Fast Loan UK short term loans review

Find out if Fast Loan UK offer the right short term loan for you.

No reviews yet. Write a review
Fast Loan UK

Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

Key features of a Fast Loan UK loan

Product NameFast Loan UK Short Term Loan
Available Amounts£50 to £2,000
Representative APR840.75%
New customer maximum£800
Loan terms3 weeks to 8 months
Soft search eligibility checktick
Instant decision in most casestick
Funding speedMoney will be transferred into your account within 15 minutes of signing your Loan Agreement.
Repayment period optionsMonthly,Weekly,Fortnightly
Default repayment methodContinuous payment authority
Repay early at any pointtick
FCA registration number673907

How does a Fast Loan UK loan work?

The application and approval process for a Fast Loan UK loan is fairly straightforward and follows these steps:

For new customers:

  1. Choose how much you want to borrow and for how long. Apply online by filling out the simple application form. This should take about 5 minutes.
  2. Once Fast Loan UK has received your application, it assigns you a customer care manager who will give you a quick call to confirm a few details. This call should take about 3 minutes.
  3. Fast Loan UK will perform affordability and credit checks. You will then receive a text message with a link where you can read and digitally sign your loan agreement. You can do this on your mobile, tablet or computer.
  4. The money is usually transferred into your bank account within 15 minutes of signing your loan agreement.

For returning customers:

  1. Simply request your new loan from your customer care manager or by logging into your Fast Loan UK online portal. Simply choose your loan amount and how long you want the loan for.
  2. Digitally sign your loan agreement and the money should be in your bank account within 15 minutes.

What is a Continuous Payment Authority (CPA)?

With a CPA, you give a company permission to withdraw money from your account on a regular basis.

CPAs differ from a direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish and take payments of different amounts without consulting you. Most payday loan companies use a CPA to collect your repayments. However, you can cancel this at any point by either consulting with your lender or bank.

What are the eligibility requirements?

You should only apply for a Fast Loan UK loan if you are certain you can meet the repayment terms. You must also:

ResidencyUK resident
Minimum age18
Applications from self-employed consideredtick
Applicant with bankruptcyFast Loan UK doesn't accept applications from anyone who has been declared bankrupt, entered into a Debt Relief Order or has County Court Judgements or an Individual Voluntary Agreement on their credit file.
Additional eligibility notesYou must be employed full or part-time or self-employed. You must be able to provide bank account and debit card details.

Changing your loan: Additional borrowing options and early repayment

Option to change repayment datetick
Repay early at any pointtick
Repaying early can reduce overall interesttick
Interest is only applied to days where funds are outstandingtick
Phone number01438 840 792

Did you know?

In 2015, the Financial Conduct Authority (FCA) capped interest and fees on all high cost short term credit loans at 0.8% per day.

They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.

Pros

  • Quick source of borrowing.
  • You can apply with a bad credit score.

Cons

  • High APR.
  • Not suitable for borrowing over longer periods.

Customer support information

If you have any queries or need support, you can contact Fast Loan UK via email at contactus@fastloanuk.co.uk or give them a ring on 01438 840 792.

Is high-cost short-term borrowing a good idea?

Short term or “payday” loans from companies such as Fast Loan UK offer a quick solution when you get into unexpected difficulties with your finances, but they are a very expensive method of borrowing. Therefore, you should only consider this option as a last resort. Short term loans are unlikely to solve your money problems in the long term and are not suitable for borrowing over longer periods or for people with serious debt problems.

Before you apply for a short term loan, make sure you have considered all other options carefully. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase, then you could save yourself money in the long run. If you are struggling to pay a bill, try talking to your electricity, gas, phone or water provider to see if you can work out a payment plan. Read more about alternatives to payday loans at moneyadviceservice.org.uk.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

More guides on Finder

  • Cheque cashing

    If you need to cash a cheque, it may take up to 3 days to clear it with a bank. Cheque cashing services give you immediate access to your money.

  • What is a continuous payment authority?

    What’s the difference between a continuous payment authority, a direct debit and a standing order?

  • QuidMarket short term loans review

    QuidMarket offers an instant decision on loans of up to (or £2,000 for returning customers) and once approved, you can expect the money in your account on the same day. QuidMarket will consider you for a loan even if you have a bad credit history. Find out how other lenders compare.

  • Payday loans and prepaid cards

    If you need to borrow cash quickly and tend to use a prepaid card for regular spending, you may be looking to get a payday loan transferred to your prepaid card.

  • The Money Platform short term loans review

    The Money Platform is a peer-to-peer (P2P) lending platform that matches investors with borrowers and provides loans of up to £2,000. But at it’s core, is it just another short term lender?

  • Anico Finance short term loans review

    Anico Finance is an online lender providing personalised, transparent, short-term loans of £50–£2,000 to help cover and spread the cost of an unexpected financial shortfall. Read the full review and compare its rates and eligibility criteria with a range of lenders.

  • Wageme short term loans review

    Wageme is an online platform providing flexible and transparent short term loans of £50 to £2,000 for unforeseen financial shortfalls.

  • Compare 1 month loans

    If you’re thinking about applying for a one month payday loan, use our guide to learn more about short term borrowing and compare rates from a range of UK lenders. Fast and simple repayment calculation and comparison of available amounts and eligibility requirements.

  • Are payday loans a scam? What to watch out for

    There are reputable payday loan lenders out there. But watch out for scams that prey on those who need quick cash.

  • 1 week loans

    A 1 week payday loan can give you the cash you need until your next paycheck. Learn how it works, what to watch out for, and compare lenders.

Go to site