Ferratum Personal Loan
With Ferratum’s online application and fast assessment times, you can receive your loan in as little as one hour.
Ferratum provides Canadians in need of quick cash with loans from $2,000 to $10,000 for 1 year 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.
Compare personal loans from Ferratum
How does borrowing from Ferratum work?
You can apply for a Ferratum Personal Loan from $2,000 to $10,000 for a term of 1-5 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 $10,000 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 FerratumFerratum Personal Loans include the following features:
- Flexible loan terms. Ferratum allows you to take out personal loans for between 1-5 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.
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. While Ferratum’s interest rates and fees are not stated on its website, 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.
Additional fees may include:
- Insufficient funds fee of $50
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.