Lender Review: Cash Converters

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Company Brief

Small Loan: $400 to $2,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Short Term Loan 4% of the borrowed amount per month Fixed monthly fee $400 $2,000 24 hours 2 months 12 months

 

Cash Converters provide small loans to prospective borrowers ranging from $400 to $2,000 with a repayment period of 2 to 12 months. Fees included in the repayment of the loan are the monthly fee amounting to 4% of the money borrowed, and the one-time establishment fee of 20% of the loaned amount.

For example, suppose you take out a $1,000 loan for 10 months. You will need to pay an establishment fee of $200 and a monthly fee of $40 for 10 months. Your total repayment will be $1,600 with $600 payment on fees.

Medium Loan: $2,050 to $5,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan 48% fixed interest rate per annum Fixed interest rate $2,050 $5,000 24 hours 4 months 24 months

 

You can get a Medium Loan from Cash Converters ranging from $2,050 up to $5,000 with a repayment period from 4- to 24 months. Fees include a 48% fixed interest rate per annum and a flat-rate establishment fee of $400. 

As an example: If you take out a $4,000 loan with a repayment period of one year, you need to pay an establishment fee of $400 and an interest fee of $1,920. Total repayments made would be $6,320 with $2,320 in fees.

Cash Advance: $50-$2,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan 4% fixed monthly fee Fixed monthly fee $50 $2,000 Instantly 4 weeks 12 weeks

 

Another financial product from online lender Cash Converters is the Cash Advance, with loans amounts from $50 to $2,000 and repayment terms of 4 to 12 weeks. Processing fees involved include the 4% monthly fee and the 20% establishment fee.

For illustrative purposes: if you borrowed $100 in-store for 4 weeks, your total monthly fee would be $4 and an establishment fee of $20. Your total repayment after 4 weeks would be $124, with $24 made in fees.

Breakdown of all fees for each loan product

The following are the fees included in these loan options:

Small Amount Loan:

  • Establishment Fee: The establishment fees for loans amounting to $2,000 and below is set at 20% of the borrowed amount.
  • Monthly Fees: Monthly fees for small amount loans are set at 4% of the borrowed amount per month.

Medium Amount Loan

  • Establishment Fee: The one-time establishment fee for this larger loan is set at $400.
  • Interest Fees: Interest fees for Medium Amount loans are set at 48% per annum.

Cash Advance:

  • Establishment Fee: The one-time payment for a cash advance would be 20% of the borrowed amount.
  • Monthly Fees: Monthly fees for Cash Advance amount to 4% of the borrowed amount per month.

Other fees and additional charges involved across all loan options include:

  • Direct Debit Dishonour Fee: In the event that your direct debit is rejected, or a payment is missed, you will be charged a dishonour fee of $33.

Application Process

The application process for small and medium amount loans are made through the online application form or mobile app of Cash Converters called My Loans. You can also complete the loan process and get an instant decision in one of their 150 stores or make a call to their personal finance team at 13 CASH (132274). To get a loan online and in-store, you need to provide the following information and documents:

  • Personal Identification such as Driver’s License, Passport, or Medicare Card.
  • Bank Statements containing 90 days of income and expenditure transactions

 

You also need to meet the following lending criteria to be eligible for a loan:

  • Be an Australian Citizen or a permanent resident
  • With an acceptable source and level of income of at least $300 per week.
  • Holding an Australian bank account

Loan application results will be released within 24 hours from the time of the application and submission of online form. Once you receive your approval and signed your credit agreement, you will receive the proceeds of your online loans through a bank transfer the following business day.

Notable Loan Product Features

Cash Converters’ notable loan product feature is that it offers multiple means of applying for loans and faster payments disbursement. You can apply for any loan product either online or through a mobile app, in-store, and through a call. The company also extends assistance to borrowers facing difficulties in paying off loans. You may also get a discount on your loan if you pay off your loan earlier than scheduled.

The Company

Positives:

  • Flexible application process
  • Discounts on early repayments
  • Assistance to borrowers experiencing financial struggles

Negatives:

  • Reported failure to set up direct debit arrangements on some of the customer’s accounts.

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