Getting quick access to cash can be tempting, especially in an emergency. Online payday lenders like Fast Loan Advance market short-term loans that deposit money directly into your account, often overnight. But are the high interest rates and fees worth it?
This comprehensive review will examine the pros, cons, costs, eligibility requirements, and customer experiences of Fast Loan Advance loans to help you make an informed decision.
Overview of Fast Loan Advance
Fast Loan Advance is an online direct payday lender that offers cash advances ranging from $100 to $1000. Here's an overview of how it works:
- Loan type: Payday loan
- Loan purpose: Meant to provide funds until next paycheck comes in, not a long-term solution
- Loan amounts: $100 minimum to $1000 maximum
- Loan term: Typically 2-4 weeks, aligned with your pay cycle
- Interest and fees: Ranges from $15-$30 per $100 borrowed
- Repayment: Lump sum payment from bank account on due date, usually on your next payday
Fast Loan Advance heavily markets the speed and convenience of getting an advance deposited in as soon as one business day. But borrowing such short-term loans often carries very high costs.
Pros of Fast Loan Advance Loans
There are some advantages to using Fast Loan Advance over other loan options:
- Quick process - can apply and get approved in minutes
- Fast funding - money deposited to your account as soon as the next business day
- Easy eligibility - minimal requirements beyond income and bank account
- Unsecured - no collateral required, unlike title loans or pawn shops
- Online access - manage everything through website or app
The quick influx of cash can provide relief in the short term. This speed and convenience is the main appeal of Fast Loan Advance.
Cons of Fast Loan Advance Loans
However, there are also many downsides to be aware of:
- Very high APR - averages 400% interest, creating debt traps
- Balloon payments - full balance due at once, usually in 2-4 weeks
- Rollover fees - additional cost to extend loan if can't pay in full
- Risk of overdrafting - if repayment is auto-debited from bank
- Credit damage - loans not reported, but nonpayment is
Borrowers often can't afford to repay the full lump sum when due and get caught in cycles of rollovers and mounting fees. It's easy to get in over your head with payday loans like Fast Loan Advance.
Interest Rates, Fees, and Terms
Fast Loan Advance discloses the following rates and terms:
- Interest rate: $15 per $100 borrowed
- Origination fee: Up to $30 per loan
- Late fees: Up to $30 if payment is late
- NSF fees: Up to $30 if automatic bank draft fails
- Payment term: Single lump sum due on next pay date
- Rollovers: Permitted but subject to additional origination fees
- Collections: Outstanding loans may be sent to collections agency
This means that a $500 loan could incur over $150 in fees, equating to an APR over 400%. And that's if it's repaid on time - late fees and collections can make costs even higher.
Eligibility Requirements
To qualify for a Fast Loan Advance loan, you must:
- Be at least 18 years old
- Have an active checking account
- Show proof of income from job, benefits, etc.
- Provide a valid ID, Social Security number
- Have verifiable contact information
Your credit score is not a factor, although a score over 550 may get you better terms. Approval primarily depends on income.
How to Get Approved
To increase your chances of getting approved, you should:
- Provide paystubs covering the last 60 days - shows consistent income
- Bring bank statements - gives insight into your expenses
- Have monthly income exceeding $1200 - shows ability to repay
- Keep existing debt low - high debt-to-income raises flags
- Avoid recent loan requests - applying often reduces odds
Meeting these criteria shows the lender you can handle the balloon payment. Proving sufficient, stable income is key.
Fast Loan Advance Customer Reviews
Many Fast Loan Advance reviews highlight some common experiences:
- High satisfaction getting funds quickly at first
- Frustration repaying huge lump sums so soon
- Surprise at how fast fees accumulated
Positives often cited include easy applications, fast funding, and friendly customer service. Complaints tend to focus on difficulty repaying and communicating with lenders.
While initially appreciated, the repayment terms and fees associated with these loans can quickly become problematic according to many reviewers.
Also Read :
What are the Pros and Cons of Online and Digital Banking?
What are the Benefits of a Visa Debit Card?
Alternatives to Consider
Before choosing a payday loan, also consider:
- Credit cards - higher limits, lower rates, flexible minimums
- Personal loans - longer terms, fixed regular payments
- Employer advances - some companies offer these
- Payment plan - negotiate directly with creditors
While less instant, these options provide longer repayment periods, installment plans, and better rates in many cases.
The Verdict: Only as a Last Resort
In summary, Fast Loan Advance does provide genuine benefits like quick cash and easy approvals. But the incredibly high interest rates make these loans difficult to pay off, often trapping borrowers in endless debt cycles.
Consider Fast Loan Advance or other payday loans only as an absolute last resort. Exhaust all other options first. And have a concrete repayment plan before borrowing to avoid rollover fees and penalties.
5 Frequently Asked Questions
Q: How long does it take to get a Fast Loan Advance?
A: You can complete the application in minutes and if approved, receive your funds via direct deposit as soon as the next business day.
Q: What are the repayment options?
A: The full loan amount is due in one lump sum, automatically withdrawn from your bank account on the agreed due date, typically your next payday.
Q: What happens if I can't repay my Fast Loan Advance on time?
A: You will incur late fees and additional interest. The loan can be rolled over but you must pay a new round of origination fees. This gets very expensive.
Q: Does Fast Loan Advance perform credit checks?
A: No, they do not do hard credit inquiries. Approval is based on income, not credit scores.
Q: How long does Fast Loan Advance allow loans to be rolled over?
A: There is no limit set, which often leads to borrowers being stuck in debt cycles for months. Avoid rollovers if possible.
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