Before You Apply
Can I Apply?
If you are a UK Resident, employed and earning over £500 monthly into your bank account, you have a very good chance of being accepted for a Cash Train loan. We regret that those who are either unemployed or solely receiving benefits will not have a very good chance of being accepted.
How Quick Is The Application Process?
The application process should take no longer than a few minutes. We only require minimal information from you, such as your contact, employment and bank details.
Will Bad Credit Prevent Me From Being Accepted?
We focus on your current financial situation and your ability to make the loan repayment. You will not be penalised for previous credit issues.
Do You Perform Credit Checks?
The decision will be made by each individual lender as to whether they will need to perform a credit check.
What Are The Costs Involved?
Please refer to Loan Costs to answer any queries on fees or charges.
Can I Use This Loan For Any Purpose?
We only encourage our customers to use a Cash Train loan for essentials. Whether it be helping to pay a bill, an emergency vet bill or even last minute household expenses. However, please be advised that it is not part of the loan terms to inform us of the loan purpose. Many of our customers use our loans for all kinds of expenses throughout the month. If you are running low on cash and are in need of some extra help to get you through the month, a fast cash loan is exactly what you are looking for.
Are You A Trustworthy Company?
Cash Train is licensed by the OFT – Office of Fair Trading. Our Consumer Credit Licence Number is 618139.
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Why Is Your APR High?
APR stands for Annual Percentage Rate, meaning it is calculated on an annual basis. When taking out a Cash Train loan, the loan term is a lot shorter, typically 7 to 30 days. If your loan amount is £100, the total interest you will pay on that amount will be approx 25% or £25. Please refer to Loan Costs for further information.
Representative APR 1940.5% Example:
An example loan of £750 over a period of 28 days with a fixed rate at £25 per every £100 borrowed (which is a fixed annual interest rate of 300%), the total amount repayable in a one lump sum payment on the next payday would be £937.50 and the representative APR would be 1940.5% APR.
The Application & Loan Process
What Is The Full Loan Process?
It is very simple. You complete our application form with your details, which will then be submitted to our panel of lenders. All lenders on our panel are regulated by the Office of Fair Trading. Once you have been accepted by the lender most suited to your circumstances, you will be re-directed to that lender's site to sign your online agreement. The cash will then be on its way to you in about an hour. For more information please see How it Works.
How Do I Repay My Loan?
We will automatically take the loan repayment on the agreed date. This is part of the loan agreement. Please ensure that you provide the correct bank account information as this will be used to take the loan repayment on your next payday.
What If I Cannot Make The Repayment?
Don't worry too much. The best thing to do is to contact the lender directly and explain your circumstances. Each lender has different payment terms, but as a general rule they may ask you to pay the interest for that month. We do not advise our customers to keep our cash loans for more than a month as the interest charges can mount up.
Can I Defer My Loan Payments?
As mentioned above, each lender works differently, so please contact them directly to confirm. Again, we do not encourage customers to do this, as you will be paying further interest on the loan.
