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 £50-£1,000 to be repaid over 3 to 12 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 exclusively on behalf of Harvey and Thompson Ltd (H&T Finance). Cash Converters receives commission from H&T Finance for this, and does not charge a fee to its customers for the service.

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

warning icon 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’?

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 £800
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.
£300 to £800
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.
£200 to £1,000
Representative example: Borrow £300 for 6 months at a rate of 292% p.a. (fixed). Representative APR 1,256.3% and total payable £919.40 in payments of £203.33, £183.23, £163.13, £143.33, £123.24 and £103.14.
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.
£150 to £5,000
Representative Example: Borrow £350 for 6 months at a rate of 220% p.a. (fixed). Representative 651.4% APR and total payable £605.55 in 6 monthly payments of £100.93.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 259.33% p.a. (fixed). Representative APR 947% and total payable: £750.78 in 6 monthly payments of £125.13.
£50 to £1,000
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.
£300 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 £350 for 8 months at a rate of 204% p.a. (fixed). Representative APR 575% and total payable £572.80 in 8 monthly payments of £71.60. You can repay this loan early.
£50 to £200
Representative example: Borrow £80 for 29 days at a rate of 292% p.a. (fixed). Representative APR 1281.8% and total payable: £98.56, in 1 payment of £98.56.

Compare up to 4 providers

Important information: 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

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247Moneybox Payday Loan

Cash Converters loans: A quick overview

Key features

  • Borrow £50-£1,000. Choose an affordable loan amount to suit your needs.
  • Repay over 3-12 months. Spreading the cost of your loan can make for more manageable instalments, but don’t forget that the longer you borrow for, the more you pay in interest.
  • High, fixed interest rates. Although rates are capped by the Financial Conduct Authority, this is realistically an expensive way to borrow money.
  • Simple online application. The online application form takes around 10 minutes to complete. Alternatively, you can visit a Cash Converters store and apply for a loan in person.
  • Build up your credit rating. 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.
  • Late payment fees. Cash Converters may charge you a fine if you are late repaying your loan. You will also accrue extra interest until your loan is paid off, up to a maximum amount of 100% of the amount borrowed. Before you take out a short-term loan, you must be sure that you can meet the repayments on time.

Additional borrowing

Cash Converters will not extend or roll-over its loans. A new application will only be considered once any previous loan has been repaid in full.

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 “Apply Now” button and fill out the simple application form with contact, address, employment, outgoings and bank details.
  3. Cash Converters will perform a credit check on you to ensure you can afford to repay the loan.
  4. The decision process is not instant, but you can expect to know whether you have been approved within 24 business hours.
  5. If approved, you will be asked to sign your electronic loan contract and the funds should reach your bank account on the following business day.
  6. 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:

  • Be 18 or over
  • Be a UK citizen
  • Have a UK bank account and debit card
  • Provide proof of ID and address

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

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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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