FastLoanDirect Review: Legit Lender or Scam to Avoid?
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- Max. Loan Amount
- $35,000
- APR
- 5.99% to 35.99%
- Min. credit score
- Not stated
Our verdict
Despite its name, FastLoanDirect is not a direct lender and may pass your information on to third-party companies.
FastLoanDirect claims to connect borrowers to lenders offering loans between $100 and $35,000 at rates ranging from 5.99% to 35.99%. The loan process is said to be fast and easy, with approval in minutes and funding as soon as the next day. But it doesn’t disclose its lending partners, and your information may also be sent to providers of non-lending products, leading to excessive solicitation. Plus, FastLoanDirect has only negative reviews on the Better Business Bureau (BBB), most of which say it’s a scam — or at least predatory.
Pros
-
Rates starting at 5.99%
-
Loans up to $35,000
-
Loan terms from 91 days to 72 months
Cons
-
Sends your information to multiple non-lender providers
-
Loans may charge application fees, prepayment penalties and others
-
Bad customer reviews
Is FastLoan Direct legit?
It’s hard to say for certain if FastLoanDirect is legit. It’s not BBB-accredited, and the few people who review it describe it as either a scam or, at the very least, predatory.
There are many other legitimate personal loan lenders to choose from. You’re better off researching BBB-accredited lenders, reading reviews from other borrowers and reaching a more informed opinion.
Where FastLoanDirect falls short
On the face of it, FastLoan Direct portrays itself as a lending marketplace of sorts. But if you read the fine print, you’ll find that it’s not a lender, financial institution, loan broker or an agent of any of those. Instead, it “functions as an online marketplace for you to find third-party lenders and other providers that may be of interest to you.”
This fact raises red flags about why they don’t tell you upfront that you may be solicited for products you haven’t applied for, such as health insurance, credit cards, debt settlement companies and other offers. It also doesn’t disclose its lending partners or other network partners, so you can’t compare providers.
Where FastLoanDirect shines
If FastLoanDirect does connect you with legitimate lenders with rates starting at 5.99%, that is on the lower end for personal loans. And, if the application and approval process are as quick and easy as it claims, you could have funds in your account as soon as the next business day.
However, because of the bad reviews and lack of transparency, we recommend trying other lending options and only consider FastLoanDirect a last resort.
FastLoanDirect product details
| Minimum credit score/credit range | Not stated |
| APR | 5.99% to 35.99% |
| Loan amounts | $100 to $35,000 |
| Terms | 91 days to 72 months |
| Approval turnaround | As soon as the same day |
| Availability | Not available in all states |
| Fees |
|
| Other fees | Not stated, varies by lender |
Alternatives to FastLoanDirect
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How to qualify for FastLoanDirect
FastLoanDirect only discloses basic eligibility requirements needed to apply for personal loans:
- Be 18 years or older
- Be a US citizen or permanent resident
- Have a job or steady source of income
- Have a verifiable bank account
- May also require direct deposit
How to apply
FastLoanDirect claims to have a fast and easy application process. Follow these steps to apply for a loan.
- Complete the online application form. Provide your requested loan amount, name, Social Security number, bank account details and other information as requested on the form.
- Receive and accept your offer. After applying, you may get an offer from one or more lenders within minutes.
- Wait for funding. If approved, the funds should be deposited directly into your bank account by the next business day.
- Follow the repayment plan. Make regular payments as stipulated in the terms provided by your lender, which should include term length, fees and interest rates.
Note: We can’t confirm that this is exactly how the process works — only that this is what FastLoanDirect portrays on its website.
FastLoanDirect reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | F |
| BBB customer reviews | 1.5 out of 5 stars, based on 8 customer reviews |
| Trustpilot Score | FastLoanDirect does not have any Trustpilot reviews. |
| Customer reviews verified as of | 11 July 2024 |
FastLoanDirect only has eight reviews with the Better Business Bureau, and they are all negative. Most say this site is a scam, and some say it asks for fees up front — a huge red flag. Older reviews state that they were asked to remit fees in the form of gift cards or “registration cards.”
There are no reviews for FastLoanDirect on Trustpilot. We found an independent review on TrustedCompanyReviews.com that criticized FastLoanDirect’s lack of transparency about loan terms and fees and failure to disclose its network partners, making it difficult for borrowers to compare their options. It also listed other red flags and recommended considering other lending sources.
There was one positive review of FastLoanDirect. It was a two-minute YouTube video that is so clearly AI-generated that the voiceover literally sounded like a robot. Plus, a positive review on Medium was taken down, and that account is now under investigation for violating Medium rules, which could imply that FastLoanDirect or its parent company planted it.
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