Cash Train specialise in short term loans, covering your finances before you receive your next pay.
There are many options when it comes to accessing credit. If you need a small loan to cover you, you might want to consider a short term loan. These loans are designed for unexpected expenses and usually have more flexible application criteria than what is offered by banks or other lenders, making them a good option for those earning a lower income, with bad credit or those who receive Centrelink payments.
Cash Train is a lender who specialises in these types of loans and helps out Australian customers in need of quick cash. When choosing a short term loan lender you need to ensure they are reputable, reliable and contactable. Cash Train is a trading brand of MONEY3 Services Pty Ltd Credit Licence Number 389 189. They established operations in 2009, with their management team being involved in short term loans since 2003.
Types of short term loans from Cash Train
Cash Train offers short term loans of between $200 and $2,000 (up to $800 for new customers). Cash Train Loans are not meant to be used to fix longer term financial issues or pay for recurring expenses.
Features of Cash Train short term loans
Short term loans from Cash Train have some great features which make them a great option to consider.
- Fast loan approval and payout. Cash Train approves loans online through its quick application process. Funds can be sent to your account within one business day of you being approved, but how long it actually takes for the money to be transferred to your account depends on who you bank with.
- Loan amount. You can borrow between $200 and $2,000 (up to $800 for new customers).
- Loan repayments. The repayment schedule outlined in your contract will depend on your pay frequency. If you are paid weekly you will make 10 repayments over 10 weeks, if you are paid fortnightly you will make five repayments over 10 weeks, and if you are paid monthly you will make three repayments over a three-month period.
Fees and charges
Cash Train is transparent about the fees and charges of its short term loans. The amount you pay will depend on the size of loan you take out and your repayment schedule.
What you might be charged:
- If you fail to make a scheduled repayment you may be charged $25
What you will be charged:
- An establishment fee which is 20% of the loan amount
- Monthly fees which are 4% of the loan amount
Applying for a Cash Train Loans
In order to apply for short term loan from Cash Train you need to meet these eligibility criteria:
- Be over 18 years of age
- Be employed (casual and part-time employees can apply, 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, loan purpose and your ability to make your repayments.
- If you receive Centrelink payments, at least 50% of your income needs to come from employment and you need to earn $1,200 per month from that employment
You will need to provide Cash Train with details of your employment and any benefits you receive. You will also need to provide statements for the last ninety days so they can determine what kind of loan amount you can afford.
Frequently asked questions
What if I have second thoughts about my loan application?
If you apply for a loan and you change your mind, Cash Train promotes a 24-hour guarantee where if you decide a short term loan is not right for you and return the money within 24 hours, there is nothing extra to pay.
Can I borrow from Cash Train again?
Cash Train does allow repeat borrowers. If you have borrowed from Cash Train before and wish to do so again you can apply using the 'existing customers' application form.
How quickly will I receive my loan?
Cash Train send out loans within one business day of approval, but the speed at which you receive this money will depend on the bank you are with.
What is the loan term?
Cash Train offers a maximum term of 10 weeks or 3 months depending on your frequency of pay.