The Loans Canada team sits down with Gary Schwartz of the Canadian Lenders Association to talk about open banking.
Fast Access Financial Reviews, Ratings And Fees September 2021
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Founded in Pickering, Ontario in 2003, Fast Access Financial’s main goal is to prevent Canadians from getting stuck in the endless payday loan cycle. Instead, they provide affordable alternatives with flexible repayment terms. Their team of experts takes into consideration a wide variety of factors when making approval decisions, not just your credit score.
How Can I Qualify With Fast Access Financial?
The main products that Fast Access Financial offers are personal loans of up to $5,000. These loans get deposited directly into your bank account and must be repaid through scheduled installments over a maximum period of 12 – 36 months. However, they also offer several other products, each of which could involve slightly different approval requirements.
As such, it’s important to prepare yourself properly for the application process. To give you a better idea of what it takes to qualify with Fast Access Financial, here’s a brief explanation of what you’ll need to get approved for a basic personal loan with favourable conditions.
Although qualifying with Fast Access is easier than with other Canadian lenders, you’ll have better chances of securing a larger loan with a lower interest rate and a longer repayment term if you have the following requirements:
- Full-time employment for at least 6 months (35 hours per week minimum)
- Proof that you’re at least 21 years old
- A verifiable checking account (with direct deposit capability)
- Proof that you’re a permanent Canadian resident
What Documents Will I Need to Apply With Fast Access Financial?
Using the same example, let’s talk about some of the personal and financial information you’ll have to provide when filling out your loan application with Fast Access Financial. Before you get started, keep in mind that the documents/information you’ll need may vary according to what kind of credit product you’re trying to acquire.
For instance, a mortgage can involve a more complicated process than any personal loan, so you may have to fill in some additional details. However, the basic documents you’ll need for your application to be considered are:
- 2x pieces of valid Government Identification (with photos)
- 3x references (2 relatives and 1 friend)
- Your 2 latest pay stubs
- Your most recent 60 days of bank statements
- A pre-authorized debit form (stamped by a bank teller) or a VOID cheque
- Proof of your permanent address (most recent 30-day utility bill, etc.)
As mentioned, other forms of documentation may be required if you’re applying for a mortgage, car title loan, or “Close My Deal” loan, such as information about your available collateral, proof that you own your vehicle, and proof of Property Ownership. Take a look at the Fast Access Financial webpage to see their full list of requirements.
What Features Does a Fast Access Personal Loan Offer?
When you’re looking for the right personal loan, there are several elements you should be on the lookout for, such as how much financing you can get, how high your interest rate could be, how quickly you can collect the money, and when you must repay it. It’s also essential to make sure the positive aspects of the loan outweigh the negative ones.
Here are just a few of the positive features that come with applying for a personal loan through Fast Access Financial:
- Loan amounts of $1,000 – $5,000
- Adjustable interest rates (starting at 9.90%)
- Funding that can be acquired in as little as 24 – 72 hours
- Flexible repayment terms of 12 – 36 months (1 – 3 years)
- Payments are also flexible (weekly, bi-weekly, or monthly installments)
- Applications can be filled out 100% online or over the phone
- Approval requirements are relatively easy compared to other lenders
- Their website is simple to navigate and most costs are listed upfront
- Good payments will gradually increase your Equifax credit score
What Could a Loan From Fast Access Financial Cost Me?
Although it can be pretty easy to get approved for funding from Fast Access Financial, it’s always important to tally up the potential associated costs beforehand, so you don’t end up with any high-interest debt that you cannot afford.
Additionally, remember that Fast Access Financial will report your payment activity to Equifax, one of Canada’s leading credit bureaus. As such, any payments you miss will not only lead to a penalty, they can severely decrease your credit score, making you ineligible for good loan conditions and affordable interest rates in the future.
So, before you actually apply for a personal loan or other credit product from Fast Access Financial, be sure to factor the following costs into your budget:
- Loan Principal – Your payments will be automatically withdrawn from your bank account. If your account has insufficient funds, you may be charged a penalty fee.
- Interest Rate (15.75% – 58.99% APR) – This is your lender’s fee for borrowing. While yours can be adjusted according to your financial health, a high rate can definitely drive up the overall cost of your personal loan.
- Administrative Fees – Although the amounts aren’t listed, Fast Access does mention an applicable application fee on their website. When you borrow and make payments, you may also be subject to various origination fees and taxes.
- Penalty Fees – As mentioned, you may be charged a penalty for any late, short, or missing loan payments. However, this won’t be a problem if you always make your payments on time and in full.
What Are the Pros and Cons of Applying With Fast Access Financial?
Prior to applying for a personal loan, mortgage, or other credit product through Fast Access Financial, don’t forget to weigh the potential advantages and disadvantages, as they can affect your finances and credit score in the long run:
- Quick and easy approval
- Flexible repayment terms and interest rates
- Several products and loan amounts offered
- Good payments can improve your credit
- Interest rates can be high
- Missed payments can damage your credit and lead to penalty fees
- Defaulting on a secured loan can result in the loss of your collateral
- Administrative fees are not listed upfront
What is a car title loan?
What is a “Close My Deal” loan?
Rate & Terms
Requirements & Documents
|$1,000 - $5,000|
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