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

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
How much do you need to borrow?


How long do you need to borrow for?


Name Product Available Amounts Monthly repayment Total payable Link
Lending Stream Instalment Loan
£50 to £1,500
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More Info
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.
Savvy.co.uk Personal Loan
£300 to £3,000
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More Info
Representative example: Borrow £1,000 for 12 months at a rate of 152.33% p.a. (fixed). Representative 352.7% APR and total payable £1,999.92 in 12 monthly payments of £166.66.
The Money Platform Short Term Loan
£250 to £1,000
Check eligibility
More Info
Representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.
QuidMarket Short Term Loan
£300 to £1,500
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More Info
Representative example: Borrow £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1,301% and total payable: £454.37 in 3 instalments of £151.46.
CASH4UNOW Short Term Loan
£150 to £1,000
Check eligibility
More Info
Representative example: Borrow £200 for 4 months at a rate of 292% p.a. (fixed). Representative APR 1314% and total payable: £332.00, in 4 payments of £83.00.
Mr Lender Short Term Loan
£200 to £1,000
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More Info
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative APR 1,248.3% and total payable £367.40 in payments of £81.33, £73.23, £65.13, £57.33, £49.24 and £41.14.
With this loan your monthly repayment decreases over time. Our 'Monthly repayment' above is a representative figure designed to help compare lenders side by side.
Moneyboat Short Term Loan
£200 to £1,500
Go to site
More Info
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.
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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.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Savvy.co.uk Personal Loan
The Money Platform Short Term Loan
QuidMarket Short Term Loan
CASH4UNOW Short Term Loan
Mr Lender Short Term Loan
Moneyboat Short Term Loan

Cash Converters loans overview

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 but does not charge a fee to its customers for the service.

Product Name Cash Converters Short Term Loan
Available Amounts £100 to £1,000
New customer maximum £1,000
Loan terms 1 month to 6 months
Soft search eligibility check
Funding speed Cash Converters says that applications 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 options Monthly
Default repayment method Continuous payment authority
Additional repayment methods Online payment
Repay early at any point
FCA registration number 673771
Link More Info

How do Cash Converter loans 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.

How much does it cost?

As with many short-term loans, the cost of your Cash Converters loan will be determined by how much you borrow and the length of your loan term. Interest on Cash Converters loans is charged daily, but interest is capped at 0.8% per day.

Example

Loan amount: £200
Loan term: 6 months (with monthly repayments)
Interest rate: 292% fixed p.a.
Representative APR: 1,281%

Total cost: £381.89

Pros and cons of Cash Converters loans

Pros

  • No ongoing fees
  • Funding within 15 minutes
  • 5-day interest-free cancellation period

Cons

  • High rates
  • Can only borrow up to £1,000

Am I eligible for a Cash Converters loan?

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

Cash Converters states it will consider applications from customers who do not have a good credit rating, and that if you pay back your loan in full and on time, you could improve your credit history.

You must also meet the following requirements:

Residency UK resident
Minimum age 18
Additional eligibility notes You must have a bank account and debit card, and a mobile phone.
Link More Info

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 number 0800 7315 444
Link More Info

Should I take out a Cash Converters 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 show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though 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, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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