Fasta Loans Review – Quick Loans Up to R8,000 Same-day Approval
Compare the best loans of South Africa and find the lowest interest rate for you. Read More.
Example for reference: Suppose you decide to borrow R30,000 and choose to repay it over a period of 36 months at the highest possible interest rate, which includes various fees, of 27.5% APR. In that case, you'll have to make a monthly payment of around R1,232.82. However, the duration of repayment can vary from a minimum of 2 months to a maximum of 72 months.
Keep in mind, oloans.co.za acts as an online loan intermediary and does not directly provide the loans. You can use our services without any charges. We collaborate with lenders who are licensed by the National Credit Regulator (NCR) in South Africa.
Interest rates for the loans start at a competitive 20% APR, which includes an initiation and service fee set by the lender. It's important to note that the exact rate you'll be offered is dependent on factors like your credit rating and other considerations, which the lender will evaluate.
Secure a loan with oloans.co.za in just three simple steps
1. Submit the loan form
Fill out the loan comparison form and receive a comprehensive list of potential loan options.
2. Select a Loan Proposal
Once you've reviewed all the loan options, select the one that fits your needs best.
3. Receive the funds
Complete the process with your chosen lender and receive the funds you applied for.
Fasta Loans Review
Are you in need of a quick financial solution? Fasta Loans offers same-day approval for loans up to R8,000 with minimal documentation requirements and a flexible repayment plan. Discover how Fasta Loans can provide the funds you need when you need them most.
Key Takeaways
- Fasta Loans offers quick online loans with flexible repayment plans and minimal documentation requirements.
- Customers praise Fasta Loans for its speedy access to loans, straightforward application process, and flexible repayment plans.
- Support services include an online help desk, email support & in-person assistance at their Cape Town office with fast response times available through the FAQ page.
Overview of Fasta Loans
Offering instant credit solutions for online and in-store purchases, Fasta operates as an online consumer finance business in South Africa. Their quick loans online are designed to cater to the financial needs of South Africans by offering flexible repayment plans and minimal documentation requirements. The entire process is streamlined, and once your loan application is approved, the loan amount is directly deposited into your bank account or on a virtual card.
Completing the application process for Fasta Loans typically takes merely 5-10 minutes, attributed to its user-friendly and fast process. Instant fund transfers ensure that the approved loan amount is available to you in the shortest possible time.
Loan options and features
With loan amounts ranging from R500 to R8,000, Fasta presents an array of loan options such as cash bank credit, in-store credit, quick loan and online credit. Their innovative payment solutions cater to the diverse needs of their clients. Borrowers can select a repayment timeline of 1, 2, or 3 months, making monthly instalments more manageable.
In addition to online and in-store access to urgent rapid loans, Fasta offers:
- A virtual card that can be used to shop online anywhere in South Africa, sign up for online services, or make in-store purchases using Snapscan directly.
- The service fee for FASTACard is 2.5% of the loan amount.
- Once approved, the loan amount can be deposited in 5 minutes and will be transferred directly to your specified bank account.
Application process
Their 100% online loan application process makes applying for a Fasta Loan seamless and stress-free. Simply visit the Fasta website, fill out the application form, and submit the required documents for income and employment verification. Fasta is dedicated to responsible lending, offering repayment periods between 1 and 3 months.
Although the response time for Fasta Loans varies, the quickest applicants have reported receiving their funds within 4 minutes, owing to their efficient self-service application process. It is generally instantaneous, but it may take up to 48 hours for the funds to be visible in your account, depending on your bank.
Trustworthiness and Security
As a registered credit provider in South Africa, Fasta strictly complies with the National Credit Act while also prioritizing data protection and privacy for its customers.
Rest assured, you are dealing with a reliable provider who puts your security and privacy at the forefront.
Compliance with National Credit Act
Fasta abides by the National Credit Act, which regulates credit providers and promotes responsible lending practices and transparent loan terms in South Africa. As part of this compliance, they require borrowers to have credit protection insurance as per Section 106(1) of the Act, 2005. This also ensures that debt collection agencies operate within the boundaries set by the Act.
This insurance policy covers any outstanding balance on a Fasta quick loan in the event of the borrower’s death, disability, or retirement.
Data protection and privacy
Data protection and privacy are of utmost importance to Fasta Loans. They employ secure online platforms such as McAfee and Redblade to safeguard customer information and ensure a secure environment for financial transactions. With Fasta, you can trust that your personal information is in safe hands.
Fasta Loan Calculator
Before applying for a loan, clients can estimate potential fees and repayment amounts using the online loan calculator offered by Fasta loans. This convenient tool helps borrowers make informed decisions about whether a Fasta Loan is the right choice for them.
Using the loan calculator, clients can quickly and easily determine the estimated cost of a loan and
How to use the loan calculator
The simplicity of the Fasta Loan Calculator makes it easy to use. Visit the Fasta website, log into your account, and input your desired loan amount and repayment period.
The calculator will automatically display the costs of the loan, allowing you to select the most cost-effective option for your financial needs.
Understanding the results
The Fasta Loan Calculator provides a comprehensive overview of the total cost of the loan, including applicable interest rates, initiation fees, and monthly service fees.
By analyzing the total loan amount with interest charged and the monthly installments, you can gain an accurate understanding of the amount that needs to be repaid each month and the total cost of the loan.
Interest Rates and Fees
Fasta applies a fixed interest rate ranging from 0-5%, with additional fees such as initiation fee and monthly service fee potentially assessed based on the borrower’s credit profile.
With transparent pricing, borrowers can easily understand the costs associated with their loan.
Factors affecting interest rates
Interest rates for Fasta Loans are influenced by several factors, including the borrower’s credit history, loan amount, and repayment period.
A strong credit history and manageable loan amount can help borrowers secure a lower interest rate, while a longer repayment period may result in a higher rate.
Comparing Fasta Loans to other providers
Compared to other short-term loan providers in the market, Fasta offers competitive interest rates and fees. Their convenient online application process and flexible repayment options set them apart from other lenders, making Fasta an attractive choice for borrowers seeking quick financial solutions.
Eligibility and Requirements
Applicants must fulfill certain age and residency requirements and provide proof of income and employment to be eligible for a Fasta Loan.
Fasta is a responsible lender, committed to ensuring that borrowers have the ability to repay their loans without causing financial hardship by providing them with the necessary financial resource.
Age and residency requirements
Applicants must be at least 18 years old, hold a valid South African ID, and have an active bank account with internet banking capabilities to be eligible for Fasta Loan.
These requirements ensure that borrowers are of legal age and have a stable financial foundation.
Income and employment verification
Fasta requires applicants to provide proof of income and employment, with a minimum of 3 months internet banking verifiable income.
This verification process helps Fasta assess the borrower’s ability to repay the loan and maintain responsible lending practices.
Fasta Loans for Online Shopping
Providing instant credit options, Fasta facilitates quick and convenient online shopping at participating merchants by delivering innovative payment solutions.
Whether you’re shopping for clothing, electronics, or home goods, Fasta has you covered with their online loan options.
How to use Fasta Loans for online purchases
To use Fasta Loan for online purchases, simply select the Fasta payment option at checkout or use your virtual card for transactions.
This instant credit option allows you to complete your purchase without any delays or hassles.
Participating online merchants
Fasta partners with a variety of online merchants, allowing borrowers to use their loans for a wide range of products and services. Popular e-commerce stores like Takealot accepts Fasta, making online shopping a breeze for borrowers in need of a quick financial solution.
Customer Reviews and Testimonials
Mixed reviews and testimonials for Fasta Loans are available, with the positive feedback often emphasizing the ease of application and flexible repayment options.
However, some customers have reported issues with customer support and fees, indicating room for improvement in these areas.
Positive feedback
Many customers appreciate Fasta for their quick access to loans, simple application process, and flexible repayment plans. These positive aspects make Fasta an attractive option for borrowers seeking a reliable and user-friendly financial solution.
Areas for improvement
Some customers have expressed concerns about the limitations on loan amounts for in-store credit and the lack of a direct contact number for customer support.
Addressing these issues could help Fasta enhance their overall customer experience and satisfaction.
Contact Information and Support
With offices in Cape Town, Fasta provides a range of customer support options such as an online help desk and email support. This ensures that customers can easily access assistance when needed and have their questions or concerns addressed promptly.
Customer support options
Customers can contact Fasta through their online help desk, email support, or by visiting their office in Cape Town. The customer support email address is support@fasta.co, and their office is located at 2nd Floor, The Foundry, 17 Bree Street, Cape Town, 8001.
This variety of support options ensures that customers can receive the assistance they need in a timely manner.
Response times and availability
Fasta aims to provide prompt and efficient customer support, with response times varying depending on the method of contact. While they strive to respond within 4 business hours, actual response times may vary.
For the most immediate assistance, customers are encouraged to consult the Fasta Loans FAQ page for additional information.
Summary
In conclusion, Fasta offers a convenient, flexible, and secure solution for those in need of quick financial assistance. With their easy application process, competitive interest rates, and commitment to responsible lending, Fasta is an excellent choice for borrowers seeking short-term loans in South Africa. Take control of your finances and explore the benefits of Fasta Loans today.
Frequently Asked Questions
How long does fasta loan take?
Fasta loans can take anywhere from 3-10 minutes to apply and up to 48 hours for the funds to be available in your bank account.
Which bank does fasta use?
FASTACard is a digital credit card, backed by MasterCard and Standard Bank, Africa’s biggest lender by assets. You can use it to shop online in South Africa anywhere that Mastercard is accepted.
What is the maximum loan amount offered by Fasta Loans?
Fasta offers loan amounts ranging from R500 to a maximum of R8,000.
What are the repayment options for Fasta Loans?
Fasta loans offer borrowers the flexibility to choose from 1, 2, or 3-month repayment timelines, making it easier to fit payments into your budget.
Does Fasta Loans offer customer support via phone?
Fasta does not offer customer support via phone but offers assistance through their online help desk, email support, and office visits. Customers can access the help desk 24/7 and get answers to their questions quickly. Email support is available during business hours and customers can expect a response within 24 hours. Office visits are available by appointment only and customers