Cash Converters is a lender that operates online and across more than 150 stores in Australia. It specialises in buying and selling second-hand goods including jewellery and electronics, pawnbroking services, car finance as well as cash advance and personal loans. Borrowers can apply for loans between $50 and up to $4,600. Repayment terms vary from 4 weeks to 24 months depending on how much you borrow.
Use this guide to compare loans and services offered by Cash Converters as well as the fees, features and eligibility requirements that apply.
Cash Converters Personal Loan
- Bad credit borrowers OK
- Borrow up to $2,000
- Fast turn-around time
100% confidential application
Cash Converters Personal Loan
Cash Converters offers this loan from $400 that gives you up to 12 months to repay.
- Loan amount: $2,000
- Loan term: up to 12 months
- Turnaround time: Within 48 hours
- Fees: 20% establishment fee + 4% monthly fee
Compare Cash Converters Loans
⚠️ 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.
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.
How do Cash Converters loans work?
Cash Converters isn’t a typical lender as they are mainly a second-hand goods shop, but they do offer different loans for personal uses. Cash Converters Personal Loans are available from $400 to $4,600 with funds appearing in your account on the next business day. If you're looking for a smaller loan, a Cash Advance Loan starts at $50. Repayment terms vary depending on the loan you opt for.
Types of loans available from Cash Converters
- Cash advance loan. These loans can range from $50 to $2,000 and is repaid within 4-6 weeks. If you have an account with one of Australia’s major banks (ANZ, NAB, Commonwealth Bank, or Westpac) your funds are usually approved within a few hours, while those who bank with others will have their funds available the next business day.
- Medium personal loan. You can apply for between $2,050 and $4,600 with the Medium Personal Loan and pay it off within 24 months. You can apply online or in-store as long as you've been employed for 3 months and earn over per week.
- Personal loan. You can apply for a minimum of $400 and up to $2,000. Repayment terms vary up to 12 months. You can apply if you have bad credit or receive Centrelink payments and after signing the contract, you could receive your loan amount within a few hours, or at the latest the next business day.
How much will the loan cost?
For loans up to $2,000, you will be charged a 20% establishment fee and a 4% monthly fees. Loans over $2,000, for example, the Medium Personal Loan, will come with a $400 establishment fee and an annual cost rate of 48%.
Features of a Cash Converters’ Personal Loan
- Short loan term. The smaller the loan the shorter the loan term can be. The longest available loan term is 24 months which is only offered for loans closer to the $4,600 maximum.
- Turnaround time. This depends on who you're banking with. Cash Converters can send the funds within 20 minutes but it could take up to one or two business days depending on who you're banking with.
- Small loan amounts. Cash Converters offers personal loans between $400 and $4,600.
What other products does Cash Converters offer?
- Second-hand shop. Cash Converters’ second-hand shop sells a variety of goods including jewellery, electronics, sports gear and other near-new items at affordable prices. You can shop at their physical locations or through their Webshop online.
- Pawnbroking. As Australia’s largest pawnbroking service, Cash Converters allows people to get cash by using valuable items as collateral. Instead of outright selling the items, people have the option to get the item back after you pay back the small loan. All items are assessed for their worth on a case-by-case basis.
- Car finance. Cash Converters offers cars loans through its partner Green Light Auto Finance. Customers can apply for a loan up to $35,000 and flexible payment options are available.
- Buying products. Cash Converters also buys goods based on their appeal, age, and condition. People can take their quality items in good condition along with 100 points of identification and receive cash if they accept it.
How to apply for a Personal Loan from Cash Converters
When you’re looking to apply for a personal loan or any other loan from Cash Converters you’ll have to first see if you’re eligible. Applicants must be at least 18 years old, reside in Australia and have been employed for at least three months.
Eligibility is assessed on a case-by-case basis, but applicants must earn at least per week in order to be assessed.
To apply for a loan, you'll need Internet banking so Cash Converters can access your bank statements from the previous three months. You will also need 100 points of ID and online access to your income statement if you receive Centrelink payments.
Once the application is submitted, Cash Converters will run the necessary credit and employment checks. If everything is approved, the money will be transferred to the applicant's account.