Cash Converters short-term loans review

The popular high street pawnbroker Cash Converters also offers short-term personal loans online. Borrowers can apply for loans of £100 - £1,000 to be repaid over 1 month to 6 months.

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Cash Converters

Best known for its bright yellow high street pawn shops, Cash Converters offers a range of services for people in need of fast finance, and this includes short-term loans and cash advances.

When it comes to short-term loans, Cash Converters is actually acting as a broker on behalf of Sunny (Elevate Credit International Limited). Cash Converters receives commission from Sunny for this, and does not charge a fee to its customers for the service.

Warning: late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Please note: high-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

How do Cash Converters’ loans compare against other lenders’?

Table: promoted deals, sorted by total payable

If you’ve used the Cash Converters site to get a quote and want to see if you’re getting a good deal, find out how much a comparable loan is likely to cost you from some popular short-term lenders:

How much do you need to borrow?


How long do you need to borrow for?


Name Product Available Amounts Monthly repayment Total payable
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
£200 to £1,500
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 229.95% p.a. (fixed). Representative APR 720% and total payable: £707.01 in 6 monthly payments of £117.83.
£100 to £1,000
Representative example: Borrow £250 for 30 days at a rate of 292% p.a. (fixed). Representative APR 1270% and total payable: £310, in 1 payment of £310.
£50 to £1,500
Representative example: Borrow £250 for 74 days at a rate of 292% p.a. (fixed). Representative APR 1300.5% and total payable: £398.00, in 1 payment of £74.00 and 1 payment of £324.00.
£100 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
£100 to £2,500
Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 567% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

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Cash Converters loans: A quick overview

Key features

Product NameCash Converters Short Term Loan
Available Amounts£100 to £1,000
New customer maximum£1,000
Available terms1 month to 6 months
Loan terms1 month to 6 months
Soft search eligibility check
Funding speedApplications are processed 24 hours a day, every day, and transfers are usually made within 15 minutes of approval. In some cases, for larger loans, funding may be the next working day.
Repayment period optionsMonthly
Default repayment methodContinuous payment authority
Additional repayment methodsOnline payment
Repay early at any point
FCA registration number673771
More Info

How does it work?

  1. Decide how much you would like to borrow and the term over which you can afford to pay it back.
  2. Click the “Let’s get started” button and fill out the simple application form with contact, address, employment, outgoings and bank details.
  3. Cash Converters will perform a credit and affordability check on you to ensure you can afford to repay the loan.
  4. If approved, you will be asked to sign your electronic loan contract and the funds should reach your bank account within 15 minutes.
  5. Like most short-term loan providers, Cash Converters uses a Continuous Payment Authority to collect the money on your agreed repayment dates.

What is a Continuous Payment Authority (CPA)?

With a CPA you give a company permission to withdraw money from your account on a regular basis.

CPA’s differ from a direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday loan companies will use a CPA to collect your repayments, however you can cancel this at any point by either consulting with the lender or your bank.

Eligibility

You should only apply for a Cash Converters loan if you are certain you can meet the repayment terms. You must also:

ResidencyUK resident
Minimum age18
Additional eligibility notesYou must have a bank account and debit card, and a mobile phone.
More Info

Changing you loan: Additional borrowing options and early repayment

Repay early at any point
Repaying early can reduce overall interest
Interest is only applied to days where funds are outstanding
Multiple loans allowed at the same time
Phone number0800 7315 444
More Info

Should I take out a short-term loan?

If you’re reading this, then chances are you’ve found yourself in financial difficulty of some kind. A short-term loan could offer you a quick, temporary solution, but it’s a really expensive form of borrowing. What’s more, the lenders themselves normally admit that their loans simply aren’t the answer for longer-term or regular borrowing, or for people with serious debt problems.

So before you apply for a short-term loan, it’s crucial to take a moment to ask your self a few questions: Is the expenditure that you’re planning absolutely essential? Could it be deferred? Have you thought about alternatives to short-term loans? If you’re struggling to pay a bill, then try talking to your utility provider to work out a payment plan.

There’s a wealth of useful information about managing debt and alternatives to short-term loans at the government’s moneyadviceservice.org.uk.

Did you know?

In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.

They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.

Frequently Asked Questions

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although we always explain what's great about a product when we highlight it; this is subject to our terms of use. When you make major financial decisions, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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