Ferratum Loans

APR:
1270% Representative
Loan amount:
£50 to £700
Loan term:
7 Days to 4 Months
Loan type:
Short Term

Ferratum Loans targets being a mobile-focused lender in the short-term loan market. To be able to better support clients, service can be used 24/7 through via SMS text message and online, with extra support available through the phone and this post.

Additional focus is placed on ethics and professionalism. The target is to be a responsible lender by means of a dedication to openness and transparency. Bearing that in mind, those who have current employment are able to submit an application for financing via Ferratum. Further, minimal credit criteria have to be met, and affordability checks have to be conducted before a lending decision is going to be made.

These applications are processed online, with the majority of lending decisions being attained within a few minutes. When accepted, funds have been transferred directly into the borrower’s bank account, with most receiving their funds within two hours.

Microloans are available in amounts ranging from £50 to £500, though new borrowers are limited to a maximum of £300. After a business relationship has been established, borrowers may be given the opportunity to receive funds through the PlusLoan. The PlusLoan is an instalment loan product. Amounts between £300 and £1,000 can be requested, with the option to repay over various time periods, up to six months.

Ferratum Loans Criteria

Age Requirement
21
Debit Card
Yes
Credit Checks
Yes
Other Requirements
See Website
Same Day Transfer Available
Yes
Loan Value Available
£50 to £700
Representative APR
1270%
Loan Length
7 Days to 4 Months
FCA Registration Number
639266
Loan Example
£300 for 37 days. Interest £88.80. Interest rate 292% p.a. (fixed). Representative 1190% APR. Total amount repayable by one repayment of £388.80 (£50 to £300 available to new customers for 7 days to 37 days)

Ferratum Loans Review

Ferratum provides lending options for people interested especially in smaller loan options. This can be ideal for those who are experiencing a small cash flow issue that they expect to have remedied in the near future.. Furthermore, it may be cheaper for people who are confronting an expected overdraft situation and expect to have the ability to pay back the borrowed amount in total when they get their next salary payment.

The application method is very fast, allowing some prospective borrowers to complete the forms in as little as two minutes. Applications are processed seven days a week, and money could be obtained on the same day on which you are approved for the loan, sometimes in as little as two hours. This is sometimes valuable to people who experience a financial hardship out of traditional banking hours and need help immediately. Early repayment is obviously a choice and has no associated fees.

Customer Review:

Ferratum
User Rating: 5.0 (5 votes)
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Company Pros...

  • Loans available for under £100
  • Early repayment available with no additional fees
  • Funds could be in your account within 2 hours of approval

Watch out for...

  • First time borrowers can apply for a maximum of £300
  • Missed payment can impact negatievly on your credit score