Cash Converters: A Quick Loan Option?

Cash Converters offers loans in the form of personal loans, car finance, line of credit, and pawnbroking. They also offer cash advance and payday loans. Cash Converters' loan services have been criticised in the past, with one settlement including a multi-million dollar refund to customers in Australia who were granted unaffordable loans. Cash Converters' loans are secured against assets, usually items of value such as jewellery or precious metals. The loan application process involves travelling to a physical store.

Cash Converters' loan alternatives

Cash Converters provides loans in exchange for valuable items through its pawnbroking and buyback services. However, there are several Cash Converters loan alternatives that you can consider, which offer similar services with added benefits.

PaydayLoansOnline

PaydayLoansOnline is a direct lender that offers quick and transparent short-term loans that are unsecured, meaning no collateral is required. The loan application process is online, making it faster and more efficient than Cash Converters. PaydayLoansOnline offers loans ranging from £300 to £1,000, with loan durations of three to six months.

Fundo

Fundo is an alternative to Cash Converters, offering small loans starting from $500 with a fast online application process. Fundo's loans are entirely digital, and they focus on responsible lending with transparent and flexible loan terms. They provide same-day approval and funding, and there is no need to pawn or sell personal items.

CeX

CeX is an online platform that allows you to sell and buy second-hand electronics, including phones, laptops, and other gadgets. You can also trade video games and DVDs, providing a way to make money from your unwanted items without taking out a loan.

Moneyboat

Moneyboat offers a guide to Cash Converter alternatives, providing tips and options to help you exchange goods or access funds conveniently. They also provide budgeting tips and advice on saving money.

Pawnbroking and buyback services

Cash Converters provides pawnbroking and buyback services to customers. The pawnbroking service allows customers to obtain a loan by putting up an item of value as collateral. This means that Cash Converters will loan you money against any item of value, such as jewellery or precious metals. The buyback service, on the other hand, allows customers to sell their items to Cash Converters with the option to buy them back later. This service provides a quick way to raise cash without having to sell items outright. Customers can buy back their goods for a little more than what they sold them for, but less than the replacement cost. This provides a convenient option for those who need cash but do not want to permanently part with their items.

With over 180 stores across the UK, Cash Converters offers a range of borrowing solutions to suit different needs. The pawnbroking service is ideal for those who may have bad credit but own valuable items that can be used as collateral. This secured loan option provides a way to access cash even if traditional lending routes are not available. The buyback service, meanwhile, provides a similar benefit without the need for a loan. Customers can sell their valuable items and have the peace of mind that they can repurchase them later if they choose to.

The process for both services is straightforward. For pawnbroking, customers simply bring an item of value to a Cash Converters store, where it is held as collateral for a short-term loan. The loan amount can range from £1,000 to £10,000, depending on the value of the item. For the buyback service, customers sell their items to Cash Converters and receive instant cash. The item is then kept safe, giving customers the option to buy it back within a specified period.

It is important to note that late repayment of loans can lead to serious financial issues, and failure to keep up with repayments may result in the loss of goods. Therefore, it is crucial for customers to carefully consider their ability to repay any loans before engaging in pawnbroking services. Overall, Cash Converters' pawnbroking and buyback services provide flexible options for individuals seeking alternative ways to access cash, particularly those with bad credit or unique financial circumstances.

Loan application process

Cash Converters offers loans against items of value through its Pawnbroking and Buyback services. The company also offers logbook loans through Logbook Money Ltd.

To apply for a Cash Converters loan, you must be an Australian resident over 18 years old, not currently in bankruptcy or a Part 9 Debt Agreement, and meet other lending criteria depending on your situation.

You can apply for a loan online or in-store. The online application form is available 24/7 and takes about 10 minutes to complete. You will need your mobile phone and internet banking details for ID verification and to verify that you can afford the loan.

Once you have submitted your application, a customer service representative will contact you if they require any further information. If all the necessary information has been submitted, the loan verification process can take as little as 24 hours, whether you apply online or in-store.

After your loan application has been approved and the loan offer accepted, the funds will be transferred to your bank account within minutes. Direct debits will be automatically scheduled for your pay dates.

You can manage your Cash Converters loan through the My Loans app or Cash Converters online portal, where you can check the status of your loan, view due dates, make payments, and more.

Loan repayment

Cash Converters offers logbook loans through Logbook Money Ltd. The company also offers pawnbroking and buyback services, which allow customers to get a loan against their items of value.

To repay a loan from Cash Converters, you can make a Personal Loan, Pawnbroking Loan, or Buyback payment through My Loans. You can register online or download the app. Direct debit is also an option, which can help you avoid late fees and charges. However, you need to ensure that you have the money available in your account.

It is important to make timely repayments to avoid penalties and damage to your credit rating. To manage your financial commitments, you can use a budgeting or loan tracker app, which can help you understand your finances, get reminders for upcoming repayments, and keep all your loans in one place.

If you are struggling to juggle your financial commitments, you can consider combining your loans with a debt consolidation loan. However, this means signing up for another loan to pay off your debts, so it is important to carefully read over anything you're signing.

Loan fees and charges

Cash Converters offers a range of loan options, including personal loans, line of credit, and pawnbroking. The company provides cash solutions even if you have bad credit. Cash Converters' logbook loans are provided by Logbook Money Ltd. With their pawnbroking scheme, your loan is secured against an asset, usually an item of value, such as jewellery or precious metals.

Cash Converters' loan fees and charges vary depending on the type of loan you take out. Their Cash Advance Loans incur a 20% establishment fee and a 4% monthly fee, based on the amount borrowed. For example, a small loan of $100 over 4 weeks has fees and charges totalling $24 (including a $20 establishment fee and a $4 monthly fee), resulting in a total repayment of $124. These loans are only available in-store and have a minimum loan term of 4 weeks, with a maximum of 20 weeks.

Small Personal Loans from Cash Converters also incur a 20% establishment fee and a 4% monthly fee, based on the amount borrowed. For example, a small loan of $1,000 over 9 months has fees and charges totalling $560, resulting in a total repayment of $1,560. The minimum loan term for Small Personal Loans is 2 months, with a maximum of 12 months.

Medium Personal Loans from Cash Converters have a $400 establishment fee and interest at 48% per annum. For example, a medium loan of $3,000 repaid by monthly payments over 1 year would equate to a total amount payable of $4,348 (including the $400 establishment fee). The maximum APR on Medium Personal Loans is 144.02%.

It's important to note that these calculations do not include potential additional fees and charges, such as default charges, which may be incurred. Loans can be settled early with no penalty, and fees will only be charged while there is an outstanding balance.

Frequently asked questions