Ferratum short term loans review 2020

Ferratum provides fast and flexible short-term loans of between £300 and £1,000 (£700 for new customers) that you can repay over terms from 2 months to 4 months.



Operating in 25 countries, Ferratum is an online direct lender of short-term payday loans, and is authorised and regulated in the UK by the Financial Conduct Authority.

Ferratum’s aim is to provide simple and transparent short-term loans without any hassle, with a speedy, streamlined process. You can expect a decision within a few minutes of application, 7 days a week. Funds are sent using the Faster Payments Scheme (a banking initiative that aims to reduce payment times) – in less than 2 hours if you’re approved during working hours.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

How do Ferratum’s loans hold up against the competition’s?

Table: promoted deals, sorted by total payable
How much do you need to borrow?

How long do you need to borrow for?

Name Product Available Amounts Monthly repayment Total payable Link
Lending Stream Instalment Loan
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
Savvy.co.uk Personal Loan
£300 to £3,000
Representative example: Borrow £1,000 for 12 months at a rate of 152.33% p.a. (fixed). Representative 352.7% APR and total payable £1,999.92 in 12 monthly payments of £166.66.
The Money Platform Short Term Loan
£250 to £1,000
Representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.
QuidMarket Short Term Loan
£300 to £1,500
Representative example: Borrow £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1,301% and total payable: £454.37 in 3 instalments of £151.46.
CASH4UNOW Short Term Loan
£150 to £1,000
Representative example: Borrow £200 for 4 months at a rate of 292% p.a. (fixed). Representative APR 1314% and total payable: £332.00, in 4 payments of £83.00.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Savvy.co.uk Personal Loan
The Money Platform Short Term Loan
QuidMarket Short Term Loan
CASH4UNOW Short Term Loan

Key features of a Ferratum loan

Product NameFerratum Short Term Loan
Available Amounts£300 to £1,000
New customer maximum£700
Loan terms2 months to 4 months
Soft search eligibility check
Instant decision in most cases
Funding speedFerratum aims to deposit the money in your bank account within just 2 hours if you’re approved during working hours.
Default repayment methodContinuous payment authority
Additional repayment methodsOnline payment
Phone payment
Repay early at any point
FCA registration number672537
LinkMore Info

How does a payday/short-term loan from Ferratum work?

  1. Decide on the size of loan you require and when you can realistically pay the money back.
  2. Complete the simple four-step application process, providing your personal, contact, employment and financial details.
  3. Ferratum will run credit/affordability checks and within seconds should be able to determine if you’re eligible for a loan and the size of that loan.
  4. Once approved, your loan is usually credited to your bank account within one hour, but can take a little longer in busy periods. Repeat customers can apply for a new loan by text.

Your loan can then be repaid in two ways:

  • Ferratum uses a Continuous Payment Authority (CPA) to collect your repayments on the due date or monthly instalment dates you have chosen.
  • You make a bank transfer to Ferratum, or repay any amount by telephone.

What is a Continuous Payment Authority (CPA)?

CPAs differ from a direct debit because you give the company being paid permission to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday/short-term lenders will use a CPA to collect your repayments. You can cancel this at any point by either consulting with your loan provider or your bank.

What are the eligibility requirements?

To be eligible for a Ferratum loan, you must meet the following criteria.

ResidencyUK resident
Minimum age18
Additional eligibility notesYou must be employed, with a regular income.
You must have a mobile number and email address.
You must have a UK bank account and a debit card.
LinkMore Info

Changing you loan: Additional borrowing options and early repayment

Option to change repayment date
Repay early at any point
Repaying early can reduce overall interest
Interest is only applied to days where funds are outstanding
Multiple loans allowed at the same time
Phone number0151 601 8611
LinkMore Info

Did you know?

In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.

They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.

Is a payday loan a good idea?

Payday/short-term loans from companies such as Ferratum are a very expensive method of borrowing and may not solve your money problems in the long term. They aren’t a good idea for borrowing over longer periods, or for sustained borrowing. Before you apply, make sure you have considered other options carefully. Is the expenditure that you’re planning essential? If you can defer a purchase then you could save yourself money in the long run. Read our guide to payday loan alternatives.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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