Cash conveters Loan rejected?

DEvok on 17/04/2014 - 16:01

Well today I received a call after submitting a loan application with them for a loan for $1000, and was told they could not honor the loan, due to the fact after looking into my bank account that I have over 800k worth or transfers, withdraws and deposits. Well the money I had was from my lawyer from a case, only received under 300k. How does this even effect a loan situation? Please don't flame
Me that why am I doing a loan, the money saved up is going towards property, and just need a small loan for travel, no other way to get the money in time, I know their rates and etc, cheers,

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Comments

  • gevidian on 17/04/2014 - 16:30
    +1

    A credit card advance would be much cheaper than Cash Converters. And less hassle. Based on the high $$ turnaround in your bank account, they are probably guessing or worried you are recycling debt/money to cover various payments and they do not want to be left holding the bag. Just my two cents….

  • ilostnemo on 17/04/2014 - 18:43

    plenty of other cash lenders, Cash Stop etc

  • [Deactivated] on 17/04/2014 - 18:53

    Why don't you nimble it?

  • AMLagonda on 19/04/2014 - 17:37
    -1

    I ask myself, what type of person goes to a place like cashies….

    Honestly $1000 is small change, why dont you have a backup credit card, or are you already in enough debit?

    • ilostnemo on 21/04/2014 - 00:46
      +1

      People who need money in a hurry.
      People who have exhausted most other options.
      People who don't want a record of their transaction.

      Cash Converters in a nutshell is a poor persons bank.

      Since the government intervened they can only charge 4% per month, I believe a once of fee of 20% as well, so a 2 month loan will cost 28%, before legislation was passed you'd be looking at about 60% (Approx)

      A lot of people in life don't have a buffer account and live payday to payday.

  • The Batman on 20/04/2014 - 22:41
    +1

    I'll lend you $1000 just to stop you from going to CC.

  • wc on 20/04/2014 - 22:47

    It will be a lot cheaper to borrow from friend/family or paid by credit card. I think they charge like $300ish for admin fee and the interest is a lot higher than any credit card interest rate. Stay away from them.

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