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.
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