One of my readers has asked me to do a review of the Cash Train business as seen on advertisements on pay TV channels. After looking it up on the internet, I am torn between being thoroughly impressed by the simplicity and efficiency of the business model, and being saddened that this type of business actually has clients.
To its credit, this business outlines every fee and charge that you will pay for the service. Nothing is hidden. Whilst most loans are expected to be for short periods (average of four weeks), the website gives an example comparison interest rate as if it were an annual charge. This is the impressive part. I wish I could get 1271.18% interest on my investments. I wouldn’t even consider paying this for a loan though.
This type of business is providing a service for people who have a regular income but have difficulty paying for their lifestyle and are constantly short of money. It might get them out of trouble once, but I can guarantee that if somebody uses a service such as this on a regular basis, they will get further and further into trouble with their money. It would be like cutting their income by more than one third. I’m sure we can all imagine how difficult that would be.