Cash Converters Personal Loan
If you’re in need of financing and want to be sure you’re borrowing from an established lender, you might want to consider a personal loan from Cash Converters. It’s been in the lending business since 1984, and now Cash Converters is offering a personal loan that you can conveniently apply for online.
Whether you need funds to cover an unexpected expense, you didn’t budget well enough to see you through the month or if you need to make a large purchase, Cash Converters has a loan that you might be eligible for.
|Product Name||Cash Converters Personal Loan|
|Minimum Loan Amount||$400|
|Maximum Loan Amount||$2,000|
|Loan Term||up to 12 months|
|Turnaround time||Within 48 hours|
|Costs||20% establishment fee + 4% monthly fee|
|Requirements||You must be over 18 and have a steady income of at least $300 per week|
|Available to Centre link Borrowers?||Yes|
Main points to consider about the Cash Converters Personal Loan
This loan is available for a longer term than what is on offer with similar products. You can apply for up to $2,000 and repay it over a period of up to 12 months. You’ll need to pay a fee to establish the loan and also ongoing monthly costs.
Features of the Personal Loan from Cash Converters
- Fast application. The online application process will be assessed within 24 business hours.
- Loan amount. You can apply for a loan between $400 and $2,000.
- Quick turnaround. After your loan is approved your funds will be available in your account during the next business day.
- How long you have to repay it. Repayment terms vary depending on your individual loan contract, but your loan will be repaid over a period of up to 12 months.
What fees apply?
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.
Are you eligible for a Cash Converters Personal Loan?
Each loan application is assessed by a representative from Cash Converters, who will establish your ability to repay the loan. The minimum eligibility criteria are that you are over the age of 18 and reside in Australia, whereas everything else is judged on a case-by-case basis.
- If you receive Centre link payments: You can apply if you receive Centre link payments, but what you borrow may be limited so that your repayments in any period do not exceed 25% of your gross income. This includes repayments to other lenders as well as the new loan you’re applying for from Cash Converters.
- If you’re in a Part 9 Debt Agreement: You aren’t eligible for a Cash Converters Personal Loan. However, if you have been successfully discharged from a Part 9 Debt Agreement you are able to apply.
- If you’re not an Australian resident: You’re able to apply for this product if you’re a resident or a 457 Visa holder. You aren’t eligible for the Cash Converters Personal Loan if you aren’t a resident, but you are eligible to apply for a Cash Converters Cash Advance in-store.
- If you have bad credit: Cash Converters will consider your current financial situation when you apply, but are generally more lenient than the banks when it comes to bad credit. If they see you will be able to manage your loan, your application will be considered.
- If you’re a casual employee: You need to earn at least $300 per Week in order to be assessed, but you can still apply for a Cash Converters loan.
How you can apply Cash Converters loans
You can apply for a Cash Converters Personal Loan in-store or online. Applying is easy and the form shouldn’t take longer than five minutes. To be eligible, you need to be over the age of 18 and reside in Australia. Have the following on hand to complete your application:
- Your bank account history for the last 90 days where your income is deposited into
- A copy of your Medicare card
- If you receive Centrelink payments, you’ll need a current income statement.
Once you’ve filled out the application form, Cash Converters will check the information and see if you fit their lending criteria. If you’re approved, you’ll be sent an electronic loan contract, and once you’ve signed it your loan amount will be transferred to you within Within 48 hours.
Applying for a Cash Converters personal loan online takes as little as five minutes.
What you need to apply
To apply, all you need is your mobile phone, 100 points of ID and your internet banking details. When you have these to hand, jump online and head to the Cash Converters website to start your application.
Our online loan portal means you can apply for a personal loan from the comfort of your sofa or while travelling on public transport.
Deposits within 24-48 hours
Cash Converters offers loans online from $400 up to $5,000 and funds are deposited straight to your bank account in as little as 24 to 48 hours.
Your loan is assessed as we gather some personal details to verify your identification along with details of your employment, income and expenditure. Every application is individually assessed for affordability and suitability.
Australian legislation requires we also gather the last 90 days of bank statements to assess your application. We do this online by safely and securely collecting the transaction data from your internet banking.
Our in-house system is compatible with most Australian banks and credit societies, and your internet banking details are never stored or shared with Cash Converters.
Once you have completed your loan application online, a Cash Converters customer service representative will be in touch if we require any further information.
Cash Converters loans review
If you experience any difficulties processing your application online, please call us on 13 CASH.
The usual place where I get my loan from takes out like $120 a fortnight for me to pay it off.
I talked to Cash Converters and they said if I get a loan from them they would take out like $65 a fortnight for me to pay it off – that’s half the price!
I’m tempted to get a loan from them. What are people’s experiences here with getting a loan from them?
Cash Converters loans contact
Contact Cash Converters as soon as possible. Online customers can call 1300 191 637 or email Cash Converters directly. If you’ve applied for your loan in-store