- Do Ferratum carry out credit checks?
Yes, we do and we will only lend to you if your credit file is clean. The credit reference agencies we use currently are Callcredit and Equifax. When we make a lending decision we will consider many factors including your age, your address stability and how your financial affairs have been handled in the past. If you would like to view your credit file for free, you can see what we see at Callcredit. See your credit file here.
- Why do my Microloan T&Cs say I have a credit limit of £500 when I borrowed a lower amount?
Ferratum ask MicroLoan customers to sign a Consumer Credit Agreement known as a "Running-Account Credit". This document only needs to be acknowledged by the customer once and issued by Ferratum once. Therefore regardless of the amount requested or granted we set MicroLoan customers a "virtual" credit limit of £500 which is currently our maximum loan amount. However each drawdown or loan granted is subject to status. As a responsible lender and we would never knowingly put a customer in a financial situation that could potentially make things difficult for them. Customers can only have one outstanding loan at any given time and this must be repaid before applying for more funds. The benefit of this type of agreement is that once the "virtual" credit limit is granted then MicroLoan customers can take advantage of our SMS loan facility. This means if they need to request cash they simply text NEED and amount to 07860 020302. (Example NEED £160) MicroLoans are available from £50 to £500 (£50 to £300 for New Customers) in multiples of £10. Ferratum advise customers only to borrow what they NEED and what they can afford to repay.
- What is the maximum loan amount?
Ferratum offers MicroLoans from £50 to £300 for your first loan. After this is repaid in full, you are invited to apply for up to £500 as an existing customer. We also offer a PlusLoan product. This is an instalment loan of £300 to £500 for new customers, repaid over 3-6 months. Existing customers may be invited to apply for a PlusLoan of up to £1000 which can be repaid in up to 6 months. If you are eligible to apply for PlusLoan, you will see that it is visible as an option when you log in to your 'My Ferratum' account. All loans are subject to status, terms and conditions apply.
- Do I have to be employed to take out a loan?
It would be outside of the 'Responsible Lending' guidelines to lend money to a person who had no means to repay it. Not paying the loan will affect your credit rating so it would not be good to take out a loan without having an income to make your payments.
- Who can apply for a loan?
As long as you are employed you can apply for a loan. You will need an email address, a mobile phone, a bank account and a debit card. If you have these and believe that you are able to repay the loan on time - apply now.
- Do I need to provide identification?
We identify you using sophisticated technology. All the information you enter in the application form is checked against shared data with other lenders.
- How much will the loan cost?
You can use our Loan Calculator to see how the fees change with respect to loan amount and repayment period. There are no additional fees or hidden costs.
- What are the opening hours?
Our opening hours for our UK based call centre are as follows:
Mon - 8am - 7pm Thurs - 8am - 7pm
Tue - 8am - 7pm Fri - 8am - 5pm
Wed - 8am - 5pm Sat - 8am - 12pm
- How soon can I get a loan decision?
We aim to give you a decision within minutes of applying.
- How do I send in my loan application?
A loan application can be sent in two different ways: First Time Customers must apply via the website. Returning Customers can apply either by sending a text or via our website. If you have a smart phone then we also have a mobile optimised website in order to make the application process easy for you.
- Can I apply for a loan by telephone or visiting your office?
Unfortunately, this is not possible. You can apply for a loan either by sending a text (Returning Customers) or via our website, please see above.
- How much does it cost to send a text message to Ferratum?
Text messages are charged at the standard mobile messaging charge from your mobile provider. Ferratum does not charge any additional fees for applying or replying by text message.
- Can I have more than one loan at a time?
Customers are only able to have one loan at a time, and this must be repaid fully 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.
- How quickly is the loan paid into my bank account?
We send the payments using the Faster Payments Scheme. Monday to Friday 9am to 5pm we make the payment straight away. During evenings and weekends it can take longer and we thank you for your patience . The speed at which it appears in your bank account depends on who you bank with. It 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 the funds for too long.
- What happens if I can't afford my repayment?
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 Customer Services Team on 0151 601 8611 or click here.
- How do I repay my loan?
We will automatically debit your bank account with the amount due on the loan due date using a Continous Payment Authority. If you would like to pay before then simply call 0151 601 8611 or text: TAKE PAYMENT to 07860 020302. Partial payments are accepted. Alternatively using your online banking facilities you can transfer payments to Sort code: 09 07 20 Account: 01815199. Please put your full name as the reference.
- What is a Continuous Payment Authority?
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.
- What happens if my repayment due date falls on a weekend?
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.
- I am applying on an iPhone/iPad and it is saying I need to accept or turn on cookies and I don't know how to?
Go in to "Settings" then choose option for "Safari" which is the internet browser on your device. Half way down the menu there is "Privacy" and change "Block Cookies" to "Never". For more information about why we ask you to enable cookies, visit us here.
- I am applying on an Android or other phone. How do I enable cookies?
Go to Browser application, then touch the bottom left options key, scroll down to Settings - Privacy and Security - Accept cookies. For more information about why we ask you to enable cookies, visit us here.
- Why have I received a Default Notice?
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.
- What is a default?
An account defaults when you’ve 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've not paid your debt. If you apply for credit in the future, creditors who check your credit file will see this. This can have serious consequences, and the default can affect your credit rating.
- Why have I received a default notice when I am in a payment plan / debt management plan?
If you fall 62 days or more behind with payment’s 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 causes delays with payments being received and allocated to your account, but unfortunately once issued the notice is not reversible.
- I have had a default notice. What should I do now?
Please don’t panic! The situation can be remedied. Please contact us on 01516018611 to discuss. We can offer you a short settlement to help you avoid the default text: 28 DAY OFFER to 07860 020 02 and we will text you the amount you need to repay and by what date.
For more information click here.