Cash Converters loans offers secured loans against goods and salary.
No good credit history required to qualify for these loan, only your valuable assets will secure the loan for you.
Cash Converters offer two types of loans: PayDay loan and the Cash Advance loan.
Whether you’re looking for a mini loan to pay off quicker or long term loans, Cash Converters has a solution for you.
Let’s dive right in.
Unlike banks and other loan lenders in South Africa, Cash Converters offer secured personal loans.
You can qualify for a loan against your valuables or even salary. You’ll get cash immediately when you need the most.
Compare Cash Converters loans and choose your best loan fit.
PayDay loan
These are personal loans you can quickly in your next salary date.
You can borrow loans from R400 to R4 000 at the affordable interest rate. Repayment terms as mentioned would be your next salary date.
You must be working with proof of employment. Once employment has been confirmed, it’ll only take 30 minutes to approve your loan application.
Money is paid into your Cashies card or as cash – no waiting period.
Apply at the store.
Cash Advance Loan
The most popular and in-demand loan package by Cash Converters.
You’ll apply for a loan against your goods and valuables. You need money urgently, you have goods to place against your loan but not keen to sell.
Cash Converters cash advance loan is strategically designed for people like you.
It gets better.
With a cash advance, you’ll get the following benefits:
- Quick application process, no unnecessary paperwork
- Qualify up to R20 000 depending on your goods
- Walk out with cash in 30 minutes upon approval
Loan Requirements
To qualify for the Cash Converters loan, you must meet the following criteria:
- Must be 18-years old and above
- Permanently employed with recent payslips
- Recent bank statement that reflect your salary
And the only reason the above details are required, is so that they don’t offer you a loan which you cannot afford to pay back.
You’ll actually be securing the loan amount with your income-salary.
Because they don’t care much about your credit history, the risk for offering you the loan is so high, there must be a valuable asset of yours to secure the loan.
The Interest Rate
Companies that offer secured loans in South Africa often offer the loan at a lower interest rate.
Remember, the risk is calculated based on your salary or asset, not your credit rating.
So, these companies are certain to get their money back with interest from loan seekers.
If you fail to to repay the loan, they could just sell your valuable property and get their money back.
It’s at the discretion of the lender on the interest charged however it’s always lower compared to unsecured loans.
Getting The Loan
Cash Converters offer credit in line with the National Credit Act. All fees charged will be explained upfront and regulated by the credit act.
Unfortunately, Cash Converters don’t offer an online application process. But they have stores in popular cities nationwide for you to access.
Visit the store finder to find your nearest Cash Converters store.
Alternatively, contact 087 820 4010 and speak to a consultant for further assistance.