Everyone has moments in their lives when they need cash fast. Unexpected bills like emergency car repairs or replacing a broken fridge mean you need cash right away to get these things fixed or replaced, and if payday is still a week away, finding the funds might be harder than you think.
Borrow up to $1500
Cash Train Payday Loans offers a fast and easy online application. Apply today to get approved.
- Loan Amount: $1500
- Loan Term: 16-31
- Turnaround Time: Same Day
- Total Cost of Borrowing $100: 24% of loan principle
- Bad credit Ok
- No security needed
- Quick Approval
- Confidential and secure!
No matter what the reason, it’s possible to get the cash you need fast with a payday cash loan.
How do payday loans work?
Payday loans are specially designed short term loans that let you access the cash you need within a day or two. It only takes a couple of minutes to apply and you generally get a response to your application almost immediately. In the case of Cash Train, they’ll then check your employment and financial status to verify your details.
If all goes well you’ll have your cash in around 2 - 3 hours, paid electronically into your bank account for you to spend right away.
Once you have your money, you can go ahead and spend it in whatever way you want. When you next get paid, simply pay back the money you borrowed, along with the lending fees and you’re good to go.
Cash Train always deposits your cash into your account electronically the moment the payday loan process has been approved and finalised. However, some banks may not show your funds as being available to you until the next day.
Do you qualify for a Cash Train payday loan?
In order to qualify for a payday loan with Cash Train, you need to be over 18 and you need to be taking home a steady income of at least $1,200 a month. As long as you can show a bank statement with at least this amount of income showing on it, you qualify to borrow money from Cash Train.
You will need a bank account which accepts direct debits and you need to be paid directly into the account. You’ll need to supply these details to Cash Train when you’re applying for your payday loan. This is so Cash Train know which account to pay your loan money into when it’s approved.
Keep in mind that Cash Train won’t lend money to self-employed applicants or those whose only income is from benefits. This is simply because they don’t have regular payslips to verify how much they earn. You need to be in a job where your employer issues payslips when you get paid.
Also note that if you’re a first-time customer you’ll need to provide 90 days worth of bank statements.
How much can I borrow?
Payday loans available from Cash Train range between $250 and $1,500. You decide how much you want to borrow, as long as the amount you want remains within those limit amounts.
Keep in mind that Cash Train will verify your income to ascertain how much you can afford to comfortably repay.
Are payday loans safe?
Cash Train is a responsible lender. This means the company must adhere to the very strict Australian lending rules and requirements before lending you any money.
Cash Train is required to verify that you’re able to afford to repay the amounts of money you borrow before they approve your loan amount. They do this by checking your recent bank statements to ensure that you really do have a steady income coming in.
How much do payday cash loans cost?
The maximum Cash Train can charge is capped at 48%. They charge an establishment fee which is 20% of the loan amount you borrow plus a 4% monthly fee. So if you decide to borrow $300, your fees will be $72 on top of the amount borrowed and you repay $372. The direct debit company also charges you $1.99 for each direct debit repayment.
What if you have bad credit?
If you already know you have a bad credit history, don’t panic. Cash Train doesn’t ask for a credit check from you. They won’t even look at your credit file. All they worry about is checking out whether or not you’re able to pay back the amount of money you borrow when your next pay cheque arrives.
What if I can’t pay back my loan on pay day?
There are times when your salary finally arrives and it gets completely spent on other bills, leaving you unable to immediately pay back your payday loan. If this happens, it’s very important you call Cash Train immediately and let them know that you need to defer your payment. You will be charged a payment deferral fee, but this is far cheaper than simply missing your payment.
If you miss your payment and your loan goes into arrears, the fees are much higher.
As long as Cash Train knows that you want to defer your payment until later, your loan will continue until you can pay it back with your next pay.
The fees that may apply in this situation are as follows:
|Loan Goes Into Arrears||$50|
|Collection Letter Sent||$10.00|
Applying for a Cash Train payday loan
The application process for a Cash Train Payday Loan is simple using their secure online application form. You simply fill out your name and contact details, along with your employment status and your income. When you’re done, hit the big red “Submit” button.
The submission form also allows you to sign for your loan offer online. Before you sign your name, take a few minutes to read through the terms and conditions to be sure you understand your obligations.
Cash Train will verify your income and with most banks, within 2 or 3 hours your cash should be waiting for you in your account.
Remember a payday loan isn’t available for every borrowing use. They are designed to help you out when short term costs arise. Borrow responsibly and a payday loan might be the helping hand you need.