Flexible Line of Credit Loans up to $10,000

To be eligible to apply for a Cash Converters Line of Credit, customers need to be:

1. 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 in-store.

2. 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. Existing Customer
To be eligible to apply for a Cash Converters Line of Credit, you must be an existing Cash Converters Personal Finance customer.

4. 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 based on your current financial situation.

5. What if I'm receiving Centrelink payments?
If you are receiving Centrelink payments you could still qualify for a Cash Converters loan.

A Line of Credit is from $400 - $10,000. Maximum repayment term of up to 18 or 36 months. The credit limit and repayment term you are eligible for will be based on an affordability assessment.

1. 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).

2. A current Income Statement if you receive a Centrelink payment.

Although a good credit score will improve your chances of approval, we understand that people go through rough patches in life. That’s why our loans make getting on with life possible in a lot of circumstances. Even if your credit score isn’t as high as you would like, we can still consider your application and assess it based on your current financial circumstances, as we consider a variety of factors when approving loan applications.

A redraw is simply withdrawing money from your available credit, up to your approved credit limit from your Line of Credit. You can request a redraw as many times as you like. When you request a redraw, we won’t do another credit check, but we will still do eligibility checks to consider any changes to your financial position.

For example, if you are approved for a $10,000 Line of Credit, you can withdraw $1,000 today and have the remaining $9,000 as available credit when you need it.

Here at Cash Converters we are responsible lenders, so when you request a redraw, we undertake eligibility checks to ensure there has been no material change to your financial position. If there are material differences, your redraw request will be referred to an assessor for review. There may be some instances where a redraw is not approved.

No, we will only do a credit check on your initial application. However, on each redraw request we will check to ensure you still meet our redraw eligibility criteria.

Redraw through the My Loans App and access all or part of your available credit limit. Download the My Loans App from your App Store.

Customers can now redraw up to the available credit limit at any time during the contract. The use of the redraw feature is optional and the availability of this redraw feature is subject to internal credit policy (for example, and not limited to, resolved default payments).

The minimum redraw amount is either $400 or 25% of your credit limit (whichever is lower), and up to the maximum of your available credit limit.

No, you won’t be able to redraw more from your credit limit if you are behind on your repayments.

Interest rates up to 48% per annum with no establishment or monthly fees. Only pay interest on the amount(s) you redraw. In the case of a missed repayment default fees apply.

Your Line of Credit repayment is calculated by taking into account the interest rate, the total credit limit available at the beginning of your loan and the maximum repayment term.

For example, if you have a credit limit of $10,000 and redraw $1,000, your repayments for the $1,000 redraw are based on the total credit limit of $10,000 but you are only charged interest on the redrawn amount of $1,000.

So, on a Line of Credit with 48% interest and a $1,000 redraw, you’d pay approximately $242.48 in fortnightly repayments to repay the $1,000 outstanding amount over approximately five fortnights. If you choose to redraw more from your available credit limit at any time your repayments will continue to be approximately $242.48.

If your credit limit is $10,000 and you redraw the full amount, you’d have approximate fortnightly repayments of $242.48 over 36 months. Figures used are for illustrative purposes only.

Yes, you are able to pay via the My Loans App, in store, or online with a debit card.

You can use a Line of Credit for just about anything – like groceries, bills, home renos, or an unexpected trip to the vet.

Yes, we will provide you with a 90-day statement every 90 days via email or post if you have no email address. Your transaction history is always available via the My Loans App.

There is no time limit on how long you can have a Line of Credit as long as the loan is active.

If you repay your Line of Credit and the balance is zero, but you don’t use it for 3 months, the Line of Credit will automatically close. This means you won’t be able to use the redraw feature anymore. If you need it again, you’ll need to reapply for a Line of Credit.

An active Line of Credit is within a 90-day period the account has received a payment, a redraw has been made, or another action has occurred.

After 90 days of inactivity your Line of Credit will be closed. If your Line of Credit is closed you will need to apply for a new Line of Credit with us and go through the eligibility and assessment criteria.

Yes, you can decrease your credit limit on your Line of Credit, by calling 13 CASH (132 274), Monday to Fridays 07:00 – 19:00 AEST.

You can apply to increase your credit limit in-store or at any time through My Loans.

Yes. Any application is subject to eligibillity criteria and Cash Converters conducting a responsible lending assesment.  

No, you are only able to have one Line of Credit product with Cash Converters at a time. However, you might be able to apply to increase the limit of your current Line of Credit if you need further funds. Please refer to questions about redraws above for more information.

To close your Line of Credit please call us on 13 CASH (132 274) Monday to Fridays 07:00 – 19:00 AEST.

If you have any feedback regarding the product, feel free to email it to research@cashconverters.com.

A credit limit increase is an application to increase the approved credit limit on an existing Line of Credit product.

Applications for a credit limit increase are requested in-store or through My Loans.

No, an application for a credit limit increase will be assessed in the same way as a new loan application. The credit limit increase application is subject to eligibility and lending criteria being met and personal circumstances being assessed.

Yes, you can apply for a credit limit increase at any time in-store or through My Loans.

You can apply for a credit limit increase whenever you feel the need, but keep in mind it is subject to the specified criteria.

In most cases, the processing time for a credit limit increase is between 24 to 48 hours.

Yes, a credit limit increase application is assessed in the same way as a new loan, including undertaking a credit check and assessment.