About lender
Fast Access Financial is an alternative lender, providing secured and unsecured loans and mortgages for people who can't qualify or don't want to borrow with banks. It was established in 2008 in Ontario, Canada, and operates in Ontario.
The lender declared the aim to help Canadians get money when needed and rebuild credit to be able to borrow from traditional lenders with lower rates.
Features
It is an online services provider. Apply 100% online or by phone and get funded fast, within 24 — 72 hours from approval. The application is easy to understand and convenient. Provide personal, contact, employment, and income information to apply.
You can rebuild credit with Fast Access Financial. With comparatively low rates and open-ended terms — prepay penalty-free, and avoid fees for late payments — Fate Access may assist you in creating or fixing your credit score. They report your progress to Equifax as your scores improve. However, if you miss your payment, the score decrease will be reported and worsen your credit history.
You can borrow between $1,000 – $10,000 and get mortgages of up to 85% loan-to-value (LTV). Loan terms are 12-36 months; the rates vary from 9.90%. Annual percentage rates (APR) are 15.75% – 58.99%. Loans are classified as short-term borrowing for emergencies, and more significant amounts are secured by an eligible car. Personal unsecured loans aren't provided for self-employed customers. Instead, mortgages are offered as a long-term solution.
Loan conditions
Personal loans
Unsecured personal loans lent out based on the employment status and income of an applicant. The maximum loan amount is $5,000. Not available for self-employed, you should prove full-time employment over six months.
Car title loans
Loans secured by a car as collateral for the loan in case of default. You may get a more significant loan amount with a secured loan. For example, to get a loan from Fast Access Financial, prove that you fully own an insured car model of 2009 or later to borrow up to $10,000. Also, be sure to repay your loan: if you don't make repayments, you could lose your car, which the lender could resell to cover your unpaid debt.
Mortgages
Home loans up to 85% of the LTV ratio. You must be an owner of a property you live in for a minimum of 60 days before applying for a potential up to $85,000.
Close My Deal
Special option for clients who need money to repay mortgage-associated costs without an additional credit check. For example, you may get $7,500 to cover moving costs, renewal fees, broker fees, agent fees, legal costs, etc. Rates start at 19.99%. You are expected to have Property Ownership for at least 60 days before applying and an LTV ratio of no more than 85%.
You can apply with bad credit but are not eligible if you are currently in a consumer proposal or debt management plan. It may be approved with a current bankrupt status. Be ready to give consent to obtain your credit report from Equifax Canada.
Methods of loan funding
Apply online, and after the approval, your funds can be deposited into your account within 24 hours of your request for a loan (72 hours if you apply on weekends or later than 1 p.m. on Friday).
The loan is funded via direct deposit to your preset valid chequing account provided during the application.
Pros and cons
Pros
Great choice of lending products
Competitive rates
Easy to be approved
Bad credit loans
No penalty prepayments
Variety of terms
Appreciate every customer
Report to Equifax to strengthen your credit
Online application
Flexible payments
Good reviews
Cons
High rates
No physical office
Limited loan amount
A small company of 6 individuals
Missed payment penalty
Should be over 21 years old
Available only to Ontario residents