FastPay review: Invoice financing for digital media companies
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.
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% 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
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 As soon as 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.
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%, 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.