Cash Train Loans

A loan is a sum of money borrowed from a creditor or lender. The borrower repays the loan amount, along with any interest and fees, according to the terms outlined in the loan contract.

There are generally two types of loans: secured or unsecured loans.

1. Secured loans: The loan is secured by an asset, such as a car or property, which the lender can sell to recover any outstanding money. While secured loans often have lower fees as there is less risk to the lender, those with a poor credit score could find it difficult to be approved for one.
2. Unsecured loans: An unsecured loan does not require any collateral. Thus, fees and interest rates charged are typically higher than those of a secured loan, but the application and funding process can also be much quicker.

This largely comes down to the loan amount. For example, a personal loan is typically used to help pay for larger purchases like a holiday or home renovations while a small cash loan, like a payday loan, may be used to bridge the gap between pay cycles and cover urgent expenses.

At Cash Train, our Personal Loans are for borrowing amounts from $2,001 up to $4,600, whereas our small Cash Loans are for amounts ranging from $200 to $2,000.

Payday loans, or payday advance loans, are designed to help customers overcome unplanned expenses that occur before their next pay cycle.

Most payday lenders charge higher fees than other types of cash advances. However, payday loans are often repaid over a shorter loan term as they are intended to help cover urgent costs like car repairs or medical expenses.

We understand our payday loan customers often require money urgently so we take every measure to balance speed with responsible lending.

While most customers who apply for a payday loan will receive their loan on the same day, due to some banks’ processing times, it can take 1-2 business days for the funds to become available and enter their bank account, where NPP payments are not available.

Applicants with a bad credit history may be able to get a loan if they meet our eligibility criteria and can comfortably afford their repayments without substantial hardship.

All loan applications are assessed on a case-by-case basis and approval is determined by your current financial circumstances rather than previous incidents on your credit report.

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 payments.

If you think you may have difficulty with your payment plan, contact our friendly team.

Yes, Cash Train's flexible repayments are designed to align with the payment frequency of your regular income and can be set up on a weekly, fortnightly or monthly basis.

Most payday loan providers will require full payment on your next payday or within one month. At Cash Train, our loans are spread out over a longer period, making your scheduled repayments smaller, more affordable and easier to manage.

Check out our payday loan example cost table for help determining whether you can afford a payday loan.