Cash Converters Loans

Information verified correct on April 27th, 2017

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 $100.

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 $100 and are available for as much as $2,000. 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.

Compare Cash Converters Loans

Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Product Description
Cash Converters Cash Advance Loan
4-6 weeks
Same day - conditions apply
20% of loan amount (establishment fee) + 4% of loan amount each month
Apply in-store for a Cash Advance Loan from Cash Converters
Cash Converters Personal Loan
Up to 12 months
24 - 48 hours
20% establishment fee + 4% monthly fee
Borrow cash over a longer period of time if you earn $300 a week or more.
Cash Converters Medium Personal Loan
Up to 12 months
Next business day
$400 (establishment fee; financed under loan) + 48% p.a. interest
Apply for up to $5,000 and receive your funds within 48 hours.

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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 $2,000 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 $100. 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 $100 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.

Personal Loan

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 $2,000.

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.

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48 Responses to Cash Converters Loans

  1. Default Gravatar
    Mel | February 26, 2017


    I would just like to check if you are able to apply for a loan if you are on Centrelinks Newstart payment?

    Thank you

    • Staff
      Anndy | February 26, 2017

      Hi Mel,

      Thanks for your question.

      Cash Converters accepts applicants who receive Centrelink payments.

      You may also check this page to compare other short-term lenders and banks that may consider you for a loan.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.


  2. Default Gravatar
    Margaret | December 22, 2016

    I would like to borrow $1000. How long would I have to pay it back and how much a fortnight.

    • Staff
      Anndy | December 22, 2016

      Hi Margaret,

      Thanks for reaching out.

      With Cash Converters, their personal loans can be repaid over 12 months.

      For a loan amount of $1,000 with a repayment period of say, 12 months, the average weekly repayment will be $32. You can visit Cash Converters website to get a quote for your loan amount under different repayment period.

      You may also want to consider other short-term cash loans listed here.

  3. Default Gravatar
    Nunii | October 29, 2016

    Hi there. I was wondering if I could get a loan to purchase a vehicle? I need about $4000.00 and I would like pay it back in like 3 years if that’s possible. Thanks.

    • Staff
      Jason | October 29, 2016

      Hi Nunii.

      Thank you for your inquiry.

      The maximum amount that you can borrow with Cash Converters is only $2,000. Please feel free to check out this link for a comparison of several car loan providers or lenders that may be able to cater you needs.


  4. Default Gravatar
    grace | October 28, 2016

    if i borrow 1000 how much is to be paid over 12 months

    • Staff
      Harold | October 28, 2016

      Hello Grace,

      Thanks for your questions.

      For Cash Converters Personal Loans come with a 20% establishment fee + 4% monthly fee. The longer you take to repay the loan, the more you’ll end up paying in monthly fees. If you fail to make your repayments on time, a dishonour fee of $33 applies. There are no additional daily fees and no rescheduling fees.

      I hope that helps.


  5. Default Gravatar
    Greg | October 10, 2016

    Hey guys i am an international student, getting a monthly deposit of 3000$ from back home(international transfer) I need an urgent loan to pay for a uni fee. I can pay it back in like 5 days with interest.

    • Staff
      Elizabeth | October 11, 2016

      Hi Greg,

      You’re able to apply for a cash advance from Cash Converters but you’ll need to apply in-store as you’re not a permanent resident. You can find a list of store locations on the Cash Converters website. Keep in mind your eligibility depends on a range of factors, and be prepared to show 90 days of your bank statements as well as your ID.

      Hope this helps,


  6. Default Gravatar
    Delisile | October 3, 2016

    Will u borrow me money i jus stated to work thi month?

    • Staff
      Elizabeth | October 4, 2016

      Hi Delisile,

      As long as you earn over $300 per week you can apply. As you have not been employed long, Cash Converters may call your employer to confirm your work situation.



  7. Default Gravatar
    justin | September 1, 2016

    YCan i get a $200 loan im on a disability pension

    • Staff
      Elizabeth | September 1, 2016

      Hi Justin,

      Cash Converters will consider you for a loan as long as you earn over $300 per week. Keep in mind your eligibility depends on your ability to afford the loan. You can submit your application on the Cash Converters website or at a store.

      Hope this helps,


  8. Default Gravatar
    adam | August 6, 2016

    hi team,
    i had and paid off more then 5 loans(short)&(long) to finance co,in the last 5 years.
    im on a gov.age pension can easily handle up to $125/150
    a fortnight.(government guaranteed through system ref.CBA. direct debit system.situated of that record & no default situation.
    at present im wondering what are my OPTIONS to get a personal loan of $5000 over 3y?
    Any takers…All ref. provided on request.
    thank u.

    • Staff
      Elizabeth | August 9, 2016

      Hi Adam,

      I’m unable to recommend a lender for your as it depends on your financial situation – income, debts, etc. However, you can compare lenders that consider loans for people receiving the pension on this page.

      I hope this helps,


  9. Default Gravatar
    Annie | August 2, 2016

    Do you guys have to call my employer to verify employment? Or is a bank statement or pay slips enough? Because I don’t want to have my employer contacted for privacy reasons

    • Staff
      Anndy | August 2, 2016

      Hi Annie,

      Thanks for your question.

      Please note that you have come through, a financial comparison and information service, not Cash Converters.

      As part of the verification process, Cash Converters conduct employment check to see if you have enough income to repay your loan. You can directly verify from Cash Converters how they do employment check and if it is possible for you to get approved without them calling your employer.


  10. Default Gravatar
    abby | April 27, 2016

    How do I find out how much is left owing on my loans with Cash Converters?

    • Staff
      Elizabeth | April 28, 2016

      Hi Abby,

      You’ll need to get in contact with Cash Converters to find out your loan balance. You can get its contact details by heading over to the website.

      I hope this has helped,


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