Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk Loanski is an authorised credit broker not a lender

    Ferratum Loans Alternative

    Loans from £100 to £10,000

    • 1 month to 5 years
    • 100% online application
    • All credit scores welcome to apply
    • Paid in as fast as 10 minutes^

     

    Secure SSL connection

    Your application is sent over a secure encrypted network

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

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    Representative 305.9% APR.
    Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% pa (variable). Loanski.co.uk does not provide any loan or consumer Credit products directly.

    Choose Loan Amount

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    Representative 305.9% APR.
    Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% pa (variable). Loanski.co.uk does not provide any loan or consumer Credit products directly.

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

    Loans from £100 to £10,000

    • 1 month to 5 years
    • 100% online application
    • All credit scores welcome to apply
    • Paid out in as fast as 10 minutes^

     

    Secure SSL connection

    Your application is sent over a secure encrypted network

    REPRESENTATIVE 305% APR

    Loanski offers competitive interest rates compared to some lenders across the market.

    Installment Options

    Customize your loan term from 1 month to 60 months putting you in control of your payment plan.

    Fast Payouts

    You can expect fast payouts sometimes within 10 minutes^

    Company Number: 

    07349566

    Company Name:

    FERRATUM UK LTD

    Date firm started up business:

    18 August 2010

    Type of Business: 
    Consumer Credit

    Loan value range:

    £300 pounds to £700 pounds for new customers.

    Existing customers can apply for up to £1000 pounds.

     

    Loan term length:

    62 days to 4 months.

    Head Office Address: Suite 318 25 Goodlass Road, Liverpool, Merseyside, L24 9HJ

    FCA Status: Authorised

    Payout Time:

    After you have been approved for your loan, you should receive your cash within 2 hours. If you apply after 17:00 or at the weekend, then it may take a little longer.

    Ferratum Review

     

    Ferratum is a short-term payday loan company which was originally opened during 2005 in Helsinki, where their headquarters still remain. They opened up a UK branch and started offering loans to customers during 2010. 

    Since then they have been building a good reputation with both new and existing clients.

    Offering a range of small short term loans, Ferratum is ideal if you need a little borrow to get you through those difficult days until your next payday.

    Overall the Ferratum website is basic and easy to use with slider bars to select both the loan you want and the term you want to pay over. Any questions you may have about your loan is fully covered by the Ferattum FAQs on their website.

    What is the meaning of Ferratum?

    Ferratum is a very unusual word and is not one that is in the English dictionary. After researching, Loanski discovered that the word is actually Latin and comes from from the two Latin words ferratus and ferrata.

    In Latin Ferratum means “furnished or covered with iron”

    We assume this is where the idea has come from in terms of money. Because money originally and still is based on the concept of metal coins.

    As the company is based in Helsinki, we thought that the word may either be Sweedish or Finnish, but we couldn’t find any information to prove that this statement is correct. The only word that came up was the Latin term.

     

    How the company works:

    It is easy to apply for a loan with Ferratum, you can enter all of your details in online using their application form and you will receive a decision within minutes, 7 days a week!

    If you have been approved for your loan then payment is also fast. Usually the same day unless it has fallen in the evenings or weekends. It may even be the next working day.

    Submitting documents or additional information is not usually required by Ferratum as they use advanced technology to check if your details validate. If on a rare occasion you are asked to submit any additional paperwork such as ID or bank statements, this will be done securely either through email or through your online account.

    Repayment method:

    Repayment of any loan with Ferratum is made by CPA (continuous payment Authority) this is where the payment is deducted directly from your bank account.

    You can make any early payments by logging into your account online or via text message following the steps on the Ferratum website.

    If CPA isn’t suitable for you then you are able to cancel this by contacting them and pay directly via bank transfer.

    Do I need a bank account?

    As Ferattum is an online loan system, you will need both a bank account and a card active for that account to be able to apply.  The card will need to be a debit card and not a prepaid card. This is so credit checks can be run and also payments can be deducted directly from your care when your loan repayment is due.

     

    Age

    You will need to be at least 18 or over to be eligible to apply.

     

    Address information

    Your address information for the last 3 years will be required during your application form. These will need to be UK addresses if you are not a UK citizen.

     

    ID and Income

    During your application, you will be asked questions about your income and household expenses. This may seem a little invasive but it is to protect you and to ensure that you are able to repay the loan. Ferratum is a responsible lender and likes to ensure all of their customers are not likely to get themselves into any hardship. They do this by fully assessing your income along with your monthly outgoings and grocery bills.

    Penalties

    If you can not make your repayments then is it always best to contact Ferattum and discuss this with them. Any missed payments may cost you even more and could possibly damage your credit score meaning you will not be able to borrow any money again.

    Not contacting Ferattum when you can’t make repayment will make your situation worse.  They will always be willing to help you find a solution to your situation when you hit difficulties so please ensure you contact them as early as possible.

     

    Reviews

    Ferratum has a trust pilot review of 4 stars out of 5.

    79% of their reviews are rated as excellent

    11% are rated as great

    2% is average

    1% poor

    7% are rated as very bad

     

    After we looked into the reviews, there seems to be a lot of people not happy with the company. They say that when they had an issue the company were extremely difficult to contact and the customer service was very poor.

     

    Ferattum has however taken the time to respond to most of their reviews offering a solution to the customers who seem to be having difficulty.

    It is not all bad though, Some of the reviews from customers are fantastic and have had great customer journey with this company. Some of the reviews have been written by returning customers who have used this company for years and never had any issues when borrowing money from them.