Loans like Cash Converters

Experience the ease of securing fast small loan funds through Savvy, a straightforward alternative to loans like Cash Converters.

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Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on January 25th, 2024       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

$2100
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$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on January 25th, 2024       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Cash Converters is a popular name in Australia, with many around the country seeking them out, as well as loans like them, for quick funds. However, it's vital to recognise the importance of exploring alternative options. Savvy can provide insights into loans like Cash Converters and similar choices, enabling you to compare them with the simplicity of applying for a fast loan through us today!

How do loans like Cash Converters work?

Cash Converters specialises in providing small loans tailored for those seeking quick and hassle-free access to funds. These loans, often referred to as payday loans, come as either small loans ($400 to $2,000) or medium loans ($2,050 to $5,000). Although small loans are based on fees and don’t come with interest, rates are applied to medium loans. However, the actual borrowing limit is influenced by factors such as your income, financial history, and outstanding debts, as well as the lender you apply with.

The application process prioritises speed, resulting in the funds hitting your account as soon as 24 hours after you’re formally approved. Borrowers enjoy flexibility in choosing repayment terms, spanning from two to 12 months for small loans and from four to 24 months with medium loans.

What fees will I have to pay with loans like Cash Converters?

When it comes to loans like Cash Converters, the fees and interest applied are contingent on the chosen loan size. Loans of $2,000 or less involve an initial establishment fee, capped at 20% of the loan amount, and ongoing monthly fees, potentially reaching 4% of the loan. For larger loans, ranging from $2,001 to $5,000, the establishment fee is capped at $400, and the interest is charged at no more than 48% p.a. (which is charged by Cash Converters as of January 22, 2024).

Knowing these fees and how they work is pivotal for understanding the overall cost of your loan. For instance, borrowing $500 and repaying it over four fortnights could result in total fees of $140, but opting for a $2,000 loan extended over 13 fortnights would incur increased fees, totalling $880. On the other hand, taking out a $3,000, 12-month loan with Cash Converters and repaying it fortnightly would result in a $400 establishment fee and a total interest cost of $1,032.

What alternatives to loans like Cash Converters are available?

If you’re in the market for a loan like Cash Converters, you can explore small loans through Savvy. Our platform connects you with reputable lenders offering fast cash loans ranging from $2,050 to $5,000. The application process is user-friendly and conducted entirely online. Upon submission, you can expect an instant outcome in just 60 seconds. If you’re conditionally approved, formal approval can occur, and funds may be released, within as little as one hour, depending on your lender and bank's processing times. Take the first step with us today for a hassle-free way to access the funds you need!

Why apply for a small loan with Savvy?

Common questions about small loans

Can individuals with bad credit access small loans?

Yes – obtaining a small loan is an option even if your credit history is not perfect, provided you meet the eligibility criteria set by the lender. While traditional lenders may heavily consider credit scores, those offering small cash loans generally take a more flexible approach.

Am I able to settle my small loan earlier than expected?

Yes – settling your small loan ahead of schedule is an option for all borrowers, and there are no penalties for early repayment. Opting for early repayment can prove to be financially wise, as it minimises monthly fees and lowers the overall cost of the loan.

What options do I have for spending my small loan funds?

After obtaining your small loan funds, you possess the freedom to allocate them to different purposes. Whether it's managing household expenses or addressing unforeseen financial obligations, the flexibility is yours. However, it's important to recognise specific usage constraints, such as avoiding the repayment of other small loans or participating in gambling activities.

Are Sunday approvals available for my small loan funds?

Your application can only be officially evaluated, approved, and funded within your lender's regular business hours. If your lender is open on Saturdays or Sundays, it might be feasible to receive your loan funds over the weekend. Keep in mind that the actual availability of funds is subject to bank processing times. Therefore, even if your lender approves your application during the weekend, the funds may not be accessible straight away.

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Disclaimer:

The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.

For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.

Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.