If you're stuck for cash, you could get up to $2,000 before you next get paid.
Cash Train is a lender who specialises in these types of loans and helps out Australian customers in need of quick cash. When choosing an online loan lender you need to ensure they are reputable, reliable and contactable. Cash Train is a trading brand of MONEY3 Services Pty Ltd Australian Credit Licence Number 389189.
|Min Loan Amount||$200|
|Max. Loan Amount||$2,000|
|Initial Maximum Loan Amount||$800|
|Loan Term||10 weeks or 3 months|
|Turnaround Time||1 Business Day|
|Costs||20% of principal amount (establishment fee) + 4% monthly charge|
|Requirements||You must be over 18, employed and earn over $1,200 a month|
|Available to Centrelink borrowers||Yes|
- Fast loan approval and payout
- Easy application
- Same day funding - conditions apply
- Must be employed
- Can be expensive to borrow small amounts of money
- Can't apply if already have several payday loans outstanding
- Over 18 Years Old
- Must have a bank account
Types of cash loans from Cash Train
Cash Train offers short term loans of between $200 and $2,000 (up to $800 for new customers). These loans are usually used for unexpected expenses such as getting your car repaired, paying an overdue bill or a spur of the moment event that you didn't budget for. Cash Train loans are not meant to be used to fix longer term financial issues or pay for recurring expenses.
Features of a Cash Train Loan
Cash Train Loans have some features which make them an option to consider.
- Fast loan approval and payout. Cash Train approves loans online and sends funds to your account within one business day of your loan being approved. The time you receive your loan will depend on the processing times of your bank.
- Know how much your repayments are. When you sign your contract with Cash Train it sets out the repayment schedule which includes all fees and charges. Take a look below for the basic fees and charges.
- Clearly defined repayment schedule. The repayment schedule outlined in your contract will depend on your pay frequency. If you are paid weekly you will make 10 weekly repayments, if you are paid fortnightly you will make five repayments over a 10-week period and if you are paid monthly you will make just three repayments over a loan term of 3 months.
- Reliable lender. Cash Train clearly displays its fees, product reviews and contact details on its website.
How much will the loan cost?
Cash Train is very transparent about the fees and charges of their short term loans. The amount you pay will depend on the size of loan you take out and your repayment schedule.
- An establishment fee which is 20% of the loan amount
- Monthly fees which are 4% of the loan amount
- If you fail to make a scheduled repayment you may be charged $25
Applying for a Cash Train loan
In order to apply for cash loan from Cash Train you need to meet the following eligibility criteria:
- Be over 18 years of age
- Be employed (part-time and casual are accepted but you cannot be self-employed)
- Earn over $1,200 a month
- Be paid regularly into your bank account i.e. weekly, fortnightly or monthly and not in cash
- If you have bad credit you can still be considered for a loan. Cash Train looks at your current financial situation, your ability to make your repayments and the purpose of the loan
- If you receive Centrelink, you need to earn over $1,200 per month from employment and Centrelink cannot be more than 50% of your income
You will need to provide Cash Train with details of your employment and any benefits you receive. You will also need to provide bank statements for the last ninety days so Cash Train can determine your loan amount.