Cash Converters - Convert Your Thinking

FAQs

Personal Finance FAQs

I’ve heard that there have been some changes to the lending laws, and some lenders are closing. How do these changes affect Cash Converters?

Cash Converters is still open, and we’re still lending. The new regulations have been put into place to better protect people from rogue lenders. That’s not to say that the new regulations are easy, they’re not, and this may affect some people’s ability to borrow. However, we’re still here for you to buy, sell or borrow.

Will I be able to borrow using a Personal Loan?

Yes. We have a new Personal Loan product coming soon. If you would like to be notified when this product is available, please leave your details here.

Can I pay off my loan early?

Yes, you can settle your account early and reduce the total amount payable, simply get in touch with the store that you took out the loan from.

I would like to borrow a little more than in the past, is this possible?

As a result of the FCA’s changes, you could potentially borrow more money for the same repayment – subject to our income and expenditure criteria. We also have a range of other cash solutions that are available.

What is a Cash Advance?

A Cash Advance is a single payment loan for an amount between £30 and £800. These are available from one of our many high street stores.

Can I apply for a Cash Advance online?

We do not offer Cash Advance loans online currently. You will need to go to your local store and apply. You can find your local store by using our store locator.

Do you accept joint applications?

Cash Converters does not accept joint applications. Our Cash Advance loans and short-term personal loans are based on individual applications only.

What information do I need to provide to take out a loan?

In order to take out a loan you will need to provide one document to verify your identification and another to verify your address; the document for your address must be dated within the last three months. You will also need to supply your last 2 wage slips or other proof or income and bank statements – 60 days’ worth for new customers, 30 days for returning customers. Lastly, you will need a valid debit card.

Do I need a guarantor?

No guarantor is required when applying for a Cash Advance.

What are my repayment options?

Repayments of a Cash Advance are set to a payment schedule of either a single payment to match your payday or 3 fortnightly payments/6 weekly payments dependent on your individual circumstances. Your repayments can be paid by Direct Debit or continuous payment authority (CPA) and costs can be spread over 60 days.

I have bad credit so can I still apply?

Cash Converters welcomes every application for Cash Advance and short-term Personal Loans. However, your credit history will partly determine how much you are eligible to borrow and for how long.

All we require from our customers to apply is that they are a UK resident over the age of 18, have their own bank account and have been in employed continuously for three months (those on benefits, please refer to question “I am on benefits so do not receive payslips, what should I provide?”) As far as credit rating is concerned, we assess all customers on their individual credit history and associated risk.

When will I receive my Cash Advance loan?

If your application is successful you will get the cash there and then from the in store advisor.

Can I apply for and receive money at the weekend?

Cash Advance loans are only available through one of our local stores. Most stores have some weekend hours, but these may be limited.

What is APR? What does it mean for me?

APR stands for Annual Percentage Rate and represents the total cost of a loan displayed over an entire year. It is helpful when comparing loans from different lenders to determine which loan is better for you, however it is not a true reflection of a loan’s cost when comparing against large and longer term loans, such as mortgages.

Will you contact my employer?

We are required by law to conduct an affordability assessment prior to granting a loan. We use multiple tools which can include verifying your employment by phone or email, however this is a discreet process during which no personal information regarding your application will be disclosed.

Why do you need my personal information?

The main reason we need your personal information is to provide you with the services you have requested, such as to deal with your queries, consider or process any loan application you make, and to collect any payments when due. If you apply for a loan with us, we will collect some necessary personal information about you from third party sources, such as credit reference agencies and your employer in order to assess the details you have provided and your credit status.

How do you use my personal information?

We use your personal information when conducting credit searches. Credit reference agencies will supply us with credit information for use in the assessment of your loan application, as well as information from the Electoral Register for the purpose of verifying your identity. The agencies will record details of the search type, credit or identification, whether or not your application proceeds.  Full details about how we use your personal information can be found in our Privacy Policy. Please note that we do not transfer, disclose, sell, distribute or lease your personal information to third parties unless we have your permission to do so or are otherwise required or permitted to do so by law.

Will you let me know if I’m declined?

Yes, if your application is declined for a Cash Advance the advisor in store will inform you there and then. For Personal Loan applications we will send you an e-mail, however if you would like to be informed by phone regarding the decision, please speak to one of our advisors who will note this on your account for you.

What is a Direct Debit?

A Direct Debit is an instruction from your bank or building society which authorises a company to collect an amount from your account on a set date.

What are the benefits of setting up payment by direct debit?

Direct Debit payments come with a guarantee so you’re automatically protected by two important safeguards:

  • An immediate money back guarantee from your bank in the event of an error in the payment of your Direct Debit
  • Advance notice if the date or amount changes

It also gives you peace of mind. Direct Debit is one of the safest and most reassuring ways of paying your bills:

  • Payments are made automatically, so bills are never forgotten, lost in the post or delayed by postal problems and there’s no risk of late payment charges
  • Organisations using the Direct Debit scheme have to pass a careful vetting process, and are closely monitored by the banking industry
  • The Direct Debit Guarantee protects you and your money. It’s offered by all banks and building societies that take part in the scheme.

What is Continuous Payment Authority (CPA)?

A Continuous Payment Authority is a type of regular automatic payment that enables us to collect repayments from your debit card on a scheduled date.

Can Continuous Payment Authority (CPA) be cancelled?

You can cancel your CPA anytime by contacting our Customer Service Department on 0800 130 0370 or 01928 248801, or by contacting your bank directly. Remember if you do this you must arrange an alternative way to pay us.

Can I increase my Cash Advance mid-term?

No, Cash Advance loans need to be paid in full before you can take out another, however you can apply for a Personal Loan if you need further funds before you have paid off your Cash Advance. This will be subject to status and affordability, including how you have made payments on any existing products you have with us.

Can I pay the loan off early?

Yes, you can pay your loan off early without having to pay any extra fees. We charge interest by the day, so the less time you borrow for, the less you’ll have to pay back.

What if I make a late payment?

If your Cash Advance payment is paid after the due date, it will be considered late and a single £15 default fee will be charged.

What if I miss a payment?

If we do not receive payment at all on your due date for your Cash Advance, you may be charged a single default fee of £15. Your account will then be in arrears and we will begin collection procedures for the outstanding payment.

How can I avoid defaulting?

If you feel your circumstances have changed and that you will not be able to repay your loan with us within the agreed time please do get in contact by calling the store where you obtained the loan. They are experienced in working with customers who have suffered a change in circumstances (whether due to health, employment or other reasons) and they are there to work with you to achieve a workable solution.  If we do this, it will take longer to pay the outstanding amount and any charges, and could make it more difficult or expensive to obtain credit in the future.

I’m struggling to manage all my credit commitments, can you offer me any help?

You can obtain free advice from the following independent organisations who will work with you to address your concerns: