Ferratum Loans advantages include flexible loans
Interestingly, Ferratum offers micro loans that are essentially the same as short term loans. They also offer a PlusLoan product, which is a type of instalment loan with a longer loan term than a micro loan.
With Ferratum, customers are able to take out loans with loan terms of between 7 days and 6 months. This depends on the type of loan they apply for (micro loan or PlusLoan). As well as, the amount they borrow and whether they are an existing customer.
Flexible loan amounts
For your first loan, Ferratum offers micro loans of between £50 and £300, for a loan term of between 7 and 37 days. After you have repaid this first loan in full, you will be invited to apply for up to £500, because you are an existing customer.
Ferratum also offers both new and existing customers the opportunity to apply for its PlusLoan product. A loan which can be repaid over 2-6 months, depending on the amount you borrow. New customers are able to borrow between £300 to £500 through a PlusLoan, for loan terms of between 2 and 4 months. Existing customers could be invited to apply for a PlusLoan of up to £1,000, which can be repaid in up to 6 months.
Decision within minutes
After filling in and submitting your application form, Ferratum aims to inform you within minutes whether they can approve your loan application.
Payouts usually within 2 hours, 7 days a week
Ferratum sends payments to its customers using the Faster Payments Scheme. From 9 am to 5 pm, Monday to Friday, Ferratum will make the payment straight away, if your application is approved. During weekends and evenings, it can take longer.
How long it takes for the money to appear in your bank account depends on who you bank with and whether they support this scheme. Payments can take up to 2 hours, however, in reality, payments often appear in borrowers’ bank accounts much quicker than this.
Repay early and save money
Ferratum does not charge fees if you choose to repay your loan early. This means that, as interest is charged daily if you are able to repay your loan early, you could save money on interest.
Re-apply for another loan by text
After you have applied for, received and repaid your first loan, you are able to apply for further loans via text message.
You can do this by sending a text to 07860020302, stating the loan amount you wish to borrow. For example, if you wanted to borrow £300, you would text ‘NEED 300’ to Ferratum.
Text loans are available in £10 increments between £50 and £500, so you should not need to borrow more than you require.
If you are a new customer, applications must be made through Ferratum’s online application form.
Existing customers are able to make loan applications via text message, as per Ferratum’s instructions.
The first section of Ferratum’s online application form asks you to specify how much you want to borrow and your loan term. The period of time you wish to borrow over. The loan terms that are available for you to apply for will depend on the amount of money you want to borrow.
You will then need to fill in your personal details, including your name, date of birth and marital status.
Ferratum then needs your contact details, such as your mobile telephone number and current postcode.
You will also need to provide information about your current address, like your residential status and the date that you moved in.
The next section asks for your employment details.
Here you will need to populate fields about your employment type and work industry.
Your salary information is also required. Including your monthly expenses, bank account details and income source.
Also within this section, you will need to complete information about your salary payment method. As well as, your payment frequency and your next pay date.
At the end of the form, you can tick a box to indicate whether you would like to stay informed of any services that may be of interest to you.
Ferratum then provides applicants with explanations of credit agreements. The Pre-Contract Credit Information (PCI) in a downloadable format.
If you are happy with all of Ferratum’s terms and conditions, you can then click ‘Apply for microloan’ or ‘Apply for PlusLoan’. This depends on which product you are applying for.
If you have all the required information to hand, you should be able to complete the Ferratum application form in around 5 minutes.
Who can apply?
As long as you are employed, you are able to apply for a loan with Ferratum.
You will also need to have a mobile phone, an email address, a debit card and a bank account.
As a responsible lender, Ferratum carries out credit checks on everyone who applies for a loan with them. They say they will only lend to you if your credit file is ‘clean’. When they make a lending decision, they will consider many factors. These include your address stability, your age and how your financial affairs have been handled in the past.
Ferratum currently uses Callcredit and Equifax to conduct their credit checks.
UK-based customer support
Ferratum has a UK-based call centre, open from 8 am – 7 pm on Monday, Tuesday and Thursday, 8 am – 5 pm on Wednesday and Friday and 8 am – 12 pm on a Saturday.