Ferratum is one of the best lenders in the United Kingdom. The company is registered in the UK and properly authorised and effectively regulated by the Financial Conduct Authority as an evidence of its credibility.
Ferrum offers short-term loans from £50 to £1,000. The limited loan amount for a new customer is £400. This should be repaid in a maximum of 6 months.
Contrary to the popular practice among some lenders to penalise a customer for early repayment, Ferratum encourages borrowers to make their repayment as soon as they can to prevent a backlog of an unpaid loan with interest.
Why choose Ferratum?
Each loan company has its strength that makes it the desired loan company for its customers. Ferratum surely has its strength too. What are these? Check this list:
- Friendly: Ferratum is a friendly company with great positive reviews from its customers from all walks of life. As a direct lender, the staff is friendly with an amazing customer care service that will give you a memorable experience.
- Quick decision: Ferratum is a member of a few group of lenders that offer a quick decision to their customers who apply for a loan. Within a couple of minutes decision will be made and within 2 hours the money will be deposited in your account. Do you have an urgent need for a loan during the weekend? The company operates 7 days a week to attend to the needs of people at any day of the week.
- No undue penalty: The company encourages quick repayment to reduce the loan interest that a borrower will pay. As a borrower, you can easily save some money from your prompt repayment.
- No hidden charges: The essence of taking a loan will be defeated if there are hidden charges that will increase the repayment amount and indirectly compound the financial crisis of the borrower.
While such an unscrupulous act is perpetrated by some lenders, Ferratum is an exception. You only pay the 8% daily interest rate along with your loan amount. This is to make it easy and convenient for you to plan and repay your loan at the appropriate time. This is a virtue in a business where transparency is rare and dubious acts are the order of the day.
These good qualities of Ferrum will impress on you the need to contact them if you want to get something fixed before your next wage. Why should you wait for a couple of weeks to get your wage to get your car fixed when Ferratum can help you get your car to work in within 3 days? It is an opportunity you don’t want to let pass you by.
Who qualifies for the loan?
Ferratum loan is not for every Tom, Dick, and Harry considering the number of applications for a loan that are received daily. To limit the privilege to borrowers who are really deserving of the loan, the following requirements are set:
- The borrower must be UK resident.
- He must have a regular source of income.
- His income should be sufficient for the repayment.
The objective is to make the process easy for qualified borrowers only.