Cash Converters

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Cash Converters International Limited
Traded asASXCCV
IndustryRetail, pawnbroking, finance
FounderBrian Cumins
HeadquartersPerth, Western Australia
Area served
Australia, UK, South Africa, Canada, US, Spain, France, Belgium, New Zealand
Total equityEZCorp 30% of shares
Cash Converters, Halifax, West Yorkshire, England
Cash Converters, North End Road, Fulham, London

Cash Converters International Limited is an Australian retail pawnbroking company which also provides small financial loans.[1] It has international franchise operations in many areas such as the US and Canada, the Middle East, Western Europe, Southeast Asia, and New Zealand.


This company was founded in Perth, Western Australia, in 1984 by Brian Cumins and a group of partners. In four years, the partners were operating seven outlets in the Perth area.


Most Cash Converters stores offer a number of services in the retail, pawnbroking and personal finance sectors.

BuyBack agreement – This is a sale and repurchase agreement offered in Cash Converters stores in the United Kingdom. This service allows a consumer to sell an item of value to the store with the option to repurchase the item within a specified time period for the initial purchase amount plus a fee. Currently the fee is £32.50 per each £100 of the purchase price. The consumer can extend the agreement for a fee.

In Australia, Cash Converters charges 35% per month Interest. This equates to 420% per annum. The interest is calculated from the day of loan, so if you were to pay back the loan over 3 months, you will have paid 105% interest.


Cash Converters International (CCV) is a franchised retail network listed on the ASX and London Stock Exchange. Cash Converters trades in 16 countries throughout the World. Cash Converters began trading in the United Kingdom in 1992, New Zealand in 1993, South Africa, France, and the United States in 1994, and Canada and Spain in 1995.

A number of countries, including Australia, New Zealand and the United Kingdom, operate online retail channels with stock being sold and/or auctioned. Listed stock carries warranties.

Cash Converters UK were the first to hold an online charity auction for the charity Dreams Come True.

Cash Converters charge a current rate of interest of 33% (35% in Victoria, Australia) per month, making their annual interest over 350% on the principal loan.

Cash Converters UK charge a flat fee of 32.5% on their Buybacks with an option to pay an extension fee after 28 days.

South Africa[edit]

Cash Converters South Africa
IndustryRetail, pawnbroking, finance
Founded1994 in Cape Town, South Africa
Website, Edit this on Wikidata

Cash Converters started operating in South Africa in 1994 with a pilot site in Parow, Cape Town. Franchising began in late 1995 and since then Cash Converters Southern Africa has sold over 80* branches (as at 02 December 2018). Cash Converters Southern Africa offers buying and selling options on many products, including cellphones, TVs, electronics, household goods, tools, musical instruments and much more.

Cash Converters Southern Africa also offers a number of small short-term personal finance options against a customer’s next salary.

Cash Converters Southern Africa is a pawnbroker and offers one month loans against a customer’s goods and valuables.

Cash Converters is currently one of South Africa’s most profitable franchise operations, and in 2014, 2015 and 2016 they were runners up at the Franchise Association of South Africa’s Franchisor of the Year awards.

Cash Converters Malaysia


{{Infobox company|

 name   = Cash Converters Malaysia|
 logo   = |
 type   = Public |
 foundation     = 2001 in Malaysia

There are 8 stores in Malaysia. The first Cash Converters Malaysia store opened in 2001 at Taman SEA PJ now at Damansara Utama. Four other outlets operate within the state of Selangor in Ampang, Klang, Sunway,Shah Alam and 2 outlets in kuala Lumpur Setapak and Sg Besi with total of 7 stores in the Klang Valley. Over in Johor Bahru is where the 8th store is located.


Cash Converters is a publicly listed company trading on the Australian stock exchange (CCV).

In November 2009, EZCorp purchased a 30% stake in Cash Converters. It now has two people on the board of the company.[2]

Class action lawsuit and infringements[edit]

Two class actions have been launched in the Federal Court of Australia on allegations that Cash Converters charged excessive fees and interest of up to 633 per cent on short term loans in NSW between July 2010 and June 2013, despite a legal limit of 48 per cent.[3] Over 50,000 customers have joined to seek about $40 million in compensation.[4][5] A $23m in-principle settlement was reached with more than 37,000 Cash Converters customers in June 2015.[6]

In 2016, an Australian Securities and Investments Commission (ASIC) investigation found that Cash Converters had failed to make reasonable inquiries into the income and expenses of customers taking out their small amount loan product. They were ordered to pay back $10.8 million to consumers and fined a further $1.35 million.[7] The investigation was part of a wider focus by ASIC on pay day lending in 2016, with lenders Nimble and Fair Go Finance also refunding customers as the result of investigations.[8][9]


  1. ^ André Sammartino (2007), 'Retail', in Dick, H. & Merrett, D. (eds.), The Internationalisation Strategies of Small-Country Firms: The Australian Experience of Globalisation, Edward Elgar: Cheltenham, UK, pp.175-194.
  2. ^[permanent dead link]
  3. ^ Rolfe, John. "Sydney woman wants 'justice' after consumers allegedly paid Cash Converters 633 per cent interest". The Daily Telegraph. Retrieved 25 May 2015.
  4. ^ Wells, Jamelle. "Federal Court ruling paves way for class action against Cash Converters over personal loans". ABC News. Retrieved 25 May 2015.
  5. ^ Wellings, Helen. "Pay Day Loans". 7Perth. Retrieved 25 May 2015.
  6. ^ "Cash Converters agrees to pay $23m to settle class action". The Guardian. 18 June 2015. Retrieved 2 January 2016.
  7. ^ Commission, c=au;o=Australian Government;ou=Australian Government Australian Securities and Investments. "16-380MR Cash Converters to pay over $12M following ASIC probe". Retrieved 2018-06-08.
  8. ^ "Payday lender Nimble forced to refund $1.5m to customers". ABC News. 2016-03-23. Retrieved 2018-06-08.
  9. ^ Mitchell, James (2016-02-10). "Lender responds to ASIC penalty". Retrieved 2018-06-08.