Design your Cash Converters Loan in South Africa | Application

Design your Cash Converters Loan in South Africa | Application

South Africans needed a way of finding quick online loans with less stringent requirements. In 1994, Cash Converters was founded in South Africa by its current CEO, Richard Mukheibir, making the loan acquisition process much easier and accessible to everybody. We want to tell you how to design your Cash Converters loan, how to apply for it, how to qualify, and much more. When you leave their offices, you’ll have cash in your pockets and the peace of mind of knowing your goods are on safe hands.

How does Cash Converters Loans Work?

In Cash Converters, you will find solutions for your cash needs. When you need money in a fast and simple way, this company is just what you need. One thing is for sure, you enter their offices with a problem, and you come out with a perfect solution. Here you will find short-term loans against your salary or your valuable items, and personal loans. You discuss with them the amount of money you need, they assess your salary (they check with your employer to see if you really work with them) or the thing you want to pawn, they make you an offer and if you accept it, you leave with your cash.

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How to Use Cash Converters Loans Online Application?

Cash Converters doesn’t have a form for you to fill in online. The only way to take out a loan with them is going to their offices. Fortunately, there are 30 branches of Cash Converters around our country. The process is straightforward and fast. They check your financial information to see if you are going to be able to pay them back, or they assess the valuables you want to pawn, and you go home with cash.

What are the Requirements to Ask for a Cash Converters Loan?

Below, we will see that there are three different types of loans offered by Cash Converters and give you all the details you need to know. But, hang on; now we will tell you the requirements that are shared by all these loans and the ones that are specific to each type of loan.

For all their loans you need to:

  • Be over the age of 18
  • Show proof of identity: ID, driver’s license, passport
  • To take a loan against your valuables you will also have to:
  • Be the rightful owner of the item you want to pawn

To apply for a loan against your salary or to ask for a personal loan:  

  • Your last receipt of payment
  • Your bank statements (the last three)
  • Allow Cash Converter to confirm your employment
  • Having registered for mobile phone banking
  • Provide a certificate of residence and contact information

The loan term offered by Cash Converter is as follows:

  • Loan against items or salary: you pay on the same day of the following month
  • Personal loan: you pay it back in three installments

What are the Main Types of Loans in Cash Converters?

In this company, you will find two kinds of short-term loans in terms of if they are secured or unsecured. What does this mean? Secured loans are credit instruments that allow you to borrow money by pledging something: in this case, it can be either a valuable, such as your jewelry, or an electronic device, for instance; or your salary. If you reimburse the money in a timely fashion, the company will give you your items back or leave your salary untouched. But, what happens if you don’t pay? Then, the lender is allowed to keep the item you left as a guarantee, or use your salary to receive reimbursement. At Cash Converters, you will find secured loans with the names of Cash Advance and Payday Loan. Unsecured loans are just the opposite: you don’t need any kind of guarantee. Cash Converters offers this kind of unsecured loan under the name of 1|2|3 Loan.

2 Important Issues you to Consider when Asking for a Cash Converters Loan against Items

Above we told you that one of the secured loans provided by Cash Converters is a product called Cash Advance. With this loan you go to the nearest Cash Converter branch with an item you’d like to pawn for money: it can be a cellphone, a TV set, a dishwasher or even jewelry. You discuss with them the amount of money you want to borrow and negotiate with them an offer; finally, you go home with the money. This loan is ideal for you if you are unemployed since you don’t need to provide proof of income.

There are two things you should know for sure when you ask for this loan. Here they go.

  1. If you accept the loan, you should know that whatever you brought them to ask for the loan, be it your home theater or your engagement ring, must stay with Cash Converters. They will safely store your items and only give them back to you when you pay your loan the following month. No exceptions made.
  2. You must be the owner of the valuables you are pawning. This is of utmost importance. Why are we taking the trouble of stressing this out? Cash Converters plays by the rules of the National Association of Franchised Second-Hand Dealers and the South African Police Service Accredited Association. If they find out someone is trying to pawn stolen goods, they will report it to the police. This is definitely a plus; you know for sure that you are dealing with responsible and trustworthy people.

How does Cash Converters Payday Advance Work?

This company is duly registered with the National Credit Regulator of South Africa. For this reason, they abide by the NCR regulations: they charge an initiation fee and a monthly fee for their services. In Cash Converters, you can also borrow money quickly against your salary.

The payment of your Payday loan may be done in two ways. You can either receive the cash at the Cash Converters office nearest to your location, or you can choose to have the money credited to a Cashies Card. This card is provided by Cash Converters in association with the First National Bank and VISA. It may be a more convenient and safer way to receive the money. With this card, you can operate just like with any kind of debit card, and you don’t have to carry money in your pockets.

One of the most faqs about cash converters payday loan is how quickly this loan is paid. The payment is done instantly. No matter if you choose to receive the money in cash or through the Cashies Card: you will go home with the money.

Can I Top up a Cash Converters Personal Loan?

At this company, you will only find one unsecured loan: the 1|2|3 Loan. This is a personal loan that allows you to borrow up to R2000. The payment of this loan is not as quickly as the secured loans mentioned above. Cash Converters may take up to 24 hours to check all your documents and tell you if they approve the loan. Not that bad, though. But, once it’s approved, you can also receive cash or have the money onto a Cashies Card. Unfortunately, Cash Converters does not offer top-ups in their personal loans.

Are there Positive Reviews about Cash Converters?

It is often hard to find positive reviews about credit lending companies, since there are numerous different experiences and, usually, people speak up when they are angry. They rarely cast comments if they are satisfied. Some people get frustrated because they are denied a loan, but sometimes they don’t understand the reason is they just don’t qualify. Anyway, they go and show their anger in all online forums or the company’s fan page, and so on.

However, Cash Converters does have very positive comments made by happy clients in various online platforms. How about you? Do you know this company? If you want, you can share your experience with us.

What’s Cash Converters Loans’ e-mail Address?

Cash Converters is committed to giving top-quality customer assistant. They strive to make their clients happy. For this reason, they offer several channels of communication. One of them is an e-mail address. You can write to them at with whatever query you might have. You can also use our question and answer form below if you want.

Can I ask for a Cash Converter Loan in Kensington, Johannesburg?

You can find a Cash Converter store in Park Meadows Shopping Center in Kensington. You can find them Monday through Friday from 9 a.m. till 5 p.m. Also, they are open on Saturday from 9 a.m. to 4 p.m. and Sunday from 9:30 a.m. until 1:30 p.m. 

Definitely, one of the quickest and safest ways to find short-term loans in South Africa is through Cash Converters. Now you know how to requests their loans, what you need to qualify, and how much you can quote. This company is regulated by the NCR, so no ugly surprises; only easy and instant cash.

Preguntas Frecuentes

Can customers choose an apartment as an asset?

Yes, they can choose properties

What if I do not pay an installment?

You will be penalized

How much do administrative fees cost?

They are for free

I'm a customer of cash converters. I regularly made loans in store at promenade Mitchell's plain Cape Town. It's closed now… Is there a online application for a loan please.. The payday loan?

Unfortunately, there isn't an online loan application. Cash Converters stated that the only way possible is to wait for the lockdown period to finish. Customers will be allowed to ask for a second loan or for renewal only to be eligible. This would be enforced on April, 30th. They won't be charged additional fees.

I would like to apply for a loan but the stores are closed. How do I go about it ?

We are glad to tell you that as of June 2 all Cash Converters stores are open to the public again! So all you have to do is go to the nearest store with your valuable so that you can request your loan. And don't worry all Covid-19 prevention measures are taken to keep you safe.

What happens if I pay the loan a day later?

Normally, if clients do not pay instalments on time, say a day later, for instance, there might be some adverse consequences. For instance, they might be charged with a punitive fee for lack of commitment. Also, their credit record might be negatively affected which may prevent the applicants from future loan requests with any financial company. 

Does Cash Converters do a credit check when applying for a payday loan?

The conditions in order to apply for a payday loan with Cash Converters are quite basic. One of them is to earn a regular monthly income with payslips provided by your employer. In general, the company does not run a credit check on their clients. After the application process is approved, the money is deposited in a bank account. 

How much can my loan be in Newcastle KZN at Cash Converters if I put a computer as collateral?

You will be able to obtain a personal loan with Cash Converters by using your computer as collateral, providing you comply with the qualifying criteria. Also, the company will verify the condition and good functioning of your computer in order to determine how much they can lend you. Finally, you need to consider some fees (initiation fee starting from 69 rand and a fixed service fee of 69 rand).

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