Apply online, borrow up to $4,600 and get the funds deposited into your account within 48 hours of approval.
Are you looking for a simple, straightforward personal loan to help you cover an urgent or unexpected expense? The Cash Converters Medium Personal Loan allows you to apply for between $2,050 and $4,600, and then pay the amount back over a term of up to 24 months. An easy online application and approval process means the funds could be in your bank account within 48 hours after you've been approved, while early repayment flexibility allows you to pay the loan off sooner without incurring any extra fees.
|Min Loan Amount||$2,050|
|Max. Loan Amount||$4,600|
|Loan Term||Up to 24 months|
|Turnaround Time||24 - 48 hours|
|Costs||$400 (establishment fee; financed under loan) + 48% p.a. interest|
How does a Cash Converters Medium Personal Loan work?
The Medium Personal Loan is a Medium Amount Credit Contract that allows you to borrow between $2,050 and $4,600. You will need to repay the money you borrow, along with loan fees and interest charges, over a loan term of up to 24 months. However, there is no fee for making additional repayments, so you can pay your loan off early if you wish.
You can apply for a Medium Personal Loan online via the Cash Converters website. If you meet the eligibility criteria and your application is successful, Cash Converters can deposit the money you need into your bank account within 48 hours from the time you're approved.
Features of a loan from Cash Converters
- Loans from $2,050 to $4,600. If your application for a Cash Converters Medium Personal Loan is approved, you can borrow up to $4,600 to meet your finance requirements.
- Loan terms from 4 months to 24 months. Loan terms for the Medium Personal Loan are up to 24 months. However, a default term of nine months applies to online loan applications.
- Flexible repayment schedules. You can repay the money you borrow on a weekly, fortnightly or monthly basis, whichever suits your income and budget.
- Early repayment allowed. You can repay this loan ahead of schedule without incurring any additional fees and charges. Also, the loan’s ongoing fee only applies while there is an outstanding balance remaining, so settling early will reduce the total amount you have to pay.
- Fast online application. The application for a Cash Converters Medium Personal Loan can be completed online, and the entire process is paperless.
- Bad-credit borrowers able to apply. Even if you have a bad credit history, you’re still eligible to apply for this loan. In addition to your credit history, Cash Converters will assess your income, employment and ongoing expenses when deciding whether to approve your application.
- Loans approved within 24-48 hours. If your application is successful, Cash Converters can deposit the funds you borrow into your account within 48 hours of you submitting your application.
Fees and charges
Medium Personal Loans from Cash Converters incur an establishment fee of $400, which is financed under the loan, and interest is charged at an annual cost rate of 48%.
It’s also important to be aware that if you are late making a repayment towards your loan, a dishonour fee of $33 applies.
Are you eligible for a Cash Converters Medium Personal Loan?
To be eligible for this loan, you need to meet a few simple criteria. You must:
- Be at least 18 years of age
- Be an Australian resident
- Earn over $750 per week (after tax)
- Have been in your current employment for at least three months
If your income is from Centrelink, Cash Converters will assess your application to determine whether you can afford to repay the loan.
How to apply
You can apply for a Cash Converters Medium Personal Loan online via your computer, smartphone or tablet. Simply click on the “Go to site” link on this page to be redirected to the Cash Converters website where you can start an application.
During the application process, you will need to provide the following information:
- Your name, address, date of birth and contact details
- 100 points of identification (ID requirements vary from state to state to check so check the Cash Converters website before you apply)
- Bank statements for the past 90 days (these are accessed securely using your Internet banking logins)
- Information about your employment, income and expenses
- Your desired loan amount and the loan purpose
Once you have submitted all the necessary documents, Cash Converters will review your application within 24 business hours. If they approve your application, they will deposit the funds into your nominated bank account at some stage during the next business day.
If you’re looking for a straightforward personal loan to help you meet an important financial need, the Cash Converters Medium Personal Loan is worth a closer look. Compare it with a range of similar loans to decide whether it’s the right loan to suit your financial circumstances.