Ferratum Short Term Loans Review

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

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Ferratum

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.

Compare loans on offer from Ferratum

Name Product Maximum Loan Amount Loan Term Turnaround Time Loan Interest Minimum Monthly Repayment Establishment Fee Account Administration Fee
Ferratum Short Term Loan
$3,500
Up to 45 days
Upon approval or within an hour
52% to 803% p.a
N/A
$28 for good credit loans and $48 for bad credit loans
N/A

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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 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.
  • Good or bad credit. Ferratum accepts applications from customers with both good and bad credit history.

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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