Our take on Fast Loan Direct’s personal loan
Fast Loan Direct partners with lenders to offer personal loans. Borrowers can receive up to $35,000 in funding, with loan amounts of $100 to $5,000 accessible as quickly as the same day. However, it’s important to delve deeper to understand why this lender might not be the best option for most borrowers.
Our best-for designations imply a unique advantage or suitability for a particular borrower profile. However, after thorough analysis, Fast Loan Direct does not earn a best-for designation in our review due to its high costs, lack of transparency, and poor customer feedback.
Given these factors, we recommend comparing Fast Loan Direct with other personal loan options. Continue reading for all you need to know about Fast Loan Direct.
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Fast Loan Direct’s mission is to streamline the personal loan application process for those needing funds by offering a quick online form that matches borrowers with suitable lenders.
Fast Loan Direct personal loans may be useful for borrowers in one of the nine states the lender services (listed below) who need immediate cash because the company promises funds as soon as the next business day. The service also targets those who value a fast, straightforward loan application experience that takes less than five minutes to complete.
Fast Loan Direct serves those in urgent financial situations. Still, we urge borrowers to carefully consider the downsides of working with this company—including potentially high costs, lack of information about the lender network, and negative experiences reported by previous customers.
The table below offers a quick snapshot of Fast Loan Direct’s personal loan terms and details. We’ll discuss each aspect in greater depth in the following sections.
| Terms | Details |
| Fixed rates (APR) | 5.99% – 35.99% |
| Variable rates (APR) | 5.99% – 35.99% |
| Loan amounts | $100 – $35,000 |
| Repayment period | 91 days – 72 months |
| Unsecured or secured | Unsecured |
| Time to funding after approval | As soon as next business day |
| Fees | Vary by lender; potential origination and other undisclosed fees |
Navigating a personal loan with Fast Loan Direct involves a few straightforward steps. Here’s a closer look at how it all comes together.
You begin by filling out a quick form on Fast Loan Direct’s website. Based on your details, Fast Loan Direct connects you with personal loan companies willing to offer you a personal loan. You can then choose the loan offer that aligns best with your needs.
You may encounter fixed and variable rates ranging from 5.99% to 35.99%. The rate you get depends on the lender and your financial profile.
Loans can be as small as $100 or as large as $35,000, with repayment periods from three months to six years. Most personal loans are unsecured, meaning they don’t require collateral.
Fast Loan Direct’s initial services are free, but lenders in its network might charge origination fees. Customers have also reported additional undisclosed fees.
Once you accept your loan, the lender can disburse your funds into your account via direct deposit as soon as the next business day. You’ll manage your loan primarily through the lender.
Most lenders provide an online portal for you to manage your loan, track payments, and contact support if needed.
Remember, Fast Loan Direct can offer a quick way to access funds, but it’s crucial to understand all aspects of the loan, from interest rates to potential fees, to ensure it’s the right choice for your financial situation.
The lenders that work with Fast Loan Direct offer flexibility in using loan funds, whether consolidating debt or covering unexpected expenses. During the application process, you may not need to specify the exact purpose of the loan.
Fast Loan Direct personal loan has broad eligibility criteria. Being a U.S. citizen with a steady income positions you well for consideration. Fast Loan Direct doesn’t state a minimum credit score or income requirement, potentially widening its accessibility.
| Requirement | Details |
| Citizenship | U.S. citizen |
| Employment status | Employed or earn steady income |
| State of residence | Arizona, California, Colorado, Florida, Idaho, Michigan, Montana, Nebraska, and Texas |
| Minimum age | 18 |
| Additional requirements | Must have a bank account, ideally with direct deposit |
Understanding the costs and fees associated with a Fast Loan Direct personal loan is crucial for making an informed borrowing decision. Here’s a breakdown of how these factors come into play:
To illustrate how these costs affect your loan, consider these representative examples from Fast Loan Direct:
| Detail | Example 1 | Example 2 |
| Loan amount | $1,500 | $5,000 |
| Term | 18 months | 38 months |
| APR | 19.99% | 17.53% |
| Origination fee | 3% ($45) | 6% ($300) |
| Monthly repayment | $100.05 | $182.74 |
| Total cost | $1,800.93 | $6,944.12 |
These examples show how the combination of interest rates, repayment terms, and fees can affect the total cost of borrowing and monthly repayment amounts.
Navigating the repayment process for a Fast Loan Direct personal loan involves understanding the available options and how they can affect the overall cost. Here’s a breakdown of the key aspects:
When evaluating Fast Loan Direct for a personal loan, it’s important to weigh its advantages and disadvantages. Here’s a comprehensive list:
Pros
Fast access to funds
One of the main benefits is the speed of funding. You can get your loan as soon as the next business day. This is particularly beneficial for those in urgent need of cash.
Simple application process
The process is streamlined and can be completed in under five minutes. This ease of use is ideal for those who prefer a hassle-free application experience.
Variety of lender offers
You have the ability to compare different lender offers through Fast Loan Direct. This comparison can help you find the most suitable loan terms for your situation.
Available to all credit levels
Fast Loan Direct does not disclose a minimum credit score, indicating that those with poor, fair, or thin (little to no) credit might be able to apply and qualify with a lender.
Cons
Undisclosed lender network
Fast Loan Direct doesn’t disclose the specific lenders in its network. This lack of transparency can make it difficult to research lenders’ reputations and terms in advance.
Limited process information
Fast Loan Direct offers scant information about credit checks and eligibility criteria. This could lead to uncertainties during the application process.
Negative customer feedback
Customers report hidden fees and untrustworthy practices, particularly on Better Business Bureau. Such feedback raises concerns about the reliability and transparency of the service.
Lower loan amounts
The maximum loan amount is lower than many other personal loan lenders offer. This could be limiting for those who need larger sums.
It may be more beneficial to explore other personal loan companies. Consider:
Fast Loan Direct’s reputation in the market is a crucial factor to consider. The reviews and ratings provide insights but also raise concerns:
The lack of widespread reviews might suggest limited user feedback, but the negative reports on BBB are significant. These issues highlight the importance of thorough research and consideration of more reputable and transparent alternatives in the personal loan market.
Fast Loan Direct’s customer service team plays a crucial role in assisting borrowers with various inquiries and issues. However, the company doesn’t disclose specific details about the location of the team and the extent of support they offer.
This can be a point of consideration for borrowers who prioritize strong, accessible customer support. Most customer service teams assist with application queries and loan management issues, and they provide general information about products and services.
For those looking to contact Fast Loan Direct, here are the available options:
Having multiple contact options is beneficial, but the effectiveness of these channels is more important.
Applying for a personal loan with Fast Loan Direct is quick and straightforward. Fast Loan Direct itself doesn’t run a credit check, but during the final stages of the loan approval process, the lenders it connects you with might.
Here are the steps to apply:
This process streamlines the initial steps of obtaining a personal loan, making it a user-friendly option for those in need of quick funds. However, as with any financial decision, it’s important to review and understand the lenders’ terms before committing.
If you are denied a loan from Fast Loan Direct, you can take several steps to understand and potentially improve your situation. Fast Loan Direct itself does not issue loans but connects you with lenders. So the denial would come from a connected lender.
If you’re denied, consider the following:
Here are common reasons for denial and potential solutions.
| Reason for denial | Suggested solutions |
| Insufficient credit history | Build credit with secured credit cards or as an authorized user on another card |
| Low credit score | Improve credit by paying bills on time, reducing debts, and avoiding new credit inquiries |
| Inadequate income | Increase earnings or apply for a lower loan amount that aligns with your income |
| High debt-to-income ratio (DTI) | Pay down debts to lower your DTI |
| Inaccurate application information | Review and correct any errors or discrepancies in the application |
By understanding and addressing these common denial reasons, you can improve your chances of being approved for a personal loan through Fast Loan Direct’s network of lenders or elsewhere.
Fast Loan Direct acts as a connection point between borrowers and a network of lenders, rather than providing the loans itself. Therefore, the restrictions on having more than one loan at a time depend on the policies of the individual lenders in the network.
Some lenders may allow multiple loans, while others may restrict borrowers to one active loan at a time. It’s crucial to check with the specific lender you’re matched with to understand its policy on multiple loans.
Policies can vary among the different lenders in Fast Loan Direct’s network. Many lenders allow borrowers to pay off their loans early without any penalty, which can be a terrific way to save on interest.
However, it’s important to confirm this with the lender before finalizing the loan agreement. Understanding the terms of early repayment will ensure no surprises and can lead to savings if you pay off the loan ahead of schedule.
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