ClearCash Loan Review
Learn about ClearCash's payday loan solutions and their terms, costs and more, with Savvy today.
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ClearCash is an online lender based in Sydney which specialises in line of credit lending, as opposed to standard small loans. Before deciding on ClearCash, understanding its loan options, fees, terms, and more is crucial. Fortunately, you can explore these details with Savvy. Dive into our analysis of its offerings and discover potential alternatives with us today!
Rates and product information are correct as of 12 February, 2024.
How do ClearCash's small loans work?
With ClearCash, borrowers have access to lines of credit from $500 up to $8,000, with repayments based on your credit limit and payment frequency. Lines of credit allow you to access funds when you need them up to your credit limit and repay them as quickly as you like (provided you meet the minimum repayment requirements). Borrowers have the flexibility to choose their repayment frequency (either weekly, fortnightly or monthly) and won’t be charged any fees for early repayments.
The application process for ClearCash is entirely online. Applicants are required to provide personal identification, contact details, bank information, and proof of regular income to apply. Upon submission, applicants receive a decision in seconds, and if approved, funds can be available within 60 minutes of signing your contract.
What will the cost of a small loan through ClearCash be?
Accessing cash through Wallet Wizard comes with one main cost: interest. This is set at 47.8% p.a. and is applied to your balance whenever it’s outstanding. For example, if you withdrew $5,000 and planned to repay it over six months, this would cost you approximately $5,718 overall.
There are no fees charged for annual or monthly services, increasing or exceeding your credit limit or making a manual payment, but you may be charged $1.90 as a Direct Debit Reversal Fee (if you don’t contact Wallet Wizard first) and $1 per day if your account is in arrears (overdue) by more than 14 days, although this is capped at $100 per rolling 12-month period.
Can I qualify for a small loan with ClearCash if I have bad credit or receive Centrelink payments?
ClearCash evaluates loan applications based on various factors beyond just credit scores or Centrelink benefits. While credit checks are conducted in accordance with Australian responsible lending laws, ClearCash prioritises an individual's current financial situation. This can potentially open the door for those who have struggled with their credit in the past but meet the other eligibility criteria.
When it comes to Centrelink payments, as long as applicants meet the qualification criteria regarding minimum income, they can apply for a loan through ClearCash while receiving government benefits. If you’re a single mother or receiving an ongoing payment such as an age pension or veteran payment, this may help you qualify for financing.
What are the potential alternatives to a small loan with ClearCash?
Another option you may have instead of ClearCash is applying for a small loan through Savvy. We’re partnered with a variety of Australian lenders to help streamline the process of securing the funds you require.
Here's the simple process of applying for a small loan through Savvy:
- Complete our straightforward application form, providing essential details such as your credit score, income, employment status, and desired loan amount, ranging from $2,050 to $5,000.
- Submit your application and receive an instant automated decision from one of our partnered lenders.
- Upon conditional approval, your application will be evaluated by your assigned lender, which may require additional documentation.
- Upon lender approval, you'll receive formal approval and loan documents outlining your loan terms, fees, repayment schedule, and other relevant information.
- After signing and returning the documents, your funds will be promptly deposited into your designated bank account. This can occur as soon as the same day you apply.
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Disclaimer:
The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.
For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.
Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.