Ferratum @ www.ferratum.co.uk

Ferratum

The Ferratum Group was established in 2005 and they launched locally at www.ferratum.co.uk in 2006. The Group is based in Finland and its creation came from Jorma Jokela. They have over 1.5 million customers in 18 countries (it was 20, but they have now closed in Belgium and Slovenia). They have expanded into more destinations than any other loan provider, sometimes using other trading names. From viewing their corporate site they mention that they aim to trade across 50 countries that shows that they are leading the global charge. When it comes to the UK, they are yet to make much of a dent on the market.

This short term product heads cash from £50 to £300 taken over 7 to 45 days. For pricing per £100 you would pay £12.70 over 7 days or £38 over 30. This charge includes a required fast funding fee of £5. There is no Ferratum login at www.ferratum.co.uk, but they do encrypt applications. The payment calculator on the existing customer side advises you to apply by text for a new loan. With no login, it does appear that you can only re-apply this way and so £1 SMS charges would need to be added. You could always contact their support team, but this call won’t be free.

This Euro payday lender that holds CCTA membership is relatively strict in their demands. Bad credit would likely be declined and applicants must be aged at 23 years or above to quality. The customer service team is available between Monday and Friday (9am to 5pm). They do however now state that their text loan system can grant funds 7 days a week for existing customers. The costs do stand above the industry average and with the lack of a login, there are a few areas that could be tweaked here. Much praise is of course deserved for the Group’s ambitious plans to become the major global player in short term lending.