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.
Our Personal Loans are available in-store, online and on our convenient mobile app.
How much can I borrow?
Cash Converters offer Personal Loans from $500 to $5,000. What we can lend you is based on some affordability calculations to ensure that you can afford to repay the loan comfortably. 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?
For our Personal Loans (available online, in-store and on our mobile app), once your application has been approved the funds are then transferred into your bank account. You will receive these funds within 24 hours on business days.
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.
You can also make cash or eftpos payments across the counter in any of our stores.
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?
We may need to check your employment details unless it is clear to us from the documents that your employment and income is ongoing.
Contacting your employer is the easiest and fastest way for us to process your application. We do not discuss any details about your loan application with your employer.
How long does it take to get an approval?
If applying for a Personal Loan in-store, online or on our mobile app, provided you have supplied all of the required documents, we can generally give you a decision on the same day of your application during business hours.