Review our Ferratum Payday Loans alternative
The Ferratum group is a world wide company that has been operational since 2005. They have a UK office based in Liverpool.
What kind of loans do they offer?
They offer payday loans of up to 37 days. This is slightly longer than most payday loans on offer. When you repay the loan, you pay off the entire loan amount and interest in a single payment.
How much can you apply for?
You can apply for up to £300 as a new customer, and £500 as a repeat customer.
How quickly can they supply the loan?
On Ferratum site you’ll get instant decision once you applied. Between Monday to Friday (9am-5pm), Ferratum can arrange for payday loans to be paid into your account from 20 minutes up to two hours of approval. This may take longer during evenings and weekends.
What do they charge?
Ferratum will charge daily interest of 0.8% per day.
Representative Example: Amount of credit £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. 0.8% per day which is £0.80 per day per £100 borrowed.
How do their charges work?
The daily interest of 0,8% for payday loans with Ferratum are charged by the day from a minimum of 7 days and a maximum of 37 days. So if you borrow for 10 days, you’ll pay less than if you borrow for 30 days. For example, a loan of £100 borrowed for 10 days will cost £108.00 to repay. £100 over 37 days will cost £129.60 to repay.
What optional charges do they have?
There are no optional charges.
Do they charge penalties?
If you do not repay on the due date, you will be charged a £15 late payment fee. Interest of 0.8% is calculated and added daily up to 60 days past the due date.
Do they have TV adverts?
Not in the UK.