Cash Train, a leading online lender in Australia now allow existing customers to borrow over an extended period of between 3 and 6 months
Online PR News – 09-November-2015 – Perth, Western Australia – Cash Train, an Australian online lender has recently updated (as from 22nd October 2015) its lending rules to be more flexible for its existing customers, who wish to re-borrow.
Cash Train, a trading brand of Money3 is well known for its high adrenalin punchy TV advertisements promoting a fast and simple online lending facility for people who are in need of a fast cash solution for some unforeseen or emergency need.
This recent change follows a series of product improvements, taking into consideration customer feedback and concerns.
On 23rd of March, the product extended its loan term from around one month to over 3 months or 10 weeks, depending on the customer’s payment frequency. This allowed for lower monthly repayments, and in many cases making the repayments more manageable for customers.
Feedback at the time from customers was very positive:
“ Excellent Outcome!!
Cash Train was quick with there decision and money was paid into my account later that evening. I like the fact there is a longer period for which you can pay the loan back. It was a huge help. Would definitely use Cash Train again.” Kristy.
Review via trust pilot on 8th September 2015.
“Fast & Super Easy
I've used Cash Train on a number of occasions to help ease those every-now-and-then financial pressures of unexpected car bills, moving house etc & it's been simple & fast every time. The spread out repayments make it even better & easier to manage. Some loan companies (or 'loan sharks' as some people call them) want you to pay it all back + fees in 1 or 2 lumps which can sometimes create an ongoing financial strain, but the spread out Cash Train repayments make it so much easier to stay on top of everything. I would highly recommend Cash Train to anyone.” Kat
Review via trust pilot on 3rd August 2015.
This new change for Cash Train’s members, or existing customers, aims to be more flexible for customers by offering a longer loan term, allowing customers to select a loan amount on their second or subsequent loan up to $2,000, if the need arises. Previously, new customers could borrow up to a maximum of $800 and then as a member, they could increase the amount they borrowed by a maximum of an additional $500 with their next loan, depending on the affordability of the loan to be repaid over 3 months.
As from 21st October, Cash Train will take into consideration the amount the customers wishes to borrow and rather than determining affordability for that loan over 3 months, will be more flexible with the loan term by offering loans over an extended period, from 3 months up to 6 months.
This new flexible loan term means that customers are more likely to get approved for the amount they need to borrow, subject to assessment of suitability and affordability, rather than limiting borrowing to fit in with a fixed 3 month loan term. Existing customer loans may be more affordable when repayments are spread over a longer period.
Scott Baldwin, Money3 Managing Director says of this recent upgrade to Cash Train “We are focusing on what our customers want and need, then considering how we can make that happen for them. When a customer needs $1,500 for dental or medical expenses, and that is not easily affordable for them over 3 months, then we look to see if the loan would be affordable over 5 or 6 months and adjust the repayment period to suit, rather than simply offering them a lower amount of $900 which would go some way, but not cover the necessary expense completely. By extending the loan period and giving customers what they request and what they can afford, they are more in control and can avoid the need take out additional loans with multiple lenders.”