Fast Loan Direct Personal Loan Review

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Personal Loan

• Undisclosed lender network
• Limited process information
• Negative customer feedback

Rates (APR)	5.99% – 35.99%
Loan amounts	$100 – $500 same day; up to $35,000
Funding time	As fast as same-day
Repayment terms	91 days – 72 months

We do not recommend Fast Loan Direct. Fast Loan Direct says it partners with lenders to offer personal loans. However, an “F” Better Business Bureau (BBB) rating and several negative reviews question the company’s legitimacy. 

Continue reading for all you need to know about Fast Loan Direct. We urge you to consider the downsides of working with this company—including high costs, lack of information about the lender network, and negative customer feedback. 

Is Fast Loan Direct legit?

Platform	Rating	Number of reviews
Better Business Bureau	1.5/5	8
Reddit	N/A	44 comments

Fast Loan Direct reviews on BBB

On the BBB, FastLoanDirect earns 1.5 out of 5 stars based on only eight customer reviews. The business is not BBB accredited and holds an F rating. The reviews frequently use terms like “scam,” with several customers citing high processing fees, requirements to purchase insurance, and odd requests to pay for that insurance via iTunes or CashApp.

BBB ratings and accreditation are essential indicators of a business’s legitimacy and commitment to ethical practices. A high rating suggests that a company responds to customer complaints and meets BBB’s standards for trustworthiness. 

Fast Loan Direct’s low rating, coupled with the F grade and lack of accreditation, is troubling and further undermines Fast Loan Direct’s credibility, especially in light of the negative customer feedback.

Fast Loan Direct reviews on Reddit

While several reviews mention Fast Loan Direct, the comments on one main thread caution to read the fine print. Customers mention high interest rates and fees, difficult repayment terms, and unexpected charges.

Fast Loan Direct on Trustpilot, Google, and Consumer Reports

Fast Loan Direct does not have profiles on Trustpilot, Google, or Consumer Reports, which raises concerns about the company’s transparency and legitimacy. The absence of reviews or evaluations on these trusted platforms makes it challenging for consumers to verify the company’s reliability or reputation.

When paired with its troubling profile on the BBB, Fast Loan Direct’s lack of presence on these other major platforms further questions its credibility and trustworthiness.

These issues highlight the importance of thorough research and consideration when considering a personal loan lender. Again, we recommend finding alternatives to Fast Loan Direct that are more reputable and transparent. Explore the lenders on our best personal loans resource and list of reviewed personal loan options to get started.

How does a Fast Loan Direct personal loan work?

Here is the information we could gather about Fast Loan Direct’s rates, terms, and fees.

Rates, terms, and fees

Terms	Details
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 steps. After visiting the website, you are connected with personal loan companies based on the amount you wish to borrow. You can then choose a loan offer, but be aware of the high interest rates, ranging from 5.99% to 35.99%, depending on your financial profile and the lender.

While loans range from $100 to $35,000 with terms of 91 days to six years, customers have reported issues such as hidden fees and requests to pay for insurance before getting a loan. If you decide to proceed, be cautious and manage your loan through the partner lender, keeping an eye out for any unusual terms or fees.

What can a Fast Loan Direct personal loan be used for?

Fast Loan Direct’s partner lenders may claim to offer flexibility in how you can use loan funds—whether for debt consolidation or unexpected expenses. However, we strongly recommend looking elsewhere. 

Many other personal loan lenders offer loans for the same purposes with far better reputations and more transparent terms.

Who’s eligible for a Fast Loan Direct personal loan?

According to the website, being a U.S. citizen with a steady income may position you for consideration with Fast Loan Direct.

The company doesn’t specify a minimum credit score or income requirement, which might seem appealing. However, we recommend exploring more reliable lenders that offer similar eligibility flexibility, such as the companies on our personal loans for bad credit and personal loans for fair credit pages.

Requirement	Details
Citizenship	U.S. citizen
Employment status	Employed or earn steady income
State of residence	Must live in an eligible state depending on the lender
Minimum age	18
Additional requirements	Must have a bank account, ideally with direct deposit

What are the costs and fees of a Fast Loan Direct personal loan?

The rates and fees of a personal loan play a crucial role in determining the overall cost of borrowing. Higher interest rates and additional fees can significantly increase the total amount you’ll repay over the life of the loan. It’s essential to compare options and be aware of potential charges before committing to a loan.

Below are examples from Fast Loan Direct. It offers sample APRs and origination fees. Keep in mind that customers have reported additional fees. You may also find lower rates and more transparent terms with other lenders:

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 illustrate how a combination of interest rates, repayment terms, and fees can impact your monthly payment and the overall cost of borrowing. Be cautious of additional fees reported by customers, and consider exploring other lenders for potentially better rates and terms.

How do you repay a personal loan from Fast Loan Direct?

Repaying a personal loan from Fast Loan Direct typically involves making online payments, direct debit from a bank account, or mailing a check. 

The repayment options depend on the lender you’re paired with through Fast Loan Direct. You’ll also choose a repayment term, which can range from as short as 91 days up to 72 months.

However, the short minimum repayment period of 91 days could make the loan feel more like a payday loan, especially for borrowers facing higher interest rates. Remember that while early repayment is often allowed without penalties, the short terms could result in higher monthly payments that may be challenging for some borrowers.

Pros and cons of Fast Loan Direct

When evaluating Fast Loan Direct for a personal loan, the disadvantages tend to outweigh the benefits. Here’s a more critical look at its pros and cons:

Pros

• Fast access to funds

  If approved, you could receive funds as soon as the next business day, which might be helpful in emergencies.

• Simple application process

  The process is quick and can be completed in under five minutes, which could be appealing to those seeking convenience.

Cons

• Undisclosed lender network

  Fast Loan Direct doesn’t reveal which lenders it works with, making it difficult to research or evaluate the reputation and terms of those lenders in advance.

• Lack of transparency

  There’s limited information about credit checks, eligibility criteria, and potential fees, which could lead to unexpected surprises during the process.

• Negative customer feedback

  Numerous reports of hidden fees and questionable practices, particularly on the Better Business Bureau, raise serious concerns about the reliability and trustworthiness of the service.

• Short repayment terms

  The minimum repayment period of 91 days makes the loan feel more like a payday loan, which could result in higher monthly payments.

• Lower loan amounts

  With a maximum loan of $35,000, Fast Loan Direct offers lower loan limits than other personal loan lenders, which could be restrictive for those needing larger sums.

Given the concerns about transparency, fees, and customer satisfaction, it may be more beneficial to explore other personal loan companies. Consider Upstart for thin-credit borrowers or Upgrade for those with fair credit. Both offer more reputable options with clearer terms and better customer experiences.

Does Fast Loan Direct have a customer service team?

Fast Loan Direct’s customer service team is crucial 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:

• Email: [email protected]  
• Phone number: 805-429-6064
• Mailing address: 17216 Saticoy Street #416, Van Nuys, CA 91406
• Chat box: Use the support chat channel on the website for immediate queries.

Having multiple contact options is beneficial, but the effectiveness of these channels is more important.

How to apply for a Fast Loan Direct personal loan

We recommend caution if you’re considering applying for a Fast Loan Direct personal loan due to concerns about the company’s transparency and customer experience. Here’s an overview of the application process:

1. Select or enter the loan amount: Choose how much you want to borrow.
2. Complete the application form: The online form takes less than five minutes to complete.
3. Get connected with lenders: Fast Loan Direct will connect you with lenders that might offer a personal loan based on your information.
4. Choose the best loan offer: Review the available offers, but remember that lender transparency and fees may be unclear.
5. Receive the funds: If you choose a loan and complete any additional requirements, funds can be deposited into your bank account as soon as the next business day.

While the application process is simple, it’s crucial to carefully review the loan terms and lender conditions. Given Fast Loan Direct’s lack of transparency and mixed customer feedback, it is likely better to explore more reputable lenders first.

What if I’m denied a personal loan from Fast Loan Direct?

If you’re denied a loan through Fast Loan Direct, it’s important to remember that the company itself doesn’t issue loans—it connects you with lenders, and the denial comes from one of those lenders. Instead of reapplying through Fast Loan Direct, we recommend exploring more reputable lenders who may offer clearer terms and better chances of approval.

If you’re denied, the lender is required to inform you of the reason. Use this information to address the underlying issues—such as improving your credit score or lowering your debt-to-income ratio—and then apply with more reliable personal loan providers. 

We feel your best bet for a personal loan is exploring other options that provide more transparency and a better overall borrowing experience—even if your credit isn’t perfect.

Alternatives to Fast Loans

If you’re denied a loan through Fast Loan Direct, it may be a sign to consider other, more reliable options. Instead of reapplying, it’s worth exploring more reputable personal loan and cash advance providers with clearer terms and better chances of approval. Here are some alternatives to consider if you need to access cash quickly:

• Upstart: Upstart offers personal loans to borrowers with thin credit history, with credit scores as low as 300. It’s a strong alternative for those who may struggle with traditional credit checks.
• EarnIn: EarnIn is a cash advance app that lets you borrow up to $750 per pay period, provided you meet their qualifications. It’s a simple way to access cash ahead of your paycheck without traditional loans.
• MoneyLion Instacash: MoneyLion Instacash offers cash advances up to $500 in minutes. There’s a fee for instant payments, but if you can wait 1-5 days, there’s no fee. You must have qualifying recurring direct deposits to be eligible.

These alternatives offer more reputable, transparent, and flexible options than Fast Loan Direct, especially if you’re looking for quick access to funds.

Fast Loan Direct personal loan FAQ

Can you have more than one Fast Loan Direct personal loan?

Since Fast Loan Direct connects borrowers to a network of lenders rather than issuing loans directly, whether you can have more than one loan at a time depends on the specific lender’s policies.

Some lenders may allow it, while others may not. It’s important to check with the lender you’re matched with to fully understand its stance on multiple loans, but we recommend exploring other personal loan companies with clearer terms.

Can you pay off a Fast Loan Direct personal loan early?

Most lenders in Fast Loan Direct’s network likely allow early repayment without penalties, which could save you on interest. However, terms vary, so it’s essential to confirm the policy with your specific lender before agreeing to the loan. 

If early repayment is important to you, there are better-known lenders that are more transparent about their early payoff options.

Can you get a Fast Loan Direct personal loan if you have bad credit?

Fast Loan Direct may offer options for borrowers with bad credit, but approval depends on the specific lender in its network. Each lender has different credit criteria, and it’s worth considering other, more reputable lenders that specialize in loans for those with poor credit histories, such as Upstart or Upgrade, which have clearer terms and more transparent processes.