Cash converters is a leading UK High Street store, with a franchised network of shops but operate throughout the world (more than 630 outlets worldwide), offering personal loan and pawnbroking services in different forms, aka Micro-finance. This makes it the largest second hand goods retailer, or so claims the company's web site.
Whilst pawnbrokers and payday loan companies are one of the only sectors of the global financial market to have actually grown during the recent credit meltdown, they operate and thrive in an environment where the mainstream banks have increasingly refused loans to low-income customers. The Cash Converters business has now moved into the short term loan sector, and are growing at a rapid rate.
Although the company's origins began in 1984 in Western Australia, it has grown to be a large, international company. Some of the countries that it has expanded into include the UK, France, Spain, Canada, the USA, New Zealand and South Africa; which all happened in the 1990s.
One of the key services is logbook loans cash converters, where you can receive a loan based on your car's value. This type is very similar to cash converters loans main operation, which is essentially pawnbroking. Typical pawnbroking means that you can have a loan of up to £10k, but she will be to check with individual stores. The company will test any of your items in-store. Typical pawnbroking contracts will stipulate that they are up to and including a six-month period, and are regulated by the Consumer Credit Act of 1974. Loan interest accumulates for the time period that contract is in operation, and interest is payable until the time that the contract is settled. the store will typically retain your goods until settlement.
Some of the criteria for cash converters logbook loans includes:
- Applicants are over 18 years of age
- Three recent documents are the minimum that are required for identification purposes, including one signature and proof of address, e.g. passport or driving licence. These will need to be checked before any money is exchanged for items
The borrowers personal information, photo and any history of borrowing will need to be entered into the computer's database. To retain your personal data, the company would need to be registered under the Information Commissioner's Office, so you're protected under the Data Protection Act.
In conclusion you will need to consider carefully whether you wish to pawn your car using logbook loans cash converters, or use another reputable company.