Honest Review Of The Loans Company: Fast Loan Advance
|Fast Loan Advance Website||Fastloanadvance.com|
|Loan Terms||91 day – 72 months|
|Immigration Status Considered||Yes|
|Employment Statuses Considered||Yes|
|Credit Score Range||Any|
|Intended Use||Personal Loan|
|Joint Loan Applications Accepted||N/A|
|Verification Documents Required||Yes|
|Minimum Credit Score||No demands|
|Loan Purpose||Personal use|
|Supported Income Types||Employment or other steady income|
|Time to Receive Loan Money||N/A|
|Other Requirements||Being 18 years old, with a personal bank account|
Fast Loan Advance is one of many websites offering people in need personal loans. These loans can be used for any expense, from paying the bills to treating yourself to something luxurious. No questions asked.
However, in this case, they’re not a lender but a connection between a lender and a borrower. Thus, we wanted to check is Fast Loan Advance legit and if you can trust them with your personal information.
Let’s dive into this honest Fast Loan Advance review and see if this should be your website of choice when shopping for a personal loan.
Is Fast Loan Advance Legit or Scam? Regulation and Security
The first thing to check about any business is the owner and other identifiable information. After all, if something goes wrong, you’ll want to be sure you have a way to find the firm.
According to its website, fastloanadvance.com is powered by Tpoltech, Inc., with an address in Valencia, CA. Other than that, we have a phone number and email you can use to contact the firm. Hence, a good start.
However, here’s where it becomes suspicious. The company is not BBB accredited. BBB, or Better Business Bureau, is a good source for finding information about the business. If the firm is positively rated among consumers, their report will show it. The same states for the opposite case.
Let’s see what else the cons of this firm are and whether there are any pros.
Fast Loan Advance Pros & Cons
In the lending business, there are always pros and cons. They can be related to the lender, the loan itself, or anything else. Let’s see what you will get by being involved with Fast Loan Advance.
We were unable to find any Fast Loan Advance reviews online. Not only with BBB but everywhere else. As if the firm doesn’t exist at all. Nowadays, a lack of reviews and anonymity is not a good sign for any business. Typically, people with both good and bad experiences will share them to help others. Here, we found radio silence.
Finally, we found a significant lack of other important information. Besides the address, the firm hasn’t shared details about the business, their experience and expertise, the number of people they’ve been working with, etc.
We don’t have a list of their lenders, who they cooperate with, and what your choices are. Not even the slightest indication of whether these lenders are authorized to lend money.
They haven’t specified how long it takes for the borrower to receive their funds, which is another drawback. You could apply with the bank and wait for the same time while dealing with a credible institution.
On the positive side, the amount you can borrow goes up to $35,000, and the firm is present in almost all 50 states. Additionally, they allow everyone to apply, regardless of their credit score. Even people with no score at all can apply.
What Fees Does Fast Loan Advance Charge?
According to web information, Fast Loan Advance doesn’t charge any fees for its services. This is another suspicious aspect. Even if they’re not the side in the contract (e.g., lender) but just a middleman, why would they run a non-profitable business?
Since we suspect they’re into charity work, there must be a catch. They could be using your personal information in a way or pretending to connect you with the lender while lending money themselves and avoiding the need for possession of financial regulation.
Whatever the case, it doesn’t seem safe or credible.
Does Fast Loan Advance Charge an Origination Fee?
The origination fee is a word missing from Fast Loan Advance’s dictionary. It’s a fee paid on top of the loan to cover paperwork costs. It can be described as a processing fee. Since the website says there’s no paperwork and their services are free of charge, we will assume they do not take this fee.
However, without everything in writing, they can simply claim that their lender charges an origination fee, and you may end up paying it anyways.
Does Fast Loan Advance Charge a Late Fee?
A late fee is the cost of being late in repaying the loan amount. However, since Fast Loan Advance is not a lender, they cannot charge this fee. On the other hand, their unknown lenders can, and it can be a voluntary decision.
Often, suspicious loans come with a fine print designed to take from you every penny. We wouldn’t be surprised to learn that, after you sign, there will be various fees, including origination and late fee, that nobody mentioned before.
Read every document you’re given, and don’t sign on anything before understanding exactly what’s going on. This is for your own safety.
Does Fast Loan Advance Charge Prepayment Fees?
A prepayment fee is due if you pay your loan before the term. Suppose you agree on a 36-month loan, but you wish to repay the entire sum after 24 months. Since the lender loses all the interest that’s due in the remaining 12 months, it should be covered by the prepayment fee.
However, this fee is another thing that is absent from the website in question. Simply said, all your fees are subject to the agreement between Fast Loan Advance and the lender, and you will receive the information once you have already submitted all your personal details.
It’s starting to look a bit like a phishing scam here.
Is Fast Loan Advance Reputable?
In order for a company to be reputable, it needs to be known among customers. As mentioned, we were unable to find Fast Loan Advance with BBB or any other website for reviews. Thus, the best description of the company’s reputation is – it doesn’t exist.
And when a financial institution has no credibility, you should avoid it. It’s the safest way to keep your money. While traditional banks and credit organizations may have rigorous demands and what seem to be less favorable terms, at least you’ll be sure that your private data is safe and that nobody will vanish after you pay this or that fee.
Fast Loan Advance Summary
Let’s summarize what we know and answer is Fast Loan Advance safe.
- The owner is Tpoltech Inc., registered in Valencia, CA, but not accredited by BBB or any other consumer protection institution.
- We’re missing details about lenders they work with and specific fees, such as late or origination fees.
- We were unable to find any reviews about the business online.
- Credit requirements are not explicitly listed.
All this can lead to the conclusion that you may be dealing with a loan scam. In such a case, you should file a report to all the relevant authorities, including those protecting borrowers from bad loans.
What is Fast Loan Advance?
Fast Loan Advance is a website that should connect lenders and borrowers interested in personal loans up to $35,000.
Who owns Fast Loan Advance?
Fast Loan Advance is owned by Tpoltech, Inc. and registered in Valencia, California.
Is Fast Loan Advance a legitimate company?
Fast Loan Advance is not a BBB-accredited business and is not registered anywhere else.