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Maximum charges: 20% Establishment fee and 4% monthly fee (Comparison rate 199.43%) based on $1000 repaid over 6 months. Illustrative example: Loan amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly instalments of $57.60. Maximum charges: 20% Establishment Fee & 4% Monthly Fee. In comparison rate terms, the maximum comparison rate may be as high as 199.43%.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. The information on this web page is general information. The information does not take into account your objectives, financial situation or needs. Credit criteria, fees, charges, terms and conditions apply. Products and rates displayed are subject to the individual borrower's credit assessment. Examples only provide an estimate and are used for illustrative purposes only, not an offer for credit. The amount you can borrow, the interest rate and fees you receive along the product you qualify for may vary.
Viva Payday Loans > Cash Converters

Cash Converters

Cash Converters is a loan provider in Australia with cash loans from $50 all the way up to $5,000. It operates more than 150 stores in Australia, and also acts as a marketplace for second-hand products. Customers can apply for a loan both online as well as in-store. 

Key Features

There are three types of loans available at Cash Converters. 

Cash Advance Loans

Cash Advance loans being provided by Cash Converters have the following features:

  1. The loan amount spans between $100-$2,000.
  2. Loans can be taken out for a period between 4-6 weeks. 
  3. The application must be made in-store. 

Small Personal Loans

The small personal loans being offered by Cash Converters provide:

  1. Loan amounts in between $400-$2,000
  2. A loan term that can be as short as 2 months and as long as 12 months
  3. An application that can be filed both in-store as well as online
  4. Funds very quickly, possibly within 20 minutes of approval. 

Medium Personal Loans

The medium personal loans are suitable for lenders who are looking for an amount higher than $2,000. At Cash Converters, the following features apply to medium personal loans:

  1. Loans fall between $2,050-$5,000 range, although the maximum deposit in the bank would be $4,600 since the establishment fee of $400 is included in the loan amount and not given out to the borrower. 
  2. Loans are given out for a term between 4-24 months long. 
  3. The application can be filed both in-store and online. 
  4. Funds can be processed in under 20 minutes after the lender has approved a loan. 

How Much Does A Cash Converters Loan Cost?

Cash Converters apply costs on a loan depending upon its type. 

Both the Cash Advance and Small Personal Loans are charged an establishment fee of 20% and a monthly fee of 4%. For Medium Personal Loans, the lender charges a fixed establishment fee of $400 and interest at a rate of the maximum allowed 48%, which makes an APR of 217.49%. Also, the $400 establishment fee is built into the loan, so borrowers pay interest on the establishment fee as well, but don’t have to pay an upfront establishment fee out of pocket. 

Cash Converters do not charge any fees in case the borrower wishes to repay the loan earlier than the due payment date, which is called an early settlement. 

Hence, borrowers can expect to pay the following total in case they opt for a loan with Cash Converters. 

Loan Type Loan Amount Loan Term Total Repayment
Cash Advance Loan $1,000 6 weeks $1,260
Small personal loan $1,500 12 months $2,520
Medium personal loan $2,500 ($2,900 with establishment fee) 12 months $3,672
Medium personal loan $4,600 ($5,000 with establishment fee)  24 months $7,800

Pros and Cons

The loan products and services being offered by Cash Converters have the following pros:

  1. Loans as low as $100 (in-store) and $400 (online and in-store) are available.
  2. Fast processing times. Cash Advance loans may be approved and disbursed on the same day that the application is filed. For Small and Medium Personal loans, the loan amount can be disbursed in under 20 minutes after the lender has approved the loan. 
  3. Customers with a bad credit score may also apply as the lender has various loan options.
  4. Medium loans come with an establishment fee built-in. This makes it easier for people to take out a loan even if they don’t have enough funds to pay the upfront establishment fee. 
  5. The lender allows loan terms of up to 2 years on a medium loan. 
  6. Early repayments are allowed with no additional fees. 

The loan services being provided by Cash Converters have the following cons:

  1. Charging the maximum rates as allowed by law on all loan categories. 
  2. The establishment fee included in the loan amount under a medium loan makes the loan more expensive. 


Do I need employment to qualify for a Cash Converters loan?

Yes, your income must come from regular employment. However, unemployed applicants on Centrelink payments may also qualify for a loan in a few cases. 

Does Cash Converters accept borrowers with a bad credit score?

Yes, Cash Converters views all applications holistically, and recent financial circumstances are more important compared to historic credit scores. 

Does Cash Converters perform a credit check?

Yes, the lender performs a credit check and this will become part of your credit file. However, this is done for personal loans only. 

Do I need any documents to apply for a Cash Converters loan?

Cash Converters requires borrowers to submit bank statements for the past 3 months, of all banks receiving income and making expenses. 

Eligibility Criteria

The following eligibility criteria are followed by Cash Converters. Applicants must:

  1. Be a resident of Australia, however, non-residents are eligible for a cash advance. 
  2. Be over 18 years of age
  3. Must not be currently in a state of bankruptcy or a Part 9 debt agreement. However, those with a now discharged Part 9 debt agreement are still eligible to apply. 
  4. Must not apply for a loan that results in regular loan repayment of more than 20% of their income coming from Centrelink. 
  5. Must prove sufficient affordability to qualify for a loan. 

Tip: Although Cash Converters does not explicitly specify the income required to qualify for a small or medium loan, applicants should be making more than $300 per week to apply for a small loan and above $750 per week to apply for a medium loan, both after-tax. 

Customer Support

The lender has multiple ways you can approach its customer service. The first way is by filling a form, which the lender promises to respond within 3 business days. Another way is by paying a visit to any of the lender’s 150+ locations around Australia. For any personal finance matters, customers can call 132 274 or send an email at [email protected]. In case of any complaints, customers can write an email to [email protected]

Application Process

To apply for a loan, please follow these steps.

Step 1 – Finding the application form

To apply for a Cash Advance loan, borrowers need to pay a visit to any Cash Converter store in Australia. The nearest store can be found by clicking on the Find a Store button, as shown in the image above. In case you wish to apply for a small or medium loan, this can also be done in-store. However, you can also apply for a small or medium loan online by clicking on the Apply Online button. 

Step 2 – Submitting the application form

submitting cash converters application loan form

The store support staff will guide you through the application process. In case you are applying online, the online application form, as shown above, is also self-explanatory. You need to provide all the information as requested and submit the form. 

Step 3 – Approval decision and disbursement

Once a loan application has been approved, which may take up to two business days for a small and medium loan and as soon as a few minutes for a cash advance loan, borrowers would receive the loan within minutes of approval.