How to Manage Your Cashies Loan

The Cashies Loan is a continuing credit contract that gives you access to an approved credit limit. This flexible line of credit works as a convenient cash loan when you need access to funds.
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 available from $2,050 to $10,000.

A personal loan gives you a once-off lump sum loan amount, which you then repay over the term. On the other hand, the line of credit provided by the Cashies Loan is a reusable loan that can be accessed on a more flexible basis, provided you meet our eligibility criteria, back up to your credit limit.

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 Cash Converters 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.

No, you cannot have more than one Cashies Loan. 

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. 

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. 

The Cashies Loan does not include any establishment or monthly 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? 

If you repay your Cashies Loan and the balance is zero and you don’t use it for three months, your Cashies Loan will automatically close. This means you won’t be able to use the redraw feature anymore and you will need to reapply. 

The Cashies Loan may be available to you if you:

• are 18 years or over and an Australian resident;
• are employed and earn over $500 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 willing to provide your bank statements online.

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.

Any existing customers who do not already have a Cashies Loan can apply for one. This includes if you have a SACC or a MACC. If you already have an existing 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.

Yes, you need to be employed. To be eligible for a Cashies Loan, you need to earn over $500 a week with less than 50% of your weekly income coming from Centrelink.

Yes, if you are self-employed (sole trader, sub-contractor or  if you are an authorised officer of a Pty Ltd company), looking for a loan, and meet the eligibility criteria listed above, you might be eligible for a Cashies Loan.

Please note that depending on the type of self-employment setup you have, the application assessment might differ. 
For example, if you operate a PTY LTD business account, you must also have a personal account that you use to transfer yourself a wage into on a regular basis. There must be no business activity in the personal spending account used for the Cashies Loan application. However, if you trade from your personal spending account, there must be a clear division of business and personal activity and we will use an online pay calculator to adjust wages to account for tax and GST.

Please reach out to our Personal Finance team for any questions about your eligibility if you are self-employed.

Yes, if you are a single mother or single looking for a loan and you meet the eligibility criteria listed above, you might be eligible for a Cashies Loan.

If you are currently in a Part 9 Debt Agreement, you are not eligible for the Cashies Loan. However, if you have previously been in a Part 9 Debt Agreement, we will assess your application based on your current situation.

You can apply online, in-store, or through My Loans.

• You will need sufficient ID so that we can verify your identity. 
• You will be asked to provide 90 days of branks statements digitally through one of our trusted third‑party providers. You simply log in through their secure portal, authorise them to access your online banking, and they retrieve the statements for us.
• We may also need to view Centrelink statements if this income needs to be used as part of your affordability assessment.

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 may get money in your bank account in as little as 5 minutes.

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

Depending on your current employment situation, we may need to do an employment check. By accepting our Privacy Policy during your application, you will have provided authority for us to obtain this information from your employer. We may need to provide a copy of this authorisation to your employer if they request it.

During the application, you will be asked to provide 90 days of branks statements digitally through one of our trusted third‑party providers. You simply log in through their secure portal, authorise them to access your online banking, and they retrieve the statements for us.

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 head into one of our stores to discuss other options available to you. Most banks are compatible with our system.

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.

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.

You do not have to use the redraw feature and there is no penalty when you don’t. The Cashies Loan is a continuing credit contract. This means it comes with an optional redraw feature.

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

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

From there you can;

1.    Go to your Dashboard in the My Loans app
2.    Select your Cashies Loan
3.    Select redraw
4.    Follow the prompts 

If your redraw is approved, you could get money in your bank account in as little as 5 minutes. 

Yes, as long as your Cashies Loan is still open. If your loan stays at a zero balance for three months, it will automatically close, but until then you can redraw from your available balance through the My Loans app.  Once you redraw, your regular repayments will start again.

A credit limit increase is an increase to the original credit limit you applied for. Cash Converters will never increase your credit limit without your request do so. You can apply for an increase to your credit limit and your application will be treated in the same way as a new loan application and our lending criteria will apply. 

You can apply for a credit limit increase in-store or through My Loans.  

From there you can;

1.    Go to your Dashboard in My Loans
2.    Select your Cashies Loan
3.    Select change credit limit
4.    Follow the prompts 

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. 

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

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

Download the Cash Converters My Loans App. Within the App you will be able to keep track and manage your loan repayments as well as request any redraws that you need. 

Yes, you will be provided with a statement every 90 days via email or post if you don’t have an email address. Your transaction history is always available via the My Loans App. 

You can login to My Loans and view your Cashies Loan balance at any time 24/7.

Direct debits are scheduled for your pay date. 

Yes, you can make additional payments via the My Loans app, online with a debit card or in-store with a debit card or in cash.

No, there are no fees if you repay the loan early. 

If you are experiencing any difficulty in making repayments, you should call us to discuss on 13 22 74.

If you repay your Cashies Loan and the balance is zero and you don’t use it for three months, your Cashies Loan will automatically close. This means you won’t be able to use the redraw feature anymore and you will need to reapply.

You should call us on 13 22 74

You should call 13 22 74 if you need to change your bank details.  

Yes, you can close your Cashies Loan by calling us on 13 22 74.