Cash Converters Loans Info (Broker) | www.cashconverters.co.uk
Before the H&T partnership was rolled out, they did for a time offer their own instalment loans. The sum range was £300 to £2000 and the terms were 6, 7 or 8 months depending on how much you borrowed. Between £300 and £700 was set for 6 months, the following amounts up to £1600 saw 7m and then up to £2000 saw 8m. For their primary 6 month term they charged £214.62 per £300. Once an application was made a team member would call you back within the space of 2 hours during their opening hours that weren’t listed, but they didn’t pay out at weekends. Bad credit was considered, but they asked for documents to be faxed or uploaded.
All of the above specs don’t mean much anymore now that H&T’s loan is now in place. As well as being available at www.cashconverters.co.uk this instalment product has also been rolled out at 150 stores (remember that they issue their own in-store payday loans). The borrowing sums are £50 to £1000 over terms of 1 to 12 months. The price of a £100 monthly loan is competitive at £22.20 whilst you’d pay £178.32 per £300 over 6 months. They do take the application directly on a subdomain. The SSL doesn’t however trigger itself when viewing and so you’ll need to add https manually. It is not clear why they have chosen to step back from lending online.
It is more of a surprise that they have teamed up with H&T who had been a big high street competitor for pawnbroking. H&T’s recent progress has been impressive where they have closed up the gulf to The Money Shop who haven’t been helped by Store Downsizing. Meanwhile, Converters’ main competitor (Generator) hasn’t been fairing too well themselves. They no longer offer any loan option online or through their stores. The only way to access funding from them is to use their Buy Back service. Buy Back is also available here, but from personal experience Generator offers more generous prices. CEX comes out best for value, but once you sell to them they offer no buy back scheme.