FASTA Loans Reviews – Interest, Contact, Pros & Cons

Founded in 2017, FASTA stands out as a pioneering force in the South African fintech landscape, offering innovative and instant credit solutions for consumers. As a modern and tech-forward credit provider, FASTA has revolutionized the traditional lending process with its streamlined, user-friendly approach. Their service allows South Africans to seamlessly access instant credit for both online and in-store purchases, catering to the immediate financial needs of a diverse client base.

At the heart of FASTA’s offering is its self-service loan application process, which is conducted entirely online, reflecting the company’s commitment to convenience and efficiency. This digital-first approach eliminates the need for physical paperwork and face-to-face interactions, enabling customers to manage their finances from the comfort of their own homes or on the go.

FASTA’s credit solutions are designed with flexibility in mind, offering a range of instant credit options to suit various consumer needs and preferences. Upon approval, customers can choose how they wish to receive their funds: directly into their bank account for personal use, loaded onto a FASTA-issued virtual card for secure online shopping, or paid directly to participating online merchants, streamlining the purchase process.

In terms of repayment, FASTA provides customers with adaptable terms. Borrowers can select from three repayment periods – one, two, or three months – allowing them to manage their finances in a way that best fits their budget and schedule. This flexibility, combined with the ease of access to credit, positions FASTA as a preferred choice for South Africans seeking prompt and adaptable financial solutions.

What types of loan products does FASTA offer?

FASTA offers three distinct loan products designed to cater to different financial needs and scenarios:

1. FASTACash: This is a cash loan that is directly deposited into your bank account. The application process is entirely online and can be completed in less than five minutes. Once approved, the loan amount is immediately transferred to your selected bank account, although the availability of funds may vary depending on your bank and could take up to 48 hours.
2. FASTACard: This product is a ‘buy now, pay later’ digital card, which is backed by Mastercard. The credit is loaded onto a digital (virtual) card, and upon approval, you receive your FASTACard details. This card can be used for secure online transactions, in-store purchases through payment apps like SnapScan, Zapper, and Masterpass, and to pay for services using various banking and payment applications.
3. FASTACheckout: This is a credit option that enables you to shop online and use the credit at the point of checkout. You choose FASTACheckout as your payment option, and the credit application occurs through the retailer’s website. The loan costs are displayed, helping you select the most affordable option. Upon approval, the funds are paid directly to the retailer, and you receive your goods.

FASTA Loan Interest Rate

The interest rate for FASTA loans is designed to accommodate the financial needs of individuals seeking short-term credit solutions. According to the information provided, FASTA loans come with variable interest rates ranging typically from 0% to 5%. This range allows for flexibility and affordability, catering to a variety of financial situations.

When you apply for a loan with FASTA, the exact interest rate you’re offered will depend on various factors, including your creditworthiness and the terms of the loan. For example, if you were to borrow R4000 over a three-month period at a 3% interest rate, the total interest you would pay over the term of the loan would be approximately R557.73. This example gives a clear picture of how interest is applied over the life of a typical FASTA loan.

In addition to interest, there are other costs associated with FASTA loans that borrowers should be aware of. These can include an initiation fee, monthly service fees, and credit protection insurance, all of which can affect the total cost of the loan.

How to Apply for a FASTA Loan

To obtain instant credit online from FASTA is easy, fast, and secure. Whether you need funds for unexpected expenses, shopping, or just managing a short-term financial gap, FASTA provides a streamlined solution. Here’s your step-by-step guide on how to apply for a FASTA loan:

Step 1: Check Your Eligibility

Before you apply, ensure you meet FASTA’s basic eligibility criteria:

• You must be a South African citizen or permanent resident.
• You should be 18 years or older.
• You must have a valid South African ID.
• You need a regular source of income.
• You should have an active bank account and mobile phone.

Step 2: Visit the FASTA Website

Start by navigating to the FASTA website. The site is user-friendly and designed to guide you smoothly through the loan application process. Once there, look for the “Apply Now” button, typically visible on the home page.

Step 3: Fill Out the Application Form

Clicking on “Apply Now” will direct you to an online application form. You’ll need to fill out this form with your personal and financial details, such as your name, ID number, income, and employment information. The form is straightforward and should only take a few minutes to complete.

Ensure that all the information you provide is accurate and up-to-date to avoid any delays or issues with your application.

Step 4: Choose Your Loan Amount and Repayment Term

Once you’ve entered your details, FASTA will to conduct a quick credit assessment. Based on this assessment, you’ll be presented with the loan amounts and repayment terms available to you. You can then choose how much money you need and over what period you’d like to repay it (one, two, or three months).

Step 5: Submit Necessary Documents

Depending on your individual application, FASTA may require additional documentation to process your loan, such as recent payslips or bank statements. You’ll be able to upload these documents directly through the website. Ensure that your documents are clear and legible to prevent any processing delays.

Step 6: Receive Your Loan

If your application is approved, you’ll have the option to receive the funds in one of three ways:

• Direct transfer to your bank account,
• Loaded onto a virtual FASTA card,
• Direct payment to an online merchant (if you’re using the loan for an online purchase).

Select the option that best suits your needs, and follow the instructions to complete the process.

Step 7: Repayment

Before finalizing the loan, you’ll be shown a clear breakdown of your repayment schedule, including the amounts and due dates. Make sure you understand and are comfortable with these terms. Once the loan is disbursed, ensure you meet your repayment deadlines to avoid any penalties and to maintain a good credit score.

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Pros and Cons of FASTA Loans

Pros:

• FASTA offers a fast and user-friendly online application process, often completing approvals in less than five minutes​
• Borrowers can choose from three main ways to use the credit: direct bank transfer, loading onto a digital card, or using FASTACheckout for online shopping, making it versatile for different financial needs​
• The interest rate is competitive, typically around 3%.
• The whole process from application to fund disbursement is streamlined, ensuring a smooth borrowing journey​
• FASTA checks borrowers’ financial details to ensure loans are manageable, preventing negative impacts on credit scores​

Cons:

• FASTA primarily offers short-term loans up to R8,000 with repayment terms typically between one and three months, which may not be suitable for those needing larger amounts or longer to pay back​
• Higher Interest Rates for Quick Loans: While convenient, the interest rates may be higher compared to traditional bank loans, so it’s essential to consider the total cost of borrowing​
• Credit Protection Insurance Requirement: Applying for a FASTA loan requires having a credit protection plan, limiting borrower flexibility in choosing insurance providers​
• Services are available only to South African citizens or permanent residents with a stable monthly income, which may not accommodate everyone’s circumstances​​.

Customer Experience and Satisfaction

Customers have highlighted the ease and speed of the application process as significant advantages of Fasta loans. The process is entirely online, making it both convenient and fast, often taking less than five minutes from application to approval. Furthermore, Fasta’s operation within NCA regulations adds a layer of trust and security, minimizing the risk of fraudulent activities​

Feedback on Loan Terms and Repayment:

Fasta loans are appreciated for their flexibility in terms of repayment. Customers can choose from different repayment terms, which allows for better financial management according to individual needs. Additionally, the interest rates are competitive, with the company offering personalized rates based on the applicant’s credit score​

FASTA Contant Information

Address: Spaces, Dock Road Junction, Cnr Stanley & Dock Road, V&A Waterfront, Cape Town, 8001.·  Email: [email protected]

Website: Visit the FASTA website and navigate to “Support”

WhatsApp: follow the link: https://wa.me/+27210549530

Social media: Message them through their social media pages