Cash Train Online Loans
Cash Train specialise in short term loans, covering customers finances until they receive their next pay.
There are many options when it comes to accessing credit. If someone needs a small loan to cover them, they might 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 cash. When choosing a short term loan lender applicants 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 notable features which make them an option to consider for some customers.
- Fast loan approval and payout. Cash Train approves loans online through its simple application process. Funds can be sent to a successful applicant's bank account within one business day of them being approved, but how long it actually takes for the money to be transferred to their account depends on who they bank with.
- Loan amount. Customers can borrow between $200 and $2,000 (up to $800 for new customers).
- Loan repayments. The repayment schedule outlined in a customer's contract will depend on their pay frequency. If they are paid weekly they will make 10 repayments over 10 weeks, if they are paid fortnightly they will make five repayments over 10 weeks, and if they are paid monthly they 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 someone pays will depend on the size of loan they take out and their repayment schedule.
What a customer might be charged:
- If someone fails to make a scheduled repayment they may be charged $25
What a customer 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 successful applicants will need to meet the following 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 their bank account i.e. weekly, fortnightly or monthly, and not in cash
- If someone has bad credit they can still be considered for a loan. Cash Train looks at their current financial situation, loan purpose and their ability to make your repayments.
- If someone receives Centrelink payments, at least 50% of their income needs to come from employment and they need to earn $1,200 per month from that employment
Customers will need to provide Cash Train with details of their employment and any benefits they receive. They will also need to provide statements for the last ninety days so Cash Train can determine what kind of loan amount they can afford.
Frequently asked questions
What if I have second thoughts about my loan application?
If someone applies for a loan and they change your mind, Cash Train promotes a 24-hour guarantee where if they decide a short term loan is not right for them 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 someone has borrowed from Cash Train before and wishes to do so again they 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 a person receives this money will depend on the bank they are with.
What is the loan term?
Cash Train offers a maximum term of 10 weeks or 3 months depending on the applicant's frequency of pay.
There are a number of similar loan products on the market, so prospective borrowers should compare their options carefully before submitting an application.
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