Unsecured loans explained

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.

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What is an unsecured loans?

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.

With our Cash Advance loan (available in-store), you can borrow any amount from $50 to $2,000 with a repayment term of 4 to 12 weeks.

With our Small Personal loan, you can borrow any amount from $400 to $2,000 with a flexible repayment period of up to 12 months.

With our unsecured Medium Personal loan, you can borrow any amount from $2,050 to $5,000 with a flexible repayment period of up to 2 months.

How do Cash Converters unsecured loans work?

Getting an unsecured cash loan from Cash Converters is quick and simple.

You can apply online or go into store.

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

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. 

Once approved, the cash is transferred directly to your nominated bank account.

We are a responsible lender

At Cash Converters, we’re here to help make sure your loan is right for you.

That’s why a person, and not a computer, will always assess your application.

We’ll take a close look at the information you provide us and get back to you if we need any further information.  


Personal Loans
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Cash loans on your terms.
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Fee Disclosures

Our Small Personal Loans incur an Establishment Fee equalling 20% of the amount borrowed and a monthly fee of 4% of the amount borrowed. Our Medium Personal Loans incur and establishment fee of $400 and interest at an annual cost rate of 48%. For example, a small loan of $1000 over 9 months has fees and charges totalling $560 (1 x $200 + 9 x $40) therefore a total repayment of $1560. The maximum annual percentage rates on our loans is 162.5%. The minimum loan term is 4 months and a maximum of 12 months for small amount loans and 24 months for medium amount loans. Online applications have a default 9 month term. 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.