payment from your guarantor. If we're unable to do this, we will let you both know as soon as possible so we can discuss an arrangement.