A guide to CashnGo's instant loans.
Maximum loan amount
1 - 3 months
Term of loan
Are you struggling financially?
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help
⚠️ Warning about Borrowing
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
How does a loan from CashnGo work?
Prospective applicants can apply for a CashnGo Loans at one of its NSW locations. First-time customers who are currently employed may be eligible for up to $600; applicants who receive Centrelink benefits can apply for up to $300 and existing CashnGo customers can apply for up to $950.
Applicants have to provide various details, including a bank account from which CashnGo will direct debit their repayments. The maximum loan length is 8 weeks. Customers are required to pay an establishment fee of 20% and a monthly fee of 4%.
Compare other payday loans
Whilst we don't compare CashnGo Instant loan directly, here are some other loans that are similar.
What features does a CashnGo Loans come with?
The following features come with a loan from CashnGo:
- Loan amounts available. Customers can apply for between $100 to $2,000 and later up to $2,000 once the first loan has been paid off in full.
- Automatic repayments. Repayments will be automatically deducted out of a nominated bank account on the day they are due. Applicants would be advised to make sure there are sufficient funds in their account before their repayment date.
- Bad credit history and Centrelink applicants considered. CashnGo performs credit checks but will not necessarily refuse loans to applicants with bad credit records. Customers are also eligible to borrow up to $300 if they receive Centrelink benefits.
What are the risks of payday loans?
- Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
- Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
- Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
- Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.
How much will the loan cost?
Consider the following fees and charges before submitting an application:
- Establishment fee: Successful applicants will pay a 20% establishment fee.
- Monthly fee: This loan also includes a 4% monthly fee.
- Late payment fees. Daily fees of $6 accrue for up to 43 days if loan customers miss their repayments. Approved applicants should get in touch with CashnGo ahead of a missed payment if they think they won't be able to make a repayment.
How to apply
To apply with CashnGo, customers need to head to a CashnGo kiosk. To find branch and kiosk locations, visit CashnGo's website. Applicants will need to meet the following eligibility criteria in order to apply:
- Be over the age of 18
- Earn a regular income
- Have the ability to meet their repayments
The following documentation and information will also be required upon application. Applicants will need:
- Their contact information
- Details regarding their employment
- Their income and expenses
- A recent bank statement (from the last 60 days) that shows their BSB and account number
- A valid photo ID
- Two recent payslips
Frequently asked questions
How much can I borrow?
Customers can borrow up to $300 if they receive Centrelink payments as income, up to $600 if they are employed and up to $950 if they are a returning customer.
I have bad credit. Can I still apply?
CashnGo does conduct checks on their applicant's credit history, but prospective applicants may still be eligible with a bad credit history.