Guarantor Loan Help | Loan Management | Clear Loans

Loan Management

As part of our guarantor loans help section it is important for all of the team at Clear Loans that we provide you with as much information as possible about how to manage your finances. When taking out a loan of any kind, it is vital that you completely understand the fine print of any financial service and contract you are signing, and any agreement that you are entering in to.

Here, we look at the process of managing a loan, from start to finish. How to ensure that you are fully prepared to make repayments under the agreed terms when you take out a guarantor loan with Clear Loans. It is important that you don't get into a cycle where repayments are missed, causing potential late fees (although there are never any late fees with Clear Loans) and damage to your credit score.

Once you have made an application with us, you'll be provided with a clear and transparent understanding of the exact terms. We provide flexibility in the amount of money that you can borrow (between $3,000 and $15,000), and in the length of time that you have to repay the loan in full. You'll also be made fully aware of the exact interest added on to the initial loan amount. This will vary depending on the amount of money you borrow, and the time in which you have agreed to pay back the loan.

Loan Repayments

Once you have received your loan into your bank account it is usual that the repayment term will start shortly after. We have made the repayment of loans as simple as possible, so that you never have to be stressed or worry about the next payment. We'll help you set up a monthly direct debit and collect your details at the point of application to ensure this is ready to go. We will also ask for your debit card details as a back up in case the direct debit fails for any reason.

Loan Repayment Rules

There are a few different rules to be aware of when taking out a loan with us:

  • Your first payment date is set in stone. Always be sure that the first date chosen is one where you can afford to make the payment on this date.
  • You can change the date of payments after the first payment date. To do so, please contact your advisor on 1300 430 935. You can only change your payment date once in a 2-month period.
  • You cannot change the date of payment if you are behind with payments.
  • You must provide us with 5-working days or longer, prior to the current payment date, to change the date. This gives enough time to notify your bank of the changes.
  • With some loan lenders there is a strict policy when it comes to making repayments under the agreed terms. If you find that you are in a position further down the line where you can afford to pay more into the loan repayment, or you wish to pay off the loan early, we will never charge you a fee for doing so.

Updating Personal Details

Whenever your personal details change it is important to notify us as soon as possible. This includes your address if you move home, your contact details if you change your phone number, your employment status, and if your name changes. Either call your advisor or write us a letter with the relevant changes.

What Happens if Things Go Wrong?

If you are worried that you might not be able to make your next payment on time it is important that you contact us immediately and we can talk through your situation and see whether there are alternative arrangements that can be made. Our policy is clear, we will never look to put more pressure on you at times where you are struggling to pay back a loan from us. We do not want a late payment snowballing into a larger debt and a harder problem to eradicate.

If we are in a situation where a payment has already been missed, we will first attempt to secure payment from your alternative source, before then contacting your guarantor to secure payment from them. It is very rare that neither borrower or guarantor can afford to make payment, but as a last resort we will pass the debt on to a professional debt collection agency.

For more information, or to update your Clear Loans Advisor on a change in your circumstances, contact us immediately on 1300 430 935.

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