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PERTH, AUSTRALIA, April 09, 2013 /24-7PressRelease/ -- The 1st of March was the start date of new legal changes to all Australian short-term lenders. Cash Train, a trading name of First Stop Money, was one of many to have additional steps in processing loans from the new legislation. For the month of March, Cash Train saw that their application processing time expanded and customer requirements impacted the normal simple and quick process.
Within the new laws, all Australian short-term lenders or companies that are offering a SACC (Small Amount Credit Contract) have to:
- View 90 days' worth of banking statements for all first-time customers applying for a SACC.
- Ensure that customers never pay fees that total the amount borrowed.
- Review any customer that takes out a third SACC within a 90 day period.
The team at Cash Train worked overtime to keep up with the additional paperwork and background checks which increased the processing time for applications.
CEO, Tim Dean comments,
"Here at Cash Train we maintain a very high standard of customer service and we wish to see each and every customer walk away with a loan the same day they apply. With the new legal changes it may have been a setback for the month of March, but from April onwards we are only going up from here. We have made internal changes to our processing so that customers will continue to see why we won the 2013 Australian Gold Customer Service Award and why they choose us to help with their cash flow worries".
The Cash Train team have made changes to their processes, so that customers can continue to experience a simple and easy service that complies with the new legislation:
- Procedures concerning approvals and processing applications have been prioritised.
- Documents can be directly uploaded on the website.
- Instead of scanning or emailing bank statements manually, they offer instant bank account statement verification automatically.
- Their customer service team has almost doubled.
Cash Train developed the changes in order to continue responsible lending and keep their high record of customer satisfaction. With a bigger team and an effective system to help customers meet legal requirements, they have been successful in maintaining a top quality lending service.
In the upcoming months there will also be major changes to their online application form for added customer convenience. It is expected to shave off time for customers applying and allow quicker processing by the Cash Train loans team.
Cash Train is a trading name of First Stop Money, one of the leading lenders in Australia. There aim is to provide customers with temporary financial release from short-term cash flow worries. Their cash advances can be easily completed online and from the comfort of a computer. Up to $1,000 could be processed within 3 hours.
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