What is an unsecured loans?
When describing an unsecured 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 your possession.
This is why a secured loan generally offers slightly lower interest rates compared to unsecured loans – since 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 – an unsecured Cash Advance, an unsecured Small Personal Loan and an unsecured Medium Personal loan.
With our unsecured Cash Advance loan (available in-store), you can borrow any amount from $50 to $2,000 with a repayment period of four to six weeks.
With our unsecured Small Personal loan, you can borrow any amount from $400 to $2,000 with a repayment period of 12 months.
With our unsecured Medium Personal loan, you can borrow any amount from $2,050 to $5,000 with a repayment period of 12 months.
How do Cash Converters unsecured loans work?
Getting an unsecured cash loan from Cash Converters is quick and simple.
You can apply online and your application is assessed by a person and not a computer.
First, you tell us how much you’d like to borrow.
Next, we look closely at all the information you’ve provided to make sure the unsecured cash loan amount not only suits your requirements but your income and expenses too.
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 unsecured 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 – including details of why you need the unsecured 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.