Cash Converters provides a range of short-term loans both online and in-store. These can be beneficial for unexpected bills, home repairs and more.
Pawnbroking services also exist, allowing customers to secure up to $5,000* with manageable repayment terms and fast approval.
Cash Converters loans are small amount credit contracts available throughout Australia’s store network as well as online. Regulated by the National Consumer Credit Act 2009 (NCCP Act), these personal finance solutions offer financial relief to those who require extra funds for unexpected expenses, home improvements or reaching their next goal.
Loans typically last from four weeks to 24 months and funds are disbursed within 20 minutes after approval from the lender.
Cash Converters’ most popular loan option is a payday advance. This type of short-term cash advance is usually secured against goods and salary.
People with poor credit can take advantage of this loan option, as all that’s required to secure it is an item of value to them – from a mobile phone, TV set or dishwasher to jewelry and clothing. This loan option may be suitable for people without good credit history as all that’s required is something valuable such as your mobile phone, TV set or dishwasher.
Unfortunately, payday loans may not be suitable for everyone as they can be quite costly if you need to borrow more than R400 and repayments must be made on your next pay day. That is why it’s essential to select a lender with an excellent reputation.
Additionally, borrowers should ensure they have enough income to repay the loan and that repayments won’t cause them significant financial hardship. This is because interest rates on payday loans tend to be quite high – often exceeding 400% annually according to a recent report by Consumer Action Law Centre.
Fortunately, there are ways to avoid this problem. You can start by using a loan comparison service to identify which lenders are best suited for you. This is an efficient and free way to gather all the information necessary before making your decision. Alternatively, seek assistance from a financial counsellor who can offer guidance and advice.
Cash Converters Loans provides secured personal loans that can be secured against your own assets. These loans may be used for credit building or to cover major expenses like a home renovation project.
Secured personal loans typically feature lower interest rates and larger loan amounts than their unsecured counterparts, plus they have more relaxed qualification criteria.
Secured loans typically require collateral, which the lender can seize if you fail to make your payments on time. Common examples of collateral include your home, car or other property.
These loans may carry higher interest rates than unsecured ones, but they can be an attractive option for people with poor credit or limited income. You can use these loans to build your credit, and lenders often reward you by offering you a lower interest rate than what you would find on other types of personal loans.
Receiving a secured loan is simpler than you might think. The application process is straightforward and can be done from home or the office. Many banks and credit unions offer secured personal loans, so you have plenty of choices to choose from before settling on one.
If you are having difficulty repaying a secured loan, your lender may be willing to work out an alternate payment schedule or extend your repayment term. They could even look into selling your collateral to recoup any remaining balance due.
This type of loan is ideal for people who require a larger sum of money quickly and don’t want to risk their home or other valuables. It could also be beneficial if you’re rebuilding credit after an extended period in which you were unable to pay back previous debt.
Cash Converters has made some positive changes since being investigated by the Australian Securities and Investments Commission (ASIC) in 2016 for their small-amount loan product. As a result, they have now redesigned their payday loan scheme to be more accountable, transparent, and responsible with consumers.