Who Clearly Loans Will Consider
Clearly Loans focuses on near-prime and adverse credit borrowers — those who have experienced financial difficulties in the past but who now have a manageable financial position and sufficient equity in their home. The lender considers applications from borrowers with settled defaults, CCJs, mortgage arrears history, and those who have been through a debt management plan.
The lender does not simply look at a credit score in isolation. Its underwriters assess the age and severity of adverse credit events, the borrower's current financial position, the amount of equity available, and the purpose of the loan. A borrower with a three-year-old satisfied default and strong current income may well be acceptable where a newer or unsatisfied adverse entry would give pause.
Clearly Loans is particularly suitable for borrowers looking to consolidate expensive unsecured debts — credit cards, personal loans, overdrafts — into a single secured loan at a lower monthly cost. The lender will assess whether the consolidation genuinely improves the borrower's affordability and is in their long-term interest before approving the case.
Products, LTV and Loan Amounts
Clearly Loans offers second charge mortgages for residential homeowners. Products are available on a repayment or interest-only basis, though repayment is most common for personal borrowing. Loan terms are flexible, and the lender works within a maximum loan-to-value that reflects the adverse credit profile of its borrowers — generally lower than the 85–90% LTV available to prime borrowers.
The maximum LTV available will depend on the severity of adverse credit in the application. Cleaner near-prime profiles may access higher LTVs and better rates, while cases with more significant adverse history will be assessed at lower LTVs to manage the risk. Your broker will confirm the exact product parameters available for your specific credit profile and equity position.
Loan amounts and terms are designed to be accessible to borrowers consolidating consumer debt, so the product range tends to be well suited to borrowers with moderate borrowing needs rather than very large loan amounts. For very large loans, or for borrowers with primarily commercial or BTL property, other lenders in the market may be more appropriate.
