Now, everything we do is aimed at making life easier for you. There might be some financial terms and obligations that you just don't quite understand as you look for information about our guarantor loans and financial services. This glossary has been put together to make life simple, and to ensure that you never feel like you don't understand an aspect of our service.

The last thing the Clear Loans team wants is for you to feel like there are hidden charges, or unclear agreements. For more information about our transparent, quick, simple, and secure guarantor loans service, speak to our friendly customer service team on 1300 430 935 (9am-9pm, Monday - Friday).


Acceptance rate - This is the percentage of customers who are successful in their application for loan or credit card. At least 66% of successful applications have to be offered the advertised rate, known as the typical APR (see Typical APR).

Annual percentage rate (APR) - The APR indicates the real rate of interest payable over a year once fees, charges and admin costs are factored in. This enables consumers to compare deals more easily and lenders are legally required to display the APR under the Consumer Credit Act.

Arrears - Failure to keep up with loan or mortgage repayments results in an account being in arrears. The borrower has a financial and legal obligation to repay the arrears to the lender, be it an institution or a private individual.

Arrangement fee - Usually associated with mortgages, this fee covers the administration costs of setting up a loan.


Debt consolidation - This is when you transfer existing debts onto a single loan or credit card.

Default - The failure of a borrower to keep up with loan repayments. Defaults adversely affect an individual's credit score and reduce the chance of future successful credit applications.

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