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2023-12-11 9:34 PM

Fasta loans Review 2023

By William Dube

Fasta Loans is a loan provider that offers loans ranging from R800.00 to R8,000.00 that are issued immediately online. Fasta loans are considered payday loans and must be paid back within 3 months at a 3% interest rate. Loans are subject to a monthly service fee of R69.00.

A 4 months repayment period is available for those who need more time to repay their loan. Fasta loans are only available to income earners over the age of 18. A 3 months or 90 days proof of income is required when applying for a Fasta loan.

Fasta Loans is a Western Cape-based company that has been in operation since 2017. For clients who prefer to pay with credit at the time of purchase, Fasta Loans specializes in secure digital lending and scalable technology.

The company also provide financing to a variety of online and in-store merchants. Fasta Loans follows the NCA regulations, which means that loans will only be given to people who are not in financial hardship at the time of issuance.

How do Fasta loans work?

That is probably the first question you would ask yourself. Fasta operates as a credit checkout facility for online shoppers while providing instant loans to use at checkout on participating merchants. Although the company gives credit on checkout, it also has a credit facility.

Fasta loans offer 3 types of credit:

1. Cash in bank credit facility

Fasta deposits credit straight to your bank account. Depending on the bank that you use, the loan payout can reflect immediately after being approved. Application for credit takes approximately 3 minutes. If successful, the loan amount can be deposited in 5 minutes.

2. Checkout credit

Fasta Checkout credit provides credit when purchasing online. The credit can be used to make purchases at selected online retailers. Credit that can be used for this service is up to R8,000.00 with up to 4 months repayment period. 

3. Virtual Credit

Fasta provides customers with a virtual card that is loaded with credit ranging from R800.00 to R8,000.00. This credit can be used at any retailer that accepts Mastercard, SnapScan or Zapper payments. 

You can apply for these loans online and get approval within minutes.

How to apply for Fasta loans:

  1. Go to Fasta by clicking here
  2. Choose the type of loan that you want either in-store credit or cash in bank. If you want online credit, you will have to go to the store where you want to purchase then select items that you want to purchase, on checkout, select FASTA instant credit as your payment method then apply for approval.
  3. FASTA loans start from R800.00 to R8000.00 so you need to choose the amount of loan you want by using the amount handle to choose your desired loan amount.
  4. You have to choose the number of instalments you want to make. The number of instalments range from 1 to 3 and shows how much you will need to pay per instalment.
  5. If you have used the FASTA website before then login to start your application. Otherwise, if you are new you will need to register your name, surname, and password to sign up to start the application process
  6. The next step is to register your billing address and continue.
  7. You will need to provide your financial details that include monthly salary, credit expenses, and living expenses. Other things needed are employer name, years with the current employer, and the salary date.
  8. FASTA operating system will assess the information provided to show how much loan you can afford. You can adjust your offering to increase/decrease the number of payment(s) and the loan amount.
  9. Then you will select the bank where your salary gets deposited.
  10. After choosing a bank then either use your login details so that FASTA can access your bank statement or you can opt to upload a statement or send the bank statement by email with the email address provided on the site.

FASTA Loans merchant partners

Knowing Fasta merchant partners is important if you are a user of their services. There are several in-store and online stores that you can buy from using Fasta. For both methods loan approval takes minutes.

Fasta Virtual Card Credit Partners

  • SnapScan supported merchants.
  • Zapper supported merchants.
  • Any store that accepts Mastercard.

Fasta Checkout Retail Partners

  • Dial a Bed,
  • Michanic,
  • Snapcraze,
  • Mobile in Africa,
  • Bees Hair,
  • Phone Tradr,
  • Furniture Spot,
  • Cubot,
  • Digicape,
  • Bag Emporium,
  • BU Co,
  • Queens Park,
  • Computer Mania,
  • S.P.C.C, and
  • Prime Persian.

Fasta Loans Competitive Advantages

  • The website is easy to use with step by step instructions to complete an application.
  • You can see how much your loan will cost you before making an application.
  • The approval rate is fast
  • FASTA loans are accredited by the national credit regulator.
  • There are a variety of loans to choose from.
  • You get a chance to check your credit score on your profile for free. Tips on how to improve your credit score are given on the website.
  • Hellopeter is featured on every webpage so that people can see what other people think of Fasta loans.
  • You have a choice of paying for some or all of your purchases using Fasta loans.

Fasta Loans Competitive Disadvantages

  • There are no phone numbers so queries can only be lodged on the site.
  • Loan amount can’t cover some of the products sold by merchants.

Web security and information security

  • The Fasta loans website is certified clean by McAfee meaning it is highly secured.
  • Their website is also powered by redblade software which is one of the best end-to-end digital platforms for credit providers and other businesses wanting to offer digital financial services to consumers.
  • Fasta website is clean from malware, injected spam and defacements.

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William Dube

William Dube is a finance and economic news expert with over 10 years of experience in economic anaylsis, financial product assessment and market analysis. With a numerous certificates from prestigious universities including but not limited to Yale University and the University of Pennyslivenia. William specializes in providing insightful news developments in South Africa and commentary on investment strategies, risk management, and global economic trends. You can contact him on william@rateweb.co.za

Tags: Fasta Loans