- Up to $35,000 in unsecured loans
- maturities from 61 days to 180 Months
- Receive loan as soon as the next business day
- Immediate Decision from lenders
- Not available in AK, NY, VT, WV, NH
| Pros | Cons |
|---|---|
| Apply to many lenders with one application | Military members cannot apply |
| Whole process takes as short as one business day | Residents from AK, NY, VT, NH and WV cannot apply |
| Lend up to $35,000 | |
| Maturity of up to 180 months (ie 15 years) |
In A Nutshell
Application and Approval Requirements
- At least 18 years old
- Have a checking account with direct deposit
- Have regular income of at least $1,000 a month
- Have fair credit for personal loans
- Must Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps, or Navy (or a dependent thereof), serving on active duty under a call or order that does not specify a period of 30 days or less
How does Clear Money Loans work?
If you are approved by one or a few lenders, you will be given the terms and conditions and if you decide to go with a particular lender, the cash will be deposited into your checking account once you have e-signed the necessary paperwork.
Types of Loans
| Loan Co | Amount | Excluded States | Not Eligible | Min Income | Credit Score |
|---|---|---|---|---|---|
| Clear Money Loans | $1,000-$35,000 | AK, NY, VT, WV, NH | Military | $1,000 | N.A. |
| Lending For Bad Credit | $100-$40,000 | N.A. | N.A. | $1,000 | N.A. |
| Zippy Loans | $100-$15,000 | NY | N.A. | N.A. | N.A. |
| Viva Loans | $100-$15,000 | NY, WV, DC | N.A. | N.A. | N.A. |
| Next Day Personal Loans | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | N.A. | N.A. |
| Life Loans | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | $1,000/m | N.A. |
| Honest Loans | $400-$50,000 | NY |
No Military Personnel No Federal Employees |
$8,000/m | N.A. |
| Red Arrow Loans | $100-$35,000 | NY, VT, WV, AK |
No Military Personnel No Benefit Income |
$800/m | >540 |
| Bad Credit Loans | $100-$10,000 | N.A. | N.A. | N.A. | N.A. |
| 24/7 Loan Pros | $1,000-$35,000 | NY, VT, WV, AK | No Military Personnel | $800/m | >540 |
| 100 Lenders | $100-$40,000 | CT, NH, WA, VT | No Military Personnel | $1,000/m | N.A. |
As you can see from the table, there are many loan aggregators that compete with Clear Money Loans. And they are quite similar (at least at first glance). Many of them restrict residents from certain states from applying. Many also do not lend to military members. In that sense, they are really similar to Clear Money Loans.
For example Lendingforbadcredit.com has lenders that lend to all 50 states and also lends to Military members. Zippy Loan is another aggregator that also lends to military members and allows residents from every state except New York to apply.
Pros
- Can borrow up to $35,000 - Clear Money Loans allow you to borrow up to $35,000. Furthermore, they offer both short term and long term personal installment loans.
- Quick Easy Application - When we applied through their website, it only took 2 minutes to fill in the application forms. You might take a longer time if you do not have your bank account and routing number handily avialable.
- Get your cash in your bank account as early as the next business day - The whole process from application to you getting your cash loan in your bank account can take as little as a business day (provided you apply during the week and not on weekends and providing the lender has no issues with your application and does not require any more information than is already provided.)
- Will lend to those on benefit income - Clear Money Loans will lend to those on benefit income although lenders will generally prefer that your income comes from a stable job.
Cons
- Does Not allow Military Members to Apply - Members of the Military cannot apply through the Clear Money Loans network and will be rejected and denied.
- Not available in AK, NY, VT, WV, NH - Residents of these 4 states are not eligible to apply.
- Requires Employers Phone Number - You have to provide your employers phone number in your application (which some of you might not be comfortable doing).
Our Take
If you are a military member or if you are come from one fo the 4 states that Clear Money Loans does not lend to, there are other aggregators that you can turn to. For example, lending for bad credit and Zippy Loans allow military members to apply and offer loans to almost every state.
To sum up, based on our evaluations and review, we give Clear Money Loans a 3.8 star rating out of 5 for it's ease of application and ability to connect you to multiple short term and longer term lenders. It's inability to lend to members of the military and restrictions from 4 states prevent us from giving it a higher rating. But if these are not your concerns, then I would not hesitate using them to get the best terms and rates for your loan.
How to apply?
Below is a screen shot of the online application form. The application form is such that you have to fill in one information at a time and then press CONTINUE and move on to the next info. On the first page, you will have to fill in how much you want to apply. I put in $5,000 (which was the maximum amount I can borrow) and hit "CONTINUE". On the second page, I put in an email address.
On the third page, I was asked to confirm my loan amount. Even though I put in $5,000 as the amount I wanted, I was only allowed to put in up to $1,000 this time round. I am not too sure why that is the case. Perhaps, I am a first time customer with a new email address in their system? I also had to put in the loan purpose. You are given the following choices: Auto Repair, Credit Card Consolidation, Debt Consolidation, Emergency Situation, Home Improvement, Major Purchase, Medical Expense, Moving and Others.
After that, you have to fill in the usual information like your name, date of birth, primary phone number, drivers license number, SSN, address.
Next, you are asked a series of "Income" information including how often you are paid, your next paydate, type of accont you have (checking or savings), how you get paid (direct deposit or paper check).
The next few pieces of information required are "Employment" Information. You will be asked to fill in your primary source of income (job or benefits), if you are in the military, employer name, net monthly income, your employer phone number. You will then be asked if you have $10,000 in unsecured debt and if you would like to have Quick Capital Cash partners contact you. I suggest you reply no to this even though Quick Capital Cash say this question has no bearing on whether your loan inquiry. You will also be asked to fill in your credit score range.
And finally you will be asked to select your bank, your bank's state, ABA routing number and account number. Once you have filled this in, you can press SUBMIT and your application will be sent and processed.
FREQUENTLY ASKED QUESTIONS
How long does the loan transaction take?
How long does the loan transaction take?
The whole process when you start your online application can take just one business day. It depends on the time of the day you apply, the accuracy of the information you provided and your eventual lender.
Is the information I share with Clear Money Loans safe?
Is the information I share with Clear Money Loans safe?
Quick Capital Cash uses 128 bit Secure Socket Layer (SSL) encryption technology for transmitting of sensitive information during application.
Will lenders in the Clear Money Loans network perform credit checks?
Will lenders in the Clear Money Loans network perform credit checks?
Most will perform credit checks.
