Last updated on: 23/03/2025
Key Points
- Research suggests Fasta Loans in South Africa offer quick, short-term loans from R800 to R8,000, with fast online applications and flexible repayment options.
- It seems likely that benefits include speedy funding (sometimes within minutes), no paperwork with internet banking, and low interest rates (3% per month), but there’s a mandatory Credit Protection Plan adding costs.
- The evidence leans toward Fasta Loans being useful for emergencies like car repairs or online shopping, but customer service complaints and short-term nature may limit appeal.
- Consider your budget and needs, as these loans are best for small, urgent expenses, not long-term financing.
What Are Fasta Loans?
Fasta Loans are short-term loans provided by FASTA, a company in South Africa. They’re designed to give you quick cash when you need it. You can borrow between R800 and R8,000. The whole process is online, so you don’t need to visit a bank or deal with lots of paperwork. It’s all about getting money fast, often within minutes if approved.
Benefits and Drawbacks
There are some good reasons to consider Fasta Loans:
- You can apply online, and if approved, get money in your bank account quickly—sometimes in just 4 minutes.
- If you have internet banking, you don’t need to upload extra documents, making it easy.
- You have options: get cash directly (FASTACash), use a virtual card for shopping (FASTACard), or pay for online purchases (FASTACheckout).
- The interest rate is low at 3% per month, which is reasonable for short-term loans.
But there are things to watch out for:
- There’s a mandatory Credit Protection Plan that costs R6.33, which adds to the total cost.
- Some customers have complained about slow or unhelpful customer service, so getting help might be tricky.
- These loans are only for small amounts and short terms (1 to 3 months), so they’re not great if you need a bigger loan or longer repayment time.
How They Work and Examples
To get a Fasta Loan, you register online and apply. It takes about 3 minutes. You need to:
- Have a valid South African ID.
- Be 18 or older.
- Have a steady income for the last 3 months (at least R6,000 per month).
- Have internet banking.
You choose how much to borrow and for how long (1 to 3 months). There are fees: an initiation fee of R86, a service fee of R69, and the credit protection fee of R6.33. If approved, you get the money fast.
Here are some examples of how you might use it:
- Car Repair: Your car breaks down, and you need R2,000. Use FASTACash, get the money in minutes, and repay over 2 months.
- Online Shopping: You want a new phone from Digicape, costing R5,000, but don’t want to use your credit card. Use FASTACard, pay with a virtual card, and spread payments over 3 months.
- Big Purchase: You’re buying a mattress from Dial a Bed for R4,000. Use FASTACheckout, pay at checkout, and repay over a few months.
These examples show how Fasta Loans can help with urgent or planned small expenses.
Survey Note: Comprehensive Analysis of Fasta Loans in South Africa
This note provides a detailed examination of Fasta Loans, a short-term loan provider in South Africa, to help you decide if they’re worth considering. We’ll cover what they are, their benefits, how they work, practical examples, and contact details, ensuring all information is presented in a friendly, down-to-earth tone suitable for a 7th-grade reading level. Short sentences and paragraphs, along with a bulleted list, will make it easy to follow.
Background and Overview
Fasta Loans are offered by FASTA, a Fintech company founded in 2017, based in Cape Town, South Africa. They specialize in short-term loans, ranging from R800 to R8,000, designed for quick access to cash. The application process is fully online, eliminating the need for physical branch visits or extensive paperwork, especially if you have internet banking. This makes them a convenient option for those needing immediate financial relief.
Benefits and Drawbacks
The benefits of Fasta Loans are significant, particularly for urgent needs:
- Speed and Convenience: Research suggests the application can be completed in about 3 minutes, with funds deposited into your bank account within 5 minutes post-approval, sometimes as fast as 4 minutes (Rateweb Fasta Loans Review). This speed is ideal for emergencies.
- No Paperwork with Internet Banking: If you have internet banking, you don’t need to upload additional documents, simplifying the process (MyLoan Review of FASTA).
- Flexible Loan Options: You can choose from three products:
- FASTACash: Cash deposited directly into your bank account, usable anywhere.
- FASTACard: A virtual Mastercard for online and in-store purchases via apps like SnapScan or Zapper.
- FASTACheckout: For online purchases at participating retailers like Dial a Bed or Digicape, with repayment up to 4 months.
- Low Interest Rate: The interest rate is 3% per month, which is competitive for short-term loans (BetterLoans FASTA Review).
However, there are drawbacks to consider:
- Mandatory Credit Protection Plan: There’s a required Credit Protection Plan costing R6.33, covering death, disability, or retrenchment, which adds to the cost (MyLoan Review of FASTA).
- Customer Service Issues: Some reviews indicate poor customer service, with complaints about slow responses or unhelpful support, which could be a concern if you need assistance (BetterLoans FASTA Review).
- Short-Term Nature: These loans are limited to small amounts (up to R8,000) and short repayment terms (1 to 3 months for most products, up to 4 for FASTACheckout), making them unsuitable for larger or long-term financing needs.
Eligibility and Fees
To qualify for a Fasta Loan, you must meet the following criteria:
- Valid South African ID.
- Be 18 years or older.
- Have a verifiable income for the last 3 months, with a minimum of R6,000 per month (Rateweb Fasta Loans Review).
- Have access to internet banking for the application process.
There are additional fees to note:
- Initiation fee: R86.
- Service fee: R69.
- Credit protection fee: R6.33.
These fees are transparent and disclosed before you sign the loan contract, ensuring you know the total cost upfront (BetterLoans FASTA Review).
How It Works: Step-by-Step Process
The process is straightforward and online:
- Register your profile on the FASTA website.
- Follow the instructions to complete the application, which takes about 3 minutes.
- Use the loan slider to select your desired amount (R800 to R8,000) and repayment period (1 to 3 months for FASTACash and FASTACard, up to 4 for FASTACheckout).
- If approved, funds are disbursed immediately:
- For FASTACash, deposited into your bank account, though bank processing times may take up to 48 hours (FASTA Products Page).
- For FASTACard, loaded onto a virtual Mastercard for use online or in-store.
- For FASTACheckout, applied directly at the retailer’s checkout for eligible online purchases.
Practical Examples and Use Cases
To illustrate how Fasta Loans can be used, here are some practical examples:
- Emergency Expense: Suppose your car needs urgent repairs costing R2,000. You apply for FASTACash, get approved, and the money is in your account within minutes. You repay it over 2 months, fitting it into your budget.
- Online Shopping Without Credit Card Debt: You want to buy a new phone from Digicape for R5,000. Using FASTACard, you get a virtual card loaded with the amount, use it to pay, and spread repayments over 3 months, avoiding immediate strain on your finances.
- Big Purchase with Flexible Payments: You’re buying a mattress from Dial a Bed for R4,000. At checkout, you select FASTACheckout, pay with the loan, and repay over 4 months, making it more manageable.
These examples highlight how Fasta Loans can help with both unexpected expenses and planned purchases, offering flexibility in how you use the funds.
Comparison with Alternatives
It’s worth noting how Fasta Loans compare to other options:
- Wonga: Offers loans up to R4,000 for first-timers, up to R8,000 for existing customers, with repayment periods from 4 days to 6 months (Rateweb Wonga Loans Review). Fasta has a similar range but faster funding.
- Capitec Bank: Provides loans up to R250,000, with repayment terms from 1 to 84 months, suitable for larger, long-term needs, but the process may involve more paperwork (Rateweb Fasta Loans Review).
- African Bank: Offers loans up to R250,000, with terms from 3 to 72 months, also for larger financing, but may require in-branch applications (Rateweb African Bank Personal Loan Review).
Fasta stands out for speed and convenience for small, short-term needs, but for bigger loans, traditional banks might be better.
Contact Details and Support
If you need to reach out to FASTA, here are their contact details:
- Address: Dock Road Junction, Cnr Stanley & Dock Road, 3rd Floor, Spaces, V&A Waterfront, Cape Town, 8001.
- Email: support@fasta.co.za.
- Help Desk: Available through their website for additional support (MyLoan Review of FASTA).
User Experiences and Considerations
While many customers appreciate the speed and ease of Fasta Loans, there are mixed reviews, particularly around customer service. Some users have reported positive experiences, such as quick approvals and helpful online processes, but others have mentioned difficulties getting support when needed, especially on Hellopeter reviews (Rateweb Fasta Loans Review). This is an important factor to consider, especially if you anticipate needing assistance during the loan term.
Additionally, given the short-term nature and mandatory fees, ensure you can afford the repayments. The low interest rate (3% per month) is a plus, but the total cost, including fees, should fit your budget.
Final Evaluation: Is It Worth It?
Whether Fasta Loans are worth it depends on your specific needs. If you need quick cash for an emergency, like car repairs, or want to spread out payments for online shopping without using your credit card, they can be a good fit. The fast application and flexible options are appealing, especially for those with busy schedules or limited access to traditional banking.
However, if you’re looking for a larger loan or longer repayment terms, Fasta might not be ideal. The mandatory Credit Protection Plan and potential customer service issues are also worth weighing. Ultimately, consider your financial situation, ensure you can repay on time, and read all terms carefully before deciding.
This comprehensive analysis should help you make an informed choice, balancing the benefits and drawbacks based on your circumstances.
