Cash Converters Personal Loan – loan
Personal loans up to $5,000 from Cash Converters. Fast approval for Centrelink recipients and people with bad credit.
Applying does not commit you to a contract.
Properties of this loan
- Borrow $50 to $5,000
- SACC structure for loans up to $2,000
- Terms up to 12 months
- Centrelink income accepted
- Online and in-store availability
- Same-day approval possible
Cash Converters Personal Loan
Cash Converters offers personal loans from $50 up to $5,000. Loans up to $2,000 are structured as small amount credit contracts (SACCs) with the standard fee cap: 20% establishment fee and 4% monthly fee on the principal. Loans from $2,001 to $5,000 carry a $400 establishment fee and 48% interest p.a.
Cash Converters is one of the few lenders that accepts Centrelink income, provided total loan repayments are below 20% of the applicant's Centrelink payments. Applicants must be at least 18, not currently in bankruptcy or a Part 9 Debt Agreement, and not currently holding an active Cash Converters loan.
Applications can be completed online or in-store. Approval typically happens on the same business day, and funds are transferred to your bank account quickly after approval. For a $1,000 loan over 6 months, the total fees are around $440 (20% upfront plus 4% per month), making it an expensive option to use for longer than necessary.
✓ Pros
- Centrelink income accepted
- Bad credit considered
- Online and in-store applications
- Same-day approval and funding
- Nationwide store network
✗ Cons
- Very high effective interest rates
- 20% establishment fee plus 4% monthly on small loans
- 48% p.a. interest on loans over $2,000
- Only up to 12-month terms
- Not suitable as a long-term solution
Loan requirements
- ✓ At least 18 years old
- ✓ Not currently bankrupt or in Debt Agreement
- ✓ Centrelink repayments must be under 20% of payments
- ✓ No active Cash Converters loan
- ✓ Valid ID and bank account
- ✓ Proof of income
Frequently asked questions
Same business day
The minimum loan amount at Cash Converters Personal Loan is $50.