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Can I Get a Text Loan?

text loans

What Are Text Loans?

Our Text Loans are a fast and convenient way to apply for a Ferratum MicroLoan for our existing customers. Applying for a short-term loan has never been easier, or faster! 

With a Text Loan, you can apply for your next loan simply by sending a text message, it's as easy as that! Your application will be subject to a credit and affordability check based on the identification details you've already provided. You'll get your loan decision instantly via text, along with a handy quick-link to your My Ferratum account where you can log in to confirm the terms of your loan. 

Once confirmed, you'll usually have your funds within 1 hour if you apply between 9 am and 5 pm Monday to Friday. But because we know that life is busy, and you may still need us outside office hours, we still process applications outside of these hours. 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 a Text Loan? 

Your first loan with Ferratum has to be applied for using our online application form. This is so we can set up your account with your personal details. Once your account is set up and your first loan has been repaid, you can use our Text Loan service.

Applying couldn't be easier. You simply text the word NEED and the amount you'd like to borrow to 07860 020302, like this: NEED 350. You'll receive an instant decision reply, and a link to complete your application online.

I've Paid Back My Loan, Can I Apply for a Text Loan?

Yes, you can! When you need us again, as long as none of your personal details or mobile number has been changed and you wish to have funds paid to the same bank account, simply text us like this: NEED 350 to 07860 020302

How Much Can I Apply for by Text? 

With Text Loans, our existing customers are invited to apply for up to £500. Your next payday date will be set automatically as a loan term. We offer our Text Loans in multiples of £10 between £50 and £500, so if you only need £370 you don't have to round it up and borrow more than you need. For loans of £500+, you will need an instalment PlusLoan, which you can apply for by heading to your Ferratum My Account

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

You'll know straight away as we'll text you right back with our decision! Sometimes, when you apply for a Text Loan, depending on affordability and other factors, we may not be able to offer you the amount you applied for. In these cases, we'll reply with the maximum amount you do qualify for and you can take this up by sending the NEED text for the lower amount. 

I Want to Apply For a Text Loan, But My Mobile Number Has Changed. What Should I do? 

To keep the Text Loans service secure, we can only accept the application from the mobile number you registered with us on your last application. We know it's you because we send you a PIN. If you need to change your registered mobile number please call us on 0151 601 8611 before submitting a Text Loan application and we'll amend this for you. Alternatively, you can log into your Ferratum account and amend your details. You can also apply for a new loan using your My Ferratum account online.

My Bank Account Has Changed, How Will This Affect My Text Loan Application? 

You'll need to update your bank account details before you apply for a loan, as we use this to validate your identity. On this occasion, it does mean you won't be able to take advantage of the Text Loan service, but it's still a pretty fast process. Log into your My Ferratum account to update your details and apply for a new loan. After this loan has been repaid, as long as you haven't changed your bank details again, you can apply for future loans using the Text Loan service. 

What Does It Cost Me to Apply for a Text Loan?

You send your Text Loan application to our text service number 07860 020302, 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 Loan application won't cost you anything extra. If you pay for your text messages than texts will be charged at your mobile provider's standard rate. 

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 on how to apply using the Text Loans service. It's important that you DO NOT REPLY to that text receipt. If you do, then the Text Loan system won't recognise this as an application Start a new text to 07860 020302 with the word NEED and the amount you want to borrow. It should NOT contain any £ signs or decimal points and, as our Text Loans service is automated, there's no need to say 'please' or 'thank you' to the system! 

You can only apply for our MicroLoan using the Text Loan service, for instalment PlusLoans, you need to apply online. 

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