Read how a short-term loan from Ferratum helped Paul when he was hit with unexpected expenses.
Short-term loan services often come under a lot of criticism. That’s because, historically, there’s been plenty of lenders who are willing to lend money to people knowing full well they will struggle to pay it back. Responsible lenders, like Ferratum, always make sure they carry out a full credit and affordability check on any potential customers, to help stop people falling into problem debt.
Here at Ferratum, we’re always trying to improve our services to better meet the needs of our customers. And that means getting to know our customer’s stories and learning what circumstances led to them needing a loan in the first place.
Paul told us his story of how he ended up needing a short-term loan, and how it helped him in circumstances.
Paul and his partner, Wendy are usually careful spenders who enjoy socialising over coffee with friends and getting involved with local theatre projects.
Unfortunately, when Wendy was admitted to hospital with breathing problems, the couple faced an unexpected hike in their finances;
“It was just when Wendy was at her most vulnerable that we needed some money to keep the bills being paid and visits to support her during her time as an inpatient”.
Paul found that he had limited options to access a short-term cash boost to help him through till his next payday, so he turned to Ferratum. Paul’s loan was approved. He was able to keep on top of his finances as well as afford the added expense of visiting his partner in hospital for the duration of her stay.
“What we find is that most lenders will make a judgement about you that feels personal. We are just ordinary people who are careful with our money.”
It’s easy to see how unexpected demands on a family’s finances can quickly lead to a stressful time. But thanks to a responsible attitude to short-term lending, Paul was able to make the most of a short-term Ferratum loan. Helping him out of a sticky situation and giving him time to get on top of his finances again.
“Ferratum have been so very much a gift and when we needed help they were able to step in. Our lives are back on track now after a tough time our relationship goes on well and we are making plans together.”
We’re so glad to hear that things turned out well for Paul and Wendy, and we thank Paul for sharing his story.
The need for short-term loans.
It’s easy to judge people who find themselves in tricky financial situations, but the reality is that it happens. If you’re only short by a small amount, it may be difficult or unwise to negotiate a long-term loan with your bank at short notice.
With a short-term loan of £100 from Ferratum, taken for 30 days, you’ll repay a total of £124. That’s £24 interest over the 30 days. Less than the charges applied if you were to use the overdraft facility on most bank accounts, which are typically charged at £1/per day.
The important thing to remember when you take on any form of debt, is to ask yourself if you can realistically manage the repayments. Our loan sliders can help by showing you how much interest you will pay on your loan upfront. Click on the button below to find out how much a Ferratum short-term loan would cost you.
|Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: APR 1270% if borrowing £400 for 4 months. Interest rate: 292% p.a. (fixed). Total amount repayable: £665.48 by four instalments of £166.37. Maximum representative APR: 1604|