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.
|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
|How long do you have to repay?||4 weeks to 24 year||Small 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 criteria||Applicants 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?||Yes||Yes|
|How much are you charged for a late repayment?||Dishonour fee: $33||Small 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?|
|Want to apply?||Review and apply||Review and apply|
Make sure you compare all of your options before you submit your application.