Ferratum Money is an entity that is part of the Ferratum Bank group. It is a mobile financier that would be founded in 2005, having a presence in Europe, South and North America, as well as Asia (in the Pacific area).
It is the finance company that is responsible for providing fast money to any client; In addition, they offer several lines of credit , so the user can choose what is best for him in each case.
Ferratum affirms that the main objective of the company is to offer a simple mobile solution that meets the expectations and needs that customers may present. In the Annual Report presented in 2016, they stated that they did not believe in the traditional way of operating banks. They believe in an innovative technology that is easy to use, that can be used anywhere in the world, and that is based on the pillars of the highest security.
We can verify that the company allows us to request loans 24 hours a day, 365 days a year .
Ferratum Money loan types
There are two types of loans at Ferratum:
Ferratum Money Micro Loan
The micro - loan formula allows us to request a minimum amount of money of € 50, and a maximum of € 500 . The return period is a minimum time of 5 days and a maximum of 30 days .
This resource is more well thought out for when a payment has been presented to us urgently and we cannot wait: for example, in case we have to pay the electricity or water bill due to the threat of supply, in case we have received a Very high phone bill, to pay for car insurance, a broken appliance, car repair, etc.
Ferratum Money Line of Credit
If the previous formula has not given you enough money to start the type of project you have in mind, then you can use the "line of credit" that Ferratum makes available to you.
The minimum amount that can be ordered here will be € 200 , while the maximum amount will already reach € 100 . However, there are conditions regarding the return time, and that is that it will not be a criterion that the applicant can choose freely. Based on the amount of money that you want to request, a certain return period will be established.
For example, in the event that an amount of money of € 200 is requested, and a monthly payment type of € 75, a minimum return of 3 months will be established (the maximum return period can never be more than 26 months ).
The great advantage of this resource is that we can ask for the money at any time and return it without complications. This repayment period will depend on the amount that is being returned month by month, as well as the amount withdrawn.
Advantages of choosing Ferratum Money
Get your loan quickly
In a short time it has established itself as the preferred company compared to other banks, and the main reason for this is the ease and speed with which we can have the desired money.
And it is that only 2 minutes will be required by the user to fill in a simple form, this is located on your web portal, in any of your credit lines.
At the same time, the response derived from the form will also be immediate. It will only take 10 minutes to get the money, forgetting about having to deliver many papers, or having to be doing complicated paperwork.
Ask for the money regardless of the schedule
You can request the money from a mobile phone, or from your personal desktop computer; we will only need the device to have access to the Internet.
But the truth is that it will not be necessary, since it allows us to send the request through an SMS with the mobile phone .
Ferratum's advanced loan management system allows us to request the money, even if we are not at home, we do not even have to be in the same country where we live to do so.
Start by requesting a loan completely free
In order to encourage new clients, the entity offers us the possibility of requesting an initial credit completely free, of a maximum amount of € 300 . And the best of all is that we will not have to pay additional interest, or commissions, or any type of hidden expense.
You only need to meet 6 simple requirements to be able to access these credits; Forget about needing a guarantee, or necessarily having a pension or payroll.
The most important requirement that Ferratum imposes is that you are not on a Credit Checker- type delinquent list.
They also won't ask you to explain what you plan to do with the money. A maximum request amount of € 1000 is established and you can establish the return period that best suits your needs.
The main features of Ferratum Money
100% secure platform
At first, the fact of having to give our personal data online may seem somewhat delicate. However, you should know that Ferratum strictly complies with the Data Protection Law (that is, the LOPD).
Integra a long series of security measures that you can see that, indeed, the user is who he claims to be, avoiding any kind of external breach that could jeopardize our data.
Optimal customer service
At Ferratum they are also aware that sometimes things are complicated. If we need urgent money, if we do not want to give explanations, if we do not understand any step in the process, if we have any complaint, claim, or even suggestion, the team of the financial institution will be willing to listen to us.
In recent years, and especially this at the time when the economic crisis in our country was detonated, many fast credit companies have appeared on the market. And worst of all, not all of them are exactly trustworthy.
Ferratum's case is different; And it is that, as we have already commented, it would be founded no less than in 2005, so it already has a history of more than 13 years behind it. During all this time he has dedicated himself to learning, has analyzed what the client is looking for in each period and has transformed his own to achieve maximum satisfaction through hiring them.
In addition, its founder, Jorma Jokela , was in charge of other major companies in the past, so the entity is well run.
In 2016, Ferratum announced that it was expanding its loan business even further, thus responding to new customer demands for an innovative, as well as alternative, loan.
It is safe to ask for a loan at Ferratum Money
In the words of Jokela, its creator, We are motivated by our passion to innovate and we have a strategic growth plan , we deduce that it is not a company that stagnates in the past, but that it continually evolves with each passing year. Taking into account this factor, his long history, and his financial strength, we conclude that it is safe to request a loan in Ferratum .
But, of course, it will be necessary to previously analyze whether it suits us or not, and for this we have no choice but to review the contract in all kinds of detail. If the commissions are high, if the return period is short, or if there is any other information that does not convince us, either we will proceed to vary the criteria, or we will opt for another fast credit company.
Ferratum Money requirements
As we have already mentioned, one of the basic characteristics of Ferratum Money is that they are free of guarantee; in other words, it will not be necessary to have an endorsement for the loan to be approved. They can also be obtained without a payroll or pension, or without having to do a lot of paperwork. Ferratum's mandatory requirements are as follows:
- Age: You must have a minimum age of 25 years, and a maximum age of 70 years.
- Identification document: It will be required to present the identification document, such as the DNI or NIE.
- Bank account: The bank account number must also be indicated; This will be done both to verify that the owner is who he claims to be, and at the same time to receive the money directly if in the end the request is positive.
- Email: We need a valid email address (required to activate the account).
- Mobile phone number: The mobile phone will receive a PIN code, via SMS, which we can use to access the system. Thanks to this fast recognition system, we will not have to go through long and tedious identification systems every time we want to access the platform in question.
- Register of defaulters: The entity will automatically deny the credit in the event that the applicant is registered in a database of defaulters (for example, in the RAI or in the Credit Checker).
In general, if we meet these requirements we will be able to access the loan in question without problems ... although there may be some additional requirements that must be met.
Ferratum Bank customer service and online banking
Ferratum Bank allows us to connect with its advanced customer service by calling 91 267 02 60 (general information), or 935 227 629 (collections). We also have available the mail [email protected] , they even have a presence on the social networks Facebook, Twitter, G + and YouTube , from which we can express complaints or request information
The great advantage of this online credit company is that we can manage the entire process over the Internet, without even having to go to a physical branch, or having to call by phone.
When requesting a credit, the system will ask us to register: in addition to our basic personal data, we will have to make sure that we have entered the phone number correctly; And it is that to this number they will send us an SMS with the PIN code , with which we will have access to the Client's Personal Area .
Through this area we can request the money, check how much time we have left to return it, request an extension, as well as other functions of interest to the client.
We also have the possibility of downloading its specialized app, with which we will control the same as in its online platform, but with the advantage that we will do it with the mobile. It is available for Android and for IOS .
Ferratum loan and line of credit interest rates
- Microcredit: The APR of this type of loan is highly variable, since it will depend on the amount of money that is requested, as well as the repayment time.
For example, if € 575 were requested within a 45-day return period, with an associated APR of 1309% , the total to be returned would be 796.71% , which indicates that the total cost of the loan will have been € 221,731 .
- Line of credit: The APR is variable, but a maximum percentage of 381.34% is established .
It can be seen better with this example: in the event that you want to request a credit line of € 1000 (that is, the maximum amount), with an applied APR of 258.02% , and with a minimum monthly payment of € 293.33 in a repayment period of 1 year, the total loan to be repaid will be € 1,677.50 , so the amount of € 677.50 will have to be paid in interest.
How to apply for Ferratum Money online loans
The good news is that we can apply for Ferratum loans online by following just 3 simple steps. Even if you have never asked for a loan in this way, you will see how it does not take long to get the system working:
- Amount of money and return period: The first thing that the system will ask you is that you enter the amount of money you want to request, in addition to the return period in which you are going to commit to return it.
If you are a new customer, the maximum amount to request will be € 300 , and the return period of 30 days.
If you are a regular customer (this means that you have ever asked for the loan and have returned it without problems), you can access a maximum amount of € 1000 , with a return time of up to 45 days .
- Fill in your data: If you agree with the conditions offered by Ferratum , the next step is to enter your personal data in a form. This process will help the system to verify your identity, and for this we will not need to send personal documents or any type of paper. You must know what, as an advanced verification system, the system will ask you to connect with your bank. It is a 100% secure process, which even operates under the https protocol, so we will have nothing to fear.
- Granting money: If all of the above has gone well, you will have the money in your account in record time. Now we just have to make sure that we can return it on time to avoid problems.
Once we have registered, we also have the option of requesting loans via SMS; All you have to do is send a message to the number 600 124 810 , with the amount of money you want to order (expressed in numerical form) and followed by the return time, and your PIN code.
This would be an example: 200 30 PIN.
Ferratum Money loan simulator
To choose the loan that best suits us, the platform has an advanced loan simulator , which will require that we only enter the amount of money, the repayment period, and that we weigh the interests to determine if they are convenient for us.
How to repay Ferratum personal loans
There are three ways to repay Ferratum loans:
- Through the portal: We enter the portal, look for the loan and click on "pay", and then on "instant payment".
- Through your card: We can also pay the credit with the card, without commissions, although for this we will have to speak personally with the entity.
- With bank transfer.
Extensions and postponements
If we see that we are not going to be able to cover the debt on time, we can ask for an extension. This is something that can be done easily from the user panel.
Opinions about Ferratum
Almost all opinions associated with Ferratum Money loans are positive, so we can trust what it offers us. Of course, analyze the conditions to avoid unexpected surprises when paying.
Ferratum Bank allows us to access personal loans with minimal requirements, and without any paperwork. In a very short time you will have the money. It is a secure platform through which our private data will always be protected.
If you need money urgently, count on Ferratum Bank .