Fast Loan UK short-term loans review

Launched in 2011, Fast Loan UK says its high-quality customer service sets it apart from its competitors. Find out if Fast Loan UK offer the right short term loan for you.

Updated

Fast Loan UK

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

How do Fast Loan UK’s loans compare?

Table: promoted deals, sorted by total payable

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:

How much do you need to borrow?


How long do you need to borrow for?


Name Product Available amounts Monthly repayment Total payable
Lending Stream Instalment Loan
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
Savvy.co.uk Personal Loan
£300 to £3,000
Representative example: Borrow £1,000 for 12 months at a rate of 152.33% p.a. (fixed). Representative 352.7% APR and total payable £1,999.92 in 12 monthly payments of £166.66.
The Money Platform Short Term Loan
£250 to £1,000
Representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.
QuidMarket Short Term Loan
£300 to £1,500
Representative example: Borrow £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1,301% and total payable: £454.37 in 3 instalments of £151.46.
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Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Savvy.co.uk Personal Loan
The Money Platform Short Term Loan
QuidMarket Short Term Loan

Key features of a Fast Loan UK loan

Product NameFast Loan UK Short Term Loan
Available amounts£50 to £2,000
New customer maximum£600
Loan terms7 days to 12 months
Soft search eligibility check
Instant decision in most cases
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 point
FCA registration number673907
More Info

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, 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.
  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 will usually be 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.

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:

ResidencyUK resident
Minimum age18
Applications from self-employed considered
Applicant with bankruptcyFast 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 notesYou must be employed full or part-time, or self-employed.
You must be able to provide bank account and debit card details.

Changing you 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
More Info

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 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.

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.

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