FASTA Loans offers a range of payday loans from R800 to R8,000, repayable in 1-3 months. With a minimum monthly income requirement of R6,000, these loans are designed to provide immediate financial relief when you need it most. This review will not only explore the features and benefits of FASTA Loans but also compare it with other key players in the payday loan market in South Africa for 2024.
Eligibility Criteria for FASTA Payday Loans
To be eligible for a FASTA Payday Loan, you must meet the following criteria:
- Valid South African ID: You must have a valid South African ID number.
- Age Requirement: You need to be 18 years or older.
- Minimum Monthly Salary: Your minimum monthly salary should be R6,000 for the last 3 months.
Applying for a FASTA Loan online takes just a few minutes. Here’s a step-by-step guide to the application process.
FASTA Loan Application Process
1. Select Your Preferred Amount
- Use the loan slider on the FASTA mobile app or website to choose the amount you wish to borrow and the repayment period.
- Click on the “Apply now” button.
2. Complete the Quick and Easy Application
- Fill in all required details accurately on the application form. Providing accurate information will help speed up your online loan application.
3. Verification and Loan Offer
- FASTA Loans conducts credit checks and verifies the information you provided before presenting you with a loan offer.
4. Acceptance and Agreement
- If you are satisfied with the loan offer, you can accept it and sign your loan agreement electronically.
- Once everything is in order, the approved loan amount will be deposited directly into your bank account.
How Do FASTA Loans Work?
FASTA operates as a credit checkout facility for online shoppers while providing instant loans for use at checkout with participating merchants. Besides checkout credit, FASTA also offers other credit facilities.
Types of FASTA Loans
- Cash in Bank Credit Facility
- FASTA deposits credit directly into your bank account. Depending on your bank, the loan payout can reflect immediately after approval. The application process takes approximately 3 minutes, and if successful, the loan amount can be deposited in 5 minutes.
- Checkout Credit
- FASTA Checkout credit provides credit for online purchases at selected retailers. The credit limit is up to R8,000 with a repayment period of up to 4 months.
- Virtual Credit
- FASTA provides customers with a virtual card loaded with credit ranging from R800 to R8,000. This credit can be used at any retailer that accepts Mastercard, SnapScan, or Zapper payments.
Applying for FASTA Loans
You can apply for these loans online and get approval within minutes. Here are the FASTA Loans merchant partners you can use.
FASTA Loans Merchant Partners
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
- Prime Persian
FASTA Loans Competitive Advantages
- User-Friendly Website: Easy-to-use with step-by-step instructions for completing an application.
- Transparent Costs: You can see how much your loan will cost before making an application.
- Fast Approval: Quick verification and approval process.
- Accredited Lender: FASTA Loans are accredited by the National Credit Regulator.
- Variety of Loans: Offers multiple loan types to suit different needs.
- Free Credit Score Check: Check your credit score on your profile and get tips on how to improve it.
- Customer Feedback: Hellopeter reviews are featured on every webpage to provide insights from other users.
- Flexible Payment Options: Pay for some or all of your purchases using FASTA loans.
FASTA Loans Competitive Disadvantages
- Limited Contact Options: No phone numbers for queries; all inquiries must be lodged on the site.
- Loan Amount Limitations: Loan amounts may not cover some products sold by merchants.
Web Security and Information Security
- Certified by McAfee: The FASTA Loans website is highly secure.
- Powered by Redblade Software: Uses one of the best end-to-end digital platforms for credit providers.
- Malware-Free: The website is clean from malware, injected spam, and defacements.
Comparison with Other Payday Loan Providers
Wonga
- Loan Amount: Up to R4,000 for first-time borrowers, up to R8,000 for existing customers.
- Repayment Period: 4 days to 6 months.
- Eligibility: South African resident, 18 years or older, regular income, valid bank account, and contact details.
- Application Process: Online application with quick approval.
Capitec Bank
- Loan Amount: Up to R250,000 (unsecured credit).
- Repayment Period: 1 to 84 months.
- Eligibility: South African resident, 18 years or older, regular income, valid bank account, and contact details.
- Application Process: In-branch or online application with detailed credit checks.
African Bank
- Loan Amount: Up to R250,000.
- Repayment Period: 3 to 72 months.
- Eligibility: South African resident, 18 years or older, regular income, valid bank account, and contact details.
- Application Process: In-branch or online application with detailed credit checks.
Comparison Summary
- Loan Amounts: FASTA Loans offer smaller amounts (up to R8,000) compared to Capitec and African Bank, which offer up to R250,000.
- Repayment Period: FASTA Loans have shorter repayment periods (up to 4 months), whereas Wonga offers up to 6 months, and Capitec and African Bank offer longer terms (up to 84 and 72 months, respectively).
- Application Speed: FASTA and Wonga provide quicker application processes with fast approvals, while Capitec and African Bank have more extensive checks.
Conclusion
FASTA Loans provides a convenient and efficient online platform for individuals seeking short-term financial assistance. With a simple application process, quick verification, and responsible lending practices, FASTA Loans aims to meet the financial needs of its customers while ensuring affordability and transparency. However, it’s important for borrowers to carefully review the terms and conditions, including interest rates and repayment terms, before committing to a loan. By borrowing responsibly and making informed decisions, individuals can effectively utilize FASTA Loans as a valuable resource during times of financial need.
For those requiring larger loan amounts and longer repayment periods, exploring options from Capitec Bank and African Bank may be more suitable. Conversely, if you need quick, smaller loans with fast approval, FASTA and Wonga are excellent choices.
