Frequently asked questions about Cash Converters' personal finance:
To apply for a Personal Loan, you need to be an Australian resident. Non-resident Australians can apply for a Cash Advance loan in-store.
Yes, you do need to be working or if your income is from Centrelink, as a responsible lender, Cash Converters will review the application to determine whether you’ll be able to repay the loan.
Yes, you are still eligible to apply. Credit history only forms one part of the applications process and other information, such as employment and expenses, is also considered as part of the assessment.
If you are currently in a part 9 debt agreement we are unable to process your loan application. However, if you have previously been in a part 9 debt agreement, we will assess your application based on your current situation.
People receiving Centrelink payments can qualify for a Cash Converters loan, however your total repayments for all of your loans can't be more than 20% of your Centrelink income. For example, if you receive more than $410 fortnightly, you are eligible to apply for a 6 week Cash Advance. If you receive more than $600 fortnightly, then you are eligible to apply for a Personal Loan with a default repayment period of 9 months (though flexible loan terms may be available upon assessment).
Step 1 - Visit www.cashconverters.com.au/myloans and click register to create a Cashies Login
Step 2 - Enter the verification code sent to your email (if applicable)
Step 3 - Follow the prompts to complete your registration
Step 4 – Log into My Loans, either from the Cash Converters home page or by using the Cash Converters My Loans App available from Apple and Android app stores.
Step 5 - Click ‘Link your loans’ and provide the requested information to add your loans to your My Loans Dashboard. If you are having trouble registering with My Loans, please call 13 22 74 or visit your local store for assistance.
Yes! There is no limit.
Yes! You can download the Cash Converters My Loans app on Apple and Android devices.
This means that your information meets our basic criteria and your application will proceed to an assessor to determine the most suitable outcome for your application.
We do credit checks for Personal Loan applications only, this will leave a general finance inquiry on your credit file. However, as long as your current financial situation is stable, we will consider your loan application.
Dependent on your current employment situation, we may be required to do an employment check. Your employer may request a Signed Privacy Act from us before they will disclose any of your employment information to us directly.
To enable your loan application to be assessed, you are required to provide 90 days of bank statements (up to today’s date). The bank statements must relate to the bank account where your income is deposited and where all of your transactions take place (this may be more than one bank account).
Unfortunately, if you don’t have online banking, we won’t be able to process your loan application. Please speak to your bank if you would like to set up online banking or come into our stores to discuss the range of other options available to you. Most banks are compatible with our system.
Once approved, the funds for your Personal Loan will be in your account at some point during the next business day.
We have recently gone 100% paperless and now use CC Statement to access all of our customers’ bank statements and Centrelink statements. It collects your information directly and securely from your internet banking and automatically sends the required 90 days of bank statements to Cash Converters.
If your direct debit is declined, or a payment by salary deduction or by cheque is dishonoured and this results in a repayment not being made by the due date, you will be charged a dishonor fee of $33.
If you are experiencing any difficulty in making your repayments, please call 13 CASH (132274) to discuss further.
If you have applied online previously, simply select ‘yes’ when prompted after selecting your loan term and your previous details will be recognised.
If you applied online call 13 CASH (132274), or email email@example.com. Otherwise contact the store where you applied for your loan, to find out your remaining balance. Use the store locator to find their contact details.
We assess every application individually and based upon its suitability and affordability. If you have multiple loans, this might affect the outcome of your loan application. To find out if you are eligible for another loan, you can contact the store that approved your current loan or for online customers call 13CASH or email firstname.lastname@example.org.
A SACC is a Small Amount Credit Contract which is defined in the National Consumer Credit Protection Act (NCCP Act) as being a loan amount of no more than $2000, set up to be repaid over a term of not less than 16 days and not more than one year. Our small loans fall under this category.
A MACC is a Medium Amount Credit Contract which is defined in the National Consumer Credit Protection Act (NCCP Act) as a loan, which may vary in length from 16 days to 2 years. This type of loan can be from $2050 to $5000.
Direct Debits are scheduled for your pay dates. If you would like to pay your loan out sooner than your scheduled repayments, you may be entitled to a discount. Please call 13 CASH (132274) or email email@example.com.