Access up to $10,000 of available funds

With our Line of Credit product, you can access up to $10,000. You can request to redraw from an approved credit limit whenever you need it.* Plus, you can do this as many times as you like, without needing to reapply for a new loan.

If you need to access more credit you can apply to increase your approved credit limit. 

You can use your Line of Credit for just about anything – bills, home renos, or an unexpected trip to the vet. Best of all you only pay interest on the amount you use, not your entire credit limit and you can request a redraw at any time.*

   

How does our Line of Credit work?

Web Icons - Burgundy +Yellow Star burst- Cash on-the-spot.png
1. Approved

Phil is approved for a Line of Credit product with a $10,000 credit limit. Phil doesn’t wish to access the entire amount now, so he withdraws $1,000 and leaves $9,000 as his available credit for when he needs it.


2. Download and make repayments

Phil downloads the My Loans app so he can track his loan, manage his repayments and access his available credit at any time. As Phil makes his repayments, he can continue to borrow up to his approved credit limit. 

blobid1.png
3. Redraw process

Phil now decides he would like to access some of the $9,000 in available credit. Within the My Loans app, Phil requests to redraw $3,000 from his available credit.

What is a redraw?


A redraw is simply withdrawing money from your available credit, up to your approved credit limit from your Line of Credit. 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 still do eligibility checks to consider any changes to your financial position.

Redraw through the My Loans App.

Line of Credit Product Features

Web Icons - Burgundy +Yellow Star burst_Tick.png

Loan amount

Access between $400 and $10,000.

Web Icons - Burgundy +Yellow Star burst_Tick.png

Loan term

Maximum repayment period of up to 18 or 36 months. 

Web Icons - Burgundy +Yellow Star burst_Tick.png

Redraw frequency

Redraw all or part of your available credit, up to your approved credit limit as often as you choose, via My Loans.*

Web Icons - Burgundy +Yellow Star burst_Tick.png

Loan fees

Interest rate of 48% per annum with no establishment or monthly fees.

Only pay interest on the amount(s) you use.

Web Icons - Burgundy +Yellow Star burst_Tick.png

Flexible repayment

Set up flexible weekly, fortnightly or monthly repayments and make additional payments at no extra cost.

Web Icons - Burgundy +Yellow Star burst_Tick.png

Credit Limit Increase

Apply to increase your credit limit at any time via My Loans*.

We’re always here to help, if you need any further information please give us a call on 132 274.

See our TMD when deciding if this product is suitable for you.
*Subject to eligibility and lending criteria being met, personal circumstances being assessed, and available credit limit. Minimum redraw of $50. For loans between $400 and $2,000, the minimum credit limit increase is $50. For loans over $2,000, the minimum credit limit increase is $250.

Cash Converters Line of Credit FAQs

  • What is a Line of Credit?

    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.

  • How much can I get with Line of Credit?

    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.

  • What is a redraw?

    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.

  • Is redraw guaranteed?

    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.

  • Will you do a credit check on a redraw?

    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.

  • How do I redraw?

    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.

  • How much can I redraw at once?

    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.

  • What if I’ve missed a repayment, can I redraw?

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

  • What are the interest rate and fees of the Line of Credit?

    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.

  • How are repayments calculated?

    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.

  • Can I pay additional repayments?

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

  • What can I spend my Line of Credit redraw on?

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

  • Do I receive statements on my Line of Credit?

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

  • How long can I have a Line of Credit?

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

  • What is an active Line of Credit?

    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.

  • Why is my Line of Credit Closed?

    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.

  • Can I decrease my limit on my Line of Credit?

    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.

  • Can I increase my limit on my Line of Credit?

    You can apply to increase your credit limit at any time through My Loans.

  • Can I apply for other Cash Converters loan products if I have a Line of Credit?

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

  • Can I have two Lines of Credit?

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

  • How do I close my Line of Credit?

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

  • I’d like to provide product feedback, who do I tell?

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

Credit Limit Increase FAQs

  • What is a credit limit increase?

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

  • How can I apply for a credit limit increase?

    Applications for a credit limit increase are requested through 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.

  • Can I increase my credit limit at any time?

    Yes, you can apply for a credit limit increase at any time through My Loans.

  • Is there a specific waiting period before I can apply for a credit limit increase?

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

  • How much time does it take for the processing of my credit limit increase?

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

  • Will a credit limit increase impact my credit score?

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

See our general FAQs for more information about Cash Loans at Cash Converters

 

Responsible Lending

We’re responsible lenders and we want to make sure our customers are at the heart of everything we do to help find the right cash solution to make life possible.

We'll take a close look at the information and documents you provide us - including details of why you need the cash loan and how much you need to borrow, plus things like 90 days of bank statements, any existing credit card debt, and a careful assessment of your living expenses.

We do all this to ensure your cash loan is suitable, and meets your specific needs and situation to help you get on with your life.

If you have any questions about your application and how we assess, talk to one of our personal finance team members

Fee Disclosures

Our Cash Advance Loans incur a 20% Establishment Fee and a 4% monthly fee, based on the amount borrowed. For example, a small loan of $100 over 4 weeks has fees and charges totalling $24 (1 x $20 + 1 x $4), resulting in a total repayment of $124. Cash Advance Loans are only available in-store with a minimum loan term of 4 weeks. The minimum term is 4 weeks and a maximum of 20 weeks.

Our Small Personal Loans incur a 20% Establishment Fee and a 4% monthly fee, based on the amount borrowed. For example, a small loan of $1,000 over 9 months has fees and charges totalling $560 (1 x $200 + 9 x $40), resulting in a total repayment of $1,560. The minimum loan term is 2 months and a maximum of 12 months.

Our Medium Personal Loans incur a $400 establishment fee and interest at 48% per annum. For example, a medium loan of $3,000 repaid by monthly payments over 1 year would equate to a total amount payable of $4,348 (including a $400 establishment fee). The minimum loan term is 4 months and a maximum of 24 months.

Our Line of Credit product does not incur an establishment fee and interest is at 48% per annum. For example, a line of credit of $4,000 repaid by monthly payments over 3 years would equate to a total amount payable of $7,616. The maximum repayment term for a credit limit of up to $2,000 is 18 months; and the maximum repayment term for a credit limit over $2,000 is 36 months. This example has been calculated on a specified credit limit with the assumption that the debtor has drawn down the maximum amount of credit as agreed to under a contract.

Our loans are repayable in weekly, fortnightly or monthly instalments. Loans can be settled early with no penalty and fees will only be charged whilst there is an outstanding balance on the loan, hence early settlement will reduce the amount payable on the loan. Loans are subject to assessment criteria and suitability. An APR (Annual Percentage Rate) does not apply to our Cash Advance Loans or Small Personal Loans. The maximum APR on our Medium Personal Loan is 144.02% % and the maximum APR on our Line of Credit is 48%. These calculations do not account for potential additional fees and charges, such as default charges, which may be incurred.