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.
If you’ve used the Fast Loan UK site to get a quote and want to see if you’re getting a good deal, find out how much a comparable loan is likely to cost you from some popular short-term lenders:
| Product Name | Fast Loan UK Short Term Loan |
|---|---|
| Available Amounts | £50 to £2,000 |
| New customer maximum | £800 |
| Loan terms | 7 days to 12 months |
| Soft search eligibility check | |
| Instant decision in most cases | |
| Funding speed | Money will be transferred into your account within 15 minutes of signing your Loan Agreement. |
| Repayment period options | Monthly,Weekly,Fortnightly |
| Default repayment method | Continuous payment authority |
| Repay early at any point | |
| FCA registration number | 673907 |
The application and approval process for a Fast Loan UK loan is fairly straightforward and follows these steps:
Like most short-term loan providers, Fast Loan UK uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on pre-arranged dates.
CPA’s differ from a direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday loan companies will use a CPA to collect your repayments, however you can cancel this at any point by either consulting with the lender or your bank.
You should only apply for a Fast Loan UK loan if you are certain you can meet the repayment terms. You must also:
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Applications from self-employed considered | |
| Applicant with bankruptcy | Fast Loan UK does not accept applications from anyone who has been declared bankrupt, entered into a Debt Relief Order, or who has County Court Judgements or an Individual Voluntary Agreement on their credit file. |
| Additional eligibility notes | You must be employed full or part-time, or self-employed. You must be able to provide bank account and debit card details. |
| Option to change repayment date | |
|---|---|
| Repay early at any point | |
| Repaying early can reduce overall interest | |
| Interest is only applied to days where funds are outstanding |
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.
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, then 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.
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Now in their third year, these awards recognise the credit, loans, mortgage and BNPL providers displaying the best innovations in their field.
The winners of the Finder Lending Innovation Awards 2023 have been announced, find out who won across seven categories here.
Find out the winners and highly commended brands in the Finder Lending Innovation Awards 2023. The best lending innovation in the UK!
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