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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.
| Product Name | Ferratum Short Term Loan |
|---|---|
| Available Amounts | £300 to £1,000 |
| New customer maximum | £700 |
| Loan terms | 2 months to 4 months |
| Soft search eligibility check | |
| Instant decision in most cases | |
| Funding speed | Ferratum aims to deposit the money in your bank account within just 2 hours if you’re approved during working hours. |
| Default repayment method | Continuous payment authority |
| Additional repayment methods | Online payment Phone payment |
| Repay early at any point | |
| FCA registration number | 672537 |
Your loan can then be repaid in two ways:
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.
To be eligible for a Ferratum loan, you must meet the following criteria.
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Additional eligibility notes | You 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. |
| 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 number | 0151 601 8611 |
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.
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.
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