Rates & Fees
When you use the online gateway to request for money loans at FastMoney.com, you are not dealing directly with a lender. Instead, you are gaining access to a trusted network of lenders competing for your business. FastMoney.com works with lenders, but is not a lender itself; therefore, the request process incurs absolutely no fees.
Instead, all rates and fees are determined by the lenders themselves. FastMoney.com has no input into the rates and fees of its lenders, but merely provides the borrower access to those lenders and their determined rates and fees. Once you have completed the request by providing some simple personal and financial information, you will be given the choice of loans for which you have been pre-approved. Once you choose a lender from our trusted network, you’ll be directed to an e-signature page that acts as the loan contract and contains all fee and rate information. As the borrower, you should read this over completely and carefully to see all applicable fees and rates before agreeing to the loan by affixing your e-signature. If you do not agree to the contract, there is still no charge to you; you can cancel your request with no further obligation. Once you do agree, the loan contract is verified and you will receive the funds deposited to your checking account as fast as the next business day.
The Truth in Lending Act
Federal laws under the Truth in Lending Act make sure that lenders present all potential rates and fees in writing to borrowers before a contract for any sort of money loans is entered into. You will never be charged a fee for requesting for money loans at FastMoney.com, and you are under no obligation to continue with the request process if the money loans presented to you do not fit your requirements.
Rates for Money Loans
Rates and fees for cash advance loans are higher than those you will find at a bank. But cash loans provided by lenders in the FastMoney.com network are not meant for long-term borrowing and are usually paid back in full, including interest and fees, on your next payday.
Most bank loans cannot match the speed, convenience and easy credit requirements of a cash loan. Below are some reasons why cash loan providers charge higher interest and fees than most bank loans:
- Since cash advance loan providers have limited credit score requirements, the interest rate and fees reflect the higher risk that the loan provider is taking when lending you money.
- Most banks often require extensive documentation of your income and assets, but cash loan providers only require a recent paycheck stub, your checking account routing number and confirmation that you are over 18 years old.
- Most banks take at least a few days, if not weeks, before approving your request, but cash loan providers will approve your submission in as quickly as a few minutes.
- After you accept the terms of a loan, the funds will electronically transfer directly into your checking account within a few days.
Some states have enacted laws regulating the interest rates and fees loan providers can charge borrowers; therefore, your state of residence may impact the rates and fees charged on your loan. It’s a good idea to review the laws regulating cash advances in your state to see if such a loan would be advantageous to you.