Cash Converters Small Loan

⚠️ Warning about Borrowing

Do you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

• For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
• Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
• If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

Features of the Cash Converters Small Loan

• Fast application. Applications have a turnaround time of 24-48 hours.
• Loan amount. This loan offers amounts between $400 and $2,000.
• Quick turnaround. If your application is approved, the funds will be available in your account during the next business day.
• Repayments. Repayment terms vary depending on your individual loan contract, with periods of up to 12 months available.

What are the risks of payday loans?

• Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
• Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
• Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
• Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.

What fees apply?

Cash Converters Small Loans charge a 20% establishment fee + 4% monthly fee. The longer you take to repay the loan, the more you'll end up paying in monthly fees. If you fail to make your repayments on time, a dishonour fee of $33 applies. There are no additional daily fees and no rescheduling fees.

Cash Converters Small Loan eligibility requirements

Each loan application is subject to lending criteria and is assessed by a Cash Converters representative. Some key eligibility factors to consider include:

• Age: Applicants must be at least 18 years of age.
• Residency status:This loan is only available to residents of Australia.
• If you receive Centrelink payments:You can apply if you receive Centrelink payments, but what you borrow may be limited so that your repayments in any period do not exceed 20% of your gross income. This includes repayments to other lenders, as well as the new loan you're applying for from Cash Converters.
• If you're in a Part 9 Debt Agreement: You aren't eligible for a Cash Converters Small Loan. However, if you have been successfully discharged from a Part 9 Debt Agreement you are able to apply.
• If you have bad credit:Cash Converters will consider your current financial situation when you apply. If they see you will be able to manage your loan, your application will be considered.
• If you're a casual employee: You need to earn at least $300 per Week to apply for a Cash Converters loan.

How to apply

You can apply for a Cash Converters Small Loan in-store or online. Have the following on hand to complete your application:

• Your bank account history for the last 90 days where your income is deposited into
• A copy of your Medicare card
• If you receive Centrelink payments, you'll need a current income statement or your myGov login details

Once you've filled out the application form, Cash Converters will check the information and see if you fit their lending criteria. If you're approved, you'll be sent an electronic loan contract. Once that is signed, the approved loan amount will be transferred to you within Within 48 hours.