Fasta

FASTA loan requirements and qualifying criteria

FASTA’s published requirements include a valid South African ID, a bank account in your name, a working mobile number and email address, and a monthly salary of at least R6,000 for the preceding three months. Its website terms restrict services to South African residents.

The homepage and FAQs specify an age of 18 or older, while an application guide says 19. Applicants aged 18 should confirm eligibility directly.

Prepare three months’ bank statements showing salary deposits. Depending on your bank, FASTA offers electronic retrieval, upload or email options; uploaded statements must be bank-generated PDFs. Identity verification includes a face check. Meeting the entry requirements does not establish affordability or approval.

Who should consider a FASTA quick loan?

FASTACash may suit someone with steady earnings and a specific, temporary expense who can clear the balance within six months. Its practical advantage is a self-service application with payment into your own account.

Reconsider if another loan would be needed to cover the repayments or if borrowing has become part of paying routine monthly bills. Compare other short-term borrowing options using the same amount and repayment period. If six-month instalments are unaffordable, compare personal loans with longer terms, checking whether lower monthly payments increase the total cost. Persistent debt pressure may warrant debt counselling.

How a FASTACash application works

Application, checks and acceptance

1. Visit FASTA’s official website, select an amount and repayment period, and review the estimate.
2. Complete the online application and supply the requested identity and income information.
3. FASTA assesses your application, including credit checks. Review any offer’s quotation, repayment schedule and insurance documents.
4. If accepting, authorise the required DebiCheck debit-order mandates. FASTA then pays an approved FASTACash loan into your bank account.

The privacy policy permits information sharing with credit bureaus, service providers, collection agencies and other specified recipients. Read the application’s permissions before submitting financial information.

How quickly does FASTA pay out?

The homepage advertises applications and payouts around the clock, including weekends and public holidays. However, its About page still describes business-day processing and bank delays of up to 48 hours. Confirm timing if you have a payment deadline; an advertised rapid decision is not approval.

Questions to ask before accepting FASTA’s offer

• How much reaches my bank account, and what is the complete amount repayable?
• Which interest rate applies, is it monthly or annual, and can it change with prime?
• What are the initiation fee including VAT, insurance premium and service charges for my exact term?
• What are the debit dates, and can collections move if my salary arrives earlier?
• What will early settlement cost, and which charges apply if I miss a repayment?

Ask FASTA to reconcile differences between its website estimate and your written quotation before accepting.

FASTA quick loan advantages and limitations

• Online access: The application is self-service, without a branch visit.
• Cash flexibility: FASTACash pays into your bank account, allowing payment of expenses beyond a particular retailer.
• Concentrated repayments: Even a six-month term leaves little room to spread a larger balance.
• Multiple cost components: Interest is only part of the price; initiation, administration and insurance charges also matter.
• Disclosure inconsistencies: Published figures need clarification before they can support a dependable cost comparison.

FASTA interest rates, fees and total repayment

Interest and APR require separate checks

The homepage calculator states 5% monthly for first loans up to R7,100 and 3% monthly for subsequent loans. Above R7,100, it states a maximum annual rate of 27.75%, but the representative example uses a prime-linked 28.75%. These disclosures remain inconsistent.

The published maximum APR is 123%. APR expresses borrowing costs on an annualised basis; it is different from the interest rate. Confirm both figures for your offer.

Initiation and service fees

The FAQs describe an initiation fee of 10% plus VAT, capped at R1,059 before VAT. Yet the homepage displays R454 on R3,300; that formula would produce R379.50 including VAT, calculated by LoansPlus. Obtain the actual fee in writing.

The monthly service fee is R69 including VAT. The homepage indicates that the first month is charged pro rata. Additional repayment months therefore affect administration costs as well as interest.

Compulsory insurance and exclusions

FASTA requires credit protection insurance, with its offered cover underwritten by African Unity Life. The premium is specified in your policy schedule. FASTA says equivalent alternative cover can be substituted, subject to proof and acceptance.

The policy wording distinguishes qualifying death or disability claims from retrenchment benefits. Retrenchment cover pays instalments until the earliest of re-employment, the remaining loan term or 12 months; it does not automatically settle the whole balance.

Exclusions include resignation, voluntary retrenchment, lawful dismissal and epidemic or pandemic events. Medical pre-existing-condition restrictions also apply. Claims must be notified within six months of the insured event to Monitor Administrators on 031 812 2044 or fasta@monitorsa.co.za.

FASTA’s published repayment example

The homepage gives R15,000 over six months at a prime-linked annual interest rate of 28.75%, with an initiation fee of R1,207.50, monthly service fee of R69 and insurance of R68.48 per month. Its stated total repayment is R18,418.25.

From that published total, LoansPlus calculates R3,418.25 above the cash borrowed and an average monthly repayment of approximately R3,069.71. These are arithmetic comparisons, not a personalised repayment schedule. The example’s total and APR could not be independently reproduced from the disclosed calculation details, and its rate conflicts with the calculator disclosure.

Is a FASTA quick loan worth considering?

FASTA’s strongest feature is the convenience of applying online for cash paid into your bank account. Its main limitation is the combination of a short repayment window, several charges and inconsistent public pricing. Compare a written FASTA quotation with another lender’s offer for the same cash amount and term. The decisive figures are the total repayment and what remains in your budget after each instalment.

FASTA quick loan FAQs

Is FASTA a direct lender or a loan broker?

FASTA is a direct lender. The NCR register lists FASTA (Pty) Ltd under NCRCP10591. With FASTACash, FASTA assesses the application and provides the credit, rather than matching you with another lender. LoansPlus provides comparison information and referrals; it does not approve or fund the loan.

Does FASTA offer R8,000 or R15,000, and how long can I repay?

The current FASTACash product page advertises R800–R15,000 paid into your bank account, with repayment over up to six months. Some other FASTA pages still mention R8,000 and three months. Confirm the cash-loan amount and term offered to you. If you need longer than six months, compare personal loans with longer repayment periods, including their total cost.

Is FASTA cheaper for returning customers, and how should I compare its rates?

For loans up to R7,100, FASTA’s homepage quotes 5% monthly interest on a first loan and 3% on subsequent loans. That reduction does not establish which lender is cheapest: compare initiation fees, service charges and insurance for the same cash amount and term. A monthly interest rate is not directly comparable with another lender’s annual rate or APR. For larger FASTA loans, published annual rates conflict; use a written quotation and the fee breakdown when comparing short-term loan costs.

Can FASTA approve me with bad credit if I meet its income requirement?

Meeting the published salary requirement of R6,000 monthly for the past three months does not override the credit assessment. FASTA considers existing repayments and living expenses as well as your credit record. After a decline, it recommends waiting 30 days before reapplying. An application becomes more credible when the reason for rejection has changed, such as corrected credit-report information or reduced debt commitments; approval remains subject to assessment.

Can FASTA pay out on weekends, and what can hold up payment?

FASTA’s homepage advertises payouts on weekends and public holidays. Payment follows approval and authorisation of all required DebiCheck mandates, so an unfinished mandate can hold up funding. Its About page still describes business-day processing and bank delays of up to 48 hours. These disclosures conflict. For an urgent bill, confirm when cleared funds should reach your bank rather than relying on the advertised application time.

Must I buy FASTA’s credit insurance, or can I use my own cover?

Credit protection insurance is compulsory, but FASTA accepts alternative cover providing equivalent benefits. Its FAQs say proof supplied within five working days of payout allows its cover to be removed and the CPI charge credited; substitution is also possible later. Confirm acceptance, effective dates and any premium adjustment in writing. Compare benefits as well as premiums: the offered policy’s retrenchment benefit pays qualifying instalments for a limited period, rather than automatically clearing the entire loan.

Can I repay FASTA early, and how do I check the saving?

Yes. Generate a settlement letter through your FASTA account. The displayed balance may exclude the current month’s service fee, so use the settlement quotation. Compare that amount with the sum of your remaining scheduled instalments to assess the saving. Ask for any unexplained difference to be itemised before paying.

Can I move my repayment date if my salary is late?

FASTA’s FAQs say repayment dates cannot currently be changed. They also say collection may occur earlier when bank statements indicate an earlier salary date. This limits flexibility for borrowers with variable pay dates. If a payment is at risk, contact collections@fasta.co.za before it falls due and request written confirmation of any arrangement and its effect on collections.

How do I dispute a FASTA charge or escalate an unresolved complaint?

Log the complaint through FASTA’s Support portal or email support@fasta.co.za. For a disputed charge, provide your quotation, repayment schedule and relevant transaction, and request an itemised explanation. Keep the complaint reference and response.

Unresolved matters within its jurisdiction can be referred to the National Financial Ombud Scheme on 0860 800 900. Credit-regulation complaints can be directed to the NCR at complaints@ncr.org.za or 0860 627 627.