Lender Review: Cash Train

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Company Brief

Fast Cash Loans: $50 – $2,000

Type of Loan  Interest Rate  Interest Type  Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Cash Loan 4% Fixed and monthly $50 $2,000 1 business day 3 months 12 months

Cash Train offers fast cash loans ranging from $50 to $2,000. Cash Train charges 20% of the loan as a loan establishment fee and a 4% monthly fee.

Example:

You borrow $1,000 for a term of 6 months. Based on Cash Train’s official loan table, the cost will be $440. The costs are broken down:

  • Establishment fee: $200
  • Monthly fee: $40 * 6 = 240

The total repayment cost you will have to pay will be $1,440.

Loan payments will have to be made through a monthly payments system

Personal Loans: $2,001 – $10,000

Type of Loan  Interest Rate  Interest Type  Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan 48% Fixed and annual $2,001 $10,000 1 business day 20 months 24 months

For personal loans, the minimum amount you can borrow is $2,001 and the maximum amount is $10,000. The repayment period ranges from 12-24 months.

The costs of a Personal Loan from Cash Train include an establishment fee and an annual interest fee. Cash Train Personal Loans up to $10,000 have a $400 establishment fee and an annual interest fee of up to 48%.

Example: 

You take out a personal loan of $2,500 for 20 months. According to Cash Train’s official loan cost table, the costs for this loan will total $1,525. From there, your total repayment amount will amount to $4,025.

Other Fees to consider

Loan payments will have to be made through a monthly payments system and could incur fees if payments are not met. Both loan products from Cash Train incur the following fees:

  • Dishonour Fee – incurred when a repayment is late. The lending costs for Cash Train loans are posted on its official website and can be accessed here.

Application Process

Cash train has an online application process. A responsible lender will have requirements to determine if you are eligible and will help determine the lending decision. When completing the online application, you will need to meet the following minimum requirements to be considered for a loan:

  • At least aged 18 years old,
  • Own an active bank account,
  • In full-time employment
  • Earn a minimum of $1,200 per month
  • Have a credit history
  • You must be an Australian resident.

Cash Train will likely request details of your employment and your latest three months of bank statement.

If you are receiving Centrelink funds, you are still able to apply for a loan through Cash Train. As part of the responsible lending obligations, you will need to provide your bank statements so Cash Train can verify your proof of income from Centrelink.

In order to be a trusted lender considering the borrower’s income helps the lender assess in the applications stage, whether they will be able to make the loan repayments.

Loan decisions are typically instant but may take longer if Cash Train need to follow up with you directly.

Notable Loan Product Features:

Loans with Cash Train have a fast approval and application process. Funds are sent within one business day of loans being approved. The time to receive your funds will depend on who you bank with as some take longer than others.  Funds can be sent directly to your assigned bank account or collected from a local branch.

Repayments are taken directly via direct debit on the agreed-upon date.

The Company

There are some positives and negatives for prospective borrowers to consider before using Cash Train as an online lender. As part of the reviewing process for this article,  customer feedback and common questions answered on the company website were considered for the overall assessment.

Positives:

  • Easy application
  • Fast approval process
  • Same-day funding is offered
  • Fees and contact details are easy to find.

Negatives:

  • Negative reviews touch upon slow customer service

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