FastLoanAdvance Review for 2024
If unexpected expenses catch you napping, there are a few ways to get money quickly. FastLoanAdvance is a legit online service that provides fast funding without focusing on an applicant’s credit score. Just be aware of its high interest rates and a few more potential risks it comes with. Read on to find out whether it’s safe to use and whom it may suit.
FastLoanAdvance Overview
FastLoanAdvance is a loan marketplace with 9 years of lending experience. The service partners with multiple loan providers across the US and offers both short-term and installment loans between $500 and $35,000.
The company is focused on prompt financial assistance available to almost everyone. Thus, it offers a streamlined application process, quick approval times, and fast money deposits as soon as the next business day. On top of that, FastLoanAdvance doesn’t set any minimum credit score requirements. However, it also has relatively high interest rates due to the risks lenders carry when lending money to people with unfavorable credit backgrounds.
Pros and Cons of FasLoanAdvance Loans
FastLoanAdvance loans may provide a lifeline for bad credit borrowers who face unexpected expenses. Among their most noteworthy benefits are:
However, FastLoanAdvance is not without its drawbacks. Here are several significant cons to consider:
Fast funding. Most borrowers get their loans as soon as the next business day of approval;
Credit score inclusivity. Borrowers with any credit histories can qualify as long as they meet age, citizenship, and income requirements;
Flexible repayment terms. Feel free to choose a repayment option that aligns with your current financial capabilities. It can be from 91 days to 72 months;
Vast array of loan amounts. Eligible borrowers can obtain between $500 and $35,000, making the service suitable for both minor emergencies and major expenses.
High interest rates. The service claims interest rates are generally between 5.99% and 35.99%, but bad credit borrowers can be offered higher APRs;
Not a direct lender. FastLoanAdvance is a connecting service that shares your information with its direct lending partners. It’s not responsible for making loan offers, approving your application, or making money transfers;
Potential credit score damages. Some lenders from the company’s network may perform hard credit checks via three major credit bureaus, lowering your credit score at the application stage. Additionally, late payments can lead to subsequent rating drops;
Lack of clear communication. Many customers note they felt frustrated and uninformed due to delayed responses or ignored questions.
Rates & Terms
FastLoanAdvance is a loan broker that partners with multiple lenders. Therefore, your exact loan terms and rates may vary depending on the loan provider you borrow money from. Here are some general terms and rates:
Loan amounts: $500 to $35,000.
Repayment options: 91 days to 72 months.
APRs: 5.99% to 35.99% for good credit borrowers.
Fees: Vary by lender.
Payment frequency: Once a month or twice a month.
Representative example
Suppose you’re going to borrow $1,000 for 12 months. With an APR of 24% and an origination fee of 3% (the fee will be deducted from your loan amount), you get an APR of 29.82%. Your monthly loan payment will be $94.56, while the total loan cost will be $1,134.72.
FastLoanAdvance Features
Loans provided by FastLoanAdvance have several common features you need to consider closely before going into debt.
Online Loan Process
The entire process, from application to getting the money, takes place online. Although it eliminates the need to visit a physical store and speeds up the process, it also comes with a lack of personal communication.
Fast Approval and Funding
Borrowers typically get responses from lenders in a matter of hours. If approved, the money is deposited into their bank accounts within one business day. However, some lenders offering high loan amounts may need up to 5 business days to make money transfers.
Automatic Repayment
You don’t need to take any extra actions to repay your loan. The lender will withdraw money automatically from your bank account on the due date. Just be certain to have the needed amount in your balance to avoid late and non-sufficient fund fees.
No Ability to Choose a Lender
Your data will be sent to the entire network of direct lenders after you submit your application form. The offer will be sent by the one that will process your request faster. You can’t pick a loan provider you want to deal with.
Accessibility
The service’s partner lenders usually don’t consider your credit score a determining factor. Thus, loans are available even with less-than-ideal credit histories.
High Loan Costs
Lenders typically charge higher interest rates when it comes to fast bad credit loans. This may come with significant overpayment over your loan life.
How to Get a FastLoanAdvance Personal Loan?
The process of obtaining a FastLoanAdvance personal loan consists of three simple steps:
- Fill out an online application form in about 2 minutes.
- Get a response from one of the lenders that can provide you with the requested amount.
- If approved, sign the loan agreement. The funds will then be deposited into your bank account within one or several business days.
Basic FastLoan Advance Requirements
To be eligible for FastLoanAdvance loans, you need to meet a few basic requirements:
- Be at least 18 years old;
- Be a US citizen;
- Have a steady, verifiable income;
- Have an active bank account in your name.
However, a particular lender you work with may also set its specific requirements to your monthly income, credit score, or debt-to-income ratio.
Final Thoughts
FastLoanAdvance comes with both advantages and drawbacks. It may be a lifesaver for borrowers with bad credit who face financial emergencies or need a significant amount but were turned away by other financial institutions. However, borrowers with fair and good credit may find cheaper options with various interest discounts.
FAQ
Is FastLoanAdvance Legit?
FastLoanAdvance is a legit loan service. However, it doesn’t give you the loan itself. Some lenders it partners with may be considered predatory due to their high interest rates.
Are There Any Fees Associated with FastLoanAdvance Loans?
FastLoanAdvance doesn’t charge any fees for connecting you with a lender. However, the loan provider you deal with will apply an interest rate and associated fees to your loan. Fees may include origination fees, prepayment penalties, non-sufficient funds fees, and more. Read your loan agreement carefully to fully understand what you will be paying for.
How Much Can I Borrow with FastLoanAdvance?
The maximum loan amount you can get is $35,000. The exact sum will be determined based on your loan duration, income, credit score, the particular lender terms, and other factors.
Does Applying with FastLoanAdvance Affect My Credit Score?
The service states some lenders may perform hard credit checks via major credit bureaus. Thus, applying via the website may affect your credit. You may also face damages in case of loan defaults or missed payments.