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Ferratum Short Term Loans Review

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Get a loan of up to $3,500 with no fees or interest on your first loan if you qualify.

52% to 803% p.a

Loan Interest


Max Loan Amount


Product NameFerratum Short Term Loan
Loan Interest52% to 803% p.a
Max Loan Amount$3,500
Loan TermUp to 45 days
Turnaround TimeUpon approval or within an hour
More Info

⚠️ Warning: be cautious with short-term loans

If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the MoneyTalks helpline operated by FinCap on 0800 345 123. It is open from 8:00am to 5pm, Monday to Friday and 10am to 2pm Saturday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged.

Alternatives to short-term loans

Consider these alternatives before applying for a payday loan:

  • Use online Government resources. The Commerce Commission New Zealand website explains how loans works and what to be aware of when borrowing from a lender.
  • Payment plans. Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan or receive an extension on your due date if you’re behind on payments.
  • Contact your creditors. Speak with creditors about extending the due date of your payment, or working out a new payment plan that works for both of you. Seek personal loans elsewhere. Consider a small personal loan from a bank or a credit union. You may qualify for a loan with much lower interest rates than those offered by payday loan companies.
  • Pay with credit card. Consider paying with your credit card to cover your emergency bills or payments. This is not a long term solution, as you’ll need to pay off the balance as soon as possible, but it’s an alternative to a short term loan with high – and immediate – interest rates.

An international provider of mobile consumer loans, Ferratum operates in 25 countries and has a mission to revolutionise banking and provide user-friendly lending services with personalised customer service.

Ferratum has been serving customers in New Zealand since 2011 and prides itself on transparency and ease of use with its automated loan system. It is a licensed New Zealand Registered Financial Service Provider that provides same-day loans of up to $3,500. With the ability to have money in your account within one hour, Ferratum could help you out when you need cash fast.

Features of a Ferratum loan

  • No guarantor or collateral needed. As long as you meet the eligibility criteria, you don’t need to provide a guarantor or collateral for a Ferratum loan.
  • Online application. All personal loan applications are completed online so you don’t need to visit a branch or spend time on the phone.
  • Loan limit. You can apply for between $100 and $3,500. Ferratum will determine the amount that you are able to borrow by using its automated system.
  • Fast approvals. In many cases, a decision is made shortly after completing your loan application.
  • Quick deposit to your account. As soon as you’ve accepted the loan amount and terms, Ferratum will deposit the funds into your bank account. Depending on the time of day and bank processing times, you could have access to your money in as little as one hour.
  • No penalty for early repayment. If you pay back your loan before the due date, you will not be charged extra fees.
  • Maximum loan term. Ferratum loans can be taken out for up to 45 days. If you don’t pay your loan back within the specified period, default payment fees will apply.

How much will it cost to borrow from Ferratum?

Ferratum charges an establishment fee of $28 for good credit loans and $48 for bad credit loans. Bad credit loans also incur a $10 cleared fund fee for same-day payouts and $10 for a direct debit.

The balance of your loan is subject to an Annual Percentage Rate (APR) which can range between 52% and 803%. These break down to 0.14%-2.2% per day. With a maximum loan term of 45 days, you’ll be charged interest for each day you have the loan. If you pay the loan back sooner, you’ll pay less interest.

If you are going to pay your loan back early, you will need to contact Ferratum for confirmation of the final total so they can calculate accrued unpaid interest and fees.

New customers will not be charged interest or fees on their first loan if they qualify and pay back the loan on time. If you are late with a repayment, you will be charged default interest and fees.

Is a loan from Ferratum safe?

As well as being a licensed New Zealand Registered Financial Service Provider, Ferratum is a member of the Consumer Credit Trade Association and authorised and regulated by the Financial Conduct Authority.

Ferratum strives to be a responsible lender and uses credit checks to make decisions on how much you can borrow. Based on your credit score and financial situation, you may not be offered the total amount that you want to borrow. It also uses bank checks to reduce money laundering.

How to apply

Before applying for a Ferratum loan, make sure to read the terms and conditions so you understand what you are committing to when you sign a loan agreement. As all applications are submitted through the Ferratum website, you’ll need to fill in the form online which will take just a few minutes.

Eligibility criteria

To be eligible for a Ferratum loan you will need to:

  • Be at least 20 years of age
  • Be a New Zealand citizen or permanent resident
  • Hold a valid passport or New Zealand Driver’s Licence
  • Have a New Zealand address and phone number
  • Have a valid email address

Required documents

At the end of the online application, you will need to link your bank account so that Ferratum can confirm your identity and account ownership with your bank. This is done through a programme called Credit Sense, which is used by many non-bank lenders to verify details and check banking history without the need to manually send bank statements.

While your online banking information is not captured, you will need to log in to your online banking account and follow the steps.

If this part of the process is successful, Ferratum will then request a credit check to confirm how much you are able to borrow. If you are applying during business hours, you will be able to see your decision soon after finishing your application. In cases where more information is required, Ferratum will contact you to discuss. If the loan is approved, you will be sent an electronic loan agreement stating the loan amount and terms.

Once you have accepted your electronic loan agreement, Ferratum will deposit your funds directly into your bank account. During business hours, you could have access in as little as one hour, but it won’t be until the next day if you sign your agreement outside of normal banking hours.

You’ll be sent an invoice within a week of receiving your loan with a date that you need to pay it back.

Ferratum New Zealand Limited is registered with the Registrar of Financial Service Providers. Their registration number is FSP 70021.

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