Loans from Cash Train are meant to be simple, and so are our borrowing rules. In order to qualify for a loan today, we don't look at your credit history as much as your current ability to borrow and repay your loan without any further problems. So you will need to have a steady income every month to qualify.
As long as you are over 18 and earn a steady income you are likely to qualify for a loan with us. We have set the minimum monthly earnings at $1,200 which means if you earn less than this a month, then a loan with Cash Train is not going to help your situation, however one of our partners may be able to help.
As the repayment period is over ten weeks or three months, your loan with us may be more affordable than with other lenders, such as payday lenders, who require repayment in full on your next payday, when paid monthly. This means that we may be more likely to approve your loan and we may be able to lend you more money to suit your cash emergency needs, when you need it most.
As we have made the borrowing process as simple and efficient as possible, you will need to hold a bank account which accepts direct debits and you will also need to be paid directly into your account. This is so that your loan can be paid automatically and electronically direct to you via your bank account and also that we can receive the loan repayment automatically when the repayment date is due.
Unfortunately we cannot accept self employed workers or people living outside of Australia. Our loans are also unsuitable for people whose sole income is from benefits, although we may be able to refer you to a more suitable product for your needs. If you are also experiencing long term financial difficulties and have a number of loans already, we recommend you seek financial advice rather than taking out additional loans which you will have difficulty repaying.
*Credit history is only one part of what we review when considering your loan application. Your recent credit history may play a significant role in our final decision. First-time customers will need to provide 90 days worth of bank statements to comply with responsible lending regulations. Repeat customers may also need to provide 90 days statements in the event that their circumstances have changed, they have taken out 2 or more short term loans in the last 90 days or it has been at least 90 days since we assessed your details.