How our loans work
Life can be hard, getting a loan shouldn’t be.
Checking your financial status
At Cash Train, our goal is to provide your express cash loan quickly. To ensure the loan is affordable, we need to review your last 90 days of bank history.
The easiest way to send your statements is through Open Data Solutions during your online application, or via the secure link we’ll email you when you apply.
What information do I need to apply?
Your application can be completed online or at your local branch and takes just minutes to complete.
You will need to provide:
Our eligibility criteria
As a responsible lender, our priority is making sure your loan is suitable and affordable for your needs.
To qualify, you must:
How to apply
Ready to start your loan application? Here's what to expect.
Apply online
Fill out your online application online or in person. All you need to do is answer some simple questions and provide your bank statements and account details.Get your loan offer
We'll contact you with your loan offer*, which outlines the terms of your cash loan, while we quickly assess the final outcome of your application.Receive your loan approval
Our team is dedicated to balancing speed with a fair decision. Most customers will receive approval in just 1 business day and we’ll let you know as soon as possible.Get your money fast
Once your loan is approved, you can pick up your money in-store or get the cash transferred to your nominated bank account on the same day.**
Definition & Features
Comparison rate
The overall cost of a loan based on several factors including interest rate and fees.
Interest rate
A rate of interest charged to the borrower, usually an annual percentage of the loan outstanding.
Application fee
A fee that is charged when you apply for a loan and your loan is approved.
Loan use
The conditions for use of loan. Our cash loans can not be used for general living expenses such as rental payments or grocery costs.
Loan term
The length of the loan. Short-term loans often have lower monthly fees whereas longer loans have lower repayments and higher rates.
Rates, fees, and limits
Example loan costs
EXAMPLE: Our Cash Loans incur a 20% Establishment Fee and a 4% monthly fee, based on the amount borrowed. For example, a small loan of $1,000 over 3 months has fees and charges totalling $320 (1 x $200 + 3 x $40), resulting in a total repayment of $1,320. The minimum loan term is 2 months and a maximum of 12 months. An APR (Annual Percentage Rate) does not apply to Cash Loans.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
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Frequently Asked Questions
How do loans work?
A loan is a sum of money borrowed from a creditor or lender. The borrower repays their loan, along with any interest and fees in instalments over an agreed period of time.
How much can I borrow from Cash Train?
This will largely depend on what loan type you can comfortably afford. At Cash Train, our Personal Loans are for borrowing amounts from $2,001 up to $4,600, whereas our Cash Loans are for smaller amounts ranging from $200 to $2,000.
How long does it take Cash Train to approve a loan?
We take great pride in delivering quick and easy cash loans to customers as soon as possible, often on the same day you apply. However, due to some bank's processing times, you may need to allow 1-2 working days for the funds to become available.
What is the easiest loan to get with bad credit?
Cash Train’s bad credit loans are specifically designed to help people with poor credit histories access reliable funding.
While big banks and other traditional lenders tend to reject applicants solely on a bad credit rating, we’ll assess your loan application based on your overall financial situation rather than previous incidents on your credit report.
Does Cash Train do credit checks?
As a responsible lender, Cash Train may perform consumer credit checks to assess the income of all applicants before approving any loan. With that said, Cash Train can still provide an instalment loan to consumers with poor credit scores as long as they meet other eligibility requirements.
Can I get a loan if I am unemployed?
Absolutely! While many financial institutions will reject applicants based on their employment status alone, Cash Train is committed to inclusive lending. When assessing your suitability for a loan, our team will consider other forms of income, including Centrelink payments.
How do I repay my loan?
Direct debit transactions will automatically transfer your loan repayments from your bank account on the agreed repayment dates, so you don’t have to worry about incurring additional fees for missed or late payments.
If you think you may have difficulty with your payment plan, contact our friendly team.