Frequently Asked Questions

Yes, we do. Your credit report is a good indicator of your affordability status, and, as a responsible lender, it’s important that we check you can afford your repayments without difficulty. The credit reference agencies we use currently are CallCredit and Equifax. If you would like to know more about how your data might be used as part of your application, please make sure you read our Privacy Policy - section 4.1 describes how your personal data is processed. 

When we make a lending decision, we consider several factors including age, address stability and how you’ve managed your finances in the past.

If you would like to view your credit file, find out how here or return to our application form here

Ferratum offer two different loans. Our MicroLoan is available from £50 to £400 for your first loan. After this is repaid in full, you are eligible to apply for up to £500 as an existing customer. You can apply for a MicroLoan by entering your details here.

We also offer PlusLoan, a short-term instalment loan. New customers can apply for a PlusLoan of £300 to £700 with repayments spread over 2-4 months. Existing customers are eligible to apply for a PlusLoan of up to £1000, after their first loan has been repaid.

You can check if you are eligible to apply for a PlusLoan by logging into your My Ferratum account where you will see PlusLoan listed as an option.

All loans are subject to status and affordability.

As responsible lenders, we only loan to people who can afford the repayments. If you are not employed, you are at more risk of falling behind with your payments which could have a negative impact on your credit rating and stop you being able to access credit in the future.

You can find out more about your credit report here.

As a responsible lender, we need to know about your regular income and expenses to assess your eligibility. This includes your employment status and how often you are paid and how.

We also need to consider the affordability of the loan, so we need some information about your monthly expenses.

When considering your monthly expenses, you should include any essential financial commitments such as;

  • Your rent or mortgage
  • Your utilities (gas, electric, water and any other services you pay for regularly)
  • Your transport costs (fuel, public transport, car insurance)
  • How much you need for food (essential groceries and household items)
  • Any current credit commitments (credit cards, loans or finance agreements)
  • Any other regular outgoings (for example childcare or child maintenance payments, memberships or subscriptions)

It is important that you provide accurate financial information and have considered your future income and outgoings in determining your ability to repay your loan without difficulty.

Head back to the homepage if you’re ready to apply for a loan. 

We identify you using sophisticated technology, all the information entered on your application form is checked against shared data with other lenders.

Head back to the homepage if you’re ready to apply for a loan. 

As long as customers meet our affordability requirements, they can apply for a loan. Customers must be employed and will need an email address, a mobile phone, a bank account and a debit card, as well as the means to repay the loan on time.

If you meet our affordability requirements, you can apply for a loan here.

You can use our Loan Calculator to change the amount you would like to borrow, and how long you need to repay and see the total cost you'll be asked to repay. There are no additional fees or hidden costs. And, interest is charged daily, so if you repay the money early you can actually save money on the total cost of your loan.

Ready to apply? Head back to the homepage

Our opening hours for our Customer Care call centre are:

Mon - Fri - 8am - 4pm         

Contact our friendly Customer Care team by phoning 0151 601 8611 or text your enquiry to 07860 020 302.

We aim to give you a decision within minutes of applying, 7 days a week.

Ready to apply? Head back to the homepage.

A loan application can be sent in two ways: First-time customers must apply via our homepage and new customers can apply via their My Ferratum account.

Returning MicroLoan customers can apply for a MicroLoan by text, simply text the word NEED and the amount, to 07860 020 302, like this: NEED 300.

Unfortunately, this is not possible. You can apply for a loan via our homepage, or returning MicroLoan customers can apply using our text service, text NEED and the amount, to 07860 020 302, like this: NEED 300.

Text messages are charged at the standard rate determined by your mobile provider. Ferratum does not charge any additional fees for applying or replying by text message.

Texting is the quickest way to contact our Customer Care team, simply text your enquiry to 07860 020 302.

Customers are only able to have one loan at a time, and this must be repaid in full before applying for another.

Short-term loans are not intended as a long-term financial solution, so if you find that you are in a position where you need to borrow frequently or are in need of another loan before you’ve repaid, you should consider whether this is the best option for you.

Find out more about our loan application process here

Our payments are sent using the Faster Payments Scheme. Monday to Friday, 9 am to 5 pm, we make the payment straight away. During evenings and weekends, it may take longer to process your payment, and we thank you for your patience.

The speed at which it appears in your bank account can depend on who you bank with. Payments can take up to 2 hours, however, in reality, it happens much quicker than this. We process all payments in a speedy manner and customers are not left waiting for funds for too long.

If you would like to apply for a loan, return to our homepage here.  

We always recommend that you think carefully before applying for a loan. Failure to repay it on time could seriously affect your credit rating and you will incur additional charges.

If you do encounter a problem, contact our friendly UK based Customer Care team straight away. They are here to help you find a manageable solution. Call them on 0151 601 8611 or send an email to Find out everything you need to know about our collections process here

We will automatically debit your nominated bank account with the amount due on the loan due date using a Continuous Payment Authority. If you would like to repay early simply call 0151 601 8611 or:

  • For MicroLoan (1 instalment) text TAKE PAYMENT to 07860 020 302 to repay your balance in full. Partial payments are accepted, text PAY and the amount you want to repay, like this: PAY 100 to 07860 020 302.

  • For PlusLoan (2+ instalments) text PAY BACK to 07860 020 302 to repay your balance in full. Partial payments are accepted, text PAY and the amount you want to repay, like this: PAY 100 to 07860 020 302.

Alternatively using your online banking facilities, you can transfer payments to Sort Code: 09-07-20 Account: 01815199. Please use your mobile number as the reference, so we can easily find and identify your payment.

Please be aware that online payments will take up to 48 working hours to process and this may cause delays, especially if you are waiting to reapply. We strongly recommend debit card as the preferred payment method for your convenience. Once your payment has been processed we will send you a text to confirm receipt.

Head back to the homepage if you’re ready to apply for a new loan here

When you apply for a loan, you choose the day of the month that is most convenient for your repayment to be collected. Ferratum can then take the payments automatically using a Continuous Payment Authority using the details of your nominated debit card.

Ferratum will send you an SMS reminder 3 days before your repayment is due. A Continuous Payment Authority will only allow us to take the agreed repayment amount and no more and will only attempt to collect the repayment a maximum of twice.

If you wish to make a payment outside of your scheduled arrangement, then you should contact our Customer Care Team on 0151 601 8611. If you wish to repay your loan in full, text TAKE PAYMENT to 07860 020 302.

If your repayment date falls on a Saturday or Sunday, our system will adjust the due date to the Friday preceding that weekend, and you will be offered the opportunity to contact us if you would prefer another date. 

If you're worried about your loan due date, please contact our Customer Care team on 0151 601 8611.

From the home screen, go to Settings. Select Safari. Under Privacy and Security set Cookies to Always Allow.

For more information on why we ask you to enable cookies, visit us here.

Open Android web browser and then the Settings menu. Select Settings, select Privacy and make sure Accept Cookies is turned on.

For more information on why we ask you to enable cookies, or for our full guide on how to enable cookies on other devices, visit us here.

If you fall 62 days or more behind with your payment you will receive a default notice. This is a letter advising you that if you do not settle your loan within 28 days a default will be registered.

If you’ve had a default notice and wish to speak to our collections team, you can email them on or phone them on 0151 601 8611.

An account defaults when you have broken the terms of the credit agreement. Your account can only default once and this will be marked on your credit file. This is the point that your creditor may start further action to collect the debt.

A default on your account shows that you have failed to repay your debt. If you apply for credit in the future, creditors who check your credit file will see this. If steps are not taken to repay the debt, you could be issued with a CCJ (County Court Judgement). This can have serious consequences and result in you finding it difficult to obtain credit in the future and can affect your credit rating.

If you’ve had a default notice and wish to speak to our team, you can email them at or phone them on 0151 601 8611.

If you fall 62 days or more behind with payments you will be issued with a default notice even if you are in a plan.

When making payments through a third party, we appreciate that this can causes delays with payments being received and allocated to your account, but unfortunately, the notice is not reversible.

If you’ve had a default notice and wish to speak to our collections team, you can email then on or phone them on 0151 601 8611.

Please don’t panic! The situation can be remedied. Please contact our friendly team straight away, you can send an email to or call them on 0151 601 8611 to discuss your account.

We can offer you a short settlement to help you avoid the default. Text 28 DAY OFFER to 07860 020 302 and we will text you the amount you need to repay and by what date.

For more information about defaults please click here.

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