Cash Converters is a lender specialising in short term loans as well as pawnbroking, and the buying and selling of goods. Their short term loans begin at $50.
Cash Converters was established in 1984 as a single store by Brian Cumins and his business partners. Since then the lender has expanded to more than 150 stores throughout Australia and over 700 stores internationally. They buy and sell second-hand goods including jewellery and electronics, offer pawnbroking services, car finance as well as Cash Advance and Personal Loans.
Cash Converters loans start at $50 and are available for as much as $4,600. Repayment terms vary from 4 weeks to 24 months depending on how much you borrow. You’re eligible to apply for their personal loan if you’re over the age of 18.
- 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
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. This loan ranges from $50 to $2,000 and is repaid within 4 to 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 and benefits of a Cash Converters’ Personal Loan
- Short loan term. This means you’ll be carrying around a debt for a shorter period of time and won’t have to worry about years of budgeting to make repayments. The smaller the loan the shorter the loan term can be. The longest available loan term through this lender is 24 months which is only offered for loans closer to the $4,600 maximum.
- Fast turnaround time. Once you are approved for a Personal Loan or other types of loan from this lender you’ll receive your money quickly. On average, borrowed money is transferred to your bank account within 24 to 48 hours. Smaller Cash Advance Loans are available sooner if you bank with a major firm.
- Small loan amounts. Sometimes you don’t need as large a loan amount as is being offered. This is when these Personal Loans from Cash Converters come in handy. You can get a personal loan for as little as $400, which will save you money on repayments as well as time on the loan. This is an option for small issues that pop up at a moment’s notice. The maximum amount to borrow through Cash Converters’ personal loan is $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 you to get cash by using valuable items as collateral. Instead of outright selling your items you can 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. You 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. Simply bring in your quality items in good condition along with 100 points of identification and you can get cash for the item.
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. The lender requires all applicants to be 18 years or over and reside in Australia. You also need to have been employed for at least 3 months. Eligibility is on a case-by-case basis, but you will need to earn at least $300 per week in order to be assessed.
In order to apply for a loan, you’ll need to have 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 you apply the company will run the necessary credit and employment checks. If everything is approved the money will be transferred to your account.