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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.

$5,000

Min. Amount

$100,000

Max. Amount

Details

Product NameFastPay Business Loans
Min. Amount$5,000
Max. Amount$100,000
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% 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

Updated December 6th, 2019
Name Product Filter Values Min. Amount Max. Amount Requirements
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
600+ personal credit score, 1+ years in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
$50,000
$1,000,000
2+ years in business, 620+ credit score, not a sole proprietorship or nonprofit, strong financial history
Financing for high-risk industries with transparent rates and terms.
$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 $100,000.
Get a large business loan to cover your financing needs, no matter what the purpose is. Startups welcome with 680+ credit score.
$500
$250,000
1+ years in business, $50,000+ annual revenue or $4,200+ monthly revenue over last 3 months
A simple, convenient online application could securely get the funds you need to grow your business.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but many require good personal credit, minimum annual revenue and minimum time in business
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
$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+.
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.

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 Up to 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%, 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

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