Bad credit loans. Loans up to $10,000.

General FAQs for Cashies Loan

• What is the Cashies Loan?

  • The Cashies Loan is a continuing credit contract that gives you access to an approved credit limit. When your loan is approved, the full limit is paid to you upfront. After that, you can redraw from your available balance whenever you need, with a minimum redraw of $200 (subject to eligibility and available balance). You only pay interest on the amount you use – not your full limit.
    
    
  • The Cashies Loan is from $2,050 to $10,000.

• What is the difference between a Cashies Loan and a personal loan?

  A personal loan gives you a lump sum for a one-off amount. On the other hand, the Cashies Loan - a continuing credit contract, is a reusable loan that can be accessed on a more flexible basis, provided you meet our eligibility criteria, up to your credit limit.

• How much can I borrow?

  You can borrow from $2,050 up to $10,000 with a Cashies Loan, with a maximum credit exposure limit of $10,000 across all customer loans. For example, if you have an existing $2,000 loan with Cash Converters, the maximum limit you could apply for with a Cashies Loan would be $8,000, subject to eligibility and lending criteria.

• What can a Cashies Loan be used for?

  • The Cashies Loan could be right for you if you want to have access to a continuing credit contract to fund ongoing credit needs. The loan could be used for a number of different reasons such as car repairs, bill management (household, vet, medical), emergency expenses, and more.
    
    
  • The Cashies Loan cannot be used for debt consolidation, paying off another loan that you have with us, illegal activities, or gambling.

• How are loan repayments calculated?

  • A Cashies Loan repayment is calculated based on the total credit limit of the loan over 36 months.
    
    
  • For example, if you have a credit limit of $5,000 and redraw $1,000, the repayments for the $1,000 redraw are based on the total credit limit of $5,000 but you are only charged interest on the redrawn amount of $1,000.

• Am I eligible for the Cashies Loan?

  The Cashies Loan may be available to you if you:

  • are 18 years or over and an Australian resident;
  • earn over $600 a week with less than 50% of your weekly income coming from Centrelink;
  • are not currently bankrupt or entered into a Part 9 agreement; and
  • are are willing to provide your bank statements online.

• How long will it take for my loan to get approved and how quickly will I get the money?

  We know that getting cash fast is important to you. We typically make our decision within one business day and it can often be sooner. You can help us with this by providing us with all the information we need upfront. If your application is approved, you can get money in your bank accounts in as little as 5 minutes.

• Can I still apply for a Cashies Loan if I have a bad credit score?

  Yes, if you think that you may have ‘bad credit’ you are still eligible to apply. Credit history only forms one part of the application process and other information, such as employment and expenses, is also considered as part of the assessment.

• Can I apply for a Cashies Loan if I'm an existing Cash Converters loan customer?

  Any existing customers that do not have a Line of Credit can apply for a Cashies Loan. This includes if you have a SACC or a MACC. If you already have an existing Cash Converters Line of Credit, this is your Cashies Loan. If you would like to increase your credit limit you will need to apply for a credit limit increase.

• Can I have more than one Cashies Loan?

  No, you cannot have more than one Cashies Loan.

• Will Cash Converters check my credit history as part of the loan application process?

  Yes, we will use our credit reporting partner Equifax to check your credit history as part of your loan application. 

• Are there any hidden fees?

  We believe in being upfront. No establishment fees. No monthly account management fees. You may be charged $33, but only if you miss a payment. Sound fair?

• How is the Cashies Loan lower cost than other personal loans that Cash Converters offers?

  The Cashies Loan does not include any establishment or monthly fees.

• What do I need to apply?

  • You will need sufficient ID so that we can verify your identity.
    
    
  • We will need 90 days of bank statements that show where your income is deposited and your outgoing transactions.
    
    
  • We may also need to view Centrelink statements if this income needs to be used as part of your affordability assessment.

• What is redraw?

  A redraw is when you withdraw money from your available credit. You can redraw up to your approved credit limit. You can request a redraw as many times as you like. When you request a redraw, we won’t do another credit check, but we will consider any changes to your financial position.

• Do I need to use the redraw feature?

  The Cashies Loan is a continuing credit contract. This means it comes with an optional redraw feature. You do not have to use this feature and there is no penalty for non use.

• How does redraw work?

  • The minimum redraw amount is $200 but you can apply to redraw up to your approved credit limit.
    
    
  • You can redraw as many times as you like, as long as you have the available balance and meet our minimum redraw rules. The maximum redraw amount is your available balance up to your credit limit.

• Do I need to be re-assessed if I want to redraw?

  A full re-assessment is not done, however we will review your situation to satisfy our lending criteria.

• How do I redraw?

  Redraw is available through the My Loans app. The My Loans app can be downloaded from the App store or Google Play store.

• Can I increase my credit limit?

  Yes, you can apply for a credit limit increase in-store or via My Loans. 

• Is a credit limit increase guaranteed?

  No, an application for a credit limit increase will be assessed in the same way as a new loan application. The credit limit increase application is subject to eligibility and lending criteria being met and personal circumstances being assessed.

• Is there a credit check for credit limit increases?

  Yes, a credit limit increase application is assessed in the same way as a new loan, including undertaking a credit check and assessment.

• Can I decrease my credit limit?

  Yes, you can decrease your credit limit by emailing or calling 13 22 74, Monday to Friday 7am – 7pm AEST.