MEGA CASH GO

Mega Cash GO is an Australian online credit provider that launched its first loan product in 2025 . The company offers unsecured personal loans ranging from  300 to 5,000, designed for short-term financial needs.

Full company name: Mega Cash GO Pty Ltd

ABN: 30 664 440 055

Australian Credit Licence Number: 552935

Headquarters: 175 Pitt Street, Sydney, NSW 2000 (Level 15)

Mailing address: PO Box Q1168, Queen Victoria Building NSW 1230

Founded: 2023 (company age: approximately 3 years)

Employees: 1-10 people

Parent company: Mega Cash Pty Ltd (a pawnbroker with over 30 years of experience)

The Mega Cash History

Mega Cash GO is backed by Mega Cash Pty Ltd, a trusted Australian pawnbroker founded in 1993 . The parent company has:

8 physical store locations

Facilitated over 500,000 short-term pawn loans

Served close to 100,000 unique customers

Consistently earned higher Google reviews than any other pawnbroker

The company remains "proudly Australian owned and operated" . The CEO, Gus, is the son of the Mega Cash founders and previously served as General Manager of Mega Cash .

Is Mega Cash GO Legitimate?

YES. This is a significant difference from many loan apps we have reviewed. Mega Cash GO is:

Registered with the Australian Securities and Investments Commission (ASIC)

Holds a valid Australian Credit Licence (No. 552935)

Required to comply with the National Consumer Credit Protection Act 2009

Has a verifiable physical address in Sydney

Lists its ABN and licence numbers publicly

The company also provides mandatory warnings required by Australian law, including information about free financial counselling services (1800 007 007) and the Government MoneySmart website .

Your Rights as a Borrower (Australia)

As a borrower in Australia, you have specific legal protections:

Right 1: Responsible Lending Obligations

Under the National Consumer Credit Protection Act 2009, lenders like Mega Cash GO must :

Ask questions about your income, expenses, employment, and living situation

Verify your financial situation (including reviewing bank transaction history)

Ensure the loan is "not unsuitable" for you

Only lend to customers they know can comfortably afford repayments

Right 2: Clear Disclosure of Costs

Lenders must provide a full breakdown of all fees and repayments before you confirm your loan . No hidden fees are permitted.

Right 3: Hardship Protections

If you experience financial difficulty (change in income, illness, relationship breakdown, etc.), you have the right to request hardship assistance. Mega Cash GO states they will "treat every case individually" .

Right 4: Free Financial Counselling

Australian borrowers have access to free, independent financial counselling by calling 1800 007 007 .

Mega Cash GO offers two distinct types of unsecured loans :

Small Loan (SACC - Small Amount Credit Contract)

Loan amount: 300to300to2,000

Loan term: 2 to 12 months

Cost structure: Establishment fee (20% of principal) + Monthly fee (4% of principal per month)

Interest rate: 0% (fees replace interest)

Example: Borrow 500→500→100 establishment fee + $20 monthly fee (not per month of outstanding balance, but per month of the original loan amount)

Medium Loan (MACC - Medium Amount Credit Contract)

Loan amount: 2,050to2,050to5,000

Loan term: 2 to 24 months

Cost structure: Flat $400 establishment fee + 36% per annum interest

Comparison rate: 53.3385% per annum

Real Cost Examples

Small Loan Example :

You borrow: $300

Loan term: 2 months

Establishment fee (20%): $60

Monthly fee (4% per month × 2 months): $24

Total repayment: $384

Weekly payment: approximately $44.34

Effective cost: 84ona84ona300 loan

Medium Loan Example :

You borrow: $2,500

Loan term: 2 years (24 months)

Establishment fee: $400

Interest rate: 36% per annum

Comparison rate: 53.3385% per annum

Effective cost: significantly higher due to interest compounding

Understanding the Comparison Rate

The comparison rate (53.3385%) is designed to help you understand the true cost of the loan, including both interest and fees . It is higher than the advertised interest rate because it factors in the $400 establishment fee spread across the loan term.

Important: For small loans, there is NO interest rate. Instead, fees are charged. A 20% establishment fee means you immediately owe 100ona100ona500 loan before you have even done anything with the money.

Q: Is Mega Cash GO a legitimate company?

YES. Mega Cash GO Pty Ltd holds Australian Credit Licence No. 552935 from ASIC and has a verifiable physical address in Sydney . However, legitimate does not mean cheap.

Q: What is the minimum loan amount?

$300 is the minimum you can borrow .

Q: What is the maximum loan amount?

$5,000 is the maximum .

Q: How much does a small loan cost?

For loans between 300and300and2,000: 20% establishment fee + 4% monthly fee of the original loan amount. No interest .

Q: What is the comparison rate for medium loans?

The comparison rate is 53.3385% per annum for a $2,500 loan over 2 years .

Q: Can I get a loan with bad credit?

Mega Cash GO performs credit checks with reporting bureaus . Your credit history will affect approval and terms. They do not advertise as a "no credit check" lender.

Q: How quickly can I get the money?

If approved before 3:30pm AEST/AEDT on a business day, you receive funds the same day .

Q: Does Mega Cash GO have a mobile app?

The app is "coming soon" but not yet available on iOS or Google Play Store .

Q: Can Mega Cash GO access my phone contacts?

NO. There is no evidence they request contacts, SMS, or call log access . They require bank account linking and identification documents.

Q: Does Mega Cash GO report to credit bureaus?

YES. They perform credit checks and report repayment history. This affects your credit score .

Q: Can I repay my loan early?

The terms do not explicitly prohibit early repayment. However, the monthly fee on small loans is charged on the original loan amount, so early repayment may not reduce fees proportionally. Ask before signing.

Q: What happens if I cannot repay?

Contact them immediately to discuss hardship options. They claim to treat each case individually . If you default, they may use debt collectors .

Q: Is Mega Cash GO operating illegally?

NO. They hold a valid Australian Credit Licence and comply with ASIC regulations .

Q: How long does Mega Cash GO keep my data?

A minimum of 7 years after your last interaction, as required by Australian law .

Q: Who owns Mega Cash GO?

Mega Cash GO is backed by Mega Cash Pty Ltd, a pawnbroker founded in 1993 with 8 physical stores. The CEO, Gus, is the son of Mega Cash founders .