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As the name suggests, FASTA loans offer a quick and easy application. Not only does FASTA offer a fast and convenient application, but you also get three flexible credit solutions.
Our in-depth FASTA loans review gives you all the essential details to help you decide if this credit provider is right for you.
✅ How Much Do You Need?
WHO IS FASTA?
This company operates an online consumer finance business. It was founded in 2017 and is a division of Knickle Holdings (Pty) Ltd. The lender specializes in various products, including instant online credit, secure digital lending, secure payment solutions, credit at checkout, and virtual cards.
KEY FEATURES
- Apply for up to R8000
- Repay in up to 3 monthly instalments
- Maximum interest rate of 5%
- Total fees include an initiation fee, service fees, and credit protection insurance fee
- Three main products to choose from.
PROS
✔️ Low interest rate
✔️ Flexible borrowing options
✔️ Convenient online application
✔️ Approval in minutes
CONS
❌ Only short-term, smaller loans are available
❌ High fees
WHY WE LIKE IT
The lender’s main goal is to provide South Africans with easy access to financial resources. Therefore, the application process is quick and simple, and you can apply anytime, anywhere.
SUMMARY
Loans range from R800 to R8000, payable in 1, 2, or 3 monthly instalments. You can choose FastaCash (the money gets deposited in your bank account), FastaCard (if you need to make an online payment), or FastaCheckout (credit for shopping online available at checkout.)
FASTA LOANS ARE BEST FOR YOU IF YOU:
- Need a smaller loan between R800 and R8000
- Can pay back the money within 3 months
- Have verifiable income for the last 90 days
Full FASTA Personal Loans Review
Learn more about how this lender works to help you make a more informed decision.
Pros Explained
Competitive interest rates
Interest rates typically range from 0 – 5%. For example, if you borrow R8000 for 3 months at an interest rate of 3%, the total interest will be R557.73. The lower the interest rate, the lower the total cost of the loan.
Three flexible products to choose from
This lender offers access to credit in 3 main ways to suit different situations. You can get cash in your bank account, have the money loaded onto a digital (virtual) card for online payments, or choose FASTACheckout as a payment option when shopping online.
Convenient and online self-service application
The application process is 100% online. You can complete the process on your own in minutes without uploading bank statements. Simply choose your preferred loan amount and term, fill in the application form, and wait for verification.
Fast approval
You’ll get a loan offer within minutes. You then sign your loan agreement, and the loan will be deposited in your bank account.
Cons Explained
Limited loan amounts and repayment periods
The lender is not completely flexible because it only offers smaller loan amounts with a maximum repayment period of 3 months. If you need a personal loan to buy a car, consolidate debt, or make an investment, a loan from this lender is probably not right for you.
High APRs
Although the lender offers relatively lower interest rates, the total cost of the loan might still be too high because of the high fees. For example, if you borrow R8000 for 3 months at an interest rate of 3%, the total interest may only be R557.73.
However, you still need to pay an initiation fee of R994, monthly service fees of R69 X 3, and a credit protection insurance fee of R146.27. This brings total interest and fees to R1905.
How Does FASTA Work?
This lender offers three different products.
This option deposits money straight into your bank account upon approval. The 100% online application takes less than 5 minutes. This is the most flexible option since you can spend the cash anywhere and use it for various purposes.
This digital or virtual credit card is backed by Mastercard and Standard Bank. It lets you make online payments anywhere you see the Mastercard logo, so you can ‘buy now and pay later.’
Once your loan application is approved, the money is loaded onto the card, and you’ll receive details and a CVV number that enables you to make purchases or pay for services online using banking and payment apps. This option may also carry a Load fee or Card Facilitation fee.
This is another ‘buy now, pay later’ option. If you’re shopping online and have items in your cart, you can check out and select FASTACheckout as a payment option.
You apply for the loan through the retailer’s or store’s website. You’ll be shown the total cost of the loan, so you can decide how much you can afford. If the loan is approved, the funds are transferred to the retailer’s account, and you get your goods.
Is FASTA a Safe and Trusted Option?
FASTA (Pty) Ltd is a registered credit provider and NCR accredited. The company says it strictly adheres to all regulations applicable to responsible lending.
How to Apply for a FASTA Loan
Understand how the application works and the loan requirements.
What You Need to Qualify
- A valid SA ID number
- Be 18 years or older
- Mobile number
- Online banking details
- This lender also considers your financial situation, monthly income and living expenses, and whether you can afford a new loan
Loan Application Process
- Visit the lender’s homepage to start applying. Use the sliders to choose your preferred loan amount and term, then click apply to complete the quick and easy application process.
- For FASTACash or FASTACard products, you must complete the registration process. Once you complete the application process, wait for the lender to do a credit check and verify your details.
- Accept the loan offer and sign the loan agreement. The money is deposited in your bank account, or you’ll receive your credit card details, depending on the product you applied for.
- For the FASTACheckout product, simply select this option for your payment when you’re shopping online and are ready to check out. Follow the easy step-by-step instructions – the entire process is done without leaving the retailer’s website. This option is only possible with participating online retailers.
FASTA Contact Details
📌 Contact number: No telephone number available at the time of writing
📌 Email: support@fasta.co.za
📌 Physical Address: Spaces, Dock Road Junction, Cnr Stanley & Dock Road, V&A Waterfront, Cape Town, 8001, Western Cape, South Africa.
Other Loans Like FASTA
There are similar options to consider, which are 100% online:
- Wonga Loans – Flexible short term loans from R500 – R4000 up to R8000 available from 4 days – 3 months up to six months, depending on whether you’re a new or existing customer.
- Lime Loans – Loan amounts ranging from R300 to R5400, payable over 7 weeks.
- Boodle Loans – Apply for R500 – R8000, payable over 16 days up to 6 months.
Frequently Asked Questions
Upon approval, the money is deposited straight into your bank account. However, it may take as long as 48 hours for the money to reflect, depending on which bank you use. Same day loans are available for applications done on a weekday, but you may have to wait for the next business day if it’s a weekend or public holiday.
If your application is declined, this may be due to the following reasons:
– You have a low credit score.
– Your income is insufficient, or you have a high debt to income ratio.
– You already have an existing loan that has not been paid off.
– You did not meet other minimum requirements, such as being employed for three consecutive months.
If your FASTA loan application is not approved, it’s best to wait 30 days before applying. Remember, too many applications in a short time result in too many hard credit checks, which can affect your credit score.
Visit fasta.co.za to submit a ticket with your message.
FASTACard is an online credit card, not a physical card. When your application is approved, you’ll receive the card details and CVV number, which you can use to shop online and make payments.
This digital card can be used with payment apps like SnapScan, Zapper, and Masterpass. In addition, it works like any credit card, and you can use it to pay for Uber, fuel, restaurant meals, Takealot items, or anywhere you see a Mastercard logo.
FASTA is an online lender, not a bank. It works with most major banks, such that when you apply, FASTA asks you to log into your Internet banking. Your bank then forwards your transactions for the last 90 days. This is why you’re not required to upload documents.
Fasta is owned by Knickle Holdings.
Watch: FASTA – The New Way to Pay!
Our Research Expert
Gracie Makowe is a full-time personal finance writer with 10 years of experience and a Bachelor of Commerce in Financial Management from UNISA. Learn more.