Q. Do I have to be an Australian resident?
A. 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.
Q. Do I need to be working?
A. Yes, you do need to be working or if your income is from Centrelink, as a responsible lender, Cash Converters will review the application to determine whether you’ll be able to repay the loan.
Q. Can I apply if I have a bad credit history?
A. Yes, you are still eligible to apply. Credit history only forms one part of the applications process and other information, such as employment and expenses, is also considered as part of the assessment.
Q. Can I apply if I am in a Part 9 Debt Agreement?
A. If you are currently in a part 9 debt agreement we are unable to process your loan application. However, if you have previously been in a part 9 debt agreement which was successfully discharged over 12 months ago, we will assess your application on your current situation.
Q. What if the majority of my income is from Centrelink?
A. People receiving Centrelink payments can 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.
For example, if you receive more than $410 fortnightly, you are eligible to apply for a 6 week Cash Advance. If you receive more than $600 fortnightly, then you are eligible to apply for a Personal Loan with a default repayment period of 9 months (though flexible loan terms may be available upon assessment).
About my application
Q. "I am provisionally approved" What does this mean?
A. This means that your information meets our basic criteria and your application will proceed to an assessor to determine the most suitable outcome for your application.
Q. Is there a credit check?
A. We do credit checks for Personal Loan applications only, this will leave a general finance inquiry on your credit file. However, as long as your current financial situation is stable, we will consider your loan application.
Q. Is there an employment check?
A. Dependent on your current employment situation, we may be required to do an employment check. Your employer may request a Signed Privacy Act from us before they will disclose any of your employment information to us directly.
Q. What documents do I need to supply?
A. To enable your loan application to be assessed, you are required to provide 90 days of bank statements (up to today’s date). The bank statements must relate to the bank account where your income is deposited and where all of your transactions take place (this may be more than one bank account).
How to send us your bank statements
We have recently gone 100% paperless and now use CC Statement to access all of our customers’ bank statements and Centrelink statements. It collects your information directly and securely from your internet banking and automatically sends the required 90 days of bank statements to Cash Converters.
Q. What happens if I don’t have online banking or my bank isn’t supported by CC Statement?
A. Unfortunately, if you don’t have online banking, we won’t be able to process your loan application. Please speak to your bank if you would like to set up online banking or come into our stores to discuss the range of other options available to you. Most banks are compatible with our system; click here to view the full list of banks and financial institutions.
Q. Do I get instant approval for a Personal Loan?
A. We don’t offer an instant approval. However, whether you apply online or in-store, your application will always be assessed by a person, not a computer, within 24 business hours after all necessary documents are received.
Q. How long before I get the money?
A. Once approved, the funds for your Personal Loan will be in your account at some point during the next business day.
Q. How much will I be charged if I am late making a loan repayment?
A. If your direct debit is declined, or a payment by salary deduction or by cheque is dishonoured and this results in a repayment not being made by the due date, you will be charged a dishonor fee of $33.
Q. Who can I contact if I am having difficulty making my repayments?
A. If you are experiencing any difficulty in making your repayments, please call 13 CASH (132274) to discuss further.
Q. If I am an existing client, do I need to fill in my details again?
A. If you have applied online previously, simply select ‘yes’ when prompted after selecting your loan term and your previous details will be recognised.
Q. How much is left on my current loan?
A. If you applied online call 13 CASH (132274), or email email@example.com. Otherwise contact the store where you applied for your loan, to find out your remaining balance. Use the store locator to find their contact details.
Q. When can I apply for another loan?
A. We assess every application individually and based upon its suitability and affordability. If you have multiple loans, this might affect the outcome of your loan application. To find out if you are eligible for another loan, you can contact the store that approved your current loan or for online customers call 13CASH or email firstname.lastname@example.org.
Q. What is a SACC?
A. A SACC is a Small Amount Credit Contract which is defined in the National Consumer Credit Protection Act (NCCP Act) as being a loan amount of no more than $2000, set up to be repaid over a term of not less than 16 days and not more than one year.
Q. What is a MACC?
A. A MACC is a Medium Amount Credit Contract which is defined in the National Consumer Credit Protection Act (NCCP Act) as a loan, which may vary in length from 16 days to 2 years and can be from $2050 to $5000.
Q. How do I pay my loan back?
A. Direct Debits are scheduled for your pay dates. If you would like to pay your loan out sooner than your scheduled repayments, you may be entitled to a discount. Please call 13 CASH (132274) or email email@example.com.