If you’ve been turned down by Cash Converters or you’re looking for better options, you’re not alone. Cash Converters stopped offering Small Amount Credit Contracts (loans under $2,000) in September 2025. But the good news is that there are alternatives to Cash Converters that are still accepting applications, offering fast approvals, and working with Australians in all kinds of situations.
What You Need To Know:
- City Finance offers loans from $2,001 to $5,000 with same-day funding and accepts Centrelink payments.
- Online lenders typically approve applications faster than traditional banks or storefront lenders.
- Most Cash Converter alternatives require proof of income, 90 days of bank statements, and Australian residency.
- Fees are capped by ASIC – typically 20% establishment fee + 4% monthly for small loans.
Why You Need Alternatives to Cash Converters
If you’re searching for Cash Converter alternatives right now, you’re probably dealing with an urgent expense – car repairs, medical bills, rent shortfall, or unexpected costs that can’t wait. Traditional banks often take days or weeks to process applications, and their eligibility criteria can be tough if your credit history isn’t perfect.
Plenty of licensed lenders stepped up to fill the gap that Cash Converters left behind.
City Finance: Fast Online Loans for Everyday Australians
City Finance has been offering quick loans to Australians for over 30 years. While they’re currently unable to offer loans under $2,000 (due to a recent ASIC review), they still provide medium loans from $2,001 to $5,000, which might actually suit your needs better if you’re facing multiple expenses at once.
What makes City Finance worth considering:
- 60-second application from your phone; no branch visits required.
- Same day funding if you have an Osko-enabled bank account.
- Accepts Centrelink payments, pensions, and varied income sources.
- Australia-wide service – doesn’t matter if you’re in Melbourne, regional Queensland, or Perth.
- Repayment terms from 16 to 104 weeks, depending on the loan amount.
City Finance doesn’t just look at your credit score. They assess your current situation – your income, expenses, and whether you can genuinely afford the repayments. That means even if Cash Converters turned you down, you might still qualify here.
Fees (Medium Loans $2,001-$5,000):
$400 establishment fee + 48% APR. For example, a $3,000 loan repaid monthly over 12 months = $4,348 total repayable.
Learn more about how to become a creditworthy applicant to prepare yourself for your small loan application.
What to Look for in Cash Converter Alternatives
Not all small loan providers are equal. Here’s what matters when you’re choosing where to apply:
Approval speed matters when it’s urgent
If your car’s broken down or you’re facing a rental arrears notice, you need money today, not next week. Look for lenders advertising same-day funding or 60-minute approvals. Online lenders are generally faster than banks because they use automated systems to verify your income and expenses.
Transparent fees with no surprises
By law, all small loan fees are capped by ASIC. For loans under $2,000, the maximum is a 20% establishment fee + a 4% monthly fee. For loans $2,001-$5,000, lenders can charge up to a 48% APR. Any lender charging more than this is breaking the law. Always check the comparison rate and total repayable amount before signing.
Accept your type of income
Some lenders only accept wage income from full-time employment. Others, like City Finance, work with Centrelink payments, pensions, casual work, and contract income. If you’re on income support, make sure the lender explicitly states they accept government benefits.
Australia-wide availability
Many quick small loan companies only operate in certain states or metro areas. If you’re in regional Australia, confirm the lender services your location before applying.
Responsible lending practices
Every ASIC-regulated lender must assess whether a loan is suitable for you. That means they’ll ask about your income, expenses, and existing debts. If a lender approves your application without asking these questions, that’s a red flag – they’re not following the law.
What to Expect When You Apply
Here’s the typical process when applying for alternatives to Cash Converters online:
Step 1: Fill out a short application (5-10 minutes)
You’ll need basic details – full name, address, date of birth, proof of Australian citizenship or permanent residency, employment or Centrelink details (if applicable, e.g. seeking a low-income loan). Most applications can be completed on your phone.
Step 2: Upload supporting documents
Most lenders ask for 90 days of bank statements (to verify income and expenses), proof of ID, and proof of Australian residency. Some let you link your bank account directly instead of uploading PDFs.
Step 3: Assessment (minutes to hours)
The lender reviews your application to check you meet their criteria and can afford repayments. This includes checking your income against your expenses and existing debts.
Step 4: Approval and funding (same day to 24 hours)
If approved, you’ll receive a loan contract outlining the fees, repayments, and total amount owing. Once you accept, funds are transferred, often within an hour if using Osko, or by the next business day for standard bank transfers.
WARNING – Do you really need a loan today?
It can be expensive to borrow small amounts of money, and borrowing may not solve your money problems. Check your options before you borrow.
For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.
The Government’s MoneySmart website shows you how small amounts of loans work and suggests other options that may help you.
This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
How to Switch from Cash Converters to City Finance
If you currently have a loan with Cash Converters and want to move to a different lender, here’s how it works:
You can’t technically “transfer” a loan, but you can apply for a new loan with another lender and use those funds to pay out your Cash Converters loan early. Cash Converters doesn’t charge early repayment fees, so you’ll only pay interest up to the date you settle the loan.
Before refinancing, calculate whether it’s worth it. If you’re close to paying off your current loan, refinancing might cost you more in new establishment fees. But if you’re struggling with repayments or want to consolidate multiple debts, refinancing with City Finance could give you more breathing room with longer repayment terms.
Read our guide on how to switch from Cash Converters to City Finance.
Do You Really Need This Loan?
Before applying for any small loan, ask yourself: Will borrowing money actually solve my problem, or just delay it?
Small loans can be expensive. A $1,000 loan over 30 weeks costs $1,480 to repay (with 20% establishment + 4% monthly fees). That’s $480 in fees for borrowing $1,000 for about seven months.
Free Cash Convertor alternatives to consider first:
- Centrelink advance payments: If you’re on government benefits, you can request an advance payment from Centrelink by calling 13 17 94.
- Payment plans: Contact your utility provider, landlord, or medical clinic to arrange a payment plan instead of borrowing.
- No Interest Loan Scheme (NILS): Community-based loans up to $1,500 with no interest or fees for essential items.
- Financial counselling: Call 1800 007 007 to speak with a free, independent financial counsellor anywhere in Australia.
Need Help Today?
If you’ve weighed your options and a loan is the right choice, City Finance can help. Our application takes 60 seconds, and most customers receive approval within the same day. We assess every application individually based on your current situation, not just your credit history.
Whether you need help with urgent car repairs, medical expenses, or bills that can’t wait until payday, we’re here. Our medium loans from $2,001 to $5,000 give you more flexibility than smaller loans, with repayment terms up to two years.
Ready to apply? Start your application online now and see if you qualify. Our team is here to answer any questions you have about repayments, eligibility, or how our loans work.