Quick Facts

• Loan amounts: R400 to R4,000 (cash advance) or based on item value (pawn)
• Repayment period: Usually 1 month
• Interest: 5% per month for first loan, 3% for repeat loans in same year
• No credit check required for pawn loans
• Registered with National Credit Regulator

What is Cash Converters?

Cash Converters started in South Africa in 1994. They buy and sell second-hand goods. They also give loans against your salary or valuable items.

As of 2025, they have over 30 stores across South Africa. Every store is registered with the National Credit Regulator. This means they must follow the National Credit Act rules.

They offer quick cash when you need it. You can get money the same day. But you must understand the costs before you borrow.

Types of Loans Available

1. Pawn Loan (Loan Against Your Goods)

You bring in items like phones, laptops, jewellery, or electronics. Cash Converters assesses the value. They give you cash based on what the item is worth.

The item stays with Cash Converters until you repay. If you pay back the loan plus fees, you get your item back. If you don’t pay, they sell your item.

2. Cash Advance (Loan Against Your Salary)

This is a short-term loan. You borrow between R400 and R4,000. You repay on your next payday.

You need proof of employment. They verify your salary. The loan goes into your bank account or onto a Cashies card.

3. Sell and Borrow Back

You sell your item to Cash Converters. Then you borrow money against that same item. This gives you flexibility to buy back your item later.

✅ How the Loans Work Step-by-Step

For Pawn Loans:

Step 1: Go to a Cash Converters store with your item.

Step 2: They check your item’s value and condition.

Step 3: They offer you a loan amount (usually less than item’s value).

Step 4: If you agree, you sign a contract.

Step 5: You receive cash immediately.

Step 6: Your item stays with them as security.

For Cash Advance Loans:

Step 1: Visit a store with your ID and payslip.

Step 2: They verify your employment and salary.

Step 3: They do a credit check and affordability assessment.

Step 4: Approval usually takes 30 minutes.

Step 5: Money goes to your bank or Cashies card.

Step 6: You repay on next payday.

⚠️ Fees and Costs (2025 Rates)

All Cash Converters fees comply with the National Credit Act. Here is what you pay:

Real Cost Example

✅ Requirements to Qualify

For Pawn Loans:

• Valid South African ID
• Item of value (phone, laptop, jewellery, etc.)
• Proof you own the item
• Item must be in good working condition
• Be 18 years or older

For Cash Advance Loans:

• Valid South African ID
• Proof of regular income (payslips)
• Active bank account
• Cell phone banking registration
• Permanent residence in South Africa
• Mobile phone

How to Apply

Cash Converters does not have online applications for loans. You must visit a store in person.

Finding a Store

There are over 30 Cash Converters stores in South Africa. Major cities like Johannesburg, Cape Town, Durban, and Pretoria have multiple locations.

Visit www.cashconverters.co.za to find your nearest store. Stores are usually in shopping centres.

What to Bring

For Pawn Loans:

• Your ID document
• The item you want to pawn
• Proof of purchase (if available)

For Cash Advance:

• Your ID document
• Recent payslips (last 3 months)
• Bank statements
• Proof of residence

Your Consumer Rights Under the National Credit Act

What the Law Says

The National Credit Act protects you. Cash Converters must follow these rules:

• They must give you a written contract in plain language
• All fees must be clearly explained
• Interest rates cannot exceed legal limits
• You must receive a free copy of your agreement
• They must do affordability checks for cash advances

Your Rights for Pawn Loans

• Cash Converters must keep your item safe
• They bear the risk if items are stolen or damaged
• If they lose your item, you get fair market value back
• If they sell your item (after you default), they can only keep what you owe
• If your item sells for more than your debt, they must pay you the difference

What to Do if Things Go Wrong

Step 1: Try to resolve with the store manager first.

Step 2: Contact Cash Converters head office.

Step 3: If unresolved, contact:

• National Credit Regulator: 0860 627 627
• National Financial Ombud (NFO): 0860 800 900 (free service)
• Financial Sector Conduct Authority (FSCA): 0800 110 443

🚨 Important Warnings and Things to Watch For

Before You Pawn Items

• Never pawn stolen goods: Cash Converters works with the police. You will be arrested.
• Valuations are low: You might get only 30-50% of your item’s value.
• You could lose your item: If you cannot repay, they sell your item.
• Items stay with them: You cannot use your phone or laptop during the loan period.

Common Customer Complaints (from Hellopeter Reviews)

• Low valuations on pawned items
• Items being wiped or sold without proper communication
• Difficulty extending loan periods
• Poor customer service at some branches
• Confusion about fair market value calculations

Cash Advance Loan Warnings

• High costs: R1,000 loan costs R308 in one month
• Debt trap risk: Taking new loans to pay old ones creates problems
• Your salary is committed: Repayment comes from your next salary
• Late payment consequences: Additional fees and credit record damage

Red Flags – Never Do This

• Don’t borrow if you have no way to repay
• Don’t pawn items you need for work (like your phone)
• Don’t take loans to pay other loans
• Don’t sign contracts you don’t understand
• Don’t give false information on applications

Cash Converters vs Other Options

Common Questions Answered

Can I extend my pawn loan?

Yes. Contact the store before your due date. You will pay interest for the extra month. The initiation fee is not charged again.

What if my item is worth more than my loan?

If Cash Converters sells your item, they can only keep what you owe. Any extra money must be paid to you. This is the law as of 2025.

Do I need a bank account?

For cash advances, yes. For pawn loans, no. You can get cash immediately for pawn loans.

What happens if I cannot pay?

For pawn loans: Cash Converters keeps and sells your item. For cash advances: They report to credit bureaux. Your credit record is damaged. They may take legal action.

Are there other pawnbrokers in South Africa?

Yes. Cash Crusaders is similar. Compare offers before choosing. Different stores give different valuations.

✅ Important Contact Numbers

Cash Converters

• Website: www.cashconverters.co.za
• Find stores: www.cashconverters.co.za (store locator)

Consumer Protection Bodies

• National Credit Regulator: 0860 627 627 | www.ncr.org.za
• National Financial Ombud (NFO): 0860 800 900 | www.nfosa.co.za
• Financial Sector Conduct Authority: 0800 110 443 | www.fsca.co.za
• National Consumer Commission: 0860 003 600

Free Financial Help

• Debt Counselling: Contact NCR for registered debt counsellors
• Legal Aid South Africa: 0800 110 110 (for legal advice)

Cash Converters can help in emergencies. They give quick cash when you need it. But their loans are expensive.

Before you borrow: Calculate the total cost. Make sure you can repay on time. Consider all alternatives first.

For pawn loans: Only pawn items you can afford to lose. Never pawn things you need daily. Get valuations from multiple pawnbrokers.

For cash advances: Only borrow what you can repay from your next salary. Do not take new loans to pay old ones.

Know your rights: Cash Converters must follow the National Credit Act. If they do not, report them to the NCR.