Cash Converters vs MoneyMe

Feature	Cash Converters	MoneyMe
How much can you borrow?	$50 to $4,600	$500 to $50,000
How long do you have to repay?	4 weeks to 24 months	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 5 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): $295(establishment fee) + 6.25-19.95% p.a. interest Personal loans ($5,001–$10,000): from $295 to $495
Do they have a prepaid card?	Yes	No
Can you pay off the loan early?
Want to apply?	Review and apply	Review and apply

What else do you need to compare?

How the loans work

• Cash Converters. Cash Converters offers a few different types of loans. Its cash advance is a small loan under $2,000 that can be applied for in-store. The cash advance has a short loan term of up to 12 weeks. You can also apply for a small personal loan between $400 and $2,000 with terms up to 12 months. A medium personal loan up to $4,600 with terms 2 to 24 months is also available.
• MoneyMe. You can apply for between $500 and $50,000. Loan terms and costs depend on how much you are approved for.

Eligibility criteria

• Cash Converters. You need to be over the age of 18 and earning a regular income. If you receive Centrelink you can still be considered for a loan if your loan repayments will not take more than 20% of your Centrelink income. You cannot be currently bankrupt or under a Part 9 Debt Agreement, but if you were previously under a Part 9 you can still be considered for a loan.
• MoneyMe. To be eligible for a loan with MoneyMe you need to be over the age of 18, an Australian resident, employed and have a decent credit history.

How you apply for the loan

• Cash Converters. You can only apply for a cash advance in-store, but you're able to apply for a Cash Converters personal loan online or in-store. The online application doesn't take long to complete and if you're approved, you'll receive your funds the following business day. If you apply in-store you will receive your loan as soon as you are approved.
• MoneyMe. MoneyMe accepts online applications and the process takes about five minutes to complete. It can usually give an instant decision but may take longer in some instances. If you are approved, you can receive your funds within the hour depending on who you bank with and if you apply during business hours.

The repayment flexibility

• Cash Converters. Your repayments will be by direct debit on the date you receive your pay. You can make additional repayments or repay your loan early and you might even be entitled to a discount.
• MoneyMe. You're able to change your payment date (if it is within your loan term) as long as you request it from MoneyMe one business day before the payment is scheduled. You can also make additional payments and repay your loan early and no fees will apply.

The costs for a late repayment

• Cash Converters. There is a direct debit dishonour fee of $33 if a failed direct debit results in your repayment being late.
• MoneyMe. If your direct debit payment is dishonoured and you have a small loan, you will be charged $25. The fee is $15 if you have a personal loan. You will be charged a late fee of $5 per day on small loans if you go over the agreed loan term and you'll be charged $15 per day on personal loans if you defer payments more than five days.

Final verdict

MoneyMe offers a larger loan amount (up to $2,000) and longer loan terms. The interest rates also depend on your risk grade, so if you are determined to be a lower risk you can get a better-priced loan. However, if you have any bad credit listings on your credit report you are unlikely to be approved or you may receive an uncompetitive rate.

Cash Converters does not offer a convenient application for smaller loan amounts (you need to apply in-store for cash advance loans) and the costs are not as competitive as MoneyMe can be. However, Cash Converters offers a few different loan options and depending on the loan you choose, terms can extend up to up to 12 months. You can also be approved if you have bad credit.

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