Cash Converters

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.

Growth and Service Diversification

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 being 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 take 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.

Making an Effort to Help

Claiming to be “more flexible than banks”, Cash Converters does go to some effort to assist all applicants with any fast loan request.

Centerlink Restrictions

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.

In a Nutshell

  •  Loan minimum $100
  •  Loan maximum $2,000
  •  Interest rate 20% of loan amount (establishment fee) + 4% of loan amount each month
  •  Loan term minimum 30 days
  •  Loan term maximum 6 weeks
  •  Average processing time 2 hours
  •  Online application
  •  In-store application
  •  Unsecured loan option
  •  Early repayment

Cashies 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.

Eligibility & Requirements

  •  Earning a stable income
  •  Credit check
  •  Active email address
  •  Mobile
  •  Recent pay slips
  •  Bank statements

Here’s a short video about Cash Converters

Contact Details

 Visit Website


 Physical Address

  • Level 18 Citibank House, 37 St Georges Terrace, Perth, WA, 6000, Astralia