Which Loan Products are Currently Available?
Ferratum offers customers short term microloans between £50 and £300 for new customers. After the initial loan is repaid, the loan amount increases to £500. The term of the loan can be anything from 7 to 37 days, but we’ll work this out for you based on your payday. The amount we can offer to lend to you depends on many factors; mostly based around credit score, suitability and affordability.
What Will A Ferratum Loan Cost?
With all Ferratum loan products, the cost it clear upfront. There are no hidden charges and what you see on your quote is simply the amount you will repay on your loan repayment day. The interest charged is 0.8% per day and you'll see your quote before you make your decision to go ahead.
What’s The Purpose Of A Ferratum Loan?
We offer this particular loan product for occasional cash flow problems. This might be a car repair or home emergency which simply can’t wait until payday. If you have to use your car to get to work then you can’t wait a few weeks to get it back on the road.
Why Use A Ferratum Loan Over Other Credit Options?
If you have a credit card to use, that may initially be a lower cost option. The problem is the temptation to only pay the minimum payment which then can take much longer to repay. With the Ferratum loan, you can repay in full on payday then you’re debt free… ready for the next emergency.
If you’ve had unexpected expenses and are coming to the end of the month, a quick reconciliation of your bank statement or online banking application may tip you off that you’re heading for an unauthorised overdraft situation. This is where things can get expensive and you’re paying Direct Debit fail fees, plus any admin fees from the company you didn’t pay plus any interest payable on the unauthorised facility. This can really add up so if you plan ahead and take a microloan, the cost would be lower than suffering bank and admin fees next month.
Microloans Are Sometimes Referred To As:
But are all basically a fast and simple way to get you from today to payday when you need a little help.