Are you in dire need of money and planning to get a loan through the fast loan advance? Are you doubting if the fast loan advance is legit or not? This article will review fastloanadvance.com and teach you how to identify a loan scam.
Alternatively, CreditYelp can put you at ease. It will connect you with more legit lenders with suitable loans. The lenders CreditYelp cooperates with have loan qualifications with NMLS ID#. Keep reading.
Introduction of Fast Loan Advance
What Is Fast Loan Advance and What Does It Offer?
Fast Loan Advance is a loan service provider that allows borrowers to find lenders. It is not the direct lender. It is an intermediate service that helps you find loans that suit you. They will utilize your financial information to connect you with lenders (their partners).
With a 91-Day minimum up to 72-month maximum repayment period, you can get a loan ranging from $100 to $35,000. However, the APR on loans differs depending on factors like repayment history and credit score.
The APR ranges from 5.99% up to 35% for qualified customers. Customers can refer to other borrowers’ statistics to determine their APR. Thus, it creates an actual representative feeling for borrowers.
Fast Loan Advance: Loan Requirements & Loan Process
For you to get a quick loan, you must:
- Be18 years of age
- Be a citizen of the United States of America.
- Be currently employed or receive a regular income
- Have a bank account
Fast loan advance doesn’t have strict processes. The processes are as follows:
Step 1: Fill out the form in just 5 minutes
Step 2: A lender can approve you as fast as 5 minutes
Step 3: Get your cash as fast as the next business day
Fast Loan Advance Lacks Specific & Official Information Online
Limited information about a company on the official website is a red flag. Fastloanadvance.com hid all information about the ownership, years of service, and clients they have served. They also didn’t specify the type of loans offered. There is no online chat or faster means to connect with customer support.
Available information on the website is the terms of the loan, requirements to get a loan, and brief information about the company. They only listed a phone number and an address in Valencia, CA, as a contact. It would be best if you were wary of them.
Collection of Rating and Customer Reviews on Fast Loan Advance
Fastloanadvance.com has few or negative reviews online. The following are the reviews from some websites online.
Trustpilot is an open and inclusive website that reviews companies and websites.
Fastloanadvance has a negative review on this site. The only reviewer that reviewed the company claimed that it was fake. The reviewer claimed that the app would make you feel you have won something upon completing your loan application. They don’t give any loans.
Scamadviser checks if a website is a scam or not. According to Scamadviser, fastloanadvance.com is hosted on a shared server. There is a high chance that hackers will harvest your sensitive data. The website hides the identity of its owner – the main trend among scammers. Think twice before inputting your personal details.
From Better Business Bureau (BBB)
Better Business Bureau helps people to find a trustworthy business.
Fastloanadvance is not Better Business Bureau accredited. On this site, a reviewer claimed that the app went blank after inputting his details.
Quora is a question-and-answer forum where you can get information about anything. The general advice on fast loan advance is for an individual to be skeptical of getting a loan from the company.
Note: Before you go ahead with any lender, try to verify their license. Use the “Verify License” feature on the website of DFI ( Department of Financial Institutions).
Get a Faster and More Reliable Loan from CreditYelp
CreditYelp is a loan broker that provides professional advice to make a sensible decision. They can link you with legit and verifiable lenders to secure loans that suit your situation. Irrespective of your credit score, CreditYelp will help you secure a suitable loan.
Getting a loan with CreditYelp is very fast. You will get money in your account as soon as the next business day after approval.
Get a Bad Credit Loan Now!
If your credit falls into the bad credit range, then you’ll likely be seen as a credit risk by most lenders and banks. This is where CreditYelp comes to rescue.
Steps to take a Loan:
Getting a loan with CreditYelp is easy, fast, and reliable. All you need to do is to:
- Fill out a form and submit your information.
- Accept a suitable lender’s offer once a lender is willing to give you a loan
- Get your money as soon as the next business day
How does CreditYelp compare
Why should you get a loan through CreditYelp?
The following are the benefits of using CreditYelp:
- It partners with many legit and reliable lenders that have loan qualifications with NMLS ID#
- You can enjoy a high loan limit
- It will connect you with lenders very fast.
- The interest rate is affordable.
- The loan amount is flexible.
- It has a high loan approval rate
- You will get your loan as soon as the next business day
Things You May Wonder on Fast Loan Advance and Cash Advance
1. Is Fast Loan Advance a scam, and is it legit?
Fast loan advance has little or no information online to prove their legitimacy. The only available reviews online are bad. It also hid the information and contact information of its owner. Though this can be for some reasons, it raises the suspicion of the customers.
We cannot tell if the website is legit or not. We can only ascertain that its lack of information and BBB recognition are red flags. You should be careful when sharing your sensitive details with an unknown company. Alternatively, CreditYelp, a known company, will be a better choice for you.
2. Does Fast Loan Advance welcome bad credit?
Fast loan advance does not list any credit requirement.
3. What Is A Cash Advance, And Should You Get One?
A cash advance is a short-term loan for people who immediately need cash without applying for a formal loan. Cash advances do not require a credit check.
You can get a cash advance by filling out an online application. The lender will loan you a certain amount (fees deducted) if approved. To return the money, you can write a post-dated check to the lender, or the lender will be authorized to debit your checking account.
You must be 18 years of age, have an active bank account or prepaid debit card account, and have an income to get a cash advance. Generally, the highest funds you can get is $500; however, this may vary depending on your state.
TYPES OF CASH ADVANCES
- Credit Card Cash Advances: You are borrowing money from the available balance on your credit card. It is similar to you withdrawing cash from your debit card. However, you have to pay back with interest. You cannot withdraw the entire credit line of your credit card. Most credit card companies allow you to withdraw a portion of your credit limit.
- Merchant Cash Advances: Merchant Cash advance is an alternative way of funding your business. A credit card company provides you with an upfront lump sum of money that you repay using a percentage of your debit and credit card sales. Technically, it is not a loan. It is a financing arrangement between a small business and the provider.
- Payday loans: Payday loans are available for employees. Here you get funds in advance till the next payday when you repay. Interest on payday loans is insanely high compared to other types of loans.
Should You Get a Cash Advance
We will analyze the pros and cons of getting a cash advance. The following are the benefits:
- Quick access to funds without collateral.
- You do not need an impeccable credit score.
- No restriction as to the use of the loan
But before you get a cash advance loan, you need to consider the following:
- It has a high APR (between 300% and 500%)
- Expensive fees can trap you in debt
- Cash advances will not help you build your credit
- Interest on a cash advance starts accruing from day one.
Though cash advance is a beautiful scheme that allows you to access funds faster, its fees are expensive. It could lead to a debt cycle that might be hard to break. Instead of a cash advance, you can consider alternatives like a personal loan and retirement account loan.
How To Tell a Loan Scam
Scammers often take advantage of people with low credit scores who are in dire need of money. Here are signs of a loan scam.
1.You’re asked to pay fees upfront
The lender may ask you to pay an “application fee” upfront before you get a loan. Why should you pay an upfront fee when you need money? Think about this. The standard practice is for all fees to be disclosed and included in the cost of the loan. You pay the cost of the loan after you must have gotten the loan.
2.The lender asks for a prepaid credit card or a gift card as payment
Why would a legit lender ask you for your banking information, a prepaid credit card, or a gift card? Don’t they have a business account to receive money? Scammers claim they need the information to settle the administrative fee on the loan.
When a lender asks you for these details, you must be careful. It is a big red flag. Gift cards are untraceable, and you will not be able to report them. It will be hard to recoup the stolen funds if you release the information.
3.The lender pressures you to act immediately
Urgency plea is a common tactic in loan scams. A lender often gives an immediate deadline with a threat of penalty. The penalty includes but is not limited to driver’s license revocation or a lawsuit. Always take your time with loan companies. Do your research and arrive at a suitable decision. Don’t be in a rush.
4. Loan offer via Calls, Mail, or door-to-door solicitation.
Be extremely careful when a lender offers you a loan via phone, mail, or door-to-door solicitation. It is illegal for a company to offer loans via phone and ask you to pay before they deliver. Scammers often clone the details of a legit lender to do this. If you are in this situation, please be extremely careful.
Ensure you verify a lender via their secure website or by calling their customer service lines. If they don’t have any record of reaching out to them, then you should not proceed. Only get loans from a legitimate and verifiable lender.
Try to do thorough research before you give any loan broker your details. Be sure that the company has enough information to prove its legitimacy. Fastloanadvance.com lacks such information. Be careful when dealing with it.
You can try other verifiable loan brokers like CreditYelp if you are in dire need of cash. All you need to do is to shop around with CreditYelp and get the money as soon as the next business day after approval.
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