Before You Apply
Who Can Apply?
To apply for a loan through Cash Train, we ask that you are over the age of 18, employed and earning £500 minimum a month, a UK resident and that you have a bank account with a debit card. If you can meet these requirements then you could be approved for a loan.
How Long Does The Application Process Take?
We have designed our application process so that it's a quick and as simple to complete as possible. It should only take just a few minutes for you to apply, which you can do 24/7 and receive an almost instant lending decision.
Can I Apply If I Have Bad Credit?
Yes, of course! When your application is considered, your ability to meet the loan repayment and current financial situation is more important than any problems that you may have had in the past.
Will There Be Credit Checks?
The decision will be made by each individual lender as to whether they will need to perform a credit check. Some lenders also report to the credit bureau so if you do take out a payday loan and repay it on time as agreed then this could have a positive effect on your credit rating. Additionally some lenders will perform fraud checks to ensure that the customers are real people.
In cases where credit checks are performed, the information gathered is used to help the lender ensure that they are lending an appropriate sum of money and not more than they feel the customer can afford to pay back.
What Costs Are Involved?
The costs that you will have to pay back on top of your loan are interest rates. These are set at around £25 on top of every £100 which you borrow. For a full list on how much you will repay, please refer to our Loan Costs page. If you are late repaying your loan you may also incur further late charges that will vary from lender to lender.
Do I Need To Say What The Loan Is For?
No, we will not ask what you need to take out the loan for. However, here at Cash Train, we only encourage our customers to take out a loan when absolutely necessary. For example, most customers will use them for things like a repair to a leaking toilet or for emergency medical treatment. It is completely up to you what you would like to cash for though, so long as you know that you will be in a position to repay it at the end of the month.
Who Are You Regulated By?
Cash Train is fully regulated and is licensed by the Office of Fair Trading (OFT). Cash Train is licensed by the OFT - Office of Fair Trading. Our Consumer Credit Licence Number is 618139.
Is It Safe To Apply Online For A Payday Loan?
Yes! Our application forms are protected by Thawte certificates which are only issued to websites that have proved that they are run by real people at a real address. This is a great check to confirm that a website is genuine and is not just an unlicensed site that could be submitting your data anywhere and to anyone.
Our application form also encrypts your information before it is sent to our lenders for processing. Once the data arrives at the lender they also are protected by a high level of security and this is something that we always check before beforehand!
Why Is Your APR High?
The reason why our APR may look so high is because we are a short term loan product and APR is usually used for annual lending products such as mortgages. The best way to figure out how much you will repay is instead to look at the actual repayment costs. For example, if you borrow £100, the interest that you will pay will be £25. For more information, check out our Loan Costs page.
The Application Process
How Do I Apply?
We have designed our application process to be as quick and easy as possible. All you need to do is fill out all of your information into our short application form and your details will be matched with one of our lenders in our large database. If you are accepted for a loan, then you will be given an online contract to read over and sign online, and that’s it! The cash could be in your account on the same day that you apply and within an hour in most cases. If you would like more information about the whole process, then visit How It Works.
How Does Repayment Work?
Even repayment is easy! On the date that you and your lender have agreed, the loan repayment will be automatically debited from your bank account. So, ensure that all of your bank information is correct when applying and also that the cash is ready in your account on that date.
What If I'm Unable To Meet My Repayments?
If you feel that you may not be able to meet your repayments, then the first thing you will need to do is get in touch with your lender. Each lender has their own terms and conditions, but they should be able to sort out an alternative arrangement for you. However, please be aware that you may incur further interest costs, so always ensure that you will have the cash available before applying for a loan.
What Do I Do If I'm Late Meeting A Payment?
If it's coming towards your repayment date and you think that you may be late meeting a payment, then get in touch with your lender as soon as possible. An alternative repayment plan may be arranged, but you may find that you incur additional costs.
It Is Possible To Defer Loan Payments?
This can vary between lenders, but most will offer deferrals. However, if you do do this, you may find that you will incur further costs, so deferring or rolling over loans is not encouraged as this may lead to financial difficulty. Please see our responsible borrowing section more information.