cash-converters-vs-moneyme

Cash Converters vs MoneyMe

Find out the best lender for you to apply with.

Need a short-term loan but not sure which lender is right for you? While many short-term loans are similar there are a few key differences to be aware of. In this table we compare the rates, fees and features of Cash Converters and MoneyMe to help you make a more informed decision.

FeatureCash ConvertersMoneyMe
How much can you borrow?$50 to $4,600$200 to $15,000
How do you apply?Cash advance: In-store only
Small or medium personal loan: Online
Online
How long do you have to repay?4 weeks to 24 yearSmall loans (under $2,000): 1 to 2 months

Medium loans ($2,001–$5,000): 3 months to 2 years

Personal loans ($5,001–$10,000): Up to 3 years

How much will the loan cost?Cash advances and small personal loans: 20% of loan amount (establishment fee) + 4% of loan amount each month

Medium personal loans: $400 (establishment fee; financed under loan) + 48% p.a. interest

Small loans (under $2,000): 11-20% of loan amount (establishment fee) + 4% of loan amount each month

Medium loans ($2,001–$5,000): $400 (application fee) + 8.99-30% p.a. interest

Personal loans ($5,001–$10,000): Establishment fee - 4 - 8% of the principal borrowed with maximum APR: 36.08%

Eligibility criteriaApplicants must be over 18 and live in Australia. For a medium personal loan, applicants must also earn at least $1,000 per week and have been in their current employment for at least three months.You must be 18+, an Australian resident and employed with a decent credit history.
How quickly is the loan funded?Same day for cash advance loans and 24–48 hours for small and medium personal loans.Applications can be approved within five minutes and MoneyMe aims to have your funds to you in one hour.
Do they have a prepaid card?YesYes
How much are you charged for a late repayment?Dishonour fee: $33Small loan payment dishonour fee: $25

Medium and personal loan payment dishonour fee: $15

Late fee: $5 charged daily

Can you pay off the loan early?
yes
yes
Want to apply?Review and applyReview and apply

Make sure you compare all of your options before you submit your application.


Picture: Shutterstock

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