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Personal Loans

Fast Loan Direct Personal Loan Review

Updated Jan 30, 2024   |   11-min read

Our take on Fast Loan Direct’s personal loan

  • Loan amounts of $100 – $500 as fast as same day
  • Higher loan amounts up to $35,000
  • Not rated and no best-for designation

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.

About Fast Loan Direct

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.

Fast Loan Direct personal loan at a glance

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.

TermsDetails
Fixed rates (APR)5.99% – 35.99%
Variable rates (APR)5.99% – 35.99%
Loan amounts$100 – $35,000
Repayment period91 days – 72 months
Unsecured or securedUnsecured
Time to funding after approvalAs soon as next business day
FeesVary by lender; potential origination and other undisclosed fees

How does a Fast Loan Direct personal loan work?

Navigating a personal loan with Fast Loan Direct involves a few straightforward steps. Here’s a closer look at how it all comes together.

1. Application

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.

2. Understanding your loan

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.

3. Navigating costs and fees

Fast Loan Direct’s initial services are free, but lenders in its network might charge origination fees. Customers have also reported additional undisclosed fees.

4. Managing your loan

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.

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

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. 

Who’s eligible for a Fast Loan Direct personal 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.

RequirementDetails
CitizenshipU.S. citizen
Employment statusEmployed or earn steady income
State of residenceArizona, California, Colorado, Florida, Idaho, Michigan, Montana, Nebraska, and Texas
Minimum age18
Additional requirementsMust have a bank account, ideally with direct deposit

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

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:

  • Rates and their impact: Fast Loan Direct offers fixed and variable APRs ranging from 5.99% to 35.99%. Your rate affects your overall borrowing cost. Lenders determine your rate based on factors including creditworthiness.
  • Fees: Borrowers can expect to encounter fees, which vary by lender. Origination fees aren’t uncommon, and some customers report being asked to pay insurance and other undisclosed fees. These fees are typically deducted from the loan amount before disbursement.
  • Cost of borrowing: Compared to other lenders, Fast Loan Direct’s fees and APRs can be higher, particularly for borrowers with less favorable credit profiles. If you qualify for a personal loan from another personal loan lender, you likely will find lower rates and fees, and overall more favorable terms.

To illustrate how these costs affect your loan, consider these representative examples from Fast Loan Direct:

DetailExample 1Example 2
Loan amount$1,500$5,000
Term18 months38 months
APR19.99%17.53%
Origination fee3% ($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.

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

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:

  • Repayment methods: Borrowers typically have several options to repay their loan. These can include online payments, direct debit from a bank account, or even mailing a check. The exact methods available depend on the lender within Fast Loan Direct’s network.
  • Terms: You’ll select your loan terms during the application process, from 91 days to 72 months. 
  • Effect on total cost: The length of your loan term can affect the total cost. A longer term might mean smaller monthly payments, but it can also result in higher total interest paid over the life of the loan.
  • Early repayment: Many lenders in the Fast Loan Direct network allow for early loan payoff without penalty. This can be a smart way to save on interest if you find yourself able to pay back the loan sooner than expected.

Pros and cons of Fast Loan Direct

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:

  • Credible—which we rate as the best marketplace for personal loans.
  • Upstart—our pick for thin-credit borrowers.
  • Upgrade—our choice for borrowers with fair credit.

Is Fast Loan Direct a reputable lender?

Fast Loan Direct’s reputation in the market is a crucial factor to consider. The reviews and ratings provide insights but also raise concerns:

  • Lack of reviews: The absence of reviews on Trustpilot and Google indicates a limited online presence or engagement with customers on these platforms. This lack of feedback makes it challenging to gauge general customer sentiment.
  • Better Business Bureau (BBB) rating: The low rating of 1.57 out of 5 on the BBB) coupled with an “F” rating and lack of accreditation, is concerning. Reports of being labeled a scam, with customers mentioning unexpected fees and dubious practices, such as paying for insurance and additional transfer fees, harm its perceived trustworthiness.

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.

Does Fast Loan Direct have a customer service team?

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:

  • 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

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:

  1. Select or enter the loan amount: Decide on the amount you need.
Fast Loan direct application screenshot
  1. Complete the application form: It takes less than five minutes to apply on Fast Loan Direct’s website.
Another Fast Loan Direct application screenshot
  1. Get connected with lenders: Fast Loan Direct will match you with lenders who are willing to provide a personal loan based on the information you entered.
  2. Choose the best loan offer: Review the loan offers, and select the one that best fits your needs.
  3. Receive the funds: Once you’ve chosen a loan and completed any additional requirements from the lender, the money can be deposited into your bank account as soon as the next business day.

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.

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

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:

  • Reapply: Depending on the lender’s policies, you may be able to reapply. However, it’s crucial to first address the reasons for denial to improve your chances of approval in the future.
  • Understand denial reasons: Lenders are required to inform you why your application was denied. This information can be invaluable in addressing any issues.

Here are common reasons for denial and potential solutions.

Reason for denialSuggested solutions
Insufficient credit historyBuild credit with secured credit cards or as an authorized user on another card
Low credit scoreImprove credit by paying bills on time, reducing debts, and avoiding new credit inquiries
Inadequate incomeIncrease 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 informationReview 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 personal loan FAQ

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

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.

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

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.