Cash Converters stopped offering small loans under $2,000 in October 2025, leaving thousands of Australians scrambling for alternatives. If you’re wondering how to switch from Cash Converters to City Finance, you’re not alone. The good news is you’ve got plenty of options, and the process is more straightforward than you might think.
What You Need To Know:
- Cash Converters no longer offer loans under $2,000 due to regulatory changes affecting Small Amount Credit Contracts (SACC loans).
- City Finance focuses on medium loans ($2,001-$5,000) through our MACC product, with same-day funding available.
- The switch involves: assessing your borrowing needs, checking your eligibility, applying online with City Finance, and potentially consolidating existing debts.
- For loans under $2,000: You’ll need to explore other quick small loans companies that still service this range.
- Application takes minutes, with funds often available the same day once approved.
Why Cash Converters Changed Their Lending
Cash Converters didn’t just decide to stop small loans on a whim. Industry-wide regulatory changes made SACC lending (loans under $2,000) commercially unviable for many providers.
The changes included a 10% protected earnings cap, meaning total loan repayments can’t exceed 10% of your net income. While this protects borrowers from overcommitment, it forces major lenders like Cash Converters to exit the small loan market entirely.
If you previously relied on Cash Converters for quick access to funds between $300-$2,000, you’re now looking at either finding alternative SACC providers or increasing your borrowing amount to access medium loans instead.
Understanding Your Options When Switching Lenders
Before you switch from Cash Converters to another lender, take a moment to assess what you actually need.
If you need under $2,000
City Finance currently has an ASIC Interim Stop Order in place for SACC products, which means we can’t accept applications for loans under $2,000 at this time. You’ll need to explore other quick small loans companies that are still licensed to provide SACC loans. Check ASIC’s register to verify any lender’s credentials.
If you need $2,001-$5,000
This is where City Finance can help. Our MACC (Medium Amount Credit Contract) loans are designed for exactly this situation, with flexible repayment terms and same day loans processing available.
If you’re on a low income or Centrelink
City Finance accepts applications from borrowers with various income sources, including government benefits. We assess low income loans applications based on your current capacity to repay, not just your credit history.
How to Switch from Cash Converters to City Finance: The Process
Switching lenders isn’t complicated, but there are some practical steps to follow.
Step 1: Check Your Current Loan Status
If you still have an active loan with Cash Converters, you’ll need to understand your repayment obligations. You can’t simply abandon an existing loan because you’re switching providers. Check your loan balance, remaining repayments, and whether there are early exit fees if you plan to refinance with City Finance.
Step 2: Determine Your Borrowing Needs
Be honest about how much you need. If your original Cash Converters loan was $1,500 but you now need $2,500, a City Finance MACC loan might work well. However, only borrow what you can realistically afford to repay.
Step 3: Gather Your Documents
City Finance keeps paperwork simple. You’ll typically need:
- Proof of identity (driver’s licence or passport)
- Proof of income (payslips or Centrelink statement)
- Bank statements for the past 90 days
Step 4: Complete the Online Application
City Finance’s application takes just a few minutes. You’ll select your loan amount (minimum $2,001 for MACC loans), choose your repayment frequency (weekly, fortnightly, or monthly), and provide your personal details.
Step 5: Speak with Our Team
After submitting your application, someone from City Finance will call to confirm your details and assess your suitability. This is your chance to ask questions about repayment schedules, fees, and whether the loan genuinely suits your circumstances.
Step 6: Receive Funds
Once approved, funds are typically transferred the same day via OSKO. Most customers receive money within minutes if our bank supports instant payments.
What City Finance Offers
City Finance operates differently from Cash Converters. We’re a national online lender focused on flexibility and understanding individual circumstances.
- Loan Amounts: $2,001 to $5,000 (MACC loans).
- Repayment Terms: 12 to 52 weeks.
- Fees: $400 establishment fee + 48% APR for MACC loans.
- Speed: Same-day funding available.
- Eligibility: Australian residents 18+, with regular income from employment, pension, or Centrelink.
We’re particularly helpful if you’ve been rejected elsewhere. City Finance takes time to understand your situation rather than relying solely on credit scores. Whether you’re working to become a creditworthy lender or you’re already managing multiple financial commitments, we assess applications individually.
Our system allows you to tailor repayments to match your pay cycle, so you’re not stuck with rigid weekly instalments if fortnightly suits your income better.
Things to Consider Before Switching
Switching lenders isn’t always the solution to financial pressure. Before you commit to how to switch from Cash Converters to City Finance, ask yourself these questions:
Can you afford the repayments? Use City Finance’s calculator to see exact repayment amounts. Don’t stretch yourself thin.
“Refinancing may increase the total cost of credit. Consider independent advice.
Do you actually need a loan? The National Debt Helpline (1800 007 007) offers free financial counselling. Sometimes a payment plan with creditors or a Centrelink advance might be a better option.
Are you consolidating debts? If you’re taking out a City Finance loan to pay off your Cash Converters loan plus other debts, make sure the new loan actually reduces your total repayments. Consolidation only helps if it simplifies your finances and lowers costs.
Will this improve your situation or just delay problems? Be honest. If you’re borrowing to pay off borrowing, you might be in a debt cycle that needs professional help to break.
Ready to Make the Switch?
If you’ve weighed your options and a City Finance MACC loan suits your needs, the application process is straightforward. Our team understands that life throws unexpected expenses your way – car breakdowns, medical bills, urgent home repairs – and we’ve built our service around getting you help quickly.
Need to discuss your specific situation? Contact City Finance directly to talk through your options. We’ll assess whether a MACC loan is suitable for your circumstances and explain exactly what you’ll pay over the loan term.
Remember, borrowing responsibly means only taking what you need and can afford to repay. City Finance operates under strict responsible lending obligations; we’ll assess your capacity before approving any loan.
Frequently Asked Questions
Can I switch lenders if I still owe Cash Converters?
It may be possible to appy with a different lender even if you have an existing loan with Cash Converters. However, any current loan remains your responsibility and must be repaid in line with its original terms until it is fully settled. City Finance does not provide advice on refinancing existing debts, and you should review your repayment obligations and loan conditions carefully before making any decisions.
Does City Finance offer loans under $2,000?
Yes. City Finance offers small loans from $500 up to $2,000 under our SACC (Small Amount Credit Contract) product, as well as larger MACC loans from $2,001 up to $5,000 – but availability depends on current regulatory permissions and the product ranges we’re authorised to offer at the time you apply.
Is City Finance a safe alternative to Cash Converters?
City Finance is a licensed Australian lender operating under the same responsible lending laws as other credit providers, and we assess every application based on your personal situation. We only approve loans you can afford to repay and explain all costs upfront. That means you get clarity, transparency, and support – a safe and regulated alternative to payday or small loans from legacy providers.
How quickly can I get funds from City Finance after switching?
Once approved and you’ve signed your contract, most customers receive funds within the same day, often within minutes via OSKO with supported banks. Timeframes vary based on verification steps and banking arrangements.