Ferratum Review | www.ferratum.co.uk
Address: Suite 318, 25 Goodlass Road, Liverpool, L24 9HJ.
Branding: Ferratum. AKA: FerratumUK.
FCA Licence: 672537.
From: Ferratum UK Ltd (part of Ferratum Group).
Related: No companies.
Bad Credit Ferratum Loans Available?: Fair-to-good score required.
Manage: Ferratum login provided via www.ferratum.co.uk.
Offers: Payday and instalment loans.
Opening Hours: Monday to Tuesday (8am/7pm), Wednesday (8am/5pm), Thursday (8am/7pm), Friday (8am/5pm), Saturday (8am/12pm).
Secure (SSL): Yes.
Sums: £50 to £300 (new) | £500 max (returning) (MicroLoan).
Sums: £300 to £500 (new) | £1000 max (returning) (PlusLoan).
Terms: 1 to 4 months (MicroLoan).
Terms: 3 to 6 months (PlusLoan).
£24 /£100 (30) <0.800%>
£154.26 /£300 (3) <0.571%>
Notes: Standard business hours are Monday to Friday (9am/5pm). There are however extended times to help out their customers that was confirmed by email. These times are Mon, Tue and Thu (8am/7pm), Wed and Fri (8am/5pm) and Sat (8am/12pm). For funding itself, payouts are made 7 days a week as long as you have already borrowed from them. Such requests are made by text or through the login. The noted 4 month repayment above would only be available on re-loans since this term requires at least £400 (£300 is the new user cap).
– International: Jorma Jokela’s Finland-headed Group was formed in 2005 and since this time they have expanded to 23 countries (sometimes they use other multiple brands in single locations). Over their history they have had 4.3 million customers. It is stated that 1.5 million remain active. Ferratum’s mission is to eventually expand to over 50 countries. It is clear that they are one of the premier consumer lenders worldwide.
– Operations: The customer service has recently extended to Saturdays. The big feature is of course the ability to get funded 7/7. This doesn’t appear to be quite as perfected on the automation side as MyJar since there can be delays.
– SMS: The ability is there to apply by text (standard charges apply).
– 2017 has seen lots of developments since our past check. They have made the switch from short term to instalment. The difference in amounts has come through the introduction of PlusLoan. You can only get prices and apply for this product once you are logged in (the login itself has only recently been added). Customer support has seen extended times and the minimum age was 23, but this has dropped to 18.
– Amounts have increased a few times. They did at one time stop at £300.
– Pricing was modified to meet the cap that they have matched at 0.8% daily. The previous £100 charge was £12.70 (7) and £38 (30). This charge was made up of interest at 1.1% daily and a £5 fast funding fee.
– Terms were set between 7 and 45 days, that changed to 7 to 37. They have since moved away from shorter term lending.
– Website design has been revamped.