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Ferratum Personal Loan

With Ferratum’s online application and fast assessment times, you can receive your loan in as little as one hour.

Ferratum allows you to take out personal loans for between 6 months - 5 years (12 to 60 months) so you can tailor your loan term to suit your needs.

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18.90% - 54.90%

Interest Rate

$15,000

Max. Loan Amount

550

Min. Credit Score

No longer offered in the market

Ferratum loans are no longer available in Canada. However, we’ve kept the information online for those who are interested.

Compare other personal loans.

Please note: All information about Ferratum Personal Loan has been collected independently by Finder and this product is not available through this site.
Ferratum provides Canadians in need of quick cash with loans from $500 to $15,000 for 6 months to 5 years. Residents of British Columbia, Alberta, Ontario, Nova Scotia, New Brunswick and Newfoundland are eligible for Ferratum Personal Loans. Loans are not available to residents of Saskatchewan, Manitoba, Quebec, Prince Edward Island, Labrador, Yukon, Northwest Territories or Nunavut.Ferratum was founded in Finland in 2005. The international financial provider operates in 25 countries and has been offering loans to Canadians since 2015.

How does borrowing from Ferratum work?

You can apply for a Ferratum Personal Loan from $500 to $15,000 for a term of 6 months - 5 years online at the Ferratum website. Upon approval during business hours, successful applicants can receive their funds in an hour or next day if approved after banking hours.

If your personal loan application is accepted, Ferratum will send your money directly to your nominated bank account. Depending on your bank, you could receive your funds in as little as 1 hour. Most customers receive their funds within 24 hours. Applications outside of business hours or during bank holidays may have longer processing times.

Once you have your funds, you can start repaying your loan on your next payday. Ferratum will set up a direct debit to take your payments directly out of your bank account on the agreed-upon dates. It’s also possible to repay your loan early at no additional cost and save on daily interest.

Customers who have successfully completed their repayments can apply for another loan up to $15,000 and are eligible to receive lower interest rates. The application for returning customers is usually faster, as long as the information you originally supplied to Ferratum is still current.

Features of a personal loan from Ferratum

Ferratum Personal Loans include the following features:
  • Flexible loan terms. Ferratum allows you to take out personal loans for between 6 months - 5 years (12 to 60 months) so you can tailor your loan term to suit your needs.
  • Additional repayment options. You can pay your Ferratum loan back as soon as you are able to, at no additional cost. This can help you save on interest.
  • Online loan calculator. Use Ferratum’s online loan calculator to find out exactly how much your desired loan will cost before applying. You can adjust the loan amount and loan term to check out all the possible options.
  • Quick decisions. Ferratum aims to review most complete applications in just 10 minutes. Keep in mind, if you apply outside of normal business hours there may be a longer wait time.
  • Fast cash. If your loan application is successful, Ferratum will transfer your funds within 1 hour. If you apply outside of business hours you’ll receive your loan the following business day. Keep in mind, the exact time your funds become available will depend on your bank’s processing times.

Compare other personal loans

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
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Spring Financial Personal Loan
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
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Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
SkyCap Financial Personal Loan
12.99% - 39.99%
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
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Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
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No min. income or employment requirements
Min. credit score: 300
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A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
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How much will a Ferratum Personal Loan cost?

It’s free to apply for a Ferratum Personal Loan. The overall cost of your loan will depend on the amount of your loan and the length of your loan term. Ferratum’s interest rates start at 18.9%. While the exact interest rate you’re offered will depend on a range of factors including your credit score and your repayment terms, you can use the Ferratum online loan calculator to help estimate the overall cost of your loan. All fees and charges will be clearly outlined in your Ferratum Personal Loan agreement.

Ready to apply? Here’s how.

In order to be eligible for a Ferratum loan, you must at a minimum:

  • Be a resident of Ontario, British Columbia, Alberta, New Brunswick, Nova Scotia, and Newfoundland
  • Be between 20 and 65 years old
  • Have access to email and a mobile phone
  • Have a Canadian bank account
  • Be actively employed
  • Earn at least $2,000/month
  • Now accepting applicants on El and Social Assistance
  • Not currently be receiving ODSP or disability insurance benefits

You’ll need the following details and documents to complete your application:

  • Personal details including name, email address, Social Insurance Number, phone number and current address
  • Employment information and proof of income
  • Banking details and bank statements

If you complete your online application during business hours you can receive funds the same day. All other successful applicants will receive their cash within one business day. Remember to have all necessary information and documentation ready before you apply to make the process as quick as possible.


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