How To Apply For Fasta Loan In South Africa

January 21, 2024 Loans, Finance

Fasta Loan is a pioneering Fintech company established in 2017 avs it enables South Africans to receive quick credit while making online and offline purchases. 

The Loan is one of those tech-savvy lenders, which conducts all its self-service loan applications online. Fasta loan offers several instant credit options.  

The money to be received can be transferred directly to the online retailer you’re buying from if you want to use it to purchase an item online. All you should do is to put it onto your virtual card, or deposit it into your bank account and  can then repay the loan over 1, 2, or 3 months.

Do you want to know more about Fasta Loan? Then read this article to the end.

Key Features of Fasta Loan

  • It is a quick and accessible financing option: Fasta Loan provides South Africans with a quick and accessible financing solution because it is an innovative and adaptable company.
  • The loan is linked with online stores: They provide rapid loans directly or with reputable offline and online stores in South Africa. The time it takes to apply is between five and ten minutes. 
  • You get credited immediately after application: The money is transferred instantly to your bank account, although depending on which bank you bank with, it could take up to 48 hours for the funds to arrive.

How Does Fasta Loans Work?

The South African credit business, Fasta Loan Ltd provides loans right away to applicants. 

The loans are the short-term loans that the company offers to its clients. These loans are available online or in a few particular stores.

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 others do not restrict your access to cash. The loans start at R500 and go all the way up to R8,000.

Fasta Loan Eligibility Criteria

To acquire Fasta loan quickly, you must meet the following requirements:

  • At least 18 years old.
  • Have a valid South African identity number.
  • Have a monthly salary of at least R7000 for at least three months.
  • Have an open bank account in your name.
  • Have a valid email address and phone number for the loan application.

How to Make a Loan Application

  1. Sign up on the fasta website: If you are using the website for the first time, then you have to sign up on the website fasta.co.za. An existing customer can login  to the account on the Fasta website.
  1. Decide on the loan amount you need: Determine the amount of money you require from  the short-term loan. You can choose between R500 and R8000.
  1. Choose the re- payment term: Select the number of monthly installments you want to make to repay your short-term loan. You can create one or more payments over several months.
  1. Complete your application: Complete the online application process after being satisfied with the quick loan amount and repayment terms. It’s meant to be self-service, but they have a team of professionals on standby if you need assistance.

How to Make Payments Using the Fasta App.

Paying with your phone is simple, quick, and secure when you use a payment app on your smartphone. Scan a QR code using your phone’s camera to pay for items with your phone’s credit card. It’s just that simple.

Fasta requires all its customers to obtain Credit Protection Insurance (CPI) to comply with Section 106(1) of the National Credit Act, 2005. This will cover any remaining obligation on your quick loan in case of death, disability, or reduction.

CPI is responsible for your family’s financial well-being. Your family will only be held accountable if you did not make the Fasta Quick loan payments.

Fasta Instant Credits

Fasta has three rapid credit offers to consider to meet your financial demands. 

These three immediate credit offerings can be used on various platforms, which will be detailed further. These fast loan quick credits include the following:

  1. Fasta card.
  1. Fasta Cash
  1. Fasta checkout
  • Fasta Card: For the Fasta card, you will receive a credit-enabled virtual card that you may use to make purchases online and in-store using Snapscan and Zapper via Vodapay. Fasta deposits R1944 into the virtual card for an R56 card load fee. However, you can charge the credit on that loan account as R2000, implying that you have incurred an R2000 debt. Furthermore, fasta loan charge R634 in fees and interest for the R2000 credit they lend you. So your total repayment for using quick credit comes to R2634, which you must pay in three monthly installments. The first payment is R2430. R1273 comes in second. R888 is the third and final installment. If you acquire the maximum R8,000 loan, the creditor will allow you to pay the obligation in four monthly installments.
  • Fasta Cash: Fasta cash is paid directly to your bank account and can be used instantly to meet your financial demands. It is emailed as soon as it has been verified and approved. However, access to the funds is dependent on your bank. You can spend the money wherever you choose as soon as your bank allows you to.
  • Fasta Checkout: For Fasta checkout, you will be granted credit that you can use to purchase anything at Fasta loan participating stores. This type of Fasta loan is helpful if you run out of cash at the checkout. Nobody ever wants that. If that happens, Fasta Check Out will be beneficial if you are in any of the stores that support it.

Stores That Accept Fasta Payments 

To facilitate the Fasta Check Out offering, Fasta Loans has partnered with several stores to have their loans available as payment for goods and services. 

Fasta Check Out is available at the following stores:

  1. Computer Mania
  1. BeesHair Beauty Products
  1. Sergent Pepper
  1. Prime Persian
  1. Queenspark
  1. HealthSpas
  1. iStore
  1. Solar Ups Electric
  1. Digicape
  1. Travel check
  1. Cellucity
  1. Keedo
  1. Powerbite
  1. Epic deals
  1. Cuebot
  1. Phonetradr
  1. My mobile
  1. Mechanic
  1. Rugged
  1. Furniturespot
  1. Auto-DNA
  1. Autostyle
  1. Kids Emporium
  1. Bag Emporium

Advantages of Fasta Loan

  1.  Simple application: Fasta Loan provides a self-service application process, which means you may apply for credit from start to end. There is no need to upload documents. Finding a lender who does not require papers is quite rare. Fasta loan, on the other hand, handles everything through Internet banking. You do not have to upload your bank statements, making the process easier. You can manually upload your documents if you don’t want to use the automated method.
  1. Fast Response: According to Fasta Loan, some of their quickest applicants receive funds in as little as four minutes.
  1. They are always a step-above: Fasta Loan is one of the most forward-thinking credit providers in the country. When purchasing online, you can apply for a virtual card or credit that pays directly for your goods and earn credit in your account.

Disadvantages of Fasta Loan

  1. A Credit Protection Plan: This is an excellent idea that safeguards client family in the event of client’s death, disability or decrease. Payments will be made in any of these instances. However, Fasta loan has completed the purchase of a credit protection plan essential, so you do not have the choice of selecting your preferred CPI.
  1. Limited options: Fasta Loan isn’t suited for customers who require larger cash loans over time.

How To Contact Fasta Loans 

The following options are available if you want to contact Fasta Loan: 

  • Address: 3rd Floor, Spaces, Dock Road Junction, Cnr Stanley & Dock Road, V&A Waterfront Cape Town, Western Cape, 8001, South Africa.

Frequently Asked Questions

Who is Fasta Loans’ CEO?

Kevin Hurwitz is Fasta Loan CEO. The CEO made a public statement that with the virtual Mastercard, they give customers the satisfaction of being capable of spending their credit at millions of Mastercard retail locations in South Africa and around the world.

How charges are levied on  Fasta Card arrival?

When your Fasta Card arrives, you will be charged a 2.5% service fee on the rapid loan amount placed on your Fasta Card. To make matters even better, they keep their expenses to a minimum, allowing you to receive the money you need quickly and easily repay it.

Where can I use my Fasta card?

Fasta Card can be used at any South African online store that accepts Mastercard. You can also pay for in-store purchases using SnapScan directly or with SnapScan and Zapper via the VodaPay and Masterpass applications.

How Safe Is the Fasta App?

Fasta Loan online application is safe. You can apply for a Fasta Card, which allows you to make online payments while keeping your bank information private because you will not use your credit or debit cards to make transactions. It can also be used to sign up for internet services such as Uber and Netflix.

Conclusion

Fasta Loan is a responsible lender, and client credit history will be verified before they are approved for a loan. 

Clients who pose a higher risk may face higher interest rates. Fasta Loan may only accept loan applications if clients have good credit or have been blocked to safeguard themselves.

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