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
If you’ve been on the Ferratum site and have estimated the cost of a loan, you’re probably going to want to shop around to see if you’re getting a good deal. You can use the buttons below to estimate the cost of the loan that you have in mind. We compare loans from a range of popular short-term lenders. Remember that each lender has its own minimum and maximum loan amounts and terms.
How much do you need to borrow?
How long do you need to borrow for?
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
Key features of a Ferratum loan
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
How does a payday/short-term loan from Ferratum work?
Decide on the size of loan you require and when you can realistically pay the money back.
Complete the simple four-step application process, providing your personal, contact, employment and financial details.
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.
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.
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.
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 number
0151 601 8611
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
Ferratum uses credit reference agencies CallCredit and Equifax to perform credit checks on all its customers. When making a lending decision, several factors are considered including address stability and how you have managed your finances in the past.
Ferratum are committed to treating customers fairly, so you may still be considered for a loan under individual circumstances.
Ferratum identifies you through credit reference agencies – checking the information you enter on your application form against shared data from other lenders.
It is important that you think carefully about what you can afford to repay before applying for a short-term loan. Failure to repay it on time could seriously affect your credit rating and you will incur additional charges. If you do encounter a problem, you should contact Ferratum’s UK-based Customer Care team straight away.
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.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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