About Cash Converters
The Cash Converters personal finance pitch has seen this company rethink its land-based model of lending against valuables and adding on an online, unsecured offer.
As the name implies, Cash Converters made its foray into business years ago along the lines of a classic pawn shop offering, whereby unwanted goods were either sold to them or pawned for a limited period of time.
Alternative credit online
With the rise of many modern bridge loan lenders, Cash Converters has entered the market as an established presence in personal finance.
Their website is well presented and covers all mandatory requirements for the extension of credit, while at the same time is thoughtfully laid out and very quick to utilise.
Apply in just 5 minutes
An average online loan application takes no more than 5 minutes. Navigation is a breeze and the company has really succeeded in putting everything eminently logically on a scroll-down landing page that is pleasing to use.
Theirs is literally a 2 -click application process although, as a slight offset to things, it generally takes around 24 hours for the funds to appear in a client’s account.
This is acceptable, however, as the amounts loaned are slightly weightier than many of its peers in the market for bridging finance.
What Cash Converters can offer you
Very usefully, Cash Converters has an explanation of various terms used to describe various short-term loans on the home page.
While perhaps of academic interest to some, it nonetheless goes a long way towards a thorough understanding of sometimes jargonised finance speak. Claiming to be “more flexible than banks”, Cash Converters does go to some effort to assist all applicants with any fast loan request.
There are certain limitations to the amount one can apply for if the majority of one’s income is derived from Centrelink.
No more than 20% of one’s income can then be employed for the purposes of loan repayments. The repayment term is generous - up to 12 months - although most clients settle a lot earlier.
Who is not eligible to apply
Potential clients who are currently in a Part 9 Debt Agreement are not eligible for a payday loan from Cash Converters.
Clients who were previously in a Part 9 Debt Agreement which has now been successfully settled are eligible, however, and as per Australian government legislation will be assessed on their current viability.
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In a Nutshell
- Average processing time 2 hours
- Online application
- In-store application
- Unsecured loan option
- Early repayment
Cash Converters find the mark with loans up to $5,000
Cash Converters will extend personal loans from $400 up to $5,000. Customers need to know, however, that there is a $200 - $400 “establishment fee” which makes smaller loans less viable and leaves one wondering a little about the given bottom and top end amounts.
A little heads up
Levying $200 to grant credit makes a smaller loan, for example, less viable and, also, clients who opt for the maximum amount need to realise that the total that will appear in their bank account will be $4,600 ($5,000 less the $ 400 fee).
A repayment period of 12 months does go some way towards offsetting this reality. There is no penalty for early settlement of a payday loan and the 12 months repayment period is both the minimum and maximum on offer. Loans are classified as either small personal loans or medium personal loans.
A simple fee structure
Upon clicking through to apply, one encounters a final drop down warning about borrowing, which is a feather in Cash Converters’ cap. There is a simple fee structure on loans and money borrowed is repaid at establishment fee + monthly interest.
Come to one of our stores
Use our store finder to find one of our stores where we will answer all of your questions and queries. We will even help you with the application or come to our store and get your cash loan upfront. All you have to do is go to the sigh that says find you’re local Cashies and it will take you to the closed branch for you. Simple and easy and quick too!
We have everything you want
We wanted to make sure that when you apply for your payday loan that you can also have some fun while browsing through our page. You can buy items and you can also sell items on our page all you have to do is log into the site and shop around and see what you like. We have lists that you can choose from jewellery and phones down to music instruments.
Flip your old phone for cash
We offer you the ability to sell your old phone to us or you can even use your phone to apply for a loan. Anything that you would like to use as collateral for your loan you can. You can also sell TVs and more all you have to do is let us Quote you on your item and we will give you a value. If you are happy you sell it.
Eligibility & Requirements
- Earning a stable income
- Credit check
- Active email address
- Recent pay slips
- Bank statements
Customer Reviews & Testimonials
Really nice to find a company that will loan you money and even give you cash for your old goods.
— Melbourne —
I went to the branch to get my payday loan and they helped me quick service and happy as can be. I recommend them to everyone.
— Perth —
Was a nice surprise to log on and find that I could purchase products straight off the site best part there are some really awesome deals.
— Brisbane —
Got the help that I needed applied for my loan and was shocked to see that my loan had been credited to my account the same day.
— Sydney —