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Apply for a personal loan, up to $5,000*, even if you have bad credit

Concerned you can’t get a cash loan on 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 2021 alone, we approved over 218,000 loans to Australian customers with varying financial situations. 

Depending on your circumstances and needs, you could be approved for a small or medium loan even with bad credit for up to $5,000* today!  If you are considering applying, you can do so online or in-store. The easy application process and quick approval assessment will get you back on track fast. If you have questions about whether a Cash Converters loan is right for you, come in-store and talk to our friendly staff members, or phone us on 13 CASH.

Not sure if a loan is the right way for now? 

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.

 

Discover our Personal Loans for Bad Credit options

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Cash Advance

Walk into a store and walk out with up to $2,000 in your pocket. Simply make repayments over 4 to 6 weeks.

Find out more

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Small Loan

Apply in-store or online for up
to $2,000 over a 2 to 12 month
term.

Find out more

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Medium Loan

Apply in-store or online for between
$2,050 and $5,000,* over a 4
to 24 month term.

Find out more

 

Personal Loan options

  Small Loan Medium Loan Cash Advance
Loan Amount $400 to $2,000 $2,050 - $5,000* $50 - $2,000
Loan Term 2 - 12 months 4 - 24 months 4 - 12 weeks
How do I apply? Apply online or in-store Apply online or in-store Apply in-store only
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
Fees 20% establishment fee and 4% flat monthly fee $400 establishment fee* and 48% per annum 20% establishment fee and 4% flat monthly fee
  Apply Now Apply Now Find a store
 

*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.

Bad Credit Loan FAQs
  • What is the process to get a Small or Medium Loan?

    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 valiate 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 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.

  • Who is eligible for a Cash Loan?

    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, however your total repayments for all of your loans can't be more than 20% of your Centrelink income.

    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.

    *A small loan is a loan up to the value of $2,000 with a repayment period of 16 days to 1 year.

  • 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 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

    If you wanted to find out more information about our loans, talk to our personal finance team on 13 CASH (132 274), or email them. You can also visit your local store and chat to one of the friendly team to see what they can make possible for you and help you get on with the things in life that really matter.

 

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 maximum term is generally 6 weeks, however is flexible at the discretion of the store.

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%.