FASTA is one of the fastest-growing Fintechs in South Africa, offering consumers a payment method for their online and in-store shopping purchases using instant loans.
Founded in 2017 and headquartered in Western Cape South Africa, Fasta specialises in Credit at check-out, E-Commerce Credit, Instant online credit, secure digital lending, and scalable technology.
The company provides finance on selected online stores and in-store Marchants.
To ensure compliance, Fasta adheres to the NCA regulations meaning that loans will only be granted to individuals who are not financially distressed at the time of issuance of the loans.
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:
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.
Visit www.fasta.co.za, click on the In-store credit tab and then select the store to apply for in-store credit. With in-store credit, you get a credit voucher after approval which you can use immediately. The voucher can be used at any till of the participating in-store merchants.
At checkout, using the participating merchants’ online store, you can select to pay with FASTA instant credit. With this credit, the money goes straight to the merchant and FASTA pays immediately so you can access the goods as soon as possible.
You can apply for these loans online and get approval within minutes.
How to apply for Fasta loans:
- Go to Fasta by clicking here
- 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.
- FASTA loans start from R500 to R8000 so you need to choose the amount of loan you want by using the amount handle to choose your desired loan amount.
- 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.
- 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
- The next step is to register your billing address and continue.
- 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.
- 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.
- Then you will select the bank where your salary gets deposited.
- 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 In-store merchant partners
• Cape Union Mart
• Tread + Miller
• Old Khaki
Fasta Online merchant partners
• Phone trader
• Power Bite
• Travel Check
• Epic Deals
• Auto Style
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.