Cash Converters is the world’s largest second-hand dealer, and a market leader in pawnbroking and small loan services. We help thousands of everyday Kiwis with responsible financial solutions.
We provide multiple services that help customers get on with their day-to-day lives. This includes small loans, retailing quality goods, purchasing unwanted or unused items and pawnbroking.
The Cash Converters franchise system started in New Zealand in 1993 and currently has 28 stores employing more than 350 people.
Small loans, big need
A growing number of New Zealanders are either fully or significantly excluded from obtaining credit from traditional banks. With household budgets that are already stretched, an unexpected expense – like a medical bill, vet bill, car repairs, or a school excursion for the children – can often leave people with nowhere to turn.
Cash Converters NZ has been meeting this need for more than 20 years. During 2016 we provided 280,000 small loans to Kiwis.
Just like loans from traditional banks, we carefully review our customers’ financial circumstances to ensure they are eligible for a loan, including proof of income, household expenditure, identity and residence. We won’t approve a loan our customers can’t afford to repay.
Responsible lending practices
Cash Converters supports the promotion of responsible lending practices, and has a long-standing reputation for transparent, responsible and ethical conduct and services in the New Zealand market place.
Unlike most lenders, Cash Converters bear the entire risk associated with our small loans. This means customers do not provide any form of security, and unpaid accounts are not subject to enforcement action. Additionally, our cost of credit can never exceed the amount borrowed regardless of customer circumstances or length of time to repay.
This model works to make sure our customers have capacity to repay their loans.
At a national level, Cash Converters has contributed to consumer credit reform for more than 10 years including the Credit Contracts and Consumer Finance Act (CCCFA) and the associated Responsible Lending Code.