Frequently Asked Questions
What loan options do Cash Converters offer?
Cash Converters offer an unsecured Personal Loan for when you're short on cash or if you have an unexpected expense such as a car repair bill or a wedding overseas.
How can I apply for a loan?
Convenience is important and we want to make our loan products easily accessible for our customers.
Your local Cash Converters team are happy to help you apply in-store or you can choose to apply online.
How much can I borrow?
Cash Converters offer Personal Loans from $500 to $5,000. We need to make sure you can afford to repay the loan comfortably and that its suitable to meet your needs. We will never lend you more than you can afford to repay.
What is the term of my loan?
A Personal Loan has a variable loan term of 3 – 24 months.
What fees are there for Cash Converters loans?
$145 - $195 Establishment fee
This is for processing, assessing and approving your loan application, this will only be charged if your application is approved.
Loans from $500 - $1,400 incur an establishment fee of $145 and loans $1,500 and over incur an establishment fee of $195.
$4 Weekly account keeping fee
This is towards the ongoing administration costs for your loan.
$20 Variation fee
This applies if you ask us, and we agree, to change the terms of your loan agreement including changes to repayment methods and schedules.
$30 Prepayment fee
If you choose to pay the balance in full before the final date is due, an administration fee applies. This is towards the costs of finalising your loan. You will not pay this fee if you are finalising your loan as part of a new loan application with us.
$15 Final notice fee
This is payable if we need to write to you providing notice that your loan is in default and enforcement action may commence.
$13.95 Default fee
This is payable to us if a scheduled direct debit repayment is returned to us unpaid by your bank.
Debt collection fees
If you breach your loan agreement we may engage a third party to recover outstanding funds and you will be required to pay the fees charged by the third party.
How do I receive my loan?
When your loan is approved, we’ll send you an email to finalise your loan. If you accept the loan, we’ll transfer your money into your bank account within 24 hours on business days, or if you are a CashPass holder the funds will be available to use within a few minutes 7 days a week, 365 days per year.
How do I repay my loan?
It’s easy. The repayments due will be deducted from your bank account automatically on the repayment dates outlined on your loan contract – so please make sure the funds are available.
Personal Loans can be settled early for a $30 prepayment fee and interest will only be charged while there is an outstanding balance on the loan, therefore early settlement will reduce the total amount payable on the loan.
What if I have bad credit?
Having bad credit won’t rule you out from getting one of our loans. Credit checks may be performed on our Personal Loan applications, but we also look beyond just your credit history and consider your merits.
As long as you are able to demonstrate an ability to repay your loan, even with less than perfect credit history, we may be able to lend to you.
Do you contact my employer?
No, we do not contact employers.
How long does it take to get an approval?
We cannot confirm exactly how long it will take us to assess your application but rest assured our team is working hard to provide an outcome for you as quickly as we can and usually within 24 hours.
It will take less than 10 minutes of your time to apply. If we need any more information regarding your application our friendly loans team will contact you.