Cash Converters

Cash Converters offer short term financial solutions. They keep it simple, meaning that you don’t have to spend too much time waiting for your loan to be approved. When you apply, your application is assessed by a person and not a computer which means that even if you don’t have a healthy credit history, you still have a good chance of a successful application.

Fact Sheet
Loan range $100 – $2000
Loan term 34 to 70 days
Turn over time 24 hours
Online application Yes
Mobile Application No
Repayment method Direct debit
Website URL cashconverters.com.au

OUR RATING

  • Website 5
  • Application 5
  • Prices 2
  • Product selection 3
  • Customer service 3

3.60

Types of loans offered

Cash Converters offer loans from $50 to $2000 and is repaid from 4 to 6 weeks. The total cost of borrowing $100 is $24 which includes 20% of the loan principle and a monthly fee of 4%. For first time borrowers, the maximum amount of money that you may be able to borrow is $600. Repeat customer can apply for loans of up to $2,000. After being approved for a Cash Converters payday loan, you will need to nominate dates when the payments are to be deducted from your account, usually by direct debit. You also have an option of making early payments to settle your loan fast.

Features

Simple to apply: Applying for a payday loan is very simple and is done online. You may use your smartphone, computer or a tablet. Application only takes around 5 minutes.

  • Fast Approval: after you have applied, you will be electronically sent a loan contract copy which you are required to sign, and then the funds are transferred to your nominated bank account. The time taken to receive the cash depends on your bank. Westpac, Commonwealth, NAB and ANZ customers will see the money in just a few hours. Other customers can expect to have their cash the following business day.
  • Secure transaction: cash Converters use secure technology to capture as well as record customer data. This means that there is no way the confidential information can be accessed by unauthorized persons.
  • Early payments: if you have money and you want to clear your loan balances early, just go ahead. You don’t have to pay at the stipulated time. If you pay earlier, it becomes cheaper on you.

Eligibility

18 year-old and above are free to apply.

  • Also, you need to be fully employed and be earning at least $1,000 every month.
  • You must be an Australian resident with current address.

Fees

Cash Converters charge an establishment fee of 20% of the amount borrowed. It is paid once only. In addition, there is also a monthly fee of 4% of borrowed money.