FAQ - Frequently Asked Questions
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
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.
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, please contact our friendly Collections team straight away. They are here to help you find a manageable solution. Call them on 0151 808 1372 or send an SMS to 07860020302. For further information please visit our Collections FAQs.
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 or make additional repayments, you can simply log into your online My Account and make a repayment using our online function here.
You can also follow the instructions below to make additional or early repayments by text. 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.
The maximum loan amount offered by Ferratum is £1000, which is offered through our instalment loan product - Plusloan. 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.
All loans are subject to status and affordability.
When we make a lending decision, we consider several factors including age, address stability and how you’ve managed your finances in the past.
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.
Once your loan has been repaid, if you would like to update your bank account details before you apply for a new loan, please Contact us with your full name, bank account number and sort code, and the team will update your account.
Please remember that when you apply for your next loan, if you validate a new card during the application process this will not automatically update your associated bank details. So you should update these in advance of your next loan application as advised above so that your new loan is paid into the correct account.
If you have an open loan and would like to update your card details, please log in to your My Account and use the Change card details option in the menu navigation or Contact us for further assistance.
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.
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.
It's really simple to apply for a loan from Ferratum from your computer, tablet or mobile device. First-time customers can apply via our homepage. Select how much you'd like to apply for and for how long and click Apply Now.
Existing customers can apply via their My Ferratum account, simply follow the instructions to log in to your account, check your eligibility and apply for a new loan.
If you have any problems or questions, we welcome you to Contact us.
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.
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.
There could be a number of reasons why you’re not eligible for a loan on this occasion. A change in your financial circumstances, financial commitments, credit score or borrowing history could all affect your eligibility for a loan.
As a responsible lender, we’ll also look at how you’ve been getting on with Ferratum loans. Our short-term loans are only to be used for short-term financial needs and should not be used as a long-term borrowing solution, or if you are in financial difficulty. If we see repeat lending that could suggest long term financial difficulty, we may ask you to evaluate your borrowing needs or seek free and impartial advice from moneyadviceservice.org.uk.
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.
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 please Contact us for arrangements.
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.
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If more than 62 days elapse without payment, this will trigger 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. The good news is, we are here to help you and we may be able to offer you a reduced settlement figure to help you avoid the default. Please Contact us to discuss this.
Default notices are given to non-paying clients after 62 consecutive days of non-payment for all Ferratum products (Microloan, Plusloan and Credit Limit). The default notice specifies the amount owed and a repayment date (this is usually 30 days after receiving the letter).
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, please Contact us.
If more than 62 days elapse without payment, this will trigger a default notice, even if you are in a debt management plan. When you are in a debt management or repayment plan, it's very important to make regular monthly payments towards your agreed repayment schedule, failure to do so may result in a default notice being issued.
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, please Contact us.