Sergeant Rebecca Mayger said the Quinns Rocks residents were electronically altering documents, such as bank statements and utility bills, to gain enough identification points to apply for loans from outlets across Perth.
Police raided the accused pair's Buffet Ramble home on May 5, seizing computers and other items of evidence.
They had collected about $4300.
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READ NOW"They have allegedly altered the names on numerous documents and attended various Cash Converters throughout the metropolitan area as far as Rockingham," Sgt Mayger said.
She said credit card fraud was common, but this was the first time the Clarkson branch's current team had dealt with fraud of this nature.
"The alleged altering of the documents, this was something that was reasonably new to us as a local policing team," she said.
"We had one complaint from Clarkson Cash Converters (and) once we delved into it, we established a series of alleged offences."
She urged any similar businesses, which may have granted a suspicious loan, to contact police.
Officers charged an 18-year-old man with four counts of fraud and one attempted fraud.
A 30-year-old man was charged with one count of fraud.
They are due to appear in Joondalup Magistrates Court on June 3.