Cash Train Loans

⚠️ Warning about Borrowing

Do you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:

• For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
• Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
• If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.

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 financial emergencies such as getting a car repaired, paying an overdue bill or for an unexpected expense that didn't fit the budget. Cash Train Loan 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 Loan have the following features:

• Loan approval and payout times. Cash Train approves loans online and sends funds to approved customers' accounts within one business day of their loans being approved. This processing time may vary depending on the bank of the borrower.
• Fees and charges. When someone signs a contract with Cash Train it sets out a repayment schedule that will include all fees and charges attached to the loan. The basic fees and charges associated with this loan are outlined below.
• Repayment schedule. The repayment schedule outlined in a contract will depend on a customer's pay frequency. If an applicant is paid weekly they will make 10 weekly repayments, if they are paid fortnightly they will make five repayments over a 10-week period and if they are paid monthly they will make just three repayments over a loan term of 12 months.
• Reliable lender. Cash Train clearly displays its fees, product reviews and contact details on its website.

What are the risks of payday loans?

• Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
• Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
• Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
• Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.

How much will the loan cost?

Cash Train are transparent about the fees and charges of their short term loans. The amount customers pay will depend on the size of loan they take out and their repayment schedule.

• Establishment fee. An establishment fee which is 20% of the loan amount
• Monthly fees. Recurring monthly fees are 4% of the loan amount
• Default and dishonour fees. Customers who fail to make a scheduled repayment may be charged $25

Applying for a Cash Train Loan

In order to apply for a cash loan from Cash Train prospective applicants need to meet the following eligibility criteria:

• Be over 18 years of age
• Be employed (part-time and casual are accepted but applicants cannot be self-employed)
• Earn over $1,200 a month
• Be paid regularly into their bank account i.e. weekly, fortnightly or monthly and not in cash
• If an applicant has bad credit history they can still be considered for a loan. Cash Train looks at an individual's current financial situation, their ability to make their repayments and the purpose of the loan to determine eligibility
• For applicants who receive Centrelink, they need to earn over $1,200
• per month from employment. Centrelink cannot be more than 50% of their income

Loan applicants will need to provide Cash Train with details of their employment and any benefits they receive. They will also need to provide bank statements for the last ninety days, so that Cash Train can determine their loan amount.

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