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Maximum charges: 20% Establishment fee and 4% monthly fee (Comparison rate 199.43%) based on $1000 repaid over 6 months. Illustrative example: Loan amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly instalments of $57.60. Maximum charges: 20% Establishment Fee & 4% Monthly Fee. In comparison rate terms, the maximum comparison rate may be as high as 199.43%.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. The information on this web page is general information. The information does not take into account your objectives, financial situation or needs. Credit criteria, fees, charges, terms and conditions apply. Products and rates displayed are subject to the individual borrower's credit assessment. Examples only provide an estimate and are used for illustrative purposes only, not an offer for credit. The amount you can borrow, the interest rate and fees you receive along the product you qualify for may vary.
Viva Payday Loans > Clear Loans

Clear Loans

Clear Loans is a guarantor loan provider in Australia offering loan amounts between $3,000-$15,000. The loan terms allowed by the company range between 12-60 months. The maximum interest rate charged by the lender is 43% per year, with a comparison rate of 43% as well, for a loan amount of $10,000 that has a loan term of 36 months. The company behind Clear Loans is called Richmond Group Financial Services. 

How Much Does A Loan From Clear Loans Cost?

Clear does not charge any establishment fees. For both a medium loan ($3,000-$5,000) and a personal loan (above $5,000), both the interest rate and comparison rate are charged at 43% per year. 

The lender also does not charge any additional fees, such as an early repayment fee, late payment fee, letters, or fee on arrears. 

If borrowing from Clear Loans, you can expect to repay the following amounts. 

Loan Type Loan Amount Repayment Period Total Repayment
Medium Loan $3,000 24 months $4,521.84
Medium Loan $5,000 24 months $7,536.24
Personal Loan $10,000 36 months $17,951.76
Personal Loan $15,000 36 months  $26,927.64

Key Features

Clear Loans provides guarantor loans with the following key features:

  1. Available loan amounts of $3,000-$15,000. 
  2. Available loan terms are between 12-48 months for loan amounts under $9,000, and 24-60 months for loan amounts exceeding $9,000. 
  3. The lender only charges a fixed all-inclusive rate of 43% per year as interest. No other charges are applied on a loan. 
  4. Applicants require a guarantor to apply for a loan.
  5. The loan amount once approved, is deposited into the guarantor’s bank account. This is done as a precaution against fraudulent activity, and also to make sure the guarantor is fully aware of the amount being disbursed and their loan obligation thereafter. 
  6. In case a borrower fails to make a loan repayment, the lender will approach the guarantor to pay. In case the guarantor also does not make due repayments, then the lender will discuss possible action including passing on the debt to a professional debt collection service or taking legal action. 

Tip: Guarantors are given ample opportunity to assess their loan obligations once the online loan application has been approved. The lender will call the guarantor to make sure they are fully aware of the loan terms, and their bank details would be confirmed at that time as well. 

Pros and Cons

Clear Loans have the following pros:

  1. Applicants with a bad credit history are accepted
  2. Self-employed individuals can also apply for a loan
  3. The lender does not charge any fees in addition to its quoted interest rate. 
  4. There are no early repayment charges.

The following cons pertain to the services being offered by Clear Loans:

  1. Since its a guarantor lender, the application processing times are longer compared to many online personal loan providers. 
  2. Applicants need a guarantor to apply for a loan, and one may not always be available.
  3. Expensive loans, short-term borrowers may find payday loans to be cheaper.

Tip: If you have an urgent cash need, then a guarantor loan may not be the most suitable choice as the processing time is much longer compared to other loan products available in the market. 


How long does it take for Clear Loans to pay out a loan after approving it?

It may take up to 24 hours for Clear to process an approved loan. 

How long will it take Clear to approve my loan application?

Clear has not specified a time limit, as it is dependent upon three major factors: the time an application has been filed, the quickness of the guarantor’s response to the request for information and supporting documents, and the availability of the guarantor for the verification call made by the lender. 

Are there any additional or hidden charges with Clear loans?

No, the company does not charge anything in excess of its quoted interest rate of 43% per year. 

Do I need a guarantor to secure a loan with Clear Loans?

Yes, Clear Loans requires a guarantor with every loan application, as it deals solely in guarantor loans. 

Eligibility Criteria

Clear Loans requires its borrowers to meet the following eligibility criteria. Applicants must:

  1. Fall between the age bracket of 18-75 years
  2. Not be bankrupt or have recently come out of bankruptcy 
  3. Have the ability to repay the loan, even if the entire income portion comes from Centrelink payments. 
  4. Have a guarantor on board. 

For the guarantors, Clear Loans has stricter eligibility criteria. Guarantors must:

  1. Prove adequate affordability to make loan repayments in case the borrower fails to make them.
  2. Fall between the age bracket of 18-75 years
  3. Show a proven record of good credit history
  4. Own a home in Australia or, in lieu, have an exceptionally good credit score. If the guarantor is a homeowner, they have a higher chance of being accepted compared to a non-homeowner guarantor. 

Customer Support

Customers can use the online chat assistants available on the Clear Loans website to get clarification about any query they may have. This may be the fastest way to resolve an issue. 

In case you’d like to call and speak with a Clear Loans representative, then you can dial 1300 430 935 between 9 AM – 9 PM from Monday to Friday. For customers who have queries related to payments, they can send an email to [email protected]. For complaints, another email has been provided i.e. [email protected]. Clear Loans also has a dedicated complaints page to offer more guidance and support. 

Application Process

Step 1 – Filing the initial application

Applicants need to visit the Clear Loans website and click on the Apply Now button at the top right corner, as shown in the image below. 

The application form will ask for information including loan amount and term required, the purpose of the loan, particulars of the applicant including name, date of birth, mobile number, and email address. Then, the lender will provide a link for the guarantor to fill out their own details, including the provision of all necessary documents such as bank statements. 

Step 2 – Evaluation and verification by Clear Loans

After the online application form has been submitted, including the guarantor’s information and bank statements, Clear will conduct all necessary assessments, including a credit check on the guarantor, to determine whether the loan can be approved. If passed, the lender will call the guarantor to confirm the details after explaining all loan terms. 

Step 3 – Loan amount is disbursed

Once the guarantor has given confirmation, the loan is further evaluated before being approved by the lender. The loan amount is disbursed within the following 24 hours into the guarantor’s bank account, and they are expected to transfer this amount to the main borrower.