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We’re here to help our customers make the right loan choice. There are many different and sometimes confusing loan names used by various lenders, so we’d like to help you by clearing up the confusion.

What is an unsecured loan?

When describing this loan, it’s easier to describe what a secured loan is first.

Basically, a secured loan is where the lender uses an asset of yours – such as a car, house or boat – as security. If you don’t pay back the loan, they have the right to take this asset.

This is why a secured loan generally offers slightly lower interest rates compared to unsecured loans as it offers the lender security that they’ll get their money back.

With unsecured loans, however, no asset is required. This makes it a higher risk to the lender.

At Cash Converters, we offer three types of unsecured cash loans – a Cash Advance, a Small Personal Loan and a Medium Personal loan.

Our unsecured loan options

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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

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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

 

Personal Loan options

  Small Loan Medium Loan Cash Advance
Loan Amount Up to $2,000 $2,050 - $5,000* $50 - $2,000
Loan Term 2 - 12 months 4 - 24 months 4 - 6 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 24-48 hours of approval Funds transferred to your bank within 24-48 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.

Unsecured Loan FAQs
  • How an unsecured loan works

    1. Apply

    You can apply online or go into store.

    First, tell us how much you’d like to borrow.

    It takes less than 10 minutes to apply for a small 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
    Next, we look closely at the information you’ve provided to make sure the cash loan amount not only suits your requirements but your income and expenses too.

    This includes details of why you need the unsecured cash loan, plus things like 90 days of bank statements, any existing credit card debt and a careful assessment of your living expenses. 

     

    3. Approval
    If approved, the cash is transferred directly to your nominated bank account.

  • What we need from you

    • 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.

  • Who is eligible?

    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.

 

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 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 maximum loan term is 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%.