Pensioner Loans
Make life a little more comfortable. Borrow the money you need, when you need it most.
Why choose Cash Train for a pensioner loan?
Bad credit considered
Don't let a bad credit history hold you back. As inclusive lenders, we offer loans to Australians from all walks of life.
Stress-free process
Your time is precious. Eligible applicants can enjoy a lightning-fast approval process when they apply online or at their local branch.
Reputable lender
With over 20 years of experience and branches nationwide, Cash Train offers reliable loans for pensioners nationwide.
Eligibility
At Cash Train, we're committed to ensuring our loans are affordable for our customers.
To be eligible for a pensioner loan, you must:
Existing customers can benefit from a faster borrowing process. As your trust rating improves, you may borrow more money with any subsequent loan - as long as you meet loan payments, the loan meets your requirements and objectives and repay your loan in full, on time and can afford the higher amount.
Our application process
Applying for a pensioner loan with Cash Train is as easy as 4 simple steps.
Apply online
Submit your application from the comfort of your own home. All you need to do is answer some simple questions and provide your bank details.Get your loan offer
Get your conditional loan offer* which outlines the terms of your loan while you wait for final approval.Receive loan approval
Our team will gather and review all your information and give you an answer as quickly as possible.**Get your money
If you qualify, your money will be transferred directly to your bank account within 30 minutes via an instant funds transfer.**What can I use a pensioner loan for?
Special occasions
From anniversary gifts to Christmas decorations, make the most of milestone moments.
Travel costs
Take a trip to see your loved ones or pay for your dream getaway with fast financial help.
Definition & Features
Application fee
A fee that is charged when you apply for a loan and your loan is approved.
Extra repayments
Extra repayments are made after the establishment of the loan and could help reduce fees and repayment term.
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
Why our customers love us
Learn why we're one of Australia's trusted lenders.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 pensioner loans work?
Pensioner loans work similarly to other types of small loans but are specifically designed for customers receiving Government benefits like the age pension, carer's pension or disability support pension.
These loans are tailored to meet the unique financial needs of pensioners like covering unexpected expenses, medical bills, home repairs, or even personal projects and holidays. The borrower will then repay the loan amount, along with any fees, according to the terms outlined in the loan contract.
What's unique about Cash Train's pensioner loans?
While many financial institutions and other lenders will reject individuals on their employment status alone, Cash Train is committed to inclusive lending. Our team will assess your loan application based on your current financial situation and whether you can comfortably repay your loan.
What loans can I get on Centrelink benefits?
If you’re receiving government benefits, you could be eligible for a Cash Loan or a Personal Loan with Cash Train. Your loan options will depend on your total income, regular expenses and your ability to meet your repayments. Each application is assessed on a case-by-case basis to provide prospective borrowers with the best possible outcome.
What's the difference between a Cash Loan and a Personal Loan?
At Cash Train, our Personal Loans are for borrowing amounts from $2,001 up to $4,600 whereas our Cash Loans are for amounts ranging from $200 to $2,000.
What's the difference between an unsecured and secured loan?
While unsecured loans do not require any collateral, secured loans are secured by an asset, such as a car or property which can be sold by the lender to recover any outstanding money.
As unsecured loans often involve greater risk for the lender, fees and interest rates can be higher. However, the application and funding process can also be a lot quicker.
Can I get a pensioner loan if I have a bad credit history?
Pensioners with a bad credit history may be able to borrow money if they are eligible and can comfortably afford their loan payments. Approval will largely depend on your current financial circumstances rather than previous credit incidents.
How do I repay my pensioner loan?
Your loan repayments will be set up automatically via direct debit with the funds digitally transferred to us from your bank account on the agreed repayment dates.
While many lenders typically require full payment on your next payday or within 1 month, our personal loans are spread out over a longer period, making your scheduled repayments smaller, more affordable and easier to manage.
If you think you may run into difficulty with an upcoming repayment, get in touch with our friendly team.