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Cash Train FAQs - Answering Your Fast Cash Needs

Cash Train Has Got The Answers to Your Financial Emergencies

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Check out the questions and answers below which go over the most common questions about our service, and how simple it really is to arrive at your cash loan with Cash Train. Although the online application takes just minutes, you might want to drop into your nearest Branch for assistance.

Any other questions, then send us a quick message from our contact us page or call us on 1300 034 626 for Branch Loans or 1300 733 009 for Online Loans and we'll try to answer your query as quickly as possible.

FAQ's

Can I get a loan with a 450 credit score?drop down arrow expanded

Yes, it is possible to get a loan with a 450 credit score. However, as this score is considered “Bad”, it’s possible that you will be restricted to specific types of loan until your credit score improves.

    What is the easiest loan to get?drop down arrow expanded

    The criteria for fast cash loans is generally less strict than that of a personal loan from a mainstream lender.

      What are the 4 types of loans?drop down arrow expanded

      There’s actually considerably more than 4 types of loans – mortgages, personal loans, small business loans and student loans, just to name a few. Even credit cards are technically considered a type of loan! However, Cash Train offers two main types of loans for borrowers – fast cash loans and personal loans.

        Can you get a loan from a bank you don’t bank with?drop down arrow expanded

        Yes, it’s generally possible to get a loan from a bank that you don’t personally bank with. However, the best loan products and terms are often reserved for customers of the bank, so you may only have access to a more restricted range.

          How many points does a personal loan drop your credit score?drop down arrow expanded

          While circumstances will vary from individual to individual, a personal loan can actually benefit your credit score in the long run – provided you are borrowing responsibly and making the repayments in a timely fashion. Credit scores tend to be negatively affected when these criteria are not being met, or multiple applications are made and then denied in quick succession.

            Which type of loan is cheapest?drop down arrow expanded

            Broadly speaking, secured personal loans typically have cheaper fees than unsecured loans. This is because the borrower may see you as a less risky prospect if they have some form of collateral attached to the loan.

              How much loan can I get on $35,000 salary?drop down arrow expanded

              At Cash Train, each loan application is considered on a case-by-case basis, so the amount can vary. Depending on your income, the purpose of your loan and your ability to repay, Cash Train is currently able to offer personal loans of up to $50 - $10,000 with a variety of loan lengths.

                What are the disadvantages of a personal loan?drop down arrow expanded

                Personal loans can be a great way to consolidate debt or deal with short-term expenses. However, it’s important to remember that significant fees can be attached, and if you’re not making repayments as required, there can be impacts on your credit score and your ability to secure a loan in future.

                  What’s the easiest loan to get with bad credit?drop down arrow expanded

                  The criteria for fast cash loans is generally less strict than that of a personal loan from a mainstream lender. At Cash Train, individual applications are assessed on a case-by-case basis.

                    Why did my credit score drop when I paid off a loan?drop down arrow expanded

                    When paying off a loan, your credit score may drop temporarily. As your credit score is calculated based on a variety of factors (including debt and the age of that debt), closing off a loan means that it’s no longer factored into your overall credit portfolio – so if you’ve had the debt for some time, it may mean that it has a temporary effect on your overall score.

                      What credit score do I need to get a $20,000 loan?drop down arrow expanded

                      Cash Train currently only offers loans of up to $10,000.

                        Is it better to get a personal loan from your bank?drop down arrow expanded

                        People’s individual finances and circumstances can vary significantly, and there is no one “right” lender to approach for a loan. However, Cash Train specialises in working with customers who have a diverse range of credit histories and may not always be well-positioned to seek loans from mainstream lenders.

                          Which type of loan is best?drop down arrow expanded

                          People’s individual finances and circumstances can vary significantly, and there is no one “right” lender to approach for a loan. However, Cash Train specialises in working with customers who have a diverse range of credit histories and may not always be well-positioned to seek loans from mainstream lenders.

                            Can I get a loan with very poor credit?drop down arrow expanded

                            It’s entirely possible. Each loan application at Cash Train is assessed individually, on a case-by-case basis. Cash Train is an industry leader committed to closing the gap in the market for consumers who are either excluded from, or who simply choose not to obtain credit from mainstream financiers and allowing customers who are in financial need access to regulated credit solutions with extensive consumer protections.

                              What credit score is needed for a $5,000 loan?drop down arrow expanded

                              Cash Train takes a case-by-case approach to loan applications, so the most important consideration is evidence of current income, rather than current credit score. You can apply online here.

                                What credit score do I need for a personal loan?drop down arrow expanded

                                At Cash Train, we pride ourselves on being able to help people who have been overlooked or underserved by mainstream lenders. Accordingly, we take a case-by-case approach to assessing applications and deciding loans which is more influenced by current income than credit score.

                                  Can I get a $10,000 loan with bad credit?drop down arrow expanded

                                  Potentially. At Cash Train, we look at each application on an individual basis – depending on your individual circumstances, you may be able to secure a loan for this amount.

                                    Is it smart to get a personal loan?drop down arrow expanded

                                    Everyone’s financial circumstances are unique, and a personal loan may or may not be a suitable financial solution for your particular needs. Speak to your Cash Train customer service representative for more information.

                                      What is the easiest loan to get approved for?drop down arrow expanded

                                      Each loan application at Cash Train is assessed on its own individual merits, as we’re aware that previous credit incidents may not necessarily impact your ability to make repayments now.

                                        How can I raise my credit score 50 points fast?drop down arrow expanded

                                        Your credit score factors in a number of different considerations, including the age of your credit file, your debt, previous loans, and the types of credit applications you’ve made in the past. However, one of the easiest ways to improve your score is to pay your loans and bills on time. Ordering a credit report can also help provide insights into areas that may have been overlooked, too.

                                          What is the maximum you can borrow on a personal loan?drop down arrow expanded

                                          Currently, we offer personal loans of up to $10,000 at Cash Train for qualified borrowers.

                                            What is the best reason to get a personal loan?drop down arrow expanded

                                            There’s no “best” reason to get a personal loan; people take them out for a wide variety of reasons. Sometimes it’s for emergency expenses, sometimes it might be for events such as a holiday, and on other occasions it’s for debt consolidation. Your own circumstances and reasons for seeking a personal loan are likely to be as unique as you are.

                                              How much are payments on a $50,000 loan?drop down arrow expanded

                                              Cash Train currently only offers loans of up to $10,000.

                                                What do banks look at for personal loans?drop down arrow expanded

                                                Banks consider a variety of factors for personal loans, including employment, savings history and previous credit history, to name a few. These multiple factors influence whether a prospective borrower is able to secure a loan. At Cash Train, we primarily look at whether you have a regular and steady income when assessing a potential loan.

                                                  Is it hard to get a $1,000 loan?drop down arrow expanded

                                                  Cash Train aims to help borrowers who may have been unable to secure a loan through mainstream channels. Additionally, each application is assessed on its own merits.

                                                    What is the lowest amount a bank will loan?drop down arrow expanded

                                                    Banks typically have fairly tight minimum restrictions on borrowing in order to protect their business margins and ensure that the loan is worth their time and money. At Cash Train, we loan amounts as low as $50 all the way up to $10,000.

                                                      What are the payments on a $20,000 loan?drop down arrow expanded

                                                      At this time, Cash Train offers loans ranging from $50 to $10,000, but not as high as $20,000.

                                                        Is it better to apply for a personal loan online or in person?drop down arrow expanded

                                                        At Cash Train, we don’t mind how you apply! You can apply for a loan in person at one of our branches, over the phone or via our website.

                                                          Will my credit score increase if I pay off a personal loan?drop down arrow expanded

                                                          This depends from person to person. Obviously less debt is a positive thing overall,and when it’s paid off, you may see your credit score rise. But when you pay off a loan, you may see a temporary dip in your credit score. This is because your score fluctuates based on a number of factors, including debt, and how long you’ve had that debt. So when you finalise a loan, it means it’s no longer factored into those calculations, which may mean a short-term dip.

                                                            Can I get a loan with a 500 credit score?drop down arrow expanded

                                                            Yes! Credit scores aren’t always reflective of people’s ability to repay – accordingly, Cash Train assesses each application on a case by case basis, to ensure fairness.

                                                              Is it smart to pay off credit cards with a personal loan?drop down arrow expanded

                                                              Under some circumstances, yes. However, this is a multifaceted question and depends heavily on your individual circumstances. Both credit card debt and personal loans can have an impact on your credit score – and in turn, borrowing capacity into the future. Both can also have significant fees attached, so it’s worth discussing this in more detail with your credit card provider and a financial planner.

                                                                Do personal loans hurt credit?drop down arrow expanded

                                                                While personal loans are noted on your credit history – and may have a short-term impact on your credit rating – if you are paying them off in a timely fashion, then you credit history can improve as a result.

                                                                  Can I have 2 loans at once?drop down arrow expanded

                                                                  It is possible to apply for a new loan with Cash Train if necessary as long as it meets our responsible lending obligations.

                                                                    What is the smartest way to consolidate debt?drop down arrow expanded

                                                                    Personal loans can be an excellent way to consolidate your debt if you’re finding the fees associated with multiple other bills and loans challenging. However, it may not be appropriate under all circumstances; make sure to consult with your financial planner.

                                                                      What is the monthly payment on a $10,000 loan?drop down arrow expanded

                                                                      Over a 24-month period, the monthly repayment on a $10,000 loan would be $620.83.

                                                                        How much can I borrow on a personal loan?drop down arrow expanded

                                                                        Cash Train currently offers personal loans of amounts between $50 - $10,000.

                                                                          What paperwork do I need for a personal loan?drop down arrow expanded

                                                                          As the whole purpose of taking out a cash loan through Cash Train is to get you your express cash loan as quickly as possible, we will need to review your last 90 days’ worth of bank statements to confirm that your loan will be affordable for you. The simplest way to send us your statements is to use Proviso during your application online, or by clicking on the secure link which we will email to you when you apply.

                                                                            Do personal loans affect your tax return?drop down arrow expanded

                                                                            Generally not, as the money from a loan is considered debt rather than income. However, if the money from a personal loan is used for an individual’s business or income-producing activities, there may be tax implications. Your accountant will be able to provide more detailed information on your specific circumstances.

                                                                              How can I quickly raise my credit score?drop down arrow expanded

                                                                              Raising your credit score is an interconnected process, spread across a broad variety of factors such as the age of your credit file, length of time at an address and the types of credit applications you’ve made in the past. However, some simple ways to improve your score are to pay your loans and bills on time, and to keep track of your credit commitments. “Shopping around” for credit with a variety of organisations can be viewed negatively by future lenders.

                                                                                Is 650 a good credit score?drop down arrow expanded

                                                                                Though the method of credit scoring varies slightly from the major bureaus, 650 would broadly be considered a sightly above average or “Good” credit score.

                                                                                  Can I pay off a personal loan early?drop down arrow expanded

                                                                                  Cash Train personal loans can be repaid early with no penalty fees. Speak to one of our Cash Train customer service representatives for more information.

                                                                                    Is it bad to have a lot of credit cards with zero balance?drop down arrow expanded

                                                                                    While everyone’s financial circumstances are unique, having numerous credit cards with zero balance can potentially have an impact on your credit score. The first is that not using them at all may result in the cards being closed due to inactivity, which can have a negative impact on your credit score. Similarly, you may be charged annual fees for a product you’re not getting any use from. Speak to your bank for more details.

                                                                                      What’s the minimum credit score for a personal loan?drop down arrow expanded

                                                                                      All loan applications at Cash Train are considered on a case-by-case basis; we understand that previous credit incidents are not necessarily indicative of current circumstances and aim to help wherever we can.

                                                                                        What happens if I repay my loan early?drop down arrow expanded

                                                                                        Cash Train loans have set terms and accordingly early repayment fees are not charged if you finalise your payments before the previously agreed-upon date. Speak to your Cash Train customer service representative for more information.

                                                                                          Example Loan Costs

                                                                                          • 3 Months

                                                                                            Fast Cash

                                                                                          • 6 Months

                                                                                            Fast Cash

                                                                                          • 12 Months

                                                                                            Fast Cash

                                                                                          • 20 Months

                                                                                            Personal Loan

                                                                                          • 24 Months

                                                                                            Personal Loan

                                                                                          BorrowCostsRepay
                                                                                          $500$220$720
                                                                                          $1,000$440$1,440
                                                                                          $1,500$660$2,160
                                                                                          $2,000$880$2,880