Apply for a cash loan, up to $5,000*, even if you have bad credit
Concerned you can’t get a cash loan when you think you’ve got bad credit? We understand there are many reasons that can contribute to a poor credit score and that every situation is unique.
If you apply for a cash loan with bad credit with us, Cash Converters will assess your loan application based on your financial circumstances at the time of application. We consider a variety of factors when approving a cash loan application such as your current income and ability to afford repayments over time.
Just in 2022 alone, we approved over 255,000 loans to Australian customers with varying financial situations.
Depending on your circumstances and needs, you could be approved for a personal loan even if you think you have bad credit for up to $5,000* today! You can apply online or in-store. Filling in the application form only takes minutes, and once approved you can have the funds transferred to your account within 24 hours.
Not sure that a personal loan is right for you?
At Cash Converters, we understand that taking out a personal loan may not be the best option for everyone, and we recommend that you explore all the options on offer at Cash Converters that is most suitable for you. For example, a small loan with interest may not be what you’re looking for, but selling your unwanted items for cash on the spot could be a better alternative.
If you have questions about whether a Cash Converters loan is right for you, come in-store and talk to our friendly staff memebers, or call us on 13 CASH (132 274).
Discover our Personal Loans for Bad Credit options
Cash Advance
Walk into a store and walk out with up to $2,000 in your pocket. Simply make repayments over 4 to 20 weeks.
Small Loan
Apply in-store or online for up
to $2,000 over a 2 to 12 month
term.
Medium Loan
Apply in-store or online for between
$2,050 and $5,000,* over a 4
to 24 month term.
Personal Loan options
| Medium Loan | Small Loan | Cash Advance | PayAdvance | |
|---|---|---|---|---|
| Loan Amount | $2,050 - $5,000* | $400 to $2,000 | $50 - $2,000 | Up to $150 |
| Loan Term | 4 - 24 months | 2 - 12 months | 4 - 20 weeks | Pay back the PayAdvance over one or two pay cycles |
| How do I apply? | Apply online or in-store | Apply online or in-store | Apply in-store only | Apply via the MyLoans app |
| Method of Payment | Funds transferred to your bank within 24 hours of approval | Funds transferred to your bank within 24 hours of approval | Cash on the spot in-store | Funds tranferred to your bank straight away |
| Fees | $400 establishment fee* and 48% per annum | 20% establishment fee and 4% flat monthly fee | 20% establishment fee and 4% flat monthly fee | 5% fixed fee |
| Apply Now | Apply Now | Find a store | More info | |
*Deposit into bank account up to a maximum of $4,600, due to the establishment fee being financed under MACC loan
Please see our Target Market Determination for more details.
Personal Loan options
| Medium Loan | Small Loan | |||
|---|---|---|---|---|
| Loan Amount | $2,050 - $5,000* | $400 to $2,000 | ||
| Loan Term | 4 - 24 months | 2 - 12 months | ||
| How do I apply? | Apply online or in-store | Apply online or in-store | ||
| Method of Payment |
Funds transferred to your bank within 24 hours of approval |
Funds transferred to your bank within 24 hours of approval | ||
| Fees | $400 establishment fee* and 48% per annum | 20% establishment fee and 4% flat monthly fee | ||
| Cash Advance | Pay Advance | |||
|---|---|---|---|---|
| Loan Amount | $50 - $2,000 | 25% of your income or up to $100 | ||
| Loan Term | 4 - 12 weeks | Pay back the PayAdvance over one or two pay cycles | ||
| How do I apply? | Apply in-store only | Apply via the MyLoans App | ||
| Method of Payment | On the spot cash in-store | Funds tranferred to your bank straight away | ||
| Fees | 20% establishment fee and flat monthly fee | 5% fixed fee | ||
| Find a store | More info | |||
Please see our Target Market Determination for more details.
*Deposit into bank account up to a maximum of $4,600, due to the establishment fee being financed under MACC loan
Bad Credit Loan FAQs
-
I think I have a poor credit score, can I apply for a Personal Loan at Cash Converters?
Our Cash Advance Loans do not take your credit history into account and won't affect your credit score.
If you are considering applying for a Small or Medium Loan, you could still be eligible.
Although a good credit score will improve your chances of approval, we understand that people go through rough patches in life. That’s why our loans make getting on with life possible in a lot of circumstances. Even if your credit score isn’t as high as you would like, we can still consider your application and assess it based on your current financial circumstances, as we consider a variety of factors when approving a cash loan application.
-
What is the process to apply for a personal loan if you think you have bad credit?
1. Apply
It takes less than 10 minutes to apply for a cash loan online using your computer, smartphone or tablet. You can also visit your local Cashies store to apply in person and chat to one of our friendly staff members.2. Check and confirm
We'll validate the information that you have submitted to make sure we’re lending you the right amount and it meets your needs.3. Approval
If approved, the cash is transferred directly to your nominated bank account. -
What we need from you when you apply for a Personal Loan
- Access to the latest 90 days of your bank account transaction history for the account your income is deposited into (you don't need to print these out, you just need to login to your internet banking when applying online or in-store).
- Identification details (Like a Drivers licence).
- A current Income Statement if you receive a Centrelink payment.
For more information view our Frequently Asked Questions. -
How much can I borrow if I choose to apply for a Cash Advance, Small Loan or Medium Loan?
With our Cash Advance you can borrow any amount from $50 to $2,000 and the repayment period is 4 to 20 weeks.
With our Small Loan, you can borrow any amount from $400 to $2,000 and the repayment period is 2 to 12 months.
With our Medium Loan, you can borrow any amount from $2,050 to $5,000* with a repayment period of 4 to 24 months. -
Am I eligible for a cash loan if I think I have bad credit?
Our team will assess your loan application based on your financial circumstances at the time of application.
You'll also need to meet the following criteria:
1. I’m an Australian Resident
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.2. I’m over the age of 18
To be eligible to apply for a Cash Loan, you must be over the age of 18 years old.3. I’m not currently in bankruptcy or a Part 9 Debt Agreement
If you are currently in a Part 9 Debt Agreement or currently in bankruptcy we are unable to process your loan application. However, if you have previously been in a Part 9 Debt Agreement which has been successfully discharged, we will assess your application on your current situation.4. What if I'm receiving Centrelink payments?
If you are receiving Centrelink payments you could qualify for a Cash Converters loan.5. I have taken out two small loans* in the last 90 days, can I still apply?
If you have had two or more small loans within a 90 day period, you may still be eligible to apply based on affordability and your individual financial circumstances.
6. What if I have existing small loans?
If you have existing small loans you could still qualify for a Cash Converters loan, however your total repayments for all your small loans can’t be more than 10% of your net income.*A small loan is a loan up to the value of $2,000 with a repayment period of 16 days to 1 year.
-
What can a Cash Loan for people who think they have bad credit be used for?
Life emergencies spare no one. Whether you get a Small Loan or a Medium Loan, you can use the money in any way to help you sort out your financial situation. Here are some of the ways our customers use the money they receive from a Personal Loan:
- Small medical emergency bills
- Small dental bills
- House bonds
- Moving house cost
- Urgent house repairs
- Urgent car repairs or parts replacements
- Urgent white good repairs like your fridge, washing machine or heaters
- Back to school expenditures like school uniforms, books or activities
- Vet bills
- Other approved personal reasons
Need help? Get in touch today
Call us
Give us a call on 13 CASH (132 274).
Mon to Fri: 9:00am to 7:00pm AEST
Contact us
Complete our online form and we'll get back to you shortly. Or, get in touch with your local store
Email us
Send us an email and we'll get back to you as soon as we can
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 borrowed over 1 year would equate to a total amount payable on average of $4,258 (including a $400 establishment fee). The minimum loan term is 4 months and a maximum of 24 months.
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%.
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