Fast Loan Direct Review – An Honest Review of The Loans Company
Today, we’re delivering an honest Fast Loan Direct review. Since we know how it feels when you need some money and you trust such websites to help you out, we want to ensure that you’re in the right place.
Before you apply for any cash, make sure to read what we have to say. It can change your course of action significantly.
|Fast Loan Direct Website||Fastloandirect.com|
|Loan Terms||91 day to 72 months|
|Immigration Status Considered||Yes|
|Employment Statuses Considered||Yes|
|Credit Score Range||300-850 FICO|
|Intended Use||Personal Loans|
|Joint Loan Applications Accepted||No|
|Verification Documents Required||Yes|
|Minimum Credit Score||300 FICO|
|Loan Purpose||Personal use|
|Supported Income Types||Any income|
|Time to Receive Loan Money||1 business day|
|Other Requirements||18 years of age, proof of income, valid bank account|
Is Fast Loan Direct Legit or Scam? Regulation and Security
We cannot find out much about Fast Loan Direct from the very obscure information on their website. The site says it connects borrowers and lenders without specifying who the lenders are or what terms they offer.
This in itself is suspicious and enough for us to ask is Fast Loan Direct legit website or some kind of financial fraud. The business is not approved by BBB or any other consumer protection agency. Hence, they don’t hold any financial regulations or similar.
In fact, we don’t even have the owner’s name or a phone number to call if something goes wrong. They are as shady as they get.
Fast Loan Direct Pros & Cons
Let’s make a short list of the pros and cons of dealing with Fast Loan Direct so that you can get a better overview of the situation.
- They take clients with a FICO score of 300, which is considered very poor
- The money is approved within one business day
- They offer personal loans for any purpose
- Business is anonymous; no name of the owner or phone number
- Not accredited by BBB or any other business agency
- It has no financial regulations
- Lenders are not disclosed
- The terms of the loan are undisclosed
- There are no legal documents
- There are many negative reviews
As you can tell, the con list is way longer, implying that you should withhold from doing any business with this financial scam.
What fees does Fast Loan Direct charge?
According to their FAQ section, Fast Loan Direct doesn’t charge any fees. They say that lenders charge application fees and/or interest, but it will be elaborated upon signing the contract.
This makes no sense. Why would anyone run a business that doesn’t bring them a profit? If you think about it, you will see that something doesn’t add up. If they don’t even take their commission for the middleman’s work, it’s clear that their main idea is not doing legit lending but scamming their customers.
Once you sign up, they can access your personal information, including your phone, email, and all you have in the verification documents. These can later be misused, or you can be called numerous times by various businesses that bought your number from Fast Loan Direct.
Even if they don’t abuse your information but simply call and ask for prepayment or other fees, it goes directly against their “no fee” policy.
Does Fast Loan Direct charge an Origination Fee?
Since they’re not the lender of this agreement, Fast Loan Direct doesn’t charge any origination fee. Or so we’re told.
The origination fee is a fee charged on top of the loan sum to cover the costs of processing the loan and all the administration work. This should cover the cost of a soft check of your credit score and if you fulfill all other requirements.
However, since we don’t have the names of lenders or the terms they operate under, you may pay large sums under the name of origination fees for the loan you’ll never get.
Does Fast Loan Direct Charge a Late Fee?
Once again, Fast Loan Direct’s FAQ section doesn’t add up. It’s stated that you won’t be charged any fee if you’re late with your payment for one month.
Yet, if they’re not the lender, they cannot guarantee that those who actually provide you with funds won’t charge any late fees. Just for a better understanding, a late fee is a fee charged in case you don’t repay the loan sum in time, and if the delay is longer than 30 days, the lender must report it to the credit agency. Then, it will be added to your report and lower your credit score.
Hence, claiming that you won’t owe anything in case you’re late with payments sounds like an empty promise to entice you to request cash.
Does Fast Loan Direct Charge Prepayment Fees?
The website says there are no fees whatsoever. Yet, everything regarding lenders and their terms is vague.
A prepayment fee is a fee charged in case you repay the loan earlier than the contract says. Since lenders lose interest due within that time, they should get some interest through a prepayment fee.
However, Fast Loan Direct didn’t bother to mention such fees. In fact, they kept it as blurry as possible – every fee will depend on the lender you choose and your agreement with them.
Is Fast Loan Direct Reputable?
If you check the Fast Loan Direct reviews clients left with BBB and their current score of 1.67/5, you will conclude that the site is far from reputable. Those who signed up claim that they were asked to pay a $150-250 insurance fee through a dedicated card or ACH before they were granted any money.
As a matter of fact, employees were quite persistent, explaining how such insurance is necessary. Those who paid the initial sum were then asked for a wire transfer or CashApp transfer of another allegedly refundable sum.
None of this makes sense if the website charges no fees and if everything is done with the lender. None of the people in question ever got through the first stage and never had any contact with supposed lenders.
All this tells us that Fast Loan Direct is a scam website intended to take cash from people in desperate situations and play on their weaknesses.
Fast Loan Direct says to offer its services in all 50 states in the US. While this is impressive, it awakens suspicion.
Each state has different laws in terms of lending. While some, like TILA, are universal, there are some unique ones to be followed. Even large companies cannot afford lawyers that would ensure compliance with all laws. Hence, we suspect they operate under the radar and according to their own terms.
Fast Loan Direct Summary
Let’s summarize what we learned today about Fast Loan Direct.
- The company has no legal documents and hides the actual owner.
- They’re not BBB accredited.
- There are many negative reviews indicating the website is a scam.
- Lenders and loan terms are not clearly specified.
All of this should be more than enough to dissuade you from requesting a loan from Fast Loan Direct. While banks and other financial institutions have stricter demands and take some time to process the request, you can always count on their fairness.
You can consider a loan from friends or family, which would definitely be more favorable than the one you get with Fast Loan Direct and similar scam sites.
Is Fast Loan Direct a Legit Website?
Fast Loan Direct is not a legit website. It’s not accredited by BBB and has no financial regulations.
Who owns Fast Loan Direct?
The owner of Fast Loan Direct is unknown. The firm didn’t leave any phone, email, or other ways of contacting them.
What is Fast Loan Direct?
It’s a website offering to connect borrowers and lenders for personal loans. However, it has many negative reviews.