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.
| 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 |
The application and approval process for a Fast Loan UK loan is fairly straightforward and follows these steps:
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.
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. |
| 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 |
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.
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.
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.
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’s the difference between a continuous payment authority, a direct debit and a standing order?
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