FastPay review: Invoice financing for digital media companies

FastPay review: Invoice financing for digital media companies

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Upload your unpaid business invoices to get an advance of up to 70% on what you’re owed.

Traditional business loans can be slow and costly, ultimately hurting your bottom line. FastPay is a quick way to get the working capital you need for your digital media business until your invoices are paid.

Product NameFastPay Business Loans
Min Loan Amount$5,000
Max. Loan Amount$100,000
Interest Rate TypeFixed
RequirementsMust have a company in the digital media industry.

Do I qualify?

You must have a business in the digital media industry to be eligible for a FastPay business loan. If you don’t have a business in the digital media industry, you can compare other business loans that can serve your industry.

What is FastPay?

Founded in 2009, FastPay provides efficient financial solutions to online publishers, marketing agencies and other digital media companies. It offers a streamlined loan application through its FastLane process and can advance you 70% of your requested funding within 2 business days. A 3.00% monthly fee is charged on your balance. Once your invoices are paid by clients, FastPay collects the original 70% of your loan plus the fee.

What makes FastPay business loans unique?

FastPay offers business loans for digital media companies that rely on invoices to operate. With FastLane by FastPay business loans, you don’t have to let an unpaid invoice impede your operations. It works as a credit line so you can get the funding you need without having to resort to outside investors.

What are the benefits of FastPay business loans?

  • Simple application process. Upload your company’s financial information and bank credentials to get started.
  • Quick turnaround. Get your funds within 2 business days of uploading your invoices.
  • Repay only when your invoice is paid. Pay once your original invoice is completed, with no late payment fees or penalties.

What to watch out for

FastPay offers a flexible and efficient service, but only to a niche market and with arguably high rates. Consider the following before applying for a loan with FastPay:

  • High interest rate. A 3.00% monthly fee can quickly add up, totaling more than $1,200 on a $10,000 loan after 120 days.
  • Niche market. FastPay primarily services ad networks, adtech companies and app developers. If you’re not in one of these industries, you’ll need to look elsewhere for business funding.
  • Limited operations. FastPay has only three US offices, so customer support may be limited.

Compare a variety of financing options for your business

Rates last updated August 20th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Kabbage Small Business Line of Credit
A simple, convenient online application could securely get the funds you need to grow your business.
$500
$250,000
Must have been in business for at least 1 year. Revenue minimum is $50,000 annually or $4,200 per month over the last 3 months.
Lending Express Business Loan Marketplace
$5,000
$500,000
At least 3 months in business and $10,000+ in monthly revenue. Your business might also qualify if it's been in business at least 6 months with $3,000+ in monthly revenue.
Excel Capital Management Small Business Loans
Get personalized financing options that suit your unique business needs in just a few simple steps.
Varies by loan type
Varies by loan type
Your business must operate in the US, be at least 1 year old and have monthly revenue of $15,000+.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
2+ years in business; $50,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
National Business Capital Business Loans
Get a large business loan to cover your financing needs, no matter what the purpose is. Startups welcome with 680+ credit score.
$10,000
$5,000,000
Your company must have been in business for at least 6 months and have an annual revenue of at least $180,000.
Seek Business Capital Funding Solutions
Startups and newer businesses could qualify for loans and credit cards with a custom financing package.
$5,000
$150,000
Personal credit of 680+, no bankruptcies in the last 4 years.
BizLoans.io Business Loan Marketplace
Get connected with wide range of loan amounts and multiple loan types from reputable lenders.
$20,000
$500,000
Must have good credit and at least 6 months in business.

Compare up to 4 providers

Am I eligible for a FastPay business loan?

You must have a business in the digital media industry to be eligible for a FastLane by FastPay business loan.

To apply for a loan, you need only to have accounts receivables that FastPay can review. There are no financial requirements — you don’t even need a personal guarantee. And new businesses are encouraged to apply.

How do I apply for a FastPay business loan?

Gather your financial and bank account information, including the business invoice you’re using for your loan. Then click the “Go to site” button on this page to go to FastPay’s online application. You should be able to complete the online form in just a few minutes. Most borrowers see their funds within 2 business days.

I got my FastPay business loan. Now what?

Once you’ve been approved, it’s time to send your invoices. You’ll receive 70% of the requested amount, usually within 48 hours. From there you’ll need to pay back the funded amount plus interest once your customers pay the invoices.

It’s important to pay off your loan as soon as possible. To minimize your interest payments, repay your loan as soon as you’ve received payment from your clients.

Bottom line

A FastLane by FastPay business loan could be a funding option for your digital media company if you’re strapped for cash but awash in unfulfilled invoices. FastPay loans come with a monthly fee of 3.00%, but you won’t be subject to late fees or any other hidden fees.

If your business falls outside of FastPay’s eligibility, compare your options to find a business loan that works best for your needs.

Frequently asked questions

Aliyyah Camp

Aliyyah Camp is a publisher for finder.com helping folks compare personal, student, car and business loans. When she's not helping people with their personal finances, you can find her going for runs outdoors.

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