ClearAccount @


ClearAccount is a flexible loan solution that has primarily been designed to prevent overdraft charges from occurring. The brand owner is Indigo Michael Ltd who initially created in late 2010, although 2011 looks to have been the launch year. This product has been received well as seen in the feedback that has been picked up for them on Trustpilot. However, I am sure that some people may be uncomfortable with their SafetyNet credit facility that monitors your bank account and automatically tops you up in emergencies. You can freely prevent automatic deposits from being made and instead manage the account manually, but banking access is required.

If you wish to access general funds, then the credit limit granted will sit between £100 and £500. Interest is set daily at 1% and so £100 over 15 days would cost £15. This competitive pricing is aided by the fact that there are no extra fast transfer fees. You can clear the balance at any time and so you can treat this more as a short term loan product. At the same time the maximum term is set at 7 months and so instalment periods are also available. The site is equipped with secure account servicing that is essential for a service like this.

If you did switch on the protection system then this layer prevents expensive bank charges from being imposed. The ClearAccount loan reviews have been highly positive and they do use SSL security. Regardless of this, you must grant them access to your banking that might not sit too well with some applicants. This caution really stems from the brand being relatively new to the industry and they haven’t took on a trade association membership place as yet. This lender is open during weekdays only between 9am and 5pm. This product is perfect for emergency situations, but it would work out expensive when treated as a long term borrowing solution.