Flexible Line of Credit Loans up to $10,000

A Line of Credit is an approved, pre-set credit limit that you can access when you need it, with the credit limit based on an affordability assessment. This means you will be able to redraw money from your Line of Credit when available up to your credit limit.

For example, for a $10,000 Line of Credit, you can redraw $1,000 and still have $9,000 available to redraw when you need it. As you pay back the amount that you’ve redrawn it can be redrawn again up to your credit limit, and interest is only charged on the redrawn amount.

To be eligible to apply for a Cash Converters Line of Credit, customers need to:

• Be between the ages of 18 and 79;
• Have an acceptable source of income; and
• Meet our credit checks and eligibility requirements.

A Line of Credit is from $400 - $10,000. Maximum repayment term of up to 18 or 36 months. The credit limit and repayment term you are eligible for will be based on an affordability assessment.

A redraw is simply withdrawing available funds from your Line of Credit. You can redraw as many times as you like up to your approved credit limit and minimum redraw amount. For example, if you are approved for a $10,000 Line of Credit, you can withdraw $1,000 today and have the remaining $9,000 as available credit when you need it.

Here at Cash Converters we are responsible lenders, so when you request a redraw, we undertake eligibility checks to ensure there has been no material change to your financial position. If there are material differences, your redraw request will be referred to an assessor for review. There may be some instances where a redraw is not approved.

No, we will only do a credit check on your initial application. However, on each redraw we will undertake eligibility checks to ensure there has been no material change to your financial position.

Redraw through the My Loans App and access all or part of your available credit limit. Download the My Loans App from your App Store.

The minimum redraw amount is $50 and up to the maximum of your available credit limit. For simplicity, the available credit is your credit limit less outstanding balance, rounded down to the nearest $50.

No, you won’t be able to redraw more from your credit limit if you are behind on your repayments.

Interest rates up to 48% per annum with no establishment or monthly fees. Only pay interest on the amount(s) you redraw. In the case of a missed repayment default fees apply.

Your Line of Credit repayment is calculated by taking into account the interest rate, the total credit limit available at the beginning of your loan and the maximum repayment term.

For example, if you have a credit limit of $10,000 and redraw $1,000, your repayments for the $1,000 redraw are based on the total credit limit of $10,000 but you are only charged interest on the redrawn amount of $1,000.

So, on a Line of Credit with 48% interest and a $1,000 redraw, you’d pay approximately $242.48 in fortnightly repayments to repay the $1,000 outstanding amount over approximately five fortnights. If you choose to redraw more from your available credit limit at any time your repayments will continue to be approximately $242.48.

If your credit limit is $10,000 and you redraw the full amount, you’d have approximate fortnightly repayments of $242.48 over 36 months. Figures used are for illustrative purposes only.

Yes, you are able to pay via the My Loans App, in store, or online with a debit card.

You can use a Line of Credit for just about anything – like groceries, bills, home renos, or an unexpected trip to the vet.

Yes, we will provide you with a 90-day statement every 90 days. Your transaction history is always available via the My Loans App.

There is no time limit on how long you can have a Line of Credit as long as the loan is active.

An active Line of Credit is within a 90-day period the account has received a payment, a redraw has been made, or another action has occurred.

After 90 days of inactivity your Line of Credit will be closed. If your Line of Credit is closed you will need to apply for a new Line of Credit with us and go through the eligibility and assessment criteria.

Yes, you can decrease your credit limit on your Line of Credit, by calling 13 CASH (132 274), Monday to Fridays 07:00 – 19:00 AEST.

You can apply to increase your credit limit in-store or at any time through My Loans.

Yes. Any application is subject to eligibillity criteria and Cash Converters conducting a responsible lending assesment.  

No, you are only able to have one Line of Credit product with Cash Converters at a time.

To close your Line of Credit please call us on 13 CASH (132 274) Monday to Fridays 07:00 – 19:00 AEST.

If you have any feedback regarding the product, feel free to email it to research@cashconverters.com.

A credit limit increase is an application to increase the approved credit limit on an existing Line of Credit product.

Applications for a credit limit increase are requested in-store or through My Loans.

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, you can apply for a credit limit increase at any time in-store or through My Loans.

You can apply for a credit limit increase whenever you feel the need, but keep in mind it is subject to the specified criteria.

In most cases, the processing time for a credit limit increase is between 24 to 48 hours.

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