There has been a lot of talk lately about responsible lending practices and how it applies to the payday lending industry.
(prHWY.com) July 22, 2012 - perth, Australia -- There has been a lot of talk lately about responsible lending practices and how it applies to the payday lending industry. Cash Train is a company that provides quick cash loans of up to $1 000 for customers who need to borrow some cash until their next payday. There are several ways in which Cash Train functions as a responsible lending company.
Payday lenders need to balance providing convenient and rapid service to their clients, all while ensuring that these would be able to pay back the loan that they've contracted with the lender. Cash Train takes several steps to ensure that only customers who can pay back the loan without difficulty are able to borrow from them.
The fees associated with borrowing are clearly indicated on the front page of the website. The visitor is able to instantly see how much it would cost to borrow a certain amount of money. Cash Train has certain eligibility criteria for customers who wish to apply for their
quick loans . The requirements are: residing in Australia, being employed and earning an income of at least $1 500 per month and having their pay deposited by their employer in their bank account.
During the approval process, verifications are made to confirm the identity of the applicant and their ability to pay back the loan on their next pay period. About 70% of requests for quick cash are approved within 3 minutes. In other cases, customers may need to forward proof of identity and a bank statement for additional verification.
Cash Train advises their website visitors that their service is a convenient way to get
quick cash for unexpected expenses, however it is not a way to solve long term financial problems. Thus, those who already have other payday loans outstanding are advised to seek professional debt counseling rather than borrowing more money which they may have trouble repaying. But for most customers who just need to borrow cash for a short term period, the service remains a convenient way to do so, as the entire process is done online.
Cash Train
9 Colin Street,
West Perth WA 6005
(08) 9322 6666
support@cashtrain.com.au
http://cashtrain.com.au/
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