Fast Loan UK short-term loans review
Find out if Fast Loan UK offer the right short term loan for you.
Launched in 2011, Fast Loan UK says its high-quality customer service sets it apart from its competitors. Check out our review of Fast Loan UK and find out for yourself if they offer the right payday loan for you.
Key features of a Fast Loan UK loan
- Borrow more as a “trusted” customer. Loans for first-time borrowers with Fast Loan UK are capped at £600, while repeat customers are eligible for up to £2,000. Please remember though, that short-term loans are not suitable for sustained borrowing.
- Choose your repayment schedule. Borrow for 7-60 days and repay your loan in one lump sum, or pay it back in instalments over 4-12 months. First time customers can borrow for up to 8 months. Repaying your loan over a longer period may make the payments more manageable but will cost you more in interest in the long run.
- Variable, high interest rates. With high interest rates, which vary depending on your loan amount and repayment term, this is, realistically, an expensive way to borrow money. The interest rate will typically drop the longer your repayment term, but you will still pay more in interest overall.
- Flexible repayment dates. Repay your loan in one lump sum, or choose from weekly, fortnightly or monthly repayments to match up with when you get paid. You will agree scheduled repayments when you take out your loan, but if you need to change the odd repayment date you can do this by making a request to your customer care manager.
- Missed repayment charges. Fast Loan UK will charge a £15 fee if you miss a payment. Being late with your repayments could also harm your credit rating.
- Early repayment. Fast Loan UK will not charge you for repaying your loan early, and you’ll only be charged interest for the days you borrowed.
How do Fast Loan UK’s loans compare?
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:
We compare payday/short-term loans from
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:
- 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.
- Once Fast Loan UK has received your application, you will be assigned a customer care manager who will give you a quick call straight away to confirm a few details. This call should take about 3 minutes.
- 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.
- The money will usually be transferred into your bank account within 15 minutes of signing your loan agreement.
For returning customers:
- 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.
- Digitally sign your loan agreement and the money should be in your bank account within 15 minutes.
How do I pay back my loan?
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.
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.
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.
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:
- Be aged 18 or over
- Be employed full or part-time, or self-employed
- Receive a regular salary
- Be able to provide bank and debit card details
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.
Is high-cost, short-term borrowing a good idea?
Short-term or “payday” loans 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.