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FastPay

in Business Loans from FastPay Partners LLC

Unaffiliated

FastPay

Unaffiliated

in Business Loans from FastPay Partners LLC

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Highlights
Loan Amount $5,000 - $100,000
APR  (Fee or Charge Based Product) 3% - 52%
Loan Term (Months) N/A

FastPay Review

FastPay is a business financing offering by FastPay Partners LLC, based in Los Angeles, CA. Founded in 2009, FastPay Partners LLC offers access to small business loans in 48 states (and Washington, DC).

FastPay FAQ

What are FastPay’s rates?

This is a fee-based business loan. This means borrowers pay a percentage of the business loan balance as a fixed-fee instead of an ongoing APR. FastPay offers small business loans with a finance charge ranging from 3% to % of the business loan's amount.

The equivalent APR will vary depending on the terms. SuperMoney tried to run the numbers and a typical APR for this product ranges from 3% APR up to 52% APR.

Does FastPay charge an origination fee?

No, FastPay does not charge a loan origination fee. A loan origination fee is what some lenders charge for processing, underwriting, and funding a business loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

What limitations does FastPay set on the purpose of the business loan?

FastPay considers business loan applications for business purposes, such as:

  • Working capital

What types of small business loans does FastPay offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. FastPay provides access to the following business loan types:

  • Invoice Financing

Does FastPay charge prepayment fees?

No, FastPay does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the business loan off early.

How much can you borrow from FastPay?

Business loan amounts start at $5,000 and go up to $100,000.

What do you need to qualify for FastPay?

FastPay does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 500 and up to 850 may be eligible for FastPay.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the FastPay product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by FastPay. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Proof of identity
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Message From Our Editor

What We Love About Fastpay Loans

Fastpay Loans offers a financial alternative for new businesses that need venture capital. Those who don’t have established credit and need to find a way to fund their business can use equity to exchange for capital, offering a solution to help digital media brands grow and thrive. This type of funding is as unique as the people who need it, and it is changing the way the media industry finances its business needs.

Another big selling point of Fastpay Capital is that the team is comprised of people who understand the difficulties and unique nature of modern financing and have backgrounds in finance, media, entertainment, legal, technology, and design. This means that the company truly understands the lending needs of this industry.

What Could Fastpay Do Better?

The entire premise of Fastpay is that businesses are given financing for their operations and then asked to repay those funds by using a percentage of their sales or income. The concept is good. The disadvantage is this they don’t generally give you choices or terms on the repayment end. Fastpay will typically require a percentage of each sale to repay the loan.

Fastpay Backstory

Fastpay was founded in 2009 as a financial technology brand that helps provide liquidity and financial workflow solutions to the digital media industry. The company leverages proprietary analytics and technology to address common issues like inefficient processes and long payment terms, helping companies get the capital they need. Their headquarters are in Los Angeles, and the company also has offices in New York, Boston, San Francisco, and London.

Since the company was founded, it has originated more than $2 billion in working capital loans for small to mid-size businesses.

The Verdict

When a company is not in a place to take on a traditional loan, Fastpay is easy with no personal guarantees or credit checks required. Funding is also quick and seamless, alleviating concerns for several small media companies.

You can compare all kinds of working capital funding solutions by comparing business loans and more. See how Fastpay stacks up to other lenders with our reviews at Supermoney.com.

Contact

  • Headquarters
  •   8201 Beverly Blvd, Suite 600
    Los Angeles, CA 90048
  •   Visit Site

Other Services by FastPay Partners LLC

Availability

  Available in 48 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

No Origination Fee
No Prepayment Fee
Credit Score Range 500 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Revenue $0
Verification Documents Required
  • Proof of Income
  • Proof of Identity
Approval Speed 48 hours
Loan Amount $5,000 - $100,000
APR (Fee or Charge Based Product) 3% - 52%

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