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Smartphones and tablet PCs drive demand for Ferratum loans

What's Happening?

The growing use among consumers in the UK of smartphones and tablet computers is helping to fuel the demand for the products of Europe’s biggest online short-term loan lender.

Unlike traditional lenders, Ferratum UK handles all of its applications via the web or mobile, providing customers with loans of up to £300 within minutes.

More than two million people in the UK are already believed to have applied for a short-term loan and the industry is forecasting that this figure will have risen to more than 3.5million people by the middle of this year.

The majority of people applying for loans with Ferratum UK are aged 18-35 with approximately 60 percent female.

Ian Porter, Ferratum UK’s Sales and Marketing Manager, said: “We are providing our customers with a lending service suited perfectly to their busy lifestyles.

“The 18-35 generation are extremely tech-savvy. Virtually all of them have access to the internet and the vast majority will own a smartphone, tablet PC or both. 

“The overwhelming message we are receiving from our customers is that they find a Ferratum short-term loan far more flexible and responsive to their needs than more traditional lenders. 

“They have a short-term financial requirement – perhaps only £100 or £200 to perhaps pay a utility bill or urgent car repairs – so have no desire to take out more money than they need or have to repay over a longer period. This is responsible borrowing and lending in action.

“Our customers are also looking for secure, fast and efficient online lenders who are able to respond to their needs whether they are at home, work or out with family and friends.”

Ferratum UK has continued to see a significant month-on-month increase in the number of applications it is receiving. The strong lending activity during December and January has continued into February and March.

Porter added: “There is no question, more consumers than ever see a short-term loan as the best solution for a short-term financial need.”