ClearPersonalLoan at a Glance
|Loan types||Short-term unsecured loans|
|Loan amount||$100 to $15,000|
|Repayment terms||3 to 36 months|
|APR||5.99% - 35.99%
|Minimum credit score||None|
|Best for||Borrowers with poor credit|
ClearPersonalLoan provides a fast, transparent personal loan approval process for all types of borrowers. It’s not a direct lender—instead, it connects borrowers with potential lenders who’ll agree to fund the loan. Once your request is received, it’s shared with ClearPersonalLoan’s lender network. If a lender agrees to your loan request, it will contact you directly with a loan offer that you can sign and return immediately online.
- Connect with a network of potential lenders
Fast approval process
Funds usually clear in your bank account by the next business day
No minimum credit score required
No restrictions on the purpose of your loan
ClearPersonalLoan’s short-term personal loans are ideal for anyone who wants a fast, hassle-free loan approval process. The cap of $15,000 makes it best for borrowers who only need small loans. One of the big advantages of borrowing from ClearPersonalLoan is that there are no restrictions on the purpose of your loan. You can apply for a loan for any need at all, making it ideal for debt consolidation, starting a small business, or even adopting a baby.
Range of Loans on Offer
ClearPersonalLoan sticks to just one type of loan—unsecured, short-term personal loans, with repayment terms that range from 3 to 36 months. ClearPersonalLoan connects borrowers with a network of potential lenders, that serve a range of credit scores and loan purposes. It’s not clear how many lenders are associated with ClearPersonalLoan, and there’s no information on the website about the lenders themselves.
ClearPersonalLoan doesn’t charge any fees for its services, and most loans have no prepayment fees. Many of ClearPersonalLoan’s lenders allow you to choose between monthly and bi-weekly payments. Some of its lenders could charge loan origination or arrangement fees. ClearPersonalLoan’s APR rates begin at 5.99%, which is a pretty competitive rate.
As well as having no restrictions on the purpose of its personal loans, ClearPersonalLoan provides an extensive drop-down list of options, including baby adoption, medical, renewable energy, small business, and credit card consolidation. ClearPersonalLoan is proud of being always open for loan applications, 365 days a year, 24/7.
Borrow money for any purpose
Flexible repayment terms, with monthly or bi-weekly payments
Terms from 3 to 36 months
Rates begin at 5.99%
Loans for borrowers with average or poor credit, thanks to a holistic borrower assessment that looks at more than just your credit score
Borrow any amount from $100 to $15,000
The Application Process
ClearPersonalLoan is proud of its fast, accessible, online loan application process. You can apply from your smartphone, no matter where you are, through the ClearPersonalLoan secure server. You'll be asked for some personal information, including your Social Security and Driver's License number, and for employment and financial information. Your request is considered immediately, and you'll usually get a reply within minutes.
Each lender has different requirements for its borrowers, but there are some which apply to all ClearPersonalLoan applicants:
You must be at least 18 years old
You need a minimum monthly income of $1,000
You must have been in your current job for at least 90 days
You need your own personal bank account
You need an active phone number and email address
Some lenders will give more weight to your employment and payment history than to your credit score, which is great if your credit rating is low. It’s important to note that the lender might use an independent verification company to investigate your financial situation.
Once you get a reply from a direct lender and agree to their terms, you’ll be sent the loan agreement through the ClearPersonalLoan secure server. You can sign and return it online, and funds usually clear in your bank account by the next business day. ClearPersonalLoan notes that if you can’t connect with a lender who’ll agree to your loan request, it will help you to find an alternative solution that meets your needs.
How Much Can You Borrow?
One drawback to ClearPersonalLoan is that the maximum loan amount is $15,000, so if you’re looking for a larger loan, you’ll need a different loan solution.
Unfortunately, you can’t get a loan through ClearPersonalLoan if you live in New York, West Virginia, or Washington, DC.
Because ClearPersonalLoan isn’t a direct lender, it’s hard to say what your APR will be. It’s up to the direct lender to set your repayment terms and interest rates, as well as any other loan fees. That said, ClearPersonalLoan does share its average APR and repayment terms. Personal loan terms range from 3 months up to 36 months, and APRs begin at an extremely competitive 5.99%, although you could end up paying up to 35.99%. There are no prepayment fees. Some ClearPersonalLoan lenders allow borrowers to choose to make payments monthly or bi-weekly, depending on what’s best for your personal situation.
Privacy & Security
Security is important to ClearPersonalLoan. All of your personal information is shared and processed through a secure server that’s protected with 256-bit SSL encryption. ClearPersonalLoan is also a member of the Online Lenders Alliance, which guarantees its compliance with high standards and anti-fraud regulations.
Help & Support
When it comes to help and support, ClearPersonalLoan could do a lot better. There is a well laid-out FAQ page, but it’s not long enough to cover all of the questions a borrower could have. There's no customer support phone number, live chat box, or even email address or webform on the website, so it's not clear how you'd get in touch for more information. It seems like the only possibility for connecting with ClearPersonalLoan is by completing the application form and waiting for someone to respond.
ClearPersonalLoan is a good choice for borrowers who are looking for fast personal loans for relatively small amounts. If your income history and credit score are good, you're likely to find very competitive rates and terms here. It's a particularly good choice if you want a loan for a more uncommon reason, which isn't accepted by other personal lenders. But it's less ideal for anyone looking for a larger loan or with a poor financial history. ClearPersonalLoan also needs to provide a way for potential borrowers to get in touch before applying.
220 Meridian Blvd.