Text Loans

text loans

What Are Text Loans?

Text loans are essentially the same as mobile micro loansYou may also see these products referred to as short term loansWhen you apply online or by sending a text, your application will be treated the same way in terms of credit and affordability checks.  We can usually have the funds with you within 1 hour if you apply between 9am and 5pm Monday to Friday. These are our usual office hours but, because we know not everyone works to these shifts anymore in our 24 hour lifestyles, we will still process applications outside of this timeframe.  You’ll still get your money but it can take a little longer and we thank you for your patience.

How Do I Apply For Text Loans?

Your first loan with Ferratum has to be applied for by completing our online form.  The reason for this is that we have to ask for your details so that we can set up an account for you.  Once you’ve had an account set up and the first loan repaid, you can use our text loans service.

I’ve Paid Back My Loan And Would Like To Know How To Apply For Text Loans.

That’s great! When you need us again, as long as your mobile number hasn’t changed and you wish to have the funds paid into the same bank account, it couldn’t be simpler.  Send us a text message to 07860020302 like this: NEED 350. 

How Much Do The Text Loans Go Up To?

Using Text Loans service, our existing customers are invited to apply for up to £500. Your next payday date will be set automatically as a Loan Term. We can offer this in multiples of £10 between £50 and £500 so if you only need £370 for your text loan, you don’t have to round it up and borrow more than you need. Loans of £500 or more are in multiples of £50 and for this we advice to use MY FERRATUM account service.

How Will I Know If My Text Loans Application Was Approved?

You’ll know straight away as we’ll text you right back!  Sometimes, when you make applications for text loans, depending on affordability and other factors, we may not be able to offer you the amount you applied for.  In these cases, we will reply with the maximum text loans amounts you do qualify for and you can take this up by sending the NEED text for the lower amount.

What If I Want To Apply For Text Loans, But My Mobile Number Has Changed?

To keep the text loans service secure, we can only accept the application from the mobile phone you registered with us on your first application.  We know it’s you because we sent you a PIN.  Should you need to change this, please call 01516018611 before submitting any text loans applications and we’ll amend this for you.  Alternatively, log into My Account and amend your details text loans amend details

My Bank Account Has Changed, How Will This Affect My Applications For Text Loans?

Not a problem, you can fill in the online form again as we do have to validate your bank account number and sort code by checking they match your name.  On this occasion, it does mean you can’t take advantage of the text loans service but it’s still a pretty fast process.  After this loan has been repaid, as long as you haven’t changed the bank details again, your future applications can go through the text loans service. Log into My Account to amend your details and apply text loan new details

What Does It Cost Me To Apply For Text Loans?

Your text loans applications are to 07860020302, which is a normal rate text number.  This means that if you have a text allowance from your mobile phone provider and you haven’t used them all, your Ferratum text loans applications are free of charge.  If you pay for your text messages, text loans are your normal mobile provider’s rate.  We don’t use a premium rate number for our text loans service.

Is There Anything Else I Need To Know About Text Loans?

The text loans service is available to customers who have repaid their first loan.  When we send your text receipt, you are also sent instructions as to how to apply using the text loans service.  It’s important you DO NOT REPLY to that text receipt.  If you do, then the text loans system won’t recognise this as an application.  START A NEW TEXT to 07860020302 with NEED and the amount you wish to apply for.  It should not contain any £ signs or decimal points and, as our text loans service is automated, you don’t have to say ‘Please’ or ‘Thank you’ to the system.  The text loans system has been created to be as fast and simple as possible.

Text loans from Ferratum, it really is as easy as that to apply.  To register and open an account as a new customer, or to change your bank details, please use the button below.