Fast Loan Advance Review and 5 Best Alternatives
- September 9, 2024
- 8 min read
-
239 reads
Fast Loan Advance connects borrowers with lenders offering payday loans (or fast loans).
It provides quick access to funds for those facing financial emergencies or unexpected expenses.
Top alternatives to Fast Loan Advance
- Low Credit Finance – Best for Easy Approval
- 5kFunds – Best for Multiple Loan Offers
- CashUSA.com – Best for Most Reliable Customer Service
- BadCreditLoans – Best for Higher Loan Limits
- PersonalLoans.com – Best for Simplest Application Process
How Fast Loan Advance Works
The service is available through the online platform of Fast Loan Advance.
The application process is straightforward, and you can complete it in a matter of minutes. Borrowers provide basic personal and financial information, and Fast Loan Advance’s algorithm matches them with potential lenders.
If your request is approved, funds can be deposited into the borrower’s bank account as quickly as the next business day.
Is Fast Loan Advance Legit?
Fast Loan Advance is a legitimate online lending platform that has been in operation for several years.
It’s important to note that not all lenders in their network may be equally reliable. It’s always a good idea to research individual lenders and read reviews from past borrowers before accepting a loan offer.
Pros and Cons of Fast Loan Advance
Use this list only as a starting point for your own direct analysis. Before applying for a fast loan through Fast Loan Advance, consider whether in your specific situation the benefits outweigh the potential risks and costs. If you decide to proceed, make sure you have a plan in place to repay the loan and avoid taking on more debt than you can handle.
Pros
- Quick and easy application process: Fast Loan Advance’s online application can be completed in minutes, with no paperwork required.
- Fast funding: If approved, funds can be deposited into your bank account as soon as the next business day.
- Flexible credit requirements: Lenders in Fast Loan Advance’s network are willing to work with borrowers who have less-than-perfect credit.
- Transparent terms: Fast Loan Advance provides clear information about loan terms, interest rates, and fees upfront.
Cons
- High interest rates: Fast loans often come with high APRs, which can range from 200% to 1,000% or more.
- Short repayment terms: Most fast loans have repayment terms of just a few weeks, which can make it difficult to repay the loan in full and on time.
- Potential for debt cycle: If you’re unable to repay your loan, you may be tempted to take out another loan to cover the costs, leading to a cycle of debt.
- Limited loan amounts: Fast loans are typically small, ranging from $100 to $1,000, which may not be sufficient for larger financial needs.
Best Alternatives to Fast Loan Advance
| Company | Overall Rating | Lowest APR | Highest APR | Min Loan Amount | Max Loan Amount | Min Loan Term | Max Loan Term | Accepts bad credit: | |
|---|---|---|---|---|---|---|---|---|---|
recommended
| 5.99% | 35.99% | $500 | $35,000 | 6 Months | 5 Years | Yes | See offer | |
recommended
| 5.99% | 35.99% | $100 | $50,000 | 2 Months | 7 Years | Yes | See offer | |
| 5.99% | 35.99% | $500 | $10,000 | 3 Months | 6 Years | Yes | See offer | |
| 5.99% | 35.99% | $500 | $10,000 | 3 Months | 2 Years | Yes | See offer | |
recommended
| 5.99% | 35.99% | $250 | $35,000 | 3 Months | 6 Years | Yes | See offer |
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recommended
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recommended
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| Company | Overall Rating | Lowest APR | Highest APR | Min Loan Amount | Max Loan Amount | Min Loan Term | Max Loan Term | Accepts bad credit: | Get Started |
|---|---|---|---|---|---|---|---|---|---|
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recommended
| 5.99% | 35.99% | $500 | $35,000 | 6 Months | 5 Years | Yes | See offer | |
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recommended
| 5.99% | 35.99% | $100 | $50,000 | 2 Months | 7 Years | Yes | See offer | |
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| 5.99% | 35.99% | $500 | $10,000 | 3 Months | 6 Years | Yes | See offer | |
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| 5.99% | 35.99% | $500 | $10,000 | 3 Months | 2 Years | Yes | See offer | |
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recommended
| 5.99% | 35.99% | $250 | $35,000 | 3 Months | 6 Years | Yes | See offer |
1. 5kFunds
Chosen 80,155 times- Check Rates without Credit Impact
- No Minimum Credit Score
- Large Network of Lenders
5kFunds is an online lending platform that offers fast loans to borrowers with all types of credit.
5kFunds also has a user-friendly online application process and fast funding times. If approved, borrowers can typically receive their funds within 1-2 business days.
2. Low Credit Finance
Chosen 2,240 times- All Credit Types Accepted
- Easy Online Application
- Approval decision in minutes
- Flexible Repayment Terms
Low Credit Finance is another online lending platform that specializes in providing fast loans to borrowers with poor or limited credit history. They work with a network of lenders who consider factors beyond just credit scores when evaluating loan applications.
Low Credit Finance offers loans ranging from $100 to $50,000 with repayment terms of 2 to 84 months. This can provide borrowers with more flexibility in terms of loan amounts and repayment schedules compared to traditional payday loans.
3. CashUSA.com
Chosen 27,721 times- Quick, user-friendly online application
- Customer support via email and phone
- Lender network includes both state and Tribal lenders
- All credit types considered
CashUSA.com is a well-established online lending platform that works with a network of lenders.
One advantage of CashUSA.com is their quick and easy online application process. Borrowers can apply for loans ranging from $500 to $10,000 and receive a decision in minutes. If approved, funds can be deposited into your bank account as soon as the next business day.
CashUSA.com also has more lenient credit requirements compared to traditional banks and credit unions. They work with lenders who consider applicants with all types of credit, including those with poor or limited credit history.
4. BadCreditLoans.com
Chosen 92,046 times- Easy online application process
- No fees or obligations
- Access to a network of hundreds of lenders
- Bad credit history allowed
BadCreditLoans.com is another loan broker that specializes in providing fast loans to borrowers with bad credit.
One of the benefits of BadCreditLoans.com is their commitment to helping borrowers find affordable loan options, even if they have a history of credit challenges. They offer loans ranging from $500 to $10,000 with repayment terms of 10 days to 24 months.
BadCreditLoans.com also provides educational resources and tools to help borrowers improve their credit and make informed financial decisions. Their website includes articles on topics like budgeting, debt management, and credit repair.
5. PersonalLoans.com
Chosen 32,421 times- Loans from $250 – $35,000
- Repayment terms from 6 – 72 months
- Access to hundreds of lenders
- APRs from 5.99%
PersonalLoans.com is a popular online lending platform that offers personal loans for a variety of purposes, including debt consolidation, home improvements, and emergency expenses. Unlike some other fast loan providers, PersonalLoans.com works with lenders who offer longer repayment terms and lower interest rates.
One of the benefits of PersonalLoans.com is their wide range of loan options. Borrowers can apply for loans ranging from $250 to $35,000 with repayment terms of 90 days to 72 months. This can provide more flexibility and affordability compared to short-term payday loans.
PersonalLoans.com also has a simple and quick online application process. Borrowers can get pre-qualified for a loan without impacting their credit score and receive offers from multiple lenders in minutes. If approved, funds can be deposited into your bank account as soon as the next business day.
Tips for Choosing the Best Loan Provider
When searching for the best fast loan provider, keep these tips in mind:
- Check your credit score: Knowing your credit score can help you understand what types of loans and rates you may qualify for. If your score is low, focus on lenders with more lenient credit requirements.
- Compare rates and terms from multiple lenders: Don’t settle for the first loan offer you receive. Compare offers from multiple lenders to find the best combination of rates, fees, and repayment terms for your needs.
- Read reviews and check for complaints: Research lenders online and read reviews from past customers to gauge their reputation and customer service. Check for any complaints filed with the Better Business Bureau or Consumer Financial Protection Bureau.
- Consider the total costs: Look beyond just the interest rate and consider the total costs of the loan, including any origination fees, application fees, or prepayment penalties.
- Have a repayment plan: Before accepting a loan offer, make sure you have a clear plan in place to repay the loan on time. Consider your budget and cash flow to ensure the monthly payments will be affordable.
If you’re unsure about a particular lender or loan offer, consider reaching out to a financial advisor or credit counselor for guidance. They can help you evaluate your options and make an informed decision based on your unique financial situation.
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