Cash Converter alternatives

Many people use services like Cash Converters to sell their unwanted items and make some quick cash. But are they always the best option? And are there alternatives out there?

Well, in this guide we’ll dive into the services that Cash Converters offer, then highlight some popular alternatives which might better suit you.

What is a cash converter?

First things first, exactly what is a cash converter? And what do cash converters buy in the UK? While there are several similar services available – like CeX, Music Magpie, and others - Cash Converters might be the best known, with stores on many high streets across the UK. Here’s a closer look at the services they offer:

1. Sell eligible items for instant cash

You can head to a Cash Converter store and sell eligible second-hand items for instant cash. The items you bring in will usually be valued based on their age, condition, and appeal; you’ll then be made an offer, which you can either accept or decline.

It’s also important to highlight that you’ll need to be 18+ and present two forms of ID.

2. Shop

You can also simply shop with Cash Converters, with a huge range of second-hand goods to browse through both in-store and online. You’ll find everything from jewellery to tech products and even collectables.

3. Borrowing options

Cash Converters also offer borrowing options such as pawnbroking services. This involves bringing in an item of value, and then putting it down as collateral for a secured, short-term, loan from Cash Converters. The item is safely stored - usually for a period of around six month – and to redeem it, you’ll need to pay back the loan plus any interest.

It’s important to bear in mind that this option comes with high interest rates and potential item loss. If you fail to repay the loan, the item will be sold to attain the outstanding amount.

4. Buyback options

Cash Converters also offer buyback options, whereby you’ll sell an item with the option to buy it back at a later date. This allows you to get your hands on some quick cash without taking out a loan.

However, with this option, there will usually be an administration fee to pay on top of the original amount, and you may only have 28 days to raise the required cash (plus the administration fee) before the item is sold in-store.

The alternatives to cash converters

If you’re wondering how to make money quickly but are looking for some cash converter alternatives, let’s take a look at some of your other options:

CeX

CeX is an online platform which allows you to sell and buy second-hand electronics, including phones, laptops, and other gadgets. You can also buy or sell video games and DVDs, snapping up some impressive deals (or getting rid of some excessive clutter).

So, if it’s any of the above you’re hoping to sell, you’ll find accurate valuations and competitive pricing at CeX.

MusicMagpie

For those looking to sell CDs, books, DVDs, and tech, MusicMagpie is an ideal option. One of the site’s best selling points is the convenience it offers. Simply download the app, scan the barcode of your product, then get a quick and easy valuation!

You’ll then send the items to MusicMagpie for free, receiving your payment promptly. And, they even offer the fantastic option of donating the money made to charity.

eBay

One of the most well-known online marketplaces, eBay, boasts a treasure trove of second-hand goods. It’s widely loved for being user-friendly, meaning it’s simple to upload products, list items, manage sales and shop. And because so many people are familiar with eBay, it’s easy to find an audience and buyers for your goods.

If you build a good reputation on the site with positive buyer reviews, you’ll be able to turn your eBay account into a handy, successful side hustle. eBay also offers both buyers and sellers protection, meaning you’ll have all-important peace of mind.

Vinted

Next up, we have Vinted, an online marketplace which allows you to set up shop and sell your unwanted clothing. It’s as simple as creating an account, snapping a few pictures, and uploading them to your profile.

Wondering exactly what you can sell? Well, anything from your wardrobe really! Whether it’s unworn, vintage, or pre-loved, there’s a demand for clothing and accessories of all kinds.

So, why not have a huge wardrobe clear-out and exchange your unwanted pieces for handy cash? Quick and easy, this is a great alternative to cash converters.

Facebook Marketplace

If you’re looking to sell within your local community, Facebook Marketplace is an ideal option. It’s easy to use, meaning you can list items within minutes and communicate with buyers instantly. Also, you can sell almost anything, including electronics, books, and even furniture—something which can be handily delivered locally.

Another advantage which comes with selling in this way is a lack of fees, plus the opportunity for direct communication. However, the flip side of this is that you’ll need to implement a few safety tips, like using a secure payment method such as PayPal.

Charity shops

If you’re hoping to do some buying, charity shops are a fantastic option. Whether it’s preloved clothing, books, or furniture you’re after, your local shop is bound to have what you’re looking for (with the added benefit of affordable prices).

And charity shopping is a wonderful way to support fantastic causes. So, whether you’re on the hunt for a new outfit, or you’re hoping to revamp your home, have a look in your local charity shop to see if there’s anything which catches your eye…

Auction houses

For those with collectibles and items of value, an auction house is perhaps the best bet. There’s the opportunity for expert valuations plus larger returns with competitive bidding.

So, if you have some antiques lying around, contacting your local auction house may well be the option for you.

Which alternative should I choose?

Choosing the right option depends on factors such as selling vs buying needs, desired speed, and convenience.

For clothing and accessories, Vinted or eBay might be your best bet! Both sites are hugely popular, and you’re bound to sell your items in no time at all. Or if you’re hoping to sell locally, Facebook Marketplace will enable you to do so with speed and ease.

When it comes to turning your unwanted items into quick cash, cash converters are a popular option. But there are various alternatives out there which might be better suited to you.

With the above options, you’re bound to be impressed by how quickly your items sell and how fast that little bit of extra cash rolls in. Then, all that’s left to do is spend or save this extra cash as you wish!

For more insights, make sure to head over to the Moneyboat blog. You can dive into our effective monthly budgeting tips, or find out how to save money on your home bills.

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