Cash Converters and Cash Doctors - What is the difference?

People ask us all the time, "What is the difference between Cash Doctors and Cash Converters?"

We're similar in that we help people when they need cash loans. But we're very different in the ways in which we meet this end.

We have offered a quick comparative table that highlights some of the major differences. Depending on your circumstances and cash needs, this will help you choose which cash loans lender is best for you.

Applying for the cash loan

Cash Converters - Firstly you log on to their website and fill out the questions on their online application form including the cash loan amount you are after, some personal details and your postcode. Once that has been submitted, you wait for either a phone call or email from a representative that works at the Cash Converters store closest to your postcode area. Their website information says that this can take up to 24 hours. When we applied for the purposes of this article we received a return phone call in 6 hours. That's very good. After you have received confirmation of pre-approval you then go to your nearest Cash Converters’ store with:

• 100 points of ID
• Proof of address ( recent utility bill)
• Most recent payslip
• Bank statement showing BSB, account number and your very last pay going into your account.

When these have been sited and approved, you then sign your contract and receive your cash loan over the counter.

By comparison, the Cash Doctors application process is faster and completely online which means it can be done in the privacy of your home or even through your mobile phone. You log on to the website and fill out the 5 minute application form.The Cash Doctors' system quickly calculates your eligibility and a loan offer is ready in seconds. For your first loan, a Cash Doctor's representative will contact your payroll to confirm your details or if you prefer, you also have the option of faxing your details directly to Cash Doctors. Once the required information has been confirmed the money transferred straight into your nominated bank account within 60 minutes (during business hours). Most people have funds available within minutes of the transfer – but it may take up to 2 hours, depending who you bank with.

How much can you borrow?

Cash Converters have a maximum cash advance amount of $1000 and their minimum is $50. However to be eligible for the $1000 amount you need to be earning between $700 and $800 per week.

Cash Doctors offer payday advances up to $600. However your first loan is carefully calculated to suit the first-time lending criteria just so a relationship of trust is established. If you are paid weekly, your first cash advance can be $200; fortnightly your advance can be $300; and monthly your advance can be $400. After that, depending on your financial circumstances Cash Doctors will lend you up to $600.

How much does it cost?

Cash Converters...

Cash Converters charges a 35% brokerage fee per $100. This means $35 per every $100 borrowed. So if it is your first cash advance or 10th, it remains the same.

Cash Doctors...

First time loans cost just $2.

Cash Doctors offers this very cheap payday loan to allow people who have not tried their services before to check it out. You can try the Cash Doctors cash advance service practically for free. You repay what you borrow, plus $2. That's it.

Repaying your cash loan

Paying back your cash advance to Cash Converters is straight forward. The repayment amount gets direct debited from your nominated account. If you are paid weekly, it comes out over four pays. If you are paid fortnightly, it comes out over two pays, monthly it comes out on your next monthly pay. Generally speaking, you have a month to pay it back.

Repaying a Cash Doctors cash loan is just as easy. The clever Cash Doctors system does all the hard maths and works out the best repayment schedule for you. Every loan is set up automatically to be direct debited from your account starting on the date of your next payday. If BPAY, EFT, internet transfer or cash is easier for you then that is possible as well.

In summary, how is Cash Doctors different from Cash Converters...

We have discovered that the major differences between Cash Doctors and Cash Converters is 1) cost of first-time loans, 2) cash loan amounts and 3) speed of payment.

1) First-time loan costs on an average loan of $300...

2) Maximum cash loan amounts...

3) Speed of cash loan payments...

Who is the best lender for your needs?

Plainly, if speed of payment, confidentiality and cost are important to you Cash Doctors is the clear winner and is the best choice for you.

Apply right now for a Cash Doctors quick cash advance.

However, Cash Converters will be your lender of choice if you earn a lot of money and require more than $600.

*Contact us directly for any more information you may require about this comparison. Email: paydayloans@cashdoctors.com.au

**NOTE: Each short-term loans lender adopts a different name for their loan products. The terms "cash advance", "payday loan", "payday advance" and "cash loan" are used interchangeably in this document. They refer simply to any cash loan lent on a short-term basis.