Writer: Ray Prince
Editor: Jon McDonald
Reviewer: Ashley Fricker
Key Takeaways
We break down how Fast Loan Advance works and highlight a few highly rated alternatives that might get you funded faster.
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MoneyMutual: Best alternative to Fast Loan Advance.
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Fast Loan Advance offers loans from $100 to $35,000, but its lender partners and fees aren’t disclosed upfront.
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If you have bad credit and receive a loan offer from any network, it will likely include a high interest rate.
Fast Loan Advance lets you apply for a short-term installment loan from $100 to $35,000, even if your credit isn’t perfect, though APRs can vary quite a bit.
In this Fast Loan Advance review, I’ll guide you through all the essentials you need to know about the service. Plus, I’ve included five alternative lending networks that offer competitive options in terms of loan selection, rates, and terms.
What to Know About Fast Loan Advance
Fast Loan Advance is a funding company based in California that works with subprime borrowers.
Unlike banks, credit unions, and online lenders with stricter qualifying criteria, the platform works with lenders that may offer favorable loan terms for those with bad credit.
But there are some potential drawbacks, as well. Before we dive into those, here’s a quick look at the overall pros and cons of Fast Loan Advance:
Pros
- Fast, free application process
- Borrowers with bad credit can fill out an initial application
- Loans range from $100 to $35,000
Cons
- High potential interest rates, especially for bad credit borrowers
- Does not disclose lending partners or the fees they may charge
- Has mixed and negative online reviews regarding its marketing practices
Because Fast Loan Advance is a marketplace and not a direct lender, it doesn’t set terms, interest rates, or origination fees. That means you’ll need to look closely at the fine print if you match with a third-party lender, since rates and fees for those with bad credit can be very high.
You also can’t rely on a Trustpilot score with Fast Loan Advance, because its rating is currently unavailable due to a high number of reviews that were removed for being fake.
And remember, submitting an application means sharing your personal details with a large network of companies (which Fast Loan Advance doesn’t disclose). That could lead to an influx of unwanted calls and emails.
5 Alternative Lender Networks
Fast Loan Advance is a great option for quick cash, but you might also want to explore other networks known for their excellent service and flexibility. Before you decide, take a look at these five other networks that might be just what you need.
1. MoneyMutual
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
MoneyMutual is the preferred lending network of many subprime borrowers. It features a roster of short-term installment loan companies that can provide borrowers up to $5,000 with attractive APRs and customizable repayment terms of up to five years.
Just like with most lending networks, you need to fill out an online prequalification form to get matched with lenders. Getting several loan offers at once saves a lot of time because you don’t have to prequalify with each direct lender individually.
Pros
- Works with a wide network of lenders
- Accepts applicants who have bad credit
Cons
- Potential high interest rates
- May not be available in all states
2. CashUSA.com
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
is an online lending marketplace that offers loans of up to $10,000 with 90-day to 72-month repayment terms. It’s an option for bad credit borrowers struggling to qualify for loans from banks and credit unions.
You can use loan proceeds from CashUSA.com to pay for anything, including debt consolidation, emergency medical expenses, or even an impromptu trip.
Pros
- Can use loans for any purpose
- Bad credit borrowers welcome
Cons
- Borrowers with lowest credit scores may pay the highest interest rates
- Personal loans from $500 to $35,000
- All credit types are considered and welcome
- Simple, no credit impact form
- Helping consumers since 2001
- 4.7 out of 5 Trustpilot rating with 2,000+ reviews!
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $35,000 | 5.99% – 35.99% | 60 Days to 72 Months | See representative example |
is a lending network that offers short-term loans between $500 and $35,000 for bad to fair credit borrowers. You must complete a short, five-minute application to qualify.
From there, you may receive several loan offers, choose a direct lender, and complete a formal application, with funds landing in your bank account as soon as the next business day.
Like MoneyMutual, 24/7 Lending Group accepts most bad credit types. There is no charge for using the service.
Pros
- Loan terms that start at 60 days
- Accepts most types of bad credit
Cons
- Potential for very high interest rates if you have bad credit
- Small personal loans starting at $100
- Receive an approval decision in as little as 2 minutes
- Funds can be deposited into your account in one business day and used for any purpose
- No hidden fees
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $20,000 | Varies | Varies | See representative example |
connects borrowers with loans of up to $20,000 through its extensive short-term loan network. APRs and repayment terms vary, and you may pay no origination or prepayment penalties, depending on the network lender and your credit profile. Your state of residence, desired loan amount, repayment term, and credit score affect the quality of loan offers you receive.
You must be a U.S. citizen 18 or older with a valid Social Security number, an active bank account, and a regular source of income to qualify for an offer from a SmartAdvances.com network lender. Some lenders may require you to meet additional requirements, such as a minimum monthly income.
Pros
- Personal loans as small as $100 are available
- Can use funds for any purpose
Cons
- Interest rates vary, but will be high for bad credit borrowers
- Loan term information is not readily available
- Loans from $500 to $10,000
- Get connected with a lender
- Simple form & quick funding
- Get your money as soon as the next business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 60 Months | See representative example |
Tacoma, Washington-based offers an easy way to request loans between $500 and $10,000. This free service provides instant access to an extensive network of direct lenders and third-party online marketplaces that all offer fast funding to your bank account as early as the next business day.
Other benefits of using BadCreditLoans.com include its flexibility. APRs on the network vary widely, with minimum 90-day and maximum five-year repayment terms.
Pros
- Loans start at $500 with a three-month repayment period
- Funds deposited as fast as the next business day
Cons
- Bad credit borrowers will likely fall into the highest interest rate tier
- Loans max out at $10,000
What Is Fast Loan Advance?
Fast Loan Advance connects subprime borrowers with a network of bad credit lenders. You can access short-term installment loans ranging from $100 to $35,000, with APRs usually maxing out at 35.99%. This range provides flexibility for those needing financial assistance.
One of Fast Loan Advance’s biggest strengths is its online personal loan prequalification process. Completing one form may connect you with multiple loan offers from direct lenders.
Borrowers can evaluate loan offers based on their rates and terms, picking the one that best fits their needs. Funds can be deposited into your bank account in as little as 24 hours, providing a quick solution for urgent expenses.
Is Fast Loan Advance a Lender?
Fast Loan Advance is not a lender but an online lending marketplace that connects borrowers with financing partners based on their situations and needs. Its lending partners work with people of all credit types and can approve people quickly.
Once you’re approved, you can collaborate directly with lenders to iron out the loan terms and details. Fast Loan Advance advises you to carefully check lender disclosures and fully understand any fees or penalties that could apply if you don’t stick to the loan terms.
As a marketplace collaborating closely with lenders, Fast Loan Advance can assist a broader range of borrowers in securing financing.
Is Fast Loan Advance a Legitimate Company?
Yes, Fast Loan Advance is a legitimate company for personal loans. Here are a few of the reasons why:
- 256-bit SSL Encryption: The website safeguards your data using 256-bit SSL (Secure Sockets Layer) encryption, which means a more secure communication method between the website and your web browser. Think of 256-bit SSL encryption as constant static on a phone line, preventing eavesdroppers from listening to your conversation. With site data containing your home address, bank details, and other sensitive information, we appreciate this level of security.
- Disclaimers: Near the bottom of every Fast Loan Advance page, you’ll find a lot of fine print that reminds people that it is not a direct lender that does not originate or process its loans. It also clearly specifies a physical address, which can be a relief, as many scam loan companies do not disclose their location at all.
- Examples: On the Fast Loan Advance website, you’ll find installment loan examples, helping you understand what a loan looks like and potential borrowing costs. As of this writing, it includes example loans of $1,000, $2,000, $4,000, and $5,000 at varying interest rates, terms, and finance charges to provide a better picture of what you can expect to pay over time.
As I mentioned earlier, online reviews for Fast Loan Advance are mixed. And while 62% of reviewers on Trustpilot give the company a 5-star rating, the review site also notes that it has found a number of fake reviews.
How Do I Qualify for a Loan with Bad Credit?
You must meet the criteria established by Fast Loan Advance direct lenders to qualify for a loan with bad credit. You must be of legal age, employed with a healthy debt-to-income ratio, and possibly meet a required minimum credit score.
You also need a bank account to receive loan proceeds and must agree to automatic monthly payment withdrawals.
Lenders do not run a credit check at the prequalification stage; this does not happen until you choose a loan offer and are sent to the lender’s website to finalize the application. Lender networks help minimize loan applications by matching you with lenders willing to work with you based on your single loan request form.
This helps you avoid multiple hard inquiries and potential denials from several lenders. Here’s a quick look at some of the biggest differences between hard and soft credit inquiries:
| Hard Credit Inquiry | Soft Credit Inquiry |
|---|---|
| Visible to anyone who pulls your credit reports | Not visible to others who pull your credit |
| Can impact scores for up to 2 years | Won’t impact your credit scores at all |
| Requires your direct permission or an application for credit | Does not require your direct permission or an application for credit |
Fast Loan Advance is a platform for subprime borrowers with poor to fair credit. If you don’t know your credit score, we recommend visiting AnnualCreditReport.com or a similar reporting service for a free credit score.
Boosting your credit score can open up better loan opportunities. If you have some time, working on your score before applying again might be a smart move. It’s a decision that could pay off in the long run.
Do Quick Loans Hurt Your Credit?
Quick loans won’t necessarily hurt your credit, other than the initial impact of a hard credit inquiry. But how you manage a loan can definitely hurt your credit.
The terms of your loan, including APR and length, will determine your monthly payments (and how much you pay overall).
If you take out a loan with monthly payments you can afford now, but can’t afford six months from now, you could set yourself up for late or missed payments that could wreck your credit score.
It is important to understand your options, even if you have bad credit. That’s why we built this tool to compare loan APRs and terms to determine the least expensive option for you.
Even a single missed payment can cause your FICO score to drop by as much as 110 points. The actual impact depends on several other factors, including your credit history, the number of days the payment is late, and the type of account with a missed payment.
For example, missed credit card payments typically have a bigger impact than a missed utility bill payment. But one thing is for sure: The lower your credit score falls, the higher your borrowing costs will be on future loans.
How Do I Know if a Loan Company is Scamming Me?
Be on the lookout for the many telltale signs that a loan company is scamming you. Here are a few common ones to keep in mind:
- High-Pressure Sales Tactics: These are among the most evident signs of a scam lender. Have they pressured you to act immediately in any way? If so, they probably don’t have clear, transparent loan disclosures on their website and are likely to include hidden charges on your loan. Never rush into a loan without doing your research!
- Request for Upfront Fees: Another sign of a lending scam is a request for upfront fees or advanced payments in exchange for more favorable loan terms. Remember, legitimate lenders will never ask for an upfront payment. At best, they withdraw any fees from the actual loan, as they may do with application or origination fees.
- Little Disclaimer Information: A legitimate lender has well-written disclaimers on every page of its website. They should indicate a physical address, terms of use, privacy policies, and advertiser disclosures that let you know if third-party partners can access your information.
- Guaranteed Approval: No legitimate lender can guarantee approval for applicants with bad credit. Many do lend to borrowers with credit issues, but if lenders make guarantees upfront — or if they say they won’t conduct a credit check — be wary.
- High Loan Amounts and Low Interest Rates: If you have bad credit, you shouldn’t expect a lender to offer you a large amount of money at a favorable interest rate. If a lender offers you terms like that, it may want you to jump at the offer without thinking about it. Don’t do it. Just remember the adage about deals that sound too good to be true — they usually are.
Do not let scam loan companies set you further back on your journey to rebuild damaged credit.
Avoid lenders that use high-pressure sales tactics, request upfront fees, or have poorly written disclaimers, and you’ll be on your way to finding a worthwhile lending partner.
Lender Networks Can Help If You Need Fast Cash
Getting a short-term loan with less-than-perfect credit doesn’t have to be difficult. Some lenders offer these loans with reasonable rates and conditions.
Lending networks like Fast Loan Advance, MoneyMutual, CashUSA.com, and others connect you with a variety of direct lenders who are committed to fair lending practices.
If you’re looking to prequalify and compare loan offers, simply submit your application through your selected lending network before committing. With just a bit of effort, you can secure the quick cash you need to reach your financial goals.
