Frequently asked questions

There are actually considerably more than four 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.

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, such as your car or home.

With Cash Train, our loans are unsecured personal loans up to $8,000 - available online or in branches across Australia.

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.

If you have an emergency, our quick cash loans could be the answer.

If you are on benefits, our Centrelink loans could help out when other lenders won't.

We'll also give you a go, even if you need a loan with bad credit.

Cash Train currently offers personal loans of amounts up to $8,000.

At Cash Train, each loan application is considered case-by-case, 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 $8,000 with various loan lengths.

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

Even if you have failed to get approval elsewhere, we'll give you a go.

In most cases, when you apply online, we will not need any additional paperwork.

As a key purpose of taking out a loan through Cash Train is to get you your cash loan as quickly as possible, we will need to review your last 90 days’ worth of bank history to confirm that your loan will be affordable for you.

The simplest way to send us your statements is to use Illion during your application online, or by clicking on the secure link which we will email to you when you apply.

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.

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.

Banks consider various factors for personal loans, including employment, savings history and previous credit history, to name a few. This range of 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 (from employment, Centrelink or both) when assessing a potential loan, and ensuring the loan is suitable and meets our requirements and objectives.

We are happy to accept applications for bad credit loans too.

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.

Yes, it’s possible. Each loan application at Cash Train is assessed individually, on a case-by-case basis. Check out our bad credit loans page to get started - we'll give you a go!

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.

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

Cash Train takes a case-by-case approach to loan applications, so evidence of current income is more important than current credit score.

Our personal loans currently go up to a maximum of $8,000.

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.

While everyone’s financial circumstances are unique, having numerous credit cards with zero balance can potentially impact 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 or provider for more details.

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

We'll give you a go, even with poor credit.

Though the major bureaus' methods of credit scoring vary slightly, 650 would broadly be considered a slightly above-average or “Good” credit score.

Raising your credit score is a process involving a wide variety of factors, such as the age of your credit file, length of time living 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 keep track of your credit commitments. “Shopping around” for credit with various organisations can be viewed negatively by future lenders.

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.

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.

This depends on 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.

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.

At this time, Cash Train offers loans ranging from $200 to $8,000, but not as high as $20,000.

If you’re struggling to keep up with your loan repayments, the best thing to do is contact us as soon as possible. At Cash Train, we understand that life doesn’t always go to plan, and we’re here to help.

The earlier you reach out, the more options we’ll have to work with you.

You can contact our repayments team on 08 6117 0710 or use our Contact Us form online.

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 medical emergency, 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.

Currently, we offer personal loans of up to $8,000 at Cash Train for qualified borrowers.

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.

Cash Train personal loans can be repaid early with no penalty fees.

Speak to one of our customer service representatives for more information.

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.

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.

While circumstances will vary from individual to individual, a personal loan could 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 over a short period.

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 your credit history could improve as a result.

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.

Under some circumstances, yes. However, this is a complex question and depends heavily on your individual circumstances. Both credit card debt and personal loans can impact your credit score – and, in turn, your 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.

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 may have had credit problems in the past and may not always be able to get loans from mainstream lenders or banks. With Cash Train, we'll give you a go!

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

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 $200 all the way up to $8,000.