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Cash Converters International Limited is an Australian retail pawnbroking company which also provides small financial loans. It has international franchise operations in many countries such as United Kingdom, South Africa, Canada, Belgium, United States and Spain.

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

Services
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.

International
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 in 1994, France in 1994, Canada in 1995, Spain in 1995 and the United States in 1994.

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
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 75* branches (as at 1 January 2017). 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

Malaysia
There are 7 stores in Malaysia. The first Cash Converters Malaysia store opened in 2001 at Taman SEA PJ. 4 other outlets within the state of Selangor in Ampang, Klang, Sunway and Shah Alam, and 1 in Setapak Kuala Lumpur, with total of 6 stores in the Klang Valley. Over in Plentong Johor Bahru is where the 7th store is located.

Ownership
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.

Class action lawsuit and infringements
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. Over 50,000 customers have joined to seek about $40 million in compensation. A $23m in-principle settlement was reached with more than 37,000 Cash Converters customers in June 2015.

In 2016, an Australian Securities and Investments Commission (ASIC) investigation found that Cash Converters had failed to make reasonable inquiries into the income and expences 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. 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.