FastPay Review

Where does FastPay do business?

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

What are FastPay’s rates?

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

FastPay considers loan applications for business purposes, such as:

• Working capital

What types of business loans does FastPay offer?

Not all business loans are made equal. The type of loan you choose will determine the range of 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 loan off early.

How much can you borrow from FastPay?

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 are eligible for FastPay.

FastPay does not have or does not disclose a minimum annual income eligibility requirement.

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.

Only U.S. citizens and permanent residents can apply for a loan.

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

• Proof of income
• Proof of identity