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Cash Converters Loans Application and Requirements

cash converters loan application

Cash converters is a personal fiancé and secondhand retail company that offers personal finance in the form of small contracts. Another aspect of this company is that it sells second-hand goods

Top 5 loan lending Institutions in the UK 

Here are some top loan lending institutions in the UK

1. Halifax 

Founded in 1853, Halifax offers personal loans from £1,000 to £25,000 for new and current customers, and existing customers can generally receive approval and funding in as little as 10 minutes.

2. Zopa 

Zopa is a peer-to-peer lending platform that offers unsecured personal loans up to £25,000 for 1 to 5 years. Borrowers will need to be at least 20 years old and earn at least £12,000 p.a. to be eligible for a loan.

Zopa was also Highly Commended in Finder’s 2020 Customer Satisfaction Awards.

3. Tesco bank 

A subsidiary of Tesco, Tesco bank offers personal loans for £1,000 to £35,000, with loan terms from 1-10 years. Tesco Bank was also the winner of Finder’s 2020 Customer Satisfaction Awards for personal loans.

4. Sainsbury’s bank

Part of the Sainsbury’s supermarket chain, Sainsbury’s bank provides personal loans up to £40,000 for Nectar cardholders or up to £25,000 for non-cardholders.

5. HSBC UK

Founded in 1865, HSBC is one of the “Big Four” British banks, and provides personal loans up to £25,000, with loan terms from 1-8 years. Customers will need to be at least 18 years old and earn at least £10,000 per year to be eligible for a loan.

Types of Loan that Cash Converters offer

Cash Converters offers a variety of loans namely:

  • Personal Loans,
  • Car Finance, and
  • Pawnbroking.

What are Cash Converters Pawnbroking Loan?

Cash Converters Pawnbroking Loan is a fixed long-term loan agreement secured on the things or items you pledge. Cash converters then keep the item safe for you and lend you money against it over a six-month period. When you are ready to redeem, simply pay back the loan plus interest and your items will be returned.

How does the Cash Converters Pawnbroking loan operate?

A fixed long-term loan agreement is done between the customer and cash converters. The loan agreement is secured on the items you use as collateral. Cash investors then keep the items and lend you money over a 6-month period. You will receive your items once you pay back the loan and interest. 

·       Pawnbroking Interest rate

Pawnbroking representative APR is: 155.8%

Representative example:

Amount of credit £100; duration of agreement 6 months; rate of interest 119.9% (fixed) p.a.

Total amount payable: £159.94 in one installment.

How to apply for Cash Converters Pawnbroking

To apply for cash convertors pawnbroking loan, all you need to do is go to any of their shops with items of value and a form of photographic identity and one proof of address. This will make ease your application process.

How long does Cash Converters pawnbroking loan take?

Cash Converters pawnbroking loan take a period of 6 months

·       What items can I loan against on the Cash Converters Pawnbroking?

You can loan any item which was value provided the item is in good shape and working condition. Cash is loaned for items like jewelry, watches, gold, and other precious metals. You can contact your local store if you are not sure whether an item you have can be loaned against. 

What happens if I am not able to pay Pawnbroking Loan

If you are unable to pay back the pawnbroking loan, your items will be sold to repay any outstanding money you owe. Monies will also be repaid to you if the sale proceeds are greater than the amount under the loan.

What is Cash Converters logbook loan about?

Cash Converters logbook loan is tailored to customers with bad or poor credit scores. This loan is ideal for people who need short-term loans secured on their vehicles. You can use your own vehicle to secure the loan. You do this by transferring the ownership of the vehicle to logbook money

Requirements for Cash Converters Car Loan (logbook loan)

Below are the requirements for cash convertors car loan

  1. Your vehicle must be clear (or mostly clear) of finance, or any other loan secured against it.
  2. You should be able to reasonably prove that you can afford the repayments on a logbook loan
  3. You will have a regular income from work or sufficient benefits/pensions to cover the logbook loan repayments
  4. Your vehicle must be road legal (taxed, MOT’ed and insured)
  5. The V5 logbook must be in your name and you must be the legal owner of the vehicle
  6. You will not be subject to a Debt Relief Order (DRO), an Individual Voluntary Arrangement (IVA) or been declared bankrupt
  7. You must be over 18 years old
  8. You must have a UK bank account
  9. You can check the eligibility criteria for a logbook loan from Logbook Money by applying.

How to apply for a cash converters car loan

To apply for a cash converters car loan

  1. Visit https://www.logbookmoney.com/lbmcc
  2. Choose the amount of money you want to borrow
  3. Select the duration of the loan
  4. Input your vehicle registration number 
  5. Follow the remaining instructions to complete the application process

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