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.
| Feature | Cash Converters | MoneyMe |
|---|---|---|
| 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 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.
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