Ferratum Short Term Personal Loans: 2018 Review
If you need fast cash Ferratum might be a great fit for you.
- Living in the province of Alberta, Ontario, or British Columbia
- Loan amount of $2,000 – $10,000 CAD
- 12 month to 60 month term
- Be 21 years or older to apply
- Minimum monthly income of $2,000
- Actively employed
- No loans in collections
- No debt management or bankruptcy
- No ODSP or social assistance (EI, etc.)
- Minimum recommended credit score is 550 and up
If you need quick cash then Ferratum is the lender for you, their application is all online and you could be funded in less than one hour.
Ferratum is in over 25 countries and has served well over 2 million customers. They are dedicated to growing their Canadian presence and are dedicated to providing short term loans to Canadians.
You need to be over 21 to apply for a Ferratum loan.
What do I need to apply?
Be a Canadian resident
Have an email address and Cell phone number
Be over 21 years old
What you need to know before you apply
You can speed up your application process by knowing your bank account number, the branch and transit number, and your institution number.
Providing your social insurance number is always optional but in doing so, you make it much easier for Ferratum to identify you and remember their site is 100% secure so you dont have to worry about sharing that information.
The best thing about Ferraum is that they aim to create happy customers, this means you are their focus, they know that you need the loan to better your situation and there are no hidden fees in their paperwork. Everything is fully transparent.
How it works
Ferratum’s application process is 100% secure and all online. They are focused on getting you the most competitive rates and aim to you funded in the fastest time possible.
Firstly you apply online, their application process is fully secure and this should take you less than 10 minutes to complete. Once that is done you will receive your pre-approval message and you will be asked which bank account you need your funds to be sent to. Depending on the time of your application, the funds could be deposited that day or the next day (all based on banking hours). Most customers usually find that their funds are deposited within 24 hours.
The funds can be used for any purposes, but remember to borrow only what you need (the golden rule with any loans) as you dont want to be stressed figuring out how to make your next payment. You can start repaying the Ferratum loan back the very next day which is a great way to budget your loan payments. Ferratum does auto debit from your bank account so you can set it and forget it. One great thing is that you can choose to pay back your loan early and not have any additional prepayment costs. This will save you money on the daily interest.
Once you have taken out a loan with Ferratum, and have repaid the loan, you can apply for another loan up to $10,000 but this time, because of your positive history with them your application process could be much shorter. Or if you have been working on increasing your credit score, you could look at other lenders that might be able to approve you for more money at lower interest rates.