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FASTA Loan Review

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FASTA is a South African online financial provider that has been offering easy and accessible loans since 2018. Their fully automated application process allows customers to receive a loan decision within minutes. They specialise in short-term loans, which can be customised up to R8 000 and offer three repayment term options.

FASTA’s user-friendly platform simplifies the loan application process, making it quick and convenient for borrowers. FASTA has become a trusted source of short-term loans in South Africa, catering to the specific requirements of borrowers.

FASTA Loans at a Glance

FASTA Loans at a Glance

  • Loan amount: R800 - R8 000
  • Loan term: 1 - 3 months
  • Interest rate: 3%
  • Initiation Fee: R172
  • Monthly Service Fee: R69

What You Should Know about FASTA:

FASTA is proud to provide easy-to-access loans of up to R8 000. The online application process is designed to be a straightforward and user-friendly experience for borrowers. With FASTA, individuals facing unexpected financial circumstances can quickly access extra cash as these short-term loans are processed promptly.

FASTA is also a responsible financial company and will not lend money to borrowers who do not have the income to repay. They are transparent about all fees and interest rates before the loan contract is signed.

Pros
  • FASTA offers a low-interest rate of 3% on its short-term loans.
  • Repayment terms of up to three months.
  • Automated application and approval systems streamline the whole process.
Cons
  • FASTA does not have the best customer service (according to reviews).
  • FASTA does not offer loans above R8 000.
  • FASTA can deny your application if your monthly income is less than R6 000.
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*Representative example: Estimated repayments of a loan of R30 000 over 36 months at a maximum interest rate, including fees of 27.5% APR would be R1 232.82 per month. BetterLoans is an online loan broker and not a lender. Our service is free, and we work with NCR-licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicant’s credit score and other factors at the lender’s discretion. Loan amount R500 – R350 000. Repayment terms can range from 3 – 72 months. The minimum APR is 5%, and the maximum APR is 60%.

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How FASTA Loans Stand Out?

FASTA’s self-automated system enables lightning-quick application verdicts and loan disbursals, setting it apart from traditional South African lenders. The fully automated process eliminates paperwork and reduces waiting periods, providing borrowers with a convenient and efficient experience. 

With a low monthly interest rate of 3% and a minimal initiation fee of R172, borrowers can benefit from highly competitive repayment term conditions. This makes it an excellent choice for those seeking a trustworthy lending partner who delivers exceptional value and affordability.

FASTA Loan Products

Short-term Loan

FASTA provides convenient short-term loan options, offering a range of loan amounts from R800 to R8 000. With FASTA, borrowers can choose repayment terms that extend up to three months, allowing them to manage their finances effectively. FASTA applies a 3% interest rate on its short-term loans to cover the cost of borrowing and repayment terms up to three months.

Benefits of Taking a Loan from FASTA

FASTA offers a convenient and fully remote online application and loan management tool in South Africa. You can apply for a loan from the comfort of your home and receive the funds within 48 hours through direct deposit.

Compared to other lenders, FASTA stands out with a low monthly interest rate of just 3%. Their transparent platform empowers borrowers to stay on top of their loan journey, with access to account information and easy repayment options. FASTA provides a seamless and accessible lending experience for individuals in need of quick and affordable financing.

FASTA is a responsible lender that prioritises borrowers’ financial well-being. They won’t approve a loan if your monthly income and expenses don’t align for repayment, aiming to prevent negative credit scores. By assessing factors like income, commitments, and expenses, FASTA ensures loans are granted within borrowers’ capacity, promoting informed financial decisions and long-term stability.

FASTA Loan Interest Rate and Fees

FASTA, a financial institution, provides short-term loans with an interest rate of 3%, which is quite low in comparison to other lenders. However, in addition to the interest rate, there are a few other financial obligations that borrowers need to consider. One of these is a monthly fee of R69, which the company requires to cover administrative costs and maintain its services.

Another requirement is an initiation fee of R107, which is a one-time charge applied when the loan is first taken out. FASTA prides itself on being responsible and transparent lenders, so the borrower will be made aware of all potential fees and interests before starting the loan term.

How To Qualify For FASTA Loan

These are the requirements to qualify for a short-term loan from FASTA:

  1. Valid RSA ID Number: The first and most crucial requirement is to possess a valid RSA ID number to enter into a loan agreement with FASTA. This confirms your residency in South Africa and establishes your eligibility for the loan.
  2. Age Requirement: You must be at least 18 years old to be considered for a FASTA loan. This ensures that you can legally engage in financial transactions and enter into a loan agreement.
  3. Internet Banking Access: Having access to Internet banking is essential for FASTA to verify your financial information and transaction history.
  4. Stable Source of Income: Demonstrating a stable source of income is a vital factor in qualifying for a FASTA loan. You should have a minimum income of R6 000 for the past three months, which can come from regular employment, self-employment, or any other legitimate means of generating funds. This showcases your ability to repay the loan within the specified terms.
  5. Clear Credit History: You should have no debts in arrays and no other major financial obligations.

By fulfilling these criteria, you’ll likely qualify for a short-term FASTA loan.

How to Apply for a FASTA Loan

The best way to apply for a FASTA loan is to use BetterLoans. In addition to FASTA, we request loan offers from other top lenders. You can easily compare and choose the best loan offer.

FASTA also offers a user-friendly website for applying for short-term loans. Upon visiting their homepage, you’ll find a simple interface to guide you through the process. Indicate the desired loan amount using an adjustable slider on the homepage.

Once you’ve chosen the loan amount, the next step is selecting a repayment term. FASTA provides three options: 30 days, 60 days, or 90 days. The available terms are conveniently displayed alongside the loan amount.

With the loan amount and repayment term decided, you can proceed by clicking the ‘Apply Now!’ button. This will take you to the application form, where you’ll need to provide personal and financial information. You’ll be asked to enter your South African ID number to verify your eligibility, confirming your citizenship or legal residency.

Additionally, you’ll need to supply your banking details. These are required to set up a debit check mandate, which allows FASTA to deduct loan repayments directly from your bank account. Ensure the accuracy of all provided information before submitting your application.

Remember to review your details carefully during the application process to ensure their accuracy and completeness.

How FASTA loans work

How Long It Takes FASTA to Approve a Loan

FASTA’s application processing is designed to be efficient and seamless. As such, the company strives to deliver a verdict on your loan application within 5 to 10 minutes. As a borrower, when you submit your application, FASTA’s advanced automated system promptly evaluates it. This allows for real-time assessment, ensuring that your loan request is attended to promptly. 

Once you have reviewed and accepted the loan offer from FASTA, the next step involves signing the necessary documentation and setting up a debit mandate. The approved loan amount will swiftly be disbursed into your designated bank account upon completing these requirements.

Is FASTA a Trusted and Reliable Lender?

FASTA has been registered by the NCR (National Credit Regulator) since 2018 and has provided reliable financial services. The National Credit Regulator is a regulatory body established in terms of the National Credit Act (NCA) of 2005. It regulates the South African credit industry, including credit providers, credit bureaus, and debt counsellors.

In terms of customer reviews, FASTA is not very popular. On the popular South African review website HelloPeter.com, FASTA scored an average of 1.6 out of 5 stars. Most of these complaints are related to the lack of communication that borrowers receive when they have questions or cancellation requests.

Before applying for a loan, it is crucial for potential borrowers to research the trustworthiness of FASTA thoroughly. One effective approach is to seek out and engage in conversations with previous borrowers who have dealt with FASTA in the past. Gathering as much information as possible from these individuals will provide valuable insights and help decide whether to proceed with the loan application. 

FASTA Contact Details

  • Office Address: 3rd Floor Spaces V&A, Dock Road Junction Cnr Stanley & Dock Road V&A Waterfront, Cape Town, 8001

  • Open: Weekdays 8 am – 5 pm

  • Email: [email protected]

  • Phone: 084 716 1542

  • Website: https://www.fasta.co.za/

Frequently Asked Questions (FAQs)

FASTA uses Standard Bank. However, they do work with customers from all the major banks in South Africa.

FASTA pays your loan as soon as the DebiCheck mandates have been authorised, although this can take up to 48 hours.

FASTA does not pay out on weekends or public holidays. Loan payouts are processed on business days.

Foli Raheem
Foli Raheem

Foli has an MSc. Economics degree, and has been active in South Africa lending space for years. Whenever he is not writing, you will find him building websites.