Fast Loan Advance is an online lending platform that provides access to payday loans and cash advances for borrowers with bad credit. As an online lending marketplace, Fast Loan Advance works by connecting potential borrowers with lenders in their network.
With promises of quick approvals and funding within 24 hours, Fast Loan Advance may seem like an ideal solution when you need fast cash. But is this lender legitimate and trustworthy? In this comprehensive guide, we’ll explore Fast Loan Advance in detail to help you make an informed decision.
Overview of Fast Loan Advance
Fast Loan Advance is not a direct lender. Rather, it serves as a loan matching platform, collecting your information and matching you with potential lenders that may extend a loan offer. Here are some key things to know about Fast Loan Advance:
- Loan amounts: Fast Loan Advance offers loans from $100 up to $35,000. The specific loan amount you qualify for will depend on factors set by their lenders.
- APRs: Interest rates and APRs on Fast Loan Advance loans can range from around 5.99% up to 35.99%, according to their website. This can vary by lender.
- Loan terms: Available repayment terms range from 3 months up to 72 months, providing more flexibility than traditional payday loans.
- Funding speed: If approved, funds can be deposited as soon as the next business day through direct deposit.
- Credit checks: Fast Loan Advance’s lending partners do perform credit checks as part of approving loans. They claim to work with borrowers of all credit types, but having very poor credit will lower approval odds.
- Fees: Some lenders in the Fast Loan Advance network charge origination fees up to 5%. Late fees and insufficient funds fees are also possible if you miss or default on payments.
- Prequalification: Fast Loan Advance allows you to prequalify for loans by submitting some basic personal information through their website. This initiates the process of matching you with potential lenders.
Is Fast Loan Advance Legitimate?
When evaluating the legitimacy of any online lending platform, it’s important to look at factors like reputation, transparency, security, and compliance with regulations. Here is an assessment of Fast Loan Advance in these key areas:
- Reputation – There are mixed reviews of Fast Loan Advance online. Some borrowers report timely funding and good experiences. However, there are also complaints of high interest rates and aggressive collections practices from their lending partners. Overall, Fast Loan Advance seems to have an average reputation, according to third-party review sites.
- Transparency – Fast Loan Advance does provide sample rates and terms on their website, giving you an idea of what to expect. However, as they are a network, actual loan costs can vary depending on the lender you connect with. Be sure to carefully review all loan details before accepting an offer.
- Security – Their website uses SSL encryption, which helps keep your data secure as it’s transmitted. This is standard among legitimate lending sites.
- Compliance – Fast Loan Advance does appear to be compliant with lending regulations, providing state licenses and required loan disclosures such as Truth in Lending Act statements. However, some of their lending partners have faced scrutiny, so it’s important to vet any lender you work with through them.
- Address – Fast Loan Advance lists a physical business address in Orange, California. This level of transparency is positive.
Overall, Fast Loan Advance exhibits many signs of a legitimate lending network. However, because your loan terms and lender experience can vary, it’s important to carefully compare options if you use this service.
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Fast Loan Advance Loan Products
Fast Loan Advance offers access to the following types of loans:
Payday Loans
Payday loans are small, short-term loans, typically ranging from $100 to $1,000. These loans are structured to be repaid in a lump sum by your next paycheck, usually within 2 to 4 weeks. Payday loans through Fast Loan Advance partners may have APRs ranging from 200% to over 500% when annualized over the full loan term.
The benefit of payday loans is quick access to cash without an extensive credit check. However, the fees and ultra-short repayment term make these very costly financing options that should only be used as a last resort for emergency expenses.
Installment Loans
Installment loans offer more flexibility in repayment than payday loans. These loans range from $100 up to $35,000 through Fast Loan Advance’s lending network, with terms from 3 months up to 6 years in some cases.
Unlike payday loans, installment loans are repaid over fixed monthly payments over the life of the loan term. This can make it easier to budget for repayment rather than having to pay back the full amount all at once. Interest rates are generally lower than payday loans but higher than traditional personal bank loans.
Title Loans
Some lenders in the Fast Loan Advance network may also offer title loans. These loans use your car as collateral, allowing you to borrow money against the value of your paid-off vehicle.
Title loans typically range from $100 to $5,500, depending on your car’s assessed value. They carry very high interest rates but can be obtained more easily for borrowers with bad credit. However, failing to repay a title loan means the lender can repossess your car.
Cash Advances
Cash advances are a type of short-term loan that is deposited into your checking account, similar to a payday loan. Lenders in the Fast Loan network offer cash advances from around $100 up to $1,000 or more.
Like payday loans, cash advances must be repaid quickly, usually within 14 to 30 days. The fees, interest rates, and APRs on cash advances are exceptionally high, making this one of the costliest ways to borrow.
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The Fast Loan Advance Process
If you decide to apply for a loan through Fast Loan Advance, here is an overview of what to expect:
- Prequalification – You start by completing a short prequalification form on their website with basic personal, employment, income, and contact details. This is used to match you with potential lenders but does not obligate you to accept a loan.
- Loan offers – If matched successfully, you will receive loan offers from lenders in the Fast Loan Advance network. You can review and compare these offers side-by-side.
- Lender selection – Choose a loan offer that best suits your needs and formally apply with that direct lender. At this stage, the lender will complete a full application, review your information, and potentially run a credit check.
- Loan approval – If approved, the lender will present you with a loan contract outlining all terms, rates, fees, and other details. Be sure to thoroughly review this before signing. Decline the offer if you are unhappy with the loan details or cost.
- Funding – Once you e-sign the loan contract, the lender will deposit the loan funds directly into your bank account, usually within one business day via ACH transfer.
While Fast Loan Advance streamlines the application process, keep in mind you are dealing directly with the lender who funds your loan for all final terms, conditions, and servicing of the loan. Do your due diligence on any lenders you consider borrowing from.
Pros of Using Fast Loan Advance
- Fast funding: One of the biggest advantages is access to funds as soon as the next business day, in many cases. This can help bridge urgent cash flow gaps.
- Flexible loan amounts: Borrowers can apply for installment loans from $100 up to $35,000 based on eligibility. There are also options for smaller payday and cash advance loans.
- Lengthy repayment terms: Installment loans through Fast Loan Advance lenders can have repayment periods of 3 months to 6 years, making monthly payments more affordable than short-term loans.
- Accessible for bad credit: Having bad credit doesn’t immediately disqualify you. Fast Loan Advance partners work with borrowers across the credit spectrum.
- No collateral required: Fast Loan Advance loans are unsecured, so you don’t have to risk any property as with a title loan.
- Online application: The entire application process is handled online for convenience.
For borrowers with poor credit and limited options, Fast Loan Advance can provide quicker access to installment loan financing that may be difficult to obtain elsewhere. If you need funds urgently and can manage the monthly payments, this route may be beneficial.
Cons of Using Fast Loan Advance
- Very high interest rates: Interest rates through Fast Loan Advance lenders can be upwards of 35.99% APR, considerably higher than rates from mainstream personal loan lenders. This leads to larger overall repayment costs.
- Possibility of predatory lending: Some lenders in their network have been accused of predatory practices like overly aggressive collections and targeting desperate borrowers with misleading ads or information. You must vet any lender carefully.
- Chance of default: The high-cost loans can make it difficult for struggling borrowers to repay, potentially leading to loan default or a cycle of additional borrowing. Default can damage your credit and lead to collections.
- Credit impact: Frequent loan applications and credit checks when searching for a loan can temporarily lower your credit score. Taking out new high-interest credit can also worsen your credit utilization ratio if you carry balances.
- Not the cheapest option: While Fast Loan Advance provides quick access to funds, the high APR loans should be considered an option of last resort. Traditional loans, credit cards, payment plans, or assistance programs may provide cheaper alternatives depending on your situation.
If you use Fast Loan Advance, it’s imperative you budget carefully for repayment and aim to pay off the loan as soon as possible to minimize interest charges. Avoid borrowing more than you can realistically afford to repay.
What Interest Rates Can You Expect From Fast Loan Advance Lenders?
Interest rates and APRs on Fast Loan Advance loans cover a wide range but are generally higher than you could qualify for with excellent credit. Here are some estimates:
- Payday loans: 200% – 500%+ APR (when calculated for the 1-month term)
- Cash advances: Around 300% – 500%+ APR
- Installment loans: 5.99% – 35.99% APR
According to their website, Fast Loan Advance installment loans fall into these general interest rate tiers:
- Excellent credit: 5.99% – 18.00% APR
- Good credit: 18.01% – 22.99% APR
- Average credit: 23.00% – 29.99% APR
- Bad credit: 30.00% – 35.99% APR
Keep in mind the rate you actually qualify for depends on factors like your credit score, income, and the specific lender you borrow from. Having poor credit will result in rates at the higher end of these ranges in most cases.
Be sure to compare offers from multiple lenders before accepting a loan offer to ensure you’re getting the most competitive interest rate possible. APR is just one factor to consider; also evaluate origination fees, late fees, repayment terms, and other loan details.
Who Are Fast Loan Advance’s Lending Partners?
Fast Loan Advance works with a network of third-party direct lenders around the country to source loans for borrowers who apply through their platform. However, Fast Loan Advance does not disclose a full list of their lending partners on their website.
Some of the limited information they provide includes:
- Lenders must be authorized in the states where they operate and abide by federal and state regulations.
- Partners include banks, credit unions, and online lenders that offer various loan products.
- Borrowers may be matched with lenders that specialize in prime, near-prime or subprime lending.
Without a comprehensive list of lending partners, it makes vetting potential lenders more challenging. Make sure to research any lender you match with thoroughly before submitting a full application or accepting a loan. Search for reviews, complaints, legal actions, and their status with the Better Business Bureau to weed out any predatory lenders.
Alternatives to Fast Loan Advance
While Fast Loan Advance provides a means to access installment loans and payday loans online, it is wise to compare all your borrowing options. Here are a few alternatives to consider:
Traditional personal loans – Banks, credit unions, and online consumer lenders like LendingClub offer installment loans at much lower interest rates for borrowers with good credit (APRs as low as 5.99%). Loan amounts often go up to $100,000.
Credit cards – Many credit cards offer 0% intro APR periods, rewards, and revolving credit at reasonable rates for those with fair/average credit scores. Manageable minimum payments provide flexibility.
Employer cash advances – Some employers provide cash advances on earned wages as an employee benefit. This allows access to funds without borrowing.
Paycheck advance apps – Apps like Earnin and Dave let you access a portion of your paycheck early through cash advances. Tips are requested, but there are no mandatory fees.
Borrow from family or friends – For some, borrowing from family or people you know may provide lower-interest options. Be sure to document the terms to avoid misunderstandings.
Assistance programs – Federal, state, charitable, and community assistance programs can provide financial relief or grants to cover basics like medical care, food, or housing with an application.
Negotiated payments – Contact creditors directly to explain your situation and negotiate more affordable payment plans for bills instead of taking out a costly loan.
While Fast Loan Advance offers a legitimate lending marketplace, make sure to weigh all your options and the total costs before moving forward with a high-interest online loan.
Tips for Safe Borrowing Through Fast Loan Advance
If you do opt to use Fast Loan Advance, here are some tips to ensure a smooth and safe borrowing experience:
- Carefully compare multiple loan offers side-by-side and research lenders before selecting one. Don’t apply with the first matched lender.
- Review all loan terms, fees, rates, conditions, and fine print before signing any agreement. Never accept a loan you don’t fully understand.
- Only borrow what you can reasonably afford to repay based on a realistic budget. Avoid loans with payments exceeding 30% of your income.
- Have a clear repayment plan for paying off the loan in full by the due date to avoid rollovers, extensions, and mounting interest/fees.
- Stay organized with billing dates and set payment reminders to avoid missed payments and damage to your credit.
- If faced with repayment difficulties or financial hardship, communicate promptly with the lender to discuss relief options before defaulting.
- Guard your personal information and only enter it on secure sites. Make sure the webpage URL starts with “https” when submitting data.
- Avoid borrowing repeatedly or using loans for nonessential expenses. Get your finances back on track for better future lending options.
The Bottom Line on Fast Loan Advance
Overall, Fast Loan Advance provides a means to prequalify for installment loans, payday loans, cash advances, and other short-term credit products through its network of third-party lenders. This gives borrowers with bad credit access to financing that may be difficult to find elsewhere.
However, it is essential to thoroughly vet any lenders you apply and borrow with, as Fast Loan Advance works with direct lenders across the credit risk spectrum, including some with troubling records related to hidden fees, interest rates, or collection practices. Legitimate lenders won’t pressure you and will clearly explain loan terms.
While Fast Loan Advance loans offer a legitimate option for quick funds in a pinch, make sure to compare interest rates and costs to alternatives like traditional personal loans, credit cards, and other borrowing options whenever possible. Fast Loan Advance should generally be viewed as an expensive, short-term credit solution only for those with poor credit and limited alternatives in financial emergencies. Approach with caution and carefully budget to ensure on-time repayment if you proceed.
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FAQs
What types of loans does Fast Loan Advance offer?
Fast Loan Advance provides access to payday loans, installment loans, cash advances, and title loans ranging from $100 to $35,000 through its network of lenders that service borrowers across the credit spectrum.
What are the pros and cons of using Fast Loan Advance?
Pros include fast access to funds and flexible qualifying requirements for borrowers with bad credit. Cons include high interest rates, a lack of lender transparency, and the risk of predatory lending practices from some partners.
What interest rates and fees can I expect?
Interest rates on Fast Loan Advance loans typically range from around 6% APR up to 36% APR, but can be higher in some cases. Origination fees are also common, ranging from 1-5% of the total loan amount. Payday loans carried even higher rates. Be sure to compare offers.
How does Fast Loan Advance compare to other online lenders?
Compared to mainstream lenders, Fast Loan Advance offers lower credit score requirements but at much higher interest rates. Other networks,networks like Upstart or SoFi may offer lower rates for those with good credit. Fast Loan Advance best suits borrowers with bad credit and few alternatives.
Is Fast Loan Advance itself a direct lender?
No. Fast Loan Advance is a lending marketplace, not a direct lender. They work with third-party lenders to source loan offers for borrowers who apply on their platform. You must vet any lender you borrow from directly.
What steps are involved in the Fast Loan Advance process?
You prequalify online, get matched with lenders, compare offers, choose a loan offer, complete the application with the direct lender, get approved, review and sign the loan contract, then receive funds via direct deposit in as fast as 24 hours.
Is Fast Loan Advance legitimate?
Yes, Fast Loan Advance is a legitimate online lending marketplace that connects borrowers to a network of third-party lenders. However, it’s important to vet any lender you work with through their platform for reputation and fair lending practices before accepting a loan.
How quickly can I get loan funds through Fast Loan Advance?
If matched with a lender and approved, you may receive funds as soon as the next business day through direct deposit. The entire process can be completed online in as little as 24-48 hours in some cases.
What credit score is needed for Fast Loan Advance?
While Fast Loan Advance works with borrowers across the credit spectrum, you’ll likely need a minimum score in the 500s up to the low 600s for the best approval odds on an installment loan. Payday loans may have lower requirements. The better your credit, the more affordable your interest rate.
Can I get a Fast Loan Advance loan with no credit check?
No, there are no “no credit check” loans. All lenders conduct some form of credit inquiry to assess your application and risk level before approving a loan. However, Fast Loan Advance does claim to work with borrowers of all credit backgrounds.
How does Fast Loan Advance make money?
Fast Loan Advance collects a fee from partner lenders whenever they facilitate a loan through their platform. The actual interest and origination fees on the loans themselves go to the individual lender who funds the loan.
Is Fast Loan Advance safe to use?
Fast Loan Advance employs encryption technology to keep your data secure as it’s transmitted during the application process. However, be vigilant researching any lender you consider borrowing from through their marketplace. Avoid sharing sensitive information with lenders that seem fraudulent or predatory.
What criteria must I meet to qualify for a loan?
Typical requirements are that you are a US citizen over 18 with a regular source of income, an active checking account, working phone/email, and identification. Minimum credit scores vary by lender but you generally need fair/average credit or better to qualify.
Can I prepay my Fast Loan Advance loan? Are there fees?
You can prepay installment loans to reduce interest costs but some lenders charge prepayment penalties. Payday loans have no early repayment options without penalties. Always check the lender’s prepayment policy before borrowing.
What should I do if I’m struggling to repay my loan?
Communicate with your lender immediately if facing financial hardship. Discuss options like an extended repayment plan, loan modification, deferments, or alternative solutions. Don’t simply default as it can worsen your situation through penalties and credit damage.
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