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?
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
What's in this guide?
Key features of a Fast Loan UK loan
|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|
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:
|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.
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|
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
Read more on this topic
Wollit loans review September 2020
Wollit offers account top-ups for workers who don’t earn a stable income. See how it works in our review.
SteadyPay loans review September 2020
SteadyPay is a subscription-based credit provider that aims to help those without a steady income.
Conduit short term loans review
Conduit offers short term loans from £200 to £1,500. See how you can apply today.
Buffa short term loans review
Buffa offers quick and easy short term loans, but with high rates and limited terms.
Updraft lets you avoid the cost of expensive overdraft fees by giving you a low cost loan when you overdraw on your bank account or credit card.
Uploan short term loans
A “big sister” company to the better-known Peachy, Uploan offers small loans over terms of up to a year, to cover one-off expenses.
We find out how often Brits are going overdrawn in the UK and how new regulations are set to shake up the industry.
Loans like Credio
Credio was a popular source of short-term credit online until the lender stopped issuing loans in 2018.
If you need to cash a cheque, it can take three days to clear it with a bank. Cheque cashing services give you immediate access to your money.
Lending Stream loan calculator
Considering a short term loan from Lending Stream? Use our calculator to work out how much it could cost you plus how much you could save by repaying early.