FASTA Loans are one of the quick loan options available for South Africans who need access to fast cash with minimal hassle. You can borrow any amount up to R8,000 paid directly into your bank account with a repayment term of up to 3 months. For larger amounts up to R15,000, repayment can be stretched to 6 months. The interest rate is 3% per month, with an initiation fee from R454 and a service fee of R69 per month. Applicants must provide a valid SA ID, an active mobile number, and online banking details.

Step-by-Step Application Guide

• Visit the FASTA website and use the slider to select your desired loan amount and repayment period
• Click ‘Apply now’ and complete your personal and banking details
• Submit your application for an instant affordability and credit check
• Receive your loan offer, review it, and accept the terms
• Sign the agreement electronically and get cash paid out in minutes

Pros of FASTA Loans

One clear benefit is the speedy payout. Approval and cash payout happen within minutes of signing the agreement, making it suitable for emergencies. Flexibility is another advantage – you can customise your loan amount and choose between 1, 2, or 3 monthly instalments for smaller loans, and up to 6 for larger amounts.

The application is entirely online, requiring no paperwork which saves time. There is also a virtual credit card option, giving more flexibility in how you use the funds.

Cons of FASTA Loans

The initiation and service fees might add up, especially on smaller loan amounts, affecting the total repayment. The monthly interest rate, while clear, is relatively standard for short-term lending and can compound if not carefully managed.

Another drawback is the strict eligibility: you must have online banking and a verifiable income for the last 90 days.

Our Verdict

FASTA Loans are a solid choice for South Africans seeking fast, flexible, and straightforward short-term finance. Although the fees are notable, the transparent process, instant approval, and customisable repayment make this provider stand out for borrowers needing urgent funds.