FastPay invoice financing review | finder.com

FastPay review: Invoice financing for digital media companies

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

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 December 11th, 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+.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
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.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
500+ personal credit score, 6+ months in business, $15,000+ average monthly deposits
National Funding Small Business Loans
Working capital loans and equipment financing, some high-risk industries may be eligible.
$5,000
$500,000
Be in business at least one year and make at least $100,000 in annual sales. Other loan types have additional requirements.
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
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
500+ personal credit score, 1+ years in business, $100,000+ annual revenue
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.

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.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site