Personal Loans
Dream big with our personal loans. Secure up to $8,000 and turn your goals into triumphs, on your terms.
Why choose Cash Train for a personal loan?
5 Star Cash Train Reviews
Read about the fast and friendly service from recent Cash Train customers
Eligibility
Our personal loan application process
Applying for a personal Loan with Cash Train is as simple as 4 easy steps.
Apply online in minutes
You can apply online anywhere, at any time. All you have to do is answer some simple questions and provide 90 days of bank transactions.Pre-qualification
Once you're conditionally approved, you'll receive a loan offer* which outlines the terms of your personal loan while you wait for final approval.Loan approval
What can I use a personal loan for?
Definition & Features
Comparison rate
The overall cost of a loan based on several factors including interest rate and fees.
Interest rate
A rate of interest charged to the borrower, usually an annual percentage of the loan outstanding.
Application fee
A fee that is charged when you apply for a loan and your loan is approved.
Loan use
The conditions for use of loan. Our 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
Frequently Asked Questions
What is a personal loan?
A personal loan is a type of credit where you borrow a specific amount of money to pay for something you need cash for, and then repay the debt back with fees in equal repayments over an agreed fixed term.
Cash Train offers a range of loans up to $8,000.
What's the difference between a personal loan and a fast cash loan?
Our personal loans at Cash Train are for borrowing amounts from $2,001 up to $8,000 whereas our fast cash loans are for amounts ranging from $200 to $2,000.
How is a personal loan calculated?
At Cash Train, our personal loans up to $8,000incur a $400 establishment fee and interest at an annual cost rate of 45%.
What is a personal loan interest rate?
A personal loan interest rate is a rate of interest that is charged to the borrower, usually an annual percentage of the loan outstanding.
What's the difference between a fixed rate and a variable interest rate?
A fixed interest rate remains the same throughout the loan term, whereas a variable interest rate can fluctuate over time based on changes in market conditions or benchmark rates. For this reason, variable rates may offer a lower interest rate initially but can make it more difficult to predict your monthly repayments.
How do secured loans and unsecured personal loans work?
A secured loan requires collateral, such as a home or a car, which the lender can seize if the borrower defaults. On the other hand, an unsecured personal loan doesn't require collateral but relies solely on the borrower's creditworthiness.
An unsecured personal loan is often preferred because it doesn't put assets at risk and provides more flexibility and peace of mind for borrowers. An unsecured loan will also typically involve a quicker application process, making it a more accessible option for those seeking immediate financial assistance.
Can I get a personal loan if I am self-employed?
Yes, all we need is proof of ID, proof of income and bank transaction history.
Do I need a good credit score to apply for a personal loan?
Not necessarily, at Cash Train we strive to assess every applicant's suitability for a personal loan on a case-by-case basis rather than by their credit situation alone. While not every applicant will be eligible for a personal loan, our team takes every measure to assess loan applications based on their overall financial position and individual circumstances.
How do I pay off my loan?
Check out our personal loan costs to make sure you understand what you will have to repay. 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.
If you think you may run into difficulty with your loan repayments, contact our friendly team. It may be possible to reschedule your repayments.
What if I only need a small cash loan?
That's fine; we could help with small cash loans from $200 up to $2,000 too. Loan terms are generally between 3 and 12 months, depending on the amount you choose to borrow*.
