What started out as a single store in Perth, Australia, has become the world’s largest second-hand retailer and pawnbroker with more than 750 stores around the globe. Cash Converters’ founder Brian Cumins had a vision – to turn second-hand goods stores into professional retail outlets. Cash Converters became an instant success, opening seven stores in just four years’ time.
The UK’s first Cash Converter’s shop was opened in 1991 in Gants Hill, Essex and now boasts 224 UK stores made up of franchise outlets and corporate owned stores. Cash Converters offer customers two ways to cash in – by selling goods to the store or using their pawnbroker services. Cash Converters pawnbrokers offer loans against goods left as security and even if it costs more than a high street bank loan, it is less than a payday lender and hassle-free as there are no credit checks. All pawn broking agreements are regulated by the Financial Conduct Authority and customers have up to six months to redeem their loan.
Additionally, Cash Converters offer ‘Buyback’ service where it charges 32.5% to buy an extension of 28 days. For all sales services, Cash Converters value the goods in store and offers cash to customers based on the evaluation. Other services include ‘cash advance’ loans ranging from £30 to £800 with 60-day repayment limit and larger amounts can be applied for online with several monthly repayment instalment options.
In a recent BBC documentary, Glasgow’s Cash Converter store manager Harry Harrison was interviewed: “There is such a diverse range of customers in here. We have got people who are absolutely minted and park their Mercs and BMWs outside, who come in and just want to get rid of their children’s old toys. “Then you have people who have just got an upgraded TV and just want to get rid of their old telly. Last but not least are the people, who are down on their luck and need money to pay their bills.”
Cash Converter offer the best hassle-free cash solutions to customers who may want to upgrade their flat screen to a smart TV’s or need a short-term loan to help pay unexpected bills.
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The Editorial Team, Point Franchise ©
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