How to Apply for FastaLoan Online

Last updated on October 5th, 2023 at 09:47 pm

Are you in need of quick cash or your salary has not come in and now there are some emergency bills that you need to pay? Relax! Fasta loans are here to take away that worries.

Fasta loans have you covered no matter the type of situation you find yourself in, as long as it relates to the issue of funds. Be it:

Last-minute rent payments and utility bills,
home renovation,
wedding expenses,
education fees,
medical emergencies,

… for whatever reasons, you can always rely on Fasta loans.

No credit score required
No Collateral
No Pre-payment or hidden charges
Money disbursed within seconds
EMI’s matched with salary cycle (Check out full benefits below).

Fastloan is one of the latest loan companies committed to building a digital lending ecosystem in South Africa and planning to extend coverage to other parts of Africa. They offer quick and hassle-free personal loans to salaried individuals at affordable interest rates without having to worry about physical verification, multiple calls, and complicated & long processes followed by an even longer waiting period for approval.

Most time we are left alone in an emergency situation; no one to help and even those who can help only promises to do so at a later time. But we are talking of an urgent need here and that’s the gap the team at Fastaloans created to solve.

Fastaloan mission in South Africa is clear; to make use of innovative technology to deliver excellent loan services. Below are some of the benefits of partnering with Fastaloan:

Benefits of Fasta loans

Opportunity to borrow up to R8000
Flexible repayment plan, which allows you to repay your loan for a period of up to 4 months.
Fastloan is simple to use and fast.
Application only takes about a few minutes to complete.
Instant fund credit to your account within minutes.
Personalised loan design to suit your need irrespective of the situation you might be facing.
Access to lower rates when you become a loyal customer
Repayment is fast and easy with automatic payments
Your privacy is guaranteed; every piece of data you give Fastaloan is encrypted, secure, and Fastaloan does not share your data with anyone.
Fastaloan is NCR accredited and authorized to carry its loan services across South Africa

Fastaloan offer three types of loans:

Types of Fasta loans

Fasta card: Fasta is a virtual card that allows you to get instant credit whenever you want to shop at any online store that has a partnership with Mastercard.
Fasta cash: When you need quick cash withdrawable from your personal account, the Fasta card type is what you need to apply for. The fund is paid directly to your bank upon approval.
Fasta checkout: There are some online platforms where the Fasta card payment option is available for you to select from. And at the checkout page, all you need is to select Fasta as the payment option and the payment will be made directly to the retailer.

How much can you borrow and how long does it take FASTA to Pay?

Like many other loan companies in South Africa, the way Fasta loan operates is in line with NCA regulations, which is responsible lending. With Fasta, you can borrow between R500 and R8000.

Note that the amount you can apply for depends on your credit score and income level. Always remember to borrow an amount of loan that you can easily afford to pay back.

Once you submit your application, it gets processed immediately and you get a reply within minutes. The moment your application is approved, it will only take a few minutes to get your cash credited into your account.

What is the interest rate for Fastaloans?

Fasta charges you whenever you apply for a loan. They are transparent and do not operate with hidden charges.

The company calculates all interest rates using the rules prescribed by Chapter 5 of the National Credit Act 34 of 2005. So, be rest assured that you won’t be charged an interest rate that is more than the regulated maximum.

When calculating the amount of money Fasta will charge you, consider the total amount you are applying for. Because the interest rate on your loan depends on:

the amount you are willing to borrow,
The period of time you plan to pay back, and
your credit risk profile.

Fastaloan interest rates vary from 0% to 3% or 5% depending on your situation.

Fasta loan charges: What other fees do you have to pay?

Apart from the interest rate, Fastaloan also comes with the following charges:

A once-off initiation fee: You pay this when you create a new Fasta loan account. You can pay this fee upfront or as part of your monthly instalment. It is calculated as 10% of the loan value plus 15% VAT. The maximum initiation fee is R1059 plus 15% VAT.
Monthly service fee: Monthly service fee includes services such as the production of statements and debit order processing. The amount charged is R60 plus 15% VAT every month, and it is included in your monthly repayments.

Fasta loan calculator for Your Loan Budget

The Fasta loans calculator is a free and easy-to-use tool created by CompareLoans.co.za to help you budget for your loan. How much do you want to pay back every month? Use our sliders to get the answer in minutes.

Fastaloan calculator is a simple tool that you can use to calculate your loan repayment.

The calculator is built in such a way that you can easily slide to the particular borrowed amount and number of months and then click the “Calculate Repayment” button.

The idea behind this tool is to give you the calculated monthly repayment results to see whether it’s affordable for you or not.

Fastaloan Application Requirements

Before you can apply for a Fastaloan, you need to meet the following requirements:

A valid South African ID or permanent residence;
Minimum 18 years;
Minimum monthly salary of R7000;
Proof of income – Bank statements for the last 3 months; and
A valid South African bank account that is in your name.

The bank statement of your account serves as proof of income and how much you actually earn on a monthly basis. It is what Fastaloan will use to calculate how much you can actually borrow.

Fastaloan Login: How to Apply for a Quick Cash Loan

Applying for Fastaloan is very easy and straightforward.

Here are the steps to complete the Fastaloan application in a few minutes:

Log in to the official Fastaloan website. New customers will have to open a fresh Fasta loan account. Create an account using a functional email address and mobile number, your name, surname, and password to begin the application process.
Next, you must register your billing address.
Provide your financial details, which include your monthly salary, credit card fees, and living expenses.
In order for your loan application to be approved, you will need to provide your employer’s name, years with the current employer, and the salary date.
Next, select the bank where your salary gets deposited.
Upload bank statements.
If your application is approved, you receive a pre-agreement, statement, and quotation which you have to accept before the loan gets finalised.
Finally, you can now await your funds credited to your account. This usually takes a few minutes

Note: Fastaloan operating system will calculate how much you can afford for a loan. Note that If you wish to change the number of payment(s) and the loan amount, you can adjust your offer.

Fastaloan also checks your credit history at approved credit bureaus like TransUnion.

How to Payback Your Fasta Loan

Before borrowing money it is important that you plan the repayment of the loan. Not paying back your loan when due can affect your credit score and creditworthiness.

Each loan company has its own terms and conditions, which are different from other.

The agreement you will be sent before you can receive your fund gives Fasta permission to deduct the payments through debit order automatically.

There are ways you can repay your loan but fully automated repayment plans are convenient and save time.

You can decide to opt-in for the manual payment method through your account on the Fasta website.