Cash Converters personal loans

Providing services for Kiwis for over 25 years, Cash Converters is a well-known name in the personal loan sphere.

Cash Converters aims to make taking out a personal loan a straightforward affair, so has just the one loan on offer. Its loan is unsecured, meaning you do not have to provide any asset as security for the loan.

Although you may require a credit check, it does not require you to have a perfect credit rating. Cash Converters looks beyond this to your ability to repay, so a bad credit rating does not necessarily mean you can’t get a loan.

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Interest Rate (p.a.)


Max. Loan Amount


Minimum Credit Score


Product NameCash Converters Personal Loan
Interest Rate (p.a.)49.95%
Min. Loan Amount$500
Max. Loan Amount$5,000
Loan Term3 - 24 months
Turnaround TimeWithin 24 hours
More Info

Pros and Cons


  • Online application form
  • Funds released within 24 hours
  • Welcomes low credit applications


  • High interest rates
  • High establishment fees
  • Can only borrow up to $5,000

Features of a Cash Converters personal loan

  • Flexible loan amounts and repayment terms. Cash converters provide personal loans for sums between $500 and $5,000. You have from 3 - 24 months to repay the loan.
  • Interest rate. Cash Converters’ AIR is 49.95%, and the daily rate is determined by dividing 49.95% by 365. The interest rate is calculated daily, by multiplying the amount owing at the end of each day, by the daily interest rate, which Cash Converters then applies to your account each month. The interest rate is fixed for the term of your loan agreement.
  • Transparent fee structure. A Cash Converters personal loan has a one-off establishment fee of $145 to $195 (depending on the size of your loan), a weekly account fee of $4, a default charge of $13.95 and an early prepayment fee of $30.
  • Easy application. Applying for a loan is simple and takes about five minutes, using the Cash Converters app or via the online form. Once you have received approval for your loan, you should receive the money within 24 hours, if it is a business day.
  • In-person service. If you prefer the personal touch, you can apply at one of Cash Converters 22 stores nationwide.

How to apply for a loan with Cash Converters

You can apply for a Cash Converters loan either online or in one of its 22 stores around New Zealand or by using its handy cell phone app for iPhone and Android.

Eligibility requirements

  • Must be at least 18 years of age
  • Must have a bank account in your name
  • Must be a New Zealand citizen or permanent resident

Information and documentation

  • 90 days of your latest bank statements
  • Proof of address, such as a utility bill
  • A passport or driver’s licence

Bottom line

Cash Converters is a well-known lender that provides unsecured loans with fast fund release. It has a standard interest rate of 49.95% for all applicants, which is comparatively high, and it charges other fees, as well. If you need cash in a hurry then this lender will be happy to oblige, but compare all your options first before applying.


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Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Monthly Service Fee Establishment Fee
Harmoney Unsecured Personal Loan
6.99% - 19.99%
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Apply for an unsecured personal loan up to $70,000 with no early repayment fees.
FROM 6.99%
The Co-operative Bank Unsecured Personal Loan
6.99% - 17.75%
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6.45% - 19.30%
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Nectar Unsecured Personal Loan
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