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 Name
Fast Loan UK Short Term Loan
Available Amounts
£50 to £2,000
Representative APR
840.75%
New customer maximum
£800
Loan terms
3 weeks to 8 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
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, 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.
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 is usually 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.
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:
Residency
UK resident
Minimum age
18
Applications from self-employed considered
Applicant with bankruptcy
Fast 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 notes
You 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 date
Repay early at any point
Repaying early can reduce overall interest
Interest is only applied to days where funds are outstanding
Phone number
01438 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
Yes, Fast Loan UK makes its loan decisions based on a range of factors. The most important thing is that you have a secure income and can afford to make the repayments. Fast Loan UK says that many of its most trusted customers have defaulted on previous loan agreements and been refused credit by other lenders. Your customer care manager will talk to you and consider your personal financial circumstances and ability to pay back a loan.
Fast Loan UK does not 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.
If you think you may struggle to pay back your loan, you should contact your customer care manager prior to the repayment date and explain what has happened. They will work with you to try to find a solution.
For customers experiencing unexpected financial hardship, Fast Loan UK may be able to freeze interest and offer affordable repayment plans. Please do not take out a short term loan if you do not think you can meet the repayments. Doing so may result in you incurring extra default and recovery costs and will damage your credit history.
Yes, but your ability to borrow again depends on many factors, including how well you managed to repay your last loan. Your credit limit may increase or decrease for return borrowing.
New customers can borrow for up to 8 months, and returning, trusted customers can borrow for up to 8 months.
Like most short term loan providers, Fast Loan UK uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on prearranged dates.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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