Fast Loan Advance Review 2023
Fast Loan Advance is an online lending company that offers payday loans and cash advances to consumers across the United States. They market themselves as a fast and convenient way for people to get access to cash in as little as one business day. However, like many online lenders, there are mixed reviews about Fast Loan Advance and whether they are a legitimate and trustworthy company. This article will provide an in-depth review of Fast Loan Advance, including an overview of their services, interest rates and fees, eligibility requirements, application process, funding times, and customer reviews. Read on to learn everything you need to know before getting a payday loan or cash advance from Fast Loan Advance.
The Fast Loan Advance Company said that by giving your information to their online algorithms to check your creditworthiness, you can get quick cash loans faster and easier. It’s not clear if this loan company will provide a loan even if you have a bad credit score or CIBIL, but it uses a form to get your information and tell you how much you can borrow right now.
Fast Loan Advance will let you borrow anywhere from $1,000 to $35,000. When you borrow more money, the interest rate starts as low as 8%.
Overview of Fast Loan Advance
Fast Loan Advance is owned and operated by BlueChip Financial, a direct lender company based in Utah. They offer payday loans ranging from $100 to $1,000, which are designed to help borrowers cover small, unexpected expenses until their next paycheck. Loan terms range from 7 to 14 days. In addition to payday loans, Fast Loan Advance also offers cash advances up to $1,000 which can be repaid in 3 or 6-month installments.
To qualify for a loan from Fast Loan Advance, borrowers must:
- Be at least 18 years old
- Have an active checking account
- Have been employed for at least one month
- Show proof of income of at least $1,000 per month
Once approved, funds can be deposited directly into a checking account as soon as the next business day. Fast Loan Advance says they have a simple online application process that only takes 2-3 minutes to complete.
Interest Rates and Fees
Fast Loan Advance discloses all their rates and fees clearly on their website. For payday loans, their standard fees are:
- An origination fee of $30 per $100 borrowed
- Annual percentage rate (APR) of 460%
For a 2-week, $500 loan, the total fees would be $150, and the effective APR is 460%.
For cash advances, Fast Loan Advance charges an origination fee of 6% of the advance amount, then a monthly maintenance fee of $75 per $1,000 borrowed. The equivalent APR ranges from about 300-800%, depending on the repayment term.
These interest rates and fees are quite high compared to other personal loan products but are in line with industry averages for payday and cash advance lenders. Consumers need to consider their ability to repay the loan within a short timeframe to avoid racking up additional fees.
Application Process
The application process with Fast Loan Advance is simple and can be completed entirely online. Borrowers need to provide their personal and employment details, income information, and bank account information. Fast Loan Advance states they use secure SSL encryption to protect applicants’ data.
Loan applicants receive an instant eligibility decision. If approved, they can sign their loan agreement electronically and expect funds to be deposited into their bank account as soon as the next business day.
Those who don’t qualify for a loan from Fast Loan Advance may receive offers for other loan products or alternative financing options. The company says they work with multiple lenders to try to match borrowers with a loan product that fits their needs.
Funding Time
One of the biggest selling points of Fast Loan Advance is that they fund loans quickly. If you are approved before 7 p.m. ET on a weekday, they state that funds can be deposited into your account as soon as the next business day. If you apply and are approved on Monday, you can expect the money in your account on Tuesday. This funding time is faster than many other online lenders.
However, you have to read the fine print. Fast Loan Advance can only guarantee such fast funding if an applicant’s application is approved, their bank does not reject the deposit, and there are no other issues outside of Fast Loan Advance’s control that could delay funding. While they aim to provide next-day funding, it’s not guaranteed.
Repayment
Fast Loan Advance payday loans must be repaid on your next pay date, generally within 7 to 14 days of taking out the loan. The repayment amount will include the loan principal plus all origination fees. You must repay the full amount and give Fast Loan Advance permission to automatically withdraw the repayment amount from your bank account on the due date.
For cash advances, the repayment works a little differently. These advances are amortized over 3 or 6 months, meaning your payment amount is spread out over the repayment term. However, there is a monthly maintenance fee of $75 per $1,000 borrowed that is charged each month until the advance is paid off.
Failure to repay your Fast Loan Advance loan or make a payment on time can result in additional fees and penalties. Late fees can be up to $50 per late payment. After 10 days late, Fast Loan Advance can turn your account over to a collection agency which will damage your credit score.
Customer Reviews
Reviews of Fast Loan Advance are mixed. On Trustpilot, they have 1.5 out of 5 stars based on over 200 reviews. Positive reviews highlight the fast and easy application process, instant lending decisions, and fast funding. However, there are numerous negative reviews regarding high interest rates, difficulty repaying loans on time, and poor customer service.
Many people complain that Fast Loan Advance continues to withdraw loan payments even after the loan has been paid off, draining bank accounts and causing overdraft fees. There are also complaints of rude and aggressive collection tactics. These types of reviews make Fast Loan Advance seem like a predatory lender that takes advantage of those in desperate financial situations.
On the other hand, reviews on LendingTree, Credit Karma, and Google Play are more positive, with Fast Loan Advance garnering around 4 out of 5 stars. Favorable reviews on third-party sites highlight the convenience of getting fast access to cash when needed and repaying the loan quickly.
Overall, customer feedback seems divided when it comes to Fast Loan Advance. Experiences can vary widely depending on the individual’s financial situation. Consumers should weigh the pros and cons carefully before borrowing.
Pros
- Fast and easy online application process
- Instant eligibility decisions
- Funds available as soon as the next business day
- Multiple loan product options
Cons
- Interest rates and fees are very high
- Mixed customer service reviews
- Predatory lending practices (per customer complaints)
- Difficulty repaying can incur additional fees
Alternatives to Consider
Fast Loan Advance seems like a reasonable option if you absolutely need cash immediately and can realistically repay the full amount plus fees within the short repayment term. However, the high interest rates make these types of loans inappropriate for long-term borrowing.
Here are some alternatives to consider if you need money quickly:
- Personal loans from banks or credit unions – Lower rates and longer repayment terms
- Credit card cash advance – Still costly but may have lower rates than payday loans
- Payment plan with creditors – Contact your creditors directly to make payment arrangements
- Borrow from family/friends – Much lower interest and fees but can put relationships at risk
- Paycheck advance from employer – Some employers provide advances on paychecks
- 401k loan – Allows you to borrow against your retirement savings
The key is understanding all your options to find an affordable loan that works for your financial situation, especially if you are a long-term borrower.
Is Fast Loan Advance legitimate?
Fast Loan Advance is real, yes. Even though the interest rate at Fast Loan Advance is too high, the company does not seem to be a scam. We don’t want you to take our word for it whether Fast Loan Advance is a scam or not. Instead, we want you to do your research before getting a loan.
You can feel confident that you’re receiving a good deal when you take out a loan with Fast Loan Advance because they follow all federal and state regulations and statutes.
Fasloanadvance.com confirms that they are not a direct lender but rather a loan broker for a variety of financial institutions; as such, they cannot guarantee your APR, which is subject to change at any moment by the terms and conditions of their direct lender.
Overall, we found a few things that made us worry:
- No reviews from customers
- Not BBB-approved or on the list
- There isn’t enough information online
How does fast loan advance work?
You can get a loan fast through Fast Loan Advance, which is an online lending platform. There is no hassle involved in the application procedure, and there is no need to wait around for a long time. It’s easy to get started; just fill out a short online form with some basic details about yourself. You’ll find out in a matter of minutes if you qualify after entering the said data.
In the case of approval, Fast Loan Advance can transfer the funds to your account the following working day. Every step is safe and simple, so you can relax knowing that your credit will be funded without any unnecessary delays.
Review of Fast Loan Advances from Users in 2023
In this review of Fast Loan Advance, you’ll learn what the lending platform is all about and how you can use it to get a quick loan in an emergency.
Fast Loan Advance is not a loan company on its own, that’s the truth. It works with other loan companies, so it doesn’t have any control over the quality of the services it offers and can’t guarantee them. When you ask for a loan, their system pulls up all the lending partners who might be interested in giving you a loan based on the amount you asked for and other information you gave.
After this, lenders can accept your loan request and give you the money, or they can turn it down. The lending company’s legal terms say that only the lending partner can decide the rates for a loan, and that doesn’t happen until after you’ve sent in your application.
You can only find out about their rates and terms from a lender or lending partner. This usually happens soon after you finish your loan request and are put in touch with a lender or lending partner.
FastLoanAdvance also made it clear to potential customers that all lending decisions are made by lending partners and that their company can’t change those decisions. So that you know what the company is all about, this is clear.
FastLoanAdvance doesn’t decide who gets a loan or what the rates and terms are. Remember that you don’t have to accept the loan offer if the terms aren’t good enough for you for any reason.
What can they offer?
It says on the site that it is free to use. They also say that they work with many lenders in almost all 50 states. We couldn’t figure out which states those were because there wasn’t any more information online.
What we do know is:
- There are loans from $500 to $35,000.
- The APR ranges from 5.99% to 35.99%.
- Personal loans can be paid back in as little as 61 days and as long as 72 months.
Loan Requirements
Some basic loan requirements are listed on the website, such as:
- Must be a US citizen and 18 years old.
- Being paid regularly or being employed
- Make sure you have a bank account.
Fast Loan Advance Interest Rates, Fees, and Tenors
Although FastLoanAdvance doesn’t provide direct loans. However, below are the loan tenors as displayed on their website.
| LOAN AMOUNT | $1,000 | $2,000 | $5,000 | $10,000 |
| INTEREST RATE | 24% | 19% | 13% | 8% |
| LOAN TERM | 12 Months | 24 Months | 48 Months | 60 Months |
| FEE | 3% | 5% | 8% | 10% |
| FEE COST | $30 | $100 | $400 | $1,000 |
| REPAYMENT | $94.56 | $100.82 | $131.67 | $202.28 |
| APR | 29.82% | 24.12% | 18.23% | 9.20% |
| TOTAL PAYMENTS | $1,134.72 | $2,419.68 | $6,320.12 | $12,136.80 |
| TOTAL COSTS | $164.72 | $519.68 | $1,720.12 | $3,136.80 |
Warning indicators for a scam
Unfortunately, we have no way of knowing if FastLoanAdvance is legitimate or not. However, we can go over some precautions you should take before sharing sensitive financial information online. If you decide to use the site anyway, do so with caution, keeping in mind the various red flags that could suggest fraud.
A financial institution should never:
- Request full money in advance.
- Demand money right away via phone or text.
- Request that you load a preloaded gift card with money.
- Inquire about the possibility of wiring funds
- Make a formal request to use your bank accounts, ATM cards, or investment funds
- Emphasize the value of “moving quickly” because “if you wait, the bargain will be gone.”
- Accept you no matter your FICO score
Fast Loan Advance FAQs
Is a quick loan for real?
They are meant to be a short-term solution that you pay back when you get your next paycheck. Even though it sounds good, is that too good to be true? There is nothing wrong with fast cash loans, and 37 states allow them. But that doesn’t always mean that they are smart choices.
Is Fast Loan Direct legit?
At the moment, FastLoanDirect gets from the Better Business Bureau. Since they have a low rating, it is not surprising that they are not BBB-approved. Two customer reviews on the BBB website give FastLoanDirect a 3-star rating.
Are credible loans legit?
If you want to get a student loan or negotiate a lower interest rate, you can’t use Credible’s platform. But, like NerdWallet and other online lending marketplaces, Credible is a legitimate way for people who want to get student loans to compare different offers and find the best deal.
Is it okay to have bad credit?
FastLoanAdvance does not say anywhere online what your credit score needs to be.
Conclusion
You can trust Fast Loan Advance. But you should know that their business is to act as a middleman between you and loan companies. They can’t give you a direct loan. You can borrow money from other lenders through their platform and pay it back to build your credit scores.
Overall, two things stood out to us: the lack of reviews and the lack of information online. Even though it doesn’t prove that the website is fake, it’s a worry.
It’s important to know that a website for lending money can be trusted. Especially if you are giving out personal and financial information that is important to you. We always tell people to use websites that have good reviews online.
Fast Loan Advance presents itself as a fast and convenient way to get cash when you need it. In reality, their high-interest-rate loans can end up costing borrowers far more in fees than the initial loan amount while also damaging credit. Consumers should weigh all options carefully and read between the lines before using Fast Loan Advance or any payday lender. While the convenience factor is appealing, the long-term financial risks may outweigh any benefits.
Faizan Ahmad is a financial analyst and writer who specializes in investments, banking, and corporate finance. He has over 7 years of experience working in the finance industry in various roles.
He leverages his strong financial modeling and data analysis skills to provide insightful commentary on business, markets, and economic trends.
At Ventures Money, Faizan covers topics including Credit Card Reviews, Loans, Insurance, and Mutual Funds in the banking sector. He provides in-depth analysis of the latest news and trends to help readers make smart investment decisions.
Outside of writing, Faizan enjoys following the stock market, rooting for his favorite sports teams, and spending time with his family.