What is a FASTA Loan and How Does it Work?

In the world of personal finance, various lending options cater to different needs and circumstances. One of the top options that has risen in recent years is the FASTA loan. If you’re unfamiliar with this financial product, fear not! In this blog post, we’ll provide a comprehensive overview of what a FASTAloanis and how it works.

What is a FASTA Loan?

A FASTA loan is a type of short term,personal loanthat allows South African borrowers to access quick funds safely and securely. You can apply today and get up to R8000, deposited straight into your bank account (FASTACash) or on avirtual card(FASTACard). Unlike traditional bank loans,FASTA loans are offered online. This makes them easily accessible to a wide range of people, including those with less-than-perfect credit scores,freelancersor contract workers.

How Does it Work?

Application Process

Applying for aFASTA loanis a straightforward process that can be completed online and in minutes. To start your loan application, visitwww.fasta.co.za. Select your desiredloanamount, click on ‘Apply now’ and follow the easy steps. Check out ourtop 5 tips for getting a FASTA loanto help you with your application. 

Approval and Funding

Once the application is submitted, FASTAquickly assesses your creditworthiness and financialsituation. FASTA utilises innovative technology to determine whether they will be able to give you ashort term loan, allowing for quick approval decisions. If approved forFASTACash, funds are typically disbursed directly into your bank account within minutes, depending on your chosen bank. If approved for FASTACard, funds are typically disbursed onto avirtual card, where you can make safe online transactions.

Loan Terms and Conditions

FASTA loans are designed to be short termsolutions, with repayment periods of up to 3 months. You are required to repay theloanin full, along with any applicable fees and interest, by the agreed-upon due date. The terms and conditions ofFASTA loansare outlined in the loan agreement, so it’s essential to review this carefully before accepting the funds.

Interest Rates and Fees

One important aspect to consider when taking out a FASTA loan is theinterest rateand fees associated with the loan. For example, if you borrow R4000 over a 3 month period, with an interest of 3%, your totalloanrepayment would look like:

• Initiation fee: R534. 
• Monthly service fee: R69. 
• Credit protection insurance: R73.67. 
• Maximum APR: 123%. 
• Total amount repayable: R4952.

Repayment

Repayment of FASTA loans is done throughDebiCheck, a debit order process that you’ll need to accept during your FASTA loan application. This is to ensure that you make your monthly repayments on time. If you can foresee that you won’t be able to make a repayment on time, contactFASTAvia the Customer Support portal on the homepage.

Benefits of FASTA Loans

• Quick Access to Funds:FASTA loans provide fastaccess to cash, which is ideal for addressing urgent financial needs and expenses, like groceries, school fees, doctors appointments and car repairs.

• Flexible Eligibility Requirements:FASTA considers alternative factors beyond creditscores, such as your monthly average income. Your expenses are also added up and included in affordability calculations to see if you can afford to pay theloanback. This makes them accessible to individuals with varying financial backgrounds.

• Convenience: The onlineapplication process and quick approval turnaround make FASTA loansa convenient option for you when you need immediate funds. From a car payment to an emergency doctor visit, FASTA’s got you!

Conclusion

A FASTA loan is a short term,personal loandesigned to provide quick access to funds easily and securely. WhileFASTA loansoffer convenience and flexibility, it’s essential to understand the terms, fees, and repayment obligations associated with these loans before borrowing. As with any financial decision, remember to assess your financial situation carefully and before committing to aFASTA loan.