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.
