Who Is Fast5kLoans For?
As numerous Fast5kLoans reviews note, this loan is ideal for everyone looking for immediate financial assistance, like partaking in a surefire business opportunity, an unplanned wedding, and so on.
Namely, looking for the best loan deals can be quite tedious and time-consuming. Plus, there’s also the risk of missing the best deals and rates on the market; not to mention that you can also get scammed if you are not cautious enough.
That’s where this third-party online marketplace for lenders and borrowers and our Fast5kLoans review comes in.
The website does its best to help you find the loan deals that suit your preferences with a simple yet thorough search.
In short, Fast5kLoans is a digital marketplace for borrowers who need cash quickly. Moreover, it’s ideal for people looking for a platform that offers quite agreeable terms — including eligibility, fees, repayment options, data security, and legitimacy.
When one reads Fast5kLoans reviews, they notice a recurring theme: the platform offers installment loans, credit lines, and payday loans to individuals who often find themselves inadequately serviced in traditional channels and their processes.
With Fast5kLoans, you will most likely qualify for a loan, even with low credit scores; however, credit requirements may become more stringent if you apply for a substantial amount.
Fast5kLoans Reviews: In-Depth Analysis
As previously mentioned, Fast5kLoans is an established online marketplace for lenders and borrowers — it offers quick loans without having to qualify for a minimum credit score, catering to customers who would otherwise be underserved in traditional crediting situations.
Consequently, the platform quickly made a name for itself, becoming the go-to stop for people in need of quick loans. Today, they offer over a hundred approved lenders — the gateway that has lenders in all 50 states is run by Golden Entropy Marketing Inc. (a financial services firm).
Though, the burning question remains: is it legit or is Fast5kLoans a scam?
Despite being a relatively young network, most professional financial analysts give the platform a passing grade. Nonetheless, there are quite a few mixed and even negative reviews out there (mostly concerning the somewhat outdated website design).
However, the website’s functionality was praised by most professional reviewers, who stated that filling out the necessary forms was fast and simple.
Lastly, the brand does an excellent job of presenting the different terms and conditions you need to meet to qualify for loans. You also have a comprehensive FAQs section, where you can get additional info.
The Application Process
With Fast5kLoans, applying for a loan is fairly fast and straightforward, as most other Fast5kLoans reviews have already stated, no doubt.
In a nutshell, you merely have to:
- Enter the website
- Answer the questions regarding your loan, including:
- How much you need
- The time required to pay it back
- Zip/Postal code and street address
- Your name
- Email address
- Contact number
- Preferred contact time
- Date of birth
- Existing credit card/unsecured debt-related questions
- Minimum aggregate monthly payment
- Other questions (military service, car/real estate ownership, source of income, monthly gross income, employer name)
- ID number and state
- Social security number (will not affect credit score)
- Self-estimated credit score
- Reason for loan
- Banking information
- Once you’ve submitted the form, the platform will review your info and hook you up with the most qualified lenders or may ask you to provide further information before doing so.
Reviews of Fast5kLoans also mention that in order to qualify applicants must:
- Have a regular source of income.
- Have trusted banking info that can be verified.
- Have US citizenship.
- Be at least 18 or older.
Once you get in contact with a lender, you will be asked to fill out a full application form. And if you are still uncertain or have some questions regarding your application status, you can directly reach out to your potential lender.
After signing the loan documents, the funds will get deposited into your bank account the very next business day (in most cases). And worry not, according to most online reviews: Fast5kLoans is a fast and reliable loan provider.
Fast5kLoans Key Features
Now that you know how to apply, let’s see what sets Fast5kLoans apart from the rest of the competition.
First of all, the getaway deals with unsecured loans, meaning you don’t have to use your assets (like your car or house, for instance) as collateral when you apply for one.
That said, let’s take a closer look at their features:
Loan Rates and Fees
To get funds quickly, reviews indicate you’ll have to pay higher rates; though that’s not always the case with Fast5kLoans — terms and rates depend on specific lenders.
Moreover, you’ll be presented with rate terms and fees only once you’re deemed eligible to request a loan (sent a request and established contact with your lender).
As such, the gateway itself does not determine financing terms and other credit decisions.
Also, keep in mind that as a borrower you aren’t obligated to accept the terms of the lender if they aren’t to your liking; you don’t even have to disclose your reasons.
Repayments are most often performed on a monthly basis. And according to most other Fast5kLoans reviews, this varies from lender to lender.
In some instances, the funds will be withdrawn on a previously agreed date each month. Still, it’s important to fully understand all repayment policies before signing the loan contract; if you require more info, don’t hesitate to ask your potential lender.
Personal Loan Terms
The total costs of your loan will depend on a variety of factors. For one, the amount of money that’s being borrowed, the repayment method, the borrowing period, origination fees, interest rates, etc.
In addition, reviews of Fast5kLoans also point out that in some cases, your credit card score may also be taken into consideration.
Loan terms will also depend on a variety of factors, such as:
- Loan amount: $500.00–$35,000.00
- Payment frequency: once or twice per month
- Lending period: 2–72 months
- APR: will vary based on factors such as credit score, repayment history, etc.
- Prepayment penalty: lender-dependent
One of the biggest drawbacks of the platform according to many a Fast5kLoans review stems from customer support. More specifically, the lack of a toll-free phone number and an online live chat (which could do wonders according to our own customer service statistics).
The only way of reaching customer support is via email — a feature that isn’t bad, per se, yet lacks the response time of other methods; if you get a response at all. Hence the low BBB grade (a measly F).
In short, yes, Fast5kLoans is safe to use. The long answer: no online business can guarantee safety 100% of the time.
Although the site uses industry-standard SSL security encryption for all info that’s being collected through the forms (like your Fast5kLoans login credentials), the info is also made available to third-party lenders (so they can contact you).
This can lead to unwanted emails and phone calls from lenders. Other reviews mention that Fast5kLoans doesn’t really have a scrutinizing lender monitoring system altogether. And in rare cases, ill-willed lenders (possible scammers) might show up on the radar as well.
Some angry reviewers even mentioned receiving constant Fast5kLoans text messages from the platform, stating that they’re eligible for loans and other marketing messages. Yet, simply unsubscribing from the platform usually solves this problem (for most).
Lastly, as a connection service, borrowers are “at-risk” of being bombarded with unsolicited calls and emails, especially if complications arise with repayments.
There’s also only one available Trustpilot review about the platform, albeit an excellent one at that.
To learn more about the site’s privacy and how it collects and uses information, contact [email protected].
All in all, Fast5kLoans is an ideal option for individuals looking for quick financial assistance who wish to avoid the time-consuming process of getting a bank loan.
Hopefully, this Fast5kLoans review managed to highlight all the essential pros and cons of the gateway and gave potential applicants a clearer picture of how the platform works.
Overall, the website is simple, easy to use, and relatively straightforward.
On the downside, the support is somewhat lacking in features (like a simple phone number for potential applicants and borrowers to get answers in real-time); even a live chat feature would be a major improvement.
Pros & Cons
- Simple, user-friendly website
- Generally favorable reviews from professionals
- Fast gateway to find lenders
- No hidden fees charged by the platform
- Failing grade from the Better Business Bureau (BBB) over its failure to respond to customer complaints
- Can’t guarantee 100% information safety
- Lack of adequate customer support
Is Fast5KLoans legitimate?
All in all, Fast5kLoans offers a legitimate and convenient service for people who had credit challenges in the past to apply for a loan quickly. It has a simple and easy-to-follow fill-out form that will help you connect with lenders. Ultimately, once you reach an agreement with your lending partner, you can access the funds as soon as the next business day.
How do I know if a loan company is legitimate?
For starters, you should double-check to see whether the lender is registered in your state and has an available physical address on the website. Legitimate and secure firms also have lenders who will want to see your payment history and who will be transparent regarding their fees and interest rates.
Lastly, lenders from secure companies won’t pressure you to act immediately, won’t reach out to you if not absolutely necessary, and won’t demand a prepaid credit card.
Which fast cash loan is best?
This will depend from person to person, and as per our own credit score stats, a good credit score will almost always come in handy.
The fact of the matter is, next-day funding is convenient but comes at a price — higher interest rates.
Loan amounts, the borrowing period, etc., can all play a role.
Yet, according to our own research and the numerous Fast5kLoans reviews we examined, this loan provider (Fast5kLoans) is one of the very best out there (at least when speed is concerned).