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 packages as well as Cash Advance and Personal Loans.
Cash Converters loans start at $50 and are available for as much as $5,000. Repayment terms vary from 4 weeks to 12 months depending on how much you borrow. You’re eligible to apply for their personal loan if you’re over the age of 18.
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What are the types of personal loans from Cash Converters?
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 begin at $400 and goes up to $5,000 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. The Personal Loan is an option for more expensive emergencies that pop up, such as car repairs or large purchases and is designed to be repaid within 12 months or less.
Cash Advance Loan
The Cash Advance Loan from Cash Converters is a short-term loan that ranges from $50 up to $2,000 to be repaid within 4 to 6 weeks. This is great to use toward school fees or in a small emergency where extra funds are needed. This is a smaller loan than those offered from a bank or other lenders who deal in larger sums of money. 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.
There is also a Personal Loan product available from Cash Converters. The repayment terms are longer than the Cash advance Loan, and you can only borrow a minimum of $400 up to $2,000. Repayment terms vary up to 12 months. Bad credit borrowers as well as applicants who receive Centrelink are considered for these loans, with each loan application being judged on a case-by-case basis. After signing the contract, you could receive your loan amount within a few hours, or at the latest the next business day.
What is interest rate on Cash Converters loans?
The interest rate on Cash Converters loans is made up of a 20% establishment fee and a 4% monthly fees. There is no interest charged on the loans, but the longer you have a loan, the more fees you will pay.
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 12 months which is only offered for loans closer to the $2,000 maximum.
- Fast turn-around time. Once you are approved for a Personal Loan or other type 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 $5,000.
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 weekly payments for a new or late model car, including the annual registration, insurance, servicing, manufacturer’s warranty, tyres, and roadside assistance.
- 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-old or over and reside in Australia. Eligibility is on a case-by-case basis, but you will need to earn at least $300 per week in order to be assessed.
All personal loan applicants are subject to a credit check, but people with bad credit history are still eligible. There is also an employment check to see if you have income to repay the loan.
In order to apply for a loan you’ll need bank statements from the previous three months, a copy of your Medicare card and an 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.