Choosing the Best Short-Term Loan Lender
In light of the current COVID-19 we will not be accepting any new loan applications. The well-being of our customers is of absolute priority and therefore we ask you to contact us via chat, email or phone if you have an existing account and require any help.
Many customers will be faced with income interruptions as a result of this crisis and so therefore we are recommending that you refer here for useful advice: https://www.moneyadviceservice.org.uk/en/articles/coronavirus-what-it-means-for-you
Do you know all the facts?
Despite what many people may think, not all short-term loan lenders are the same.
In fact, this couldn’t be further from the truth. Like with most other types of loans – whether they be personal loans or mortgages – you should take the time to consider what benefits and drawbacks each product has. Every single lender has positive and negative points to their loan products.
Using independent short-term loan review sites can be helpful, as this allows you to get a fair view of the market and take a look at the benefits and disadvantages each lender has. There are lots of different factors between short-term loan lenders, including:
- APR charged - The APR can be a little confusing. It refers to the annual percentage rate and, as you won't ever have a short-term loan for a year, the APR won't be representing the true story. The best advice here is to compare the amount you wish to borrow over the number of days you wish to have the loan. Any reputable loan company should tell you before you go ahead how much this will cost you in total.
- Faster Payment charges - Ferratum does not charge for sending the funds to you via Faster Payment. We don't charge anything except the interest on the loan which we display upfront before you agree to anything. There is a late fee of £15 for late payments but this can be avoided by paying on time.
- Weekend funding - Evenings and weekends, we still make payments to our customers, it's not quite as fast as the 1-hour service, but we will get to you.
- Online account management - Your Ferratum My Account is available for you to manage your details and apply for loans.
Don't pay for brokers or firms who request a fee and 'guarantee' you an account. Ferratum does use brokers to introduce you to us, but we don't want you to pay for this so we use non fee charging brokers.
There are many brokers who may offer no credit check payday loans and weekend short-term loans. Ferratum, as a direct lender, can process your application within minutes and have your cash with you in 1 hour in most cases.
Once you have chosen your lender, the application process from then on couldn’t be easier. Established and reputable lenders like Ferratum will get your application processed within no time at all, and if you’re approved then you will get your cash the same day.
In fact, Ferratum could lend you up to £300 on your first loan application. In summary, ensure you have looked at all of the costs involved in taking out a loan because there are a lot of short-term loan lenders out there who all offer different things, it’s all about picking the right lender for you. If you would like to apply for a short-term loan with Ferratum, please use the button below.