Do you need quick, affordable and favorable loans in South Africa? Consider getting Fasta Loans. These loan products avail as much as R8,000 instant credit on your phone. In addition to this, you can always count on getting Fasta loans when you need it the most, such as in emergencies or when you need to supplement your income to pay bills or when paying for goods on select stores. But what do you know about Fasta Loans? Learn everything you need to know about Fasta loan products and how to apply.
What is Fasta Loans?
Fasta (Pty) Ltd is a South African credit provider that gives applicants loans instantly. Fasta loans are the quick loans that Fasta (Pty) Ltd offer to customers. These loans can either be accessed online or in select stores. The stores are listed later on in the article.
You can access Fasta loans as soon as they are approved for use. This will depend on how you access the loan and the type of bank account you use. Some banks require that you wait before using any amount deposited into your account, while other banks do not restrict your access to cash. The loans start at R500 and go all the way up to R8,000. The loans can be one of three kinds:
- Fasta Card
- Fasta Cash
- Fasta Check Out
You can get a ready amount sent to a virtual card with this loan offer. To get a rough idea of how much Fasta Loans cost, look at the amount you get for Fasta Credit and compare it to the total repayment.
Fasta loads R1944 into the virtual card at a card load fee of R56. But charge the credit on that loan account as R2000, which means you have taken out a debt of R2000. Additionally, they charge fees and interest of R634 for the R2000 credit they loan you. So your total repayment for using fast credit ends up being R2634—an amount you are required to settle in 3 monthly installments. The 1st installment is R2430. The 2nd is R1273. The 3rd, which is also the last installment, is R888. But, in case you get the maximum R8,000 loan, the credit provider will allow 4 monthly installments to pay off the debt completely.
Once you have the amount in your virtual card, you can start using it immediately. However, it is only limited to places where MasterCard is accepted and in-store using Snapscan and Zapper via VodaPay or using Snapscan directly. To apply for Fasta Credit, go here.
The money you borrow is sent to your personal account with this offering. It is sent immediately after verification and approval. But access to the money will depend on your bank. Soon as your bank lets you use the money, you can spend it anywhere you are. To apply, complete the application form here.
Fasta Check Out
With this last offering, you can pay at the checkout in selected retailer stores using credit. This kind of Fasta loan is good for when you find yourself short of money at the checkout. No one ever wants that. If that happens, Fasta Check Out will be a lifesaver. Provided you are in any one of the stores that support it. The stores are listed in the next section.
To use Fasta Check Out, select Fasta Check Out as your payment option and complete the process that follows. After approval, the payment will be processed, and you will walk out with your goods.
Fasta Check Out Retailers
To facilitate the Fasta Check Out offering, Fasta has partnered with a number of stores to have their loans on offer as pay for goods and services. The following are the retailers that offer Fasta Check Out in their stores:
- Computer Mania
- BeesHair Beauty Products
- Sergent Pepper
- Prime Persian
- Solar Ups Electric
- Kids Emporium
- Bag Emporium
- Epic Deals
How to Apply
There are two ways of applying for Fasta Loans. For FastaCard and Fasta Cash, you need to register your profile. If not, you need to login into the Fasta loan website and follow the online application process provided. The whole application process is self-service. It is purely done online on the company’s website or mobile banking.
For FastaCheckout, you have to choose FastaCheckout as your preferred payment option on any one of the Fasta Loans participating retailer/partner’s website. After that, you need to follow the simple and elaborate online application process without leaving a retailer’s website.
What do I need to Apply for Fasta Loans?
As you consider applying for the loans, you should ensure you meet the criteria set out by Fasta for their loans. Those are that:
- You must be above 18 years of age
- You must have a valid Republic of South Africa National Identification Number.
- You must have access to internet banking
- You must have proof of your income for the last 90 days.
Advantages of Fasta Loans
- Fasta loans is quick and ready cash. The whole process of approval takes just minutes. This means you can get ready cash for very pressing needs.
- The repayments are affordable.
- The loan is easily accessible online. Anyone who has access to the internet on any device can get it.
Disadvantages of Fasta Loan
- Fasta loans may lead to impulse shopping or impulse loaning. Easily accessible quick loans often give the impression that it’s free money.
- Lots of small instant loans can lead to overwhelming monthly installments and repayment totals.
- Impulse loaning sometimes makes people reluctant to pay their monthly installments. Unpaid monthly installments affect your credit status.
Fasta loans are quick and easy to access loans by Fasta (Pty) Ltd. You can apply for the loans online and have them available to you within minutes. You can choose to have the loan amount sent to your personal account or have it in the form of a virtual credit card or have it pay for goods or services in selected stores. In addition to this, the credit provider gives out loans from as low as R500 to as high as R8,000. These loans attract an interest and other additional costs like transaction costs. The consequent repayment is supposed to be paid in between 3 and 4 months.
To qualify for this loan, you must be 18 years of age and above. You must have a South African ID. Have proof of the latest 90 days of income. And have access to internet banking.
Although the loan is easy to access, affordable and good for emergencies, taking quick and available loans on impulse is risky. Weigh all the options before you decide to take a Fasta Loan.