Fasta Loans

FASTA eligibility and required documents

Prepare your South African ID number, mobile number, email address and three months of bank statements showing salary deposits. FASTA’s application guide specifies a minimum monthly salary of R6,000 for those three months and internet banking on an account in your name.

The age information conflicts: the homepage and main FAQs say 18 or older, while the application guide says 19. An 18-year-old should confirm eligibility before applying. Meeting the published criteria does not establish approval: existing debts, living expenses and credit history affect the assessment.

Depending on your bank, statement submission may involve online retrieval, upload or an instructed email route. FASTA specifies bank-generated PDFs for uploaded or emailed statements and describes a camera-based identity check.

Who should consider a FASTA cash loan?

Our assessment is that FASTACash is better suited to a specific, temporary expense than a recurring monthly deficit. The practical test is whether each repayment leaves enough for essentials without needing another loan.

Compare other short-term borrowing options using the same cash amount and repayment dates. If six months would still be too demanding, compare personal loans with longer repayment periods, checking whether the lower instalment increases the overall cost. If existing repayments are already unaffordable, consider debt counselling before adding another obligation.

How the FASTA application works

From application to repayment

1. Visit FASTA’s website, select the cash amount and repayment period, and review the displayed estimate.
2. Complete the application and income verification. FASTA assesses your credit record and ability to repay.
3. If offered credit, read the pre-agreement statement, quotation, insurance schedule and credit agreement before accepting.
4. Authorise the required DebiCheck mandates. Approved FASTACash funds are paid into your bank account, with repayments collected by debit order.

The website terms are separate from your loan contract. Also review the privacy policy: it describes credit assessment, third-party information sharing and marketing. Check the permissions and unsubscribe options presented during registration.

How quickly can you receive the money?

FASTA currently advertises round-the-clock payouts after approval. Its About page still describes next-business-day processing for weekend applications and possible banking delays of up to 48 hours. Confirm availability for your bank before relying on a payment deadline.

Questions to resolve before accepting

• What cash amount reaches my account, and what is the total of every repayment?
• Which monthly or annual interest rate applies, is it linked to prime, and what APR appears on my quotation?
• What initiation fee applies, does it include VAT, and will interest accrue on the financed fee?
• What is the insurance premium, what events are excluded, and how can I substitute equivalent cover?
• When is the first debit order, and what charges or credit-record consequences could follow a missed payment?
• How is an early-settlement amount calculated, including any reduction in future interest, fees or insurance?

FASTA advantages and limitations

• Direct cash access: FASTACash deposits money into your account, allowing you to pay an expense without using a retail voucher.
• Choice of repayment period: Spreading repayments can reduce the immediate budget impact, although extra months can add costs.
• Pricing uncertainty: Conflicting published rates and initiation fees make headline comparisons less dependable.
• Limited repayment flexibility: FASTA’s FAQs say the payment date cannot currently be changed. Match the agreed schedule to your actual income dates.

FASTA interest, fees and total borrowing cost

Interest: For amounts above R7,100, the homepage calculator states a maximum annual rate of 27.75%, but its representative example uses 28.75%. Neither disclosure provides a clear effective date resolving the difference. Obtain the applicable rate in writing.

Initiation and service fees: The FAQs describe an initiation fee of 10% of the loan value plus VAT, capped at R1,059 plus VAT. This does not reconcile with all published examples. The service fee is R60 plus VAT, or R69 monthly; the calculator describes first-month proration. VAT on these fees is not a separate 15% charge on the cash borrowed.

Published example: R15,000 over six months

FASTA’s homepage example lists R15,000 over six months at 28.75% annual interest linked to prime, a R1,207.50 initiation fee, R69 monthly service fee and R68.48 monthly insurance premium. The stated total repayment is R18,418.25. Our subtraction puts the additional cost at R3,418.25. These are published illustrative figures, not a current offer; the rate conflict remains unresolved.

FASTA also publishes a maximum APR of 123%. APR expresses borrowing cost on an annual basis; it is not interchangeable with the advertised interest rate. Compare the quotation’s total rand cost alongside its instalments.

Compulsory insurance and exclusions

FASTA requires credit protection insurance. Equivalent alternative cover may be substituted, subject to proof and acceptance. Confirm the documentation deadline and premium adjustment before relying on a refund.

The African Unity Life policy wording provides benefits for qualifying death, disability and retrenchment events, subject to conditions. Retrenchment benefits cover instalments for a limited period rather than automatically cancelling the entire debt. Exclusions include resignation, voluntary retrenchment, lawful dismissal and certain pre-existing conditions. Late interest and some overdue amounts are excluded from specified benefits. Check the schedule for the premium and cover applying to you.

Is FASTA worth considering?

FASTA’s strongest feature is its online access to a relatively small cash loan with a choice of repayment periods. Its main weakness is the inconsistency of its public cost disclosures. Our verdict is conditional: consider it only once the written quotation is clear and repayments fit your budget. The decisive comparison is total repayment for the same cash received over the same period.

FASTA short-term loan FAQs

Should I compare FASTACash or FASTACard with other short-term loans?

For money paid into your bank account, compare FASTACash, advertised from R800 to R15,000 over one to six months. FASTACard loads credit onto a virtual card and has different advertised limits. Compare the product that can actually pay your expense: a shopping-credit offer is not directly equivalent to cash needed for a bank transfer.

How can I tell whether FASTA is cheaper than another lender?

Request quotations for the same cash amount and repayment dates, including initiation fees, service fees and compulsory insurance. FASTA publishes monthly interest for smaller loans and annual interest for larger amounts, so the percentages are not directly comparable. Its public pricing also contains inconsistencies, detailed in the fees section. Use the written quotation to compare the total rand cost with other short-term loans.

Can I qualify with a low credit score if I earn R6,000 a month?

FASTA checks your credit record and affordability; meeting its stated salary threshold of R6,000 monthly for the preceding three months does not establish approval. Existing repayments and living expenses also affect the assessment. If declined, FASTA recommends waiting 30 days before applying again. Ask what affected the decision before submitting another application with unchanged financial circumstances.

Does choosing six months make a FASTA loan better value?

A longer term can reduce the instalment while increasing the overall cost. FASTA’s R69 monthly service fee continues across the repayment period, alongside applicable interest and insurance. Compare a shorter and longer quotation side by side: calculate how much extra you would pay for the monthly reduction. Prefer the shortest term that leaves a workable margin for essential expenses.

Can I use my own credit insurance to reduce FASTA’s costs?

FASTA requires credit protection insurance but allows equivalent alternative cover. Its FAQs specify proof within five working days after payout for the initial CPI charge to be credited, while also allowing substitution later in the term. Confirm acceptance and the exact adjustment. Compare the alternative policy’s premium and exclusions; an existing life policy may not provide equivalent benefits.

Can I repay FASTA early, and is the displayed balance enough to close the loan?

FASTA allows early settlement, but says the account balance may exclude the current month’s service fee. Generate a settlement letter through your online account and use its dated amount. Before choosing FASTA for borrowing you expect to repay early, ask for an itemised settlement calculation showing which future charges fall away. After payment, obtain a paid-up letter confirming closure.

Is FASTA suitable if I need money over a weekend?

FASTA currently advertises payouts on weekends and public holidays, subject to approval and authorisation of the required DebiCheck mandates. However, its About page still describes slower weekend processing. Confirm the current arrangement for your bank. When comparing urgent loans, distinguish an application decision from usable money in your account; advertised processing speed does not establish your payout time.

Can I move my payment date if my salary arrives late?

FASTA’s FAQs say repayment dates cannot currently be changed. This matters when comparing lenders if your payday varies. If a payment looks unaffordable or your salary is delayed, contact collections@fasta.co.za before collection and request written confirmation of any arrangement, including charges and debit-order handling. Do not assume a support request changes the agreed repayment schedule.

What can I do if FASTA’s quotation or debit order differs from what I agreed?

Log a complaint through Support on FASTA’s website, identifying the disputed amount or date. Attach the quotation, agreement, DebiCheck confirmation and relevant transaction record, and request a written explanation. For unresolved credit-conduct complaints, contact the National Credit Regulator on 0860 627 627 or complaints@ncr.org.za.