Representative example: a R50 000 loan at an interest rate of 24.5% per annum plus a once-off initiation fee of R1 207.50 (added to the loan amount in this example) and a monthly admin fee of R69.00, over 72 months would have a total cost of R 103 155.57.
The maximum annual interest rate including fees is 27.5%. Repayment terms can range from 1 - 72 months.
MyLoan 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 applicants’ credit score and other factors at the lenders’ discretion.
At a glance, FASTA offers borrowers between R500 and R8000 that can be repaid in 1, 2, or 3 monthly instalments. If this sounds like a good deal, keep reading to find out everything you need to know about this lender and whether they're the right option for you.
FASTA: Quick overview
- Loan amount: R500 - R8000
- Loan term: 1 to 3 months
- Interest rate: 3% per month
- Fees: Initiation fee - R86, Service fee - R69, Credit protection fee - R6.33
- Loan types: Short term personal loans
FASTA: Full review
FASTA is a leading innovative Fintech business (founded in 2017) that allows South Africans to access instant credit when making purchases online or in-store. FASTA is one of those tech-savvy credit providers, and their self-service loan application process is 100% online.
Overall, FASTA provides several instant credit offerings. When you apply for a FASTA loan, you can receive the money in one of three ways. The funds can be paid into your bank account, loaded onto your virtual card, or paid directly to the online merchant you're buying from. You can choose to repay the money over 1, 2, or 3 months.
Representative example: If you borrow R3000 from FASTA and choose to pay it back over two months, each instalment will be R1813. The total repayment will be R3755, meaning that FASTA interest and fees will be R755. In another example, if you borrow the same amount of R3000 but choose to repay it over three months, each instalment will be R1249.
Although the instalments are smaller, the total cost of the loan will be higher at R3902 because you pay more interest.
Pros of FASTA
- Easy application: FASTA has a self-service application process, meaning applying for credit is so easy you will be able to figure it out from start to finish.
- No need to upload documents: It's very rare to find a lender that doesn't require paperwork. But in this case, FASTA does everything via internet banking. You don't have to upload your bank statements, which makes the process even more convenient. However, if you don't want to use the automated system, you can upload your documents manually.
- Fast response: According to FASTA, some of their fastest applicants get money within 4 minutes.
- Interesting options: FASTA is one of the most innovative credit providers in the country. Besides getting credit in your account, you can also apply for a virtual card or get credit that pays directly for your goods when shopping online.
Cons of FASTA
- Mandatory Credit Protection Plan: A credit Protection Plan is a good initiative that protects your family in the event of your death, disability, or retrenchment. In any of these scenarios, your payments will be covered. However, FASTA has made it mandatory to take out a credit protection plan, so you don't have the option to take out your own preferred CPI.
- Limited options: FASTA isn't ideal for borrowers that need larger cash loans over the long term.
How does FASTA Work?
As mentioned, FASTA is a Fintech lender that uses a 100% online application process that's easy to navigate. When applying for credit from FASTA as a new customer, you first have to register your profile before you can log in. From there, you follow instructions to complete the application process and get money in your bank account.
What you need to apply
To qualify, you will need:
- A valid South African ID number
- To be at least 18 years old
- Access to internet banking
- Verifiable income for the last three months.
What types of loan products does FASTA offer?
FASTA has three credit offerings:
- FASTACash: When you apply for this financial product, you get a cash loan of up to R8000 paid directly into your bank account. You get the money instantly, depending on your bank's processing times. In addition, you can use the money anywhere, for anything.
- FASTACard: With this option, the money is loaded on a virtual card. You can use the card to shop online anywhere in South Africa where Mastercard is an option. You can use this virtual card instead of your usual credit card or debit card. You can even use it to sign up for online services, such as Uber and Netflix, or in-store using Snapscan directly. The great news about this virtual card is that it exists only online, so you can apply and get it within minutes.
- FASTACheckout: This product only works if you're shopping online and you want to make a purchase from a participating retailer. So, once you have all your preferred items in your cart, you have to select the FASTA payment option when checking out. The next step is choosing the amount you want to deposit and the amount you wish to borrow from FASTA. You also have to decide the number of months you need to pay back your loan. FASTA will then show you the total cost of the loan, and if it's affordable, your payment will be made, and your online purchase will be complete.
Who is FASTA best for?
FASTA is best for borrowers who:
- Need small, short-term loans
- Are looking to make an online purchase with the loan
- Need quick access to cash
- Don't want the hassle of submitting documents when applying for a loan
Is FASTA a safe and good option?
Yes. When determining whether a lender is legitimate, the first thing you need to check is whether they are a registered credit provider. Fortunately, FASTA meets this requirement. In addition, FASTA practices responsible lending and only offers credit to borrowers who can afford it. This is in line with regulations set by the National Credit Act.
For more peace of mind, you should know that FASTA's online application process is safe and secure. You can apply for a FASTACard, which allows you to make online payments and purchases while keeping your banking details safe since you won't be using your credit or debit card details.
How do I contact FASTA?
- Visit Dock Road Junction, Cnr Stanley & Dock Road, 3rd Floor, Spaces, V&A Waterfront, Cape Town, 8001.
- Email email firstname.lastname@example.org
- Contact FASTA through their Help Desk on their website.
How do I apply for a FASTA loan?
As mentioned, FASTA has a self-service loan application process designed to make life easier. But do you know what else can make getting a loan easy? MyLoan.co.za.
Imagine being able to shop for a loan online and comparing offers in the shortest time possible. Well, don't just imagine!
Our loan comparison service is available for free, and you can access it by completing our short and simple application form. MyLoan.co.za has several top South African partner lenders, and once we forward your application, you will get several offers without doing any legwork. The only thing left to do is accept the best offer for you, and once you complete the application process, you get the money.
So, why is MyLoan.co.za such a game-changer? Let's face it, would you buy something without at first comparing other options? Not if you want only the best! It's possible to apply for a FASTA loan and compare it with other offers from our partner lenders. That way, you're sure you're getting a good deal.
If you reach out to us, we will contact multiple lenders with your application on your behalf, so you don't have to. Getting credit has never been more efficient with MyLoan.co.za, and it all starts with our application form, so get started now!