Do you need quick money? Do you want a loan for the reform of your home? Does your bank reject the financing? Are you looking for a loan but don't have a payroll? Ferratum is the solution we need in moments like these, continue reading and discover the conditions, requirements and characteristics of the credits it offers, without papers and with an instant response.
Ferratum - Characteristics
|Financing type||Quick credits , mini- credits|
|Maximum and minimum amount?||€ 50 - € 1000|
|What is the maximum and minimum term?||5 - 45 days|
|Free first loan||Yes, but up to € 300|
|What interest do you charge?||APR 1309%.|
|Do you ask for endorsement?||Not|
|Loan calculator and simulator||Too|
|Can you defer payments?||Similarly|
|And early repayment?||Too|
|Where to hire?||Online as well as telephone|
|How long does it take||10 minutes but it depends|
|When will I have the money||1 hour, but it depends on the bank|
|What entities do you work with?||Several|
|Web page||Official Web|
|Is my application rejected because I am in the West African Loan Group?||Yes, but it depends|
|Do I need payroll to request a loan?||No, but if income|
|Can I apply for a pension, unemployment or self-employment?||Too|
|Can I verify my details with Instantor?||Yes|
What is Ferratum
Ferratum is an online credit portal as well as a mobile platform with extensive experience in the banking and financial market, the main characteristic of this entity over others is that it is a bank, not a private equity entity.
Ferratum Bank also relies on organic growth, its objective being to continue expanding to other countries, increasing its market share and reaching new users.
The Ferratum platform is characterized by being easy and intuitive to use, we can access it whenever we have access to the internet from any mobile device (computer, mobile or tablet).
In addition, the company strives to provide excellent customer service, available 24 hours a day, 7 days a week to help us resolve our doubts and questions.
But where Ferratum really stands out is that it offers two different types of credits.
First, it offers its microcredits online, small amounts of money to be repaid in the short term.
Then there are the Ferratum credits in the form of a credit line destined to cover higher amounts and more flexible repayment terms.
The requirements to access one of the Ferratum loans are actually basic, they do not differ from the usual ones in the sector: being over 25 and under 70 years of age, residing in Spain, having an email and mobile phone number being holder of a bank account in our country
Not to be in delinquent records like West African Loan Group, it is required to have a good credit history.
Once we have registered the following requests, we will not have to send this documentation again as our identity will have already been verified.
However, in the first loan application with Ferratum if we must deliver all this to verify our identity.
Advantages and Disadvantages Ferratum Spain
+ Quick loans of up to 700 euros for 30 days
+ In the credit line we can put up to € 1000 in 45 days
+ Free first credit without interest up to 300 euros
+ Low interest rate if you compare with other entities specialized in granting mini-credits.
+ Available extensions of up to 15 days, twice on each credit
+ We can make advance payments at no additional cost
+ It is backed by being a reliable and transparent bank
-The income is always made by transfer, does not allow Halcash or cash charges
Ferratum Loans What does it offer?
As we have mentioned previously, this entity offers two ways to obtain financing.
On the one hand, the micro loan for contingencies and then the line of credit to cover broader needs.
Let's look at each of these offers in detail so that we can choose the one that best suits our circumstances:
These microcredits are fast, low-amount online loans that are requested online and that usually have short repayment terms (30 days maximum).
Amount and terms of Creditomovil Ferratum Spain micro loans
In the Ferratum mini credit we can request amounts between 50 and 700 euros, but in the first loan the limit is set at 300 euros, from the second we can increase the amount up to € 700.
Regarding the term of return of the immediate credit Ferratum, it varies according to the amount that we request.
Those with an amount less than 500 euros have a maximum term of 30 days while those with amounts greater than 500 € the return period can be up to 45 days (between 5-45 days)
Ferratum Bank fast loans interest
The interests also vary according to the amount and repayment term, being therefore personalized.
To see what cost our loan has according to the expiration date and amount we must enter the Ferratum.es website and then use the simulator or quick loan calculator.
Here is an example and we will explain it:
For a request of € 400 over 30 days, € 554 will have to be reimbursed, APR 1309%.
Free first loan at Ferratum
One of the benefits of applying for the Ferratum instant loan is that the first credit is without interest or commissions, 0% APR up to 300 euros.
If we ask for an amount of € 300 within 30 days, we will refund the same amount the first time.
How to apply for a mini-credit
The Ferratum Bank quick mini-loan application procedure is the usual one, we will explain it below:
1 - First we must enter the Ferratum Credits website.
2 - Secondly, we select the amount and the desired expiration period.
3 - Then you have to fill in the online form with our personal data (Name and surname, date of birth, ID, contact email, mobile phone, etc.)
4 - Later, the lender evaluates our creditworthiness according to our financial profile for the approval or rejection of the application.
5 - If the microcredit is approved, they send us a text message by SMS to the mobile phone and an agent of the entity contacts us to verify our identity.
6 - Next we must sign the message we receive to accept the loan contract
7 - Finally and after sending it, the money is transferred to the bank account that we have indicated during registration.
Ferratum credit line
Lines of credit are the second modality available in Ferratum Spain, therefore different from the first one that we have mentioned.
The credit line works similar to that of a credit card, except that you do not use plastic for your purchases. It works in the following way:
1 - If we are approved for a credit line of 1000 euros, we will have this money available whenever we want and anywhere.
We can withdraw the whole or just a part. One of its advantages is that we only pay interest on the balance drawn, not on the total.
For example, if we only make a withdrawal of € 600, the interest is calculated on the € 600 and not on the total (€ 1000). Do you understand why it is compared to a card?
In addition, as we return the money, it becomes available again in the initial amount so that we can use it, the credit line is renewed.
Quantity and duration
The first time it is limited to € 500, then we can extend the credit line up to € 1000. The term for reimbursement is up to 45 days.
Commissions and interests
Not only does the Ferratum Bank line of credit behave differently from quick money loans, but its conditions also vary.
In this case, two different costs are applied, on the one hand there are the interests and on the other the cost of withdrawing the money.
The interest rate remains fixed, 0.28% per day on the capital used. As for withdrawal costs, they change according to the amount withdrawn, for example:
Withdrawals of 100 euros have a cost of 12.50 euros
While withdrawals of 300 euros have a cost of 37.50 euros
Withdrawals of 500 euros have a cost of 62.50 euros
Withdrawals of 1000 euros apply a fixed commission for said provision of 12.5%, that is, 125 euros.
Steps to follow for the application
The process to follow to apply for the Ferratum Bank line of credit is as follows:
1 - First of all, we access your website, request a credit line and fill in the form with our data
2 - Subsequently, an identity verification is carried out through an instant verification tool such as Instantor
3 - They tell us if the credit line request is approved, if it is positive, it remains active and is automatically renewed.
4 - Finally, from our personal area (Customer area) we can make money withdrawals, initiate new requests, returns, extensions, questions, etc.
Return the Ferratum Credits
Ferratum supports various payment methods for the repayment of your loans, being able to choose between the following: Bank transfer, entering through the window at bank branches.
It is necessary to fulfill the payment commitments and pay the debt on the agreed payment date.
However, it is possible to speed up payments since it allows us to pay the loan in full in advance.
Likewise, it gives us the option of paying the loan in small installments once we have the money according to the desired amount as long as the total is paid on the due date.
In the event that the expiration date arrives and we cannot afford the return of the ferratum credit, we can request up to two extensions for each credit until it is effective.
The term can be extended for a maximum of 15 days each. To do this, the request must be sent 5 business days before the expiration date and we are informed if it is approved.
The extension of the term is not free, it carries an additional interest which is explained after approving the application.
Late payments and delays
An unforeseen, an unexpected emergency can lead us to make late payments. When this happens the entity applies an extra cost in the form of a surcharge, we will explain it below:
Delays between 3 and 9 days after the expiration date have an extra price of 10 euros.
The balances that are paid with a delay between 10 and 16 days after the due date have an additional cost of 15 euros, added to the previous one of 10 euros, a total of 25 euros.
A delay of between 17 and 23 days after the payment date, carries a cost of 20 euros added to the previous ones, total 45 euros.
For balances that are paid with delays 23 days or more from the due date, an extra cost of 25 euros is charged, in addition to the previous ones, a total of 70 euros.
Consequences of not paying
If we cannot pay the debt nor have we extended the term, it will remain unpaid with the consequence that this situation can generate in us:
Debt continues to grow due to late payment interest
Penalties for non-payments
Inclusion in delinquency lists
Judicial claim of the debt
However, before reaching this situation if we see that it is not possible to return the Ferratum credit, we must contact the entity to find a solution (split payments for example)
Ferratum Telephone and Customer Service
If we need to contact the entity, it has the following contact channels available to its users, below we see:
- Telephone: 91 267 02 60
- Fax: 91 267 02 64
- Email: firstname.lastname@example.org
- Ferratum Bank PLC - ST Business Center 120, The Strand, Gzira, GZR 1027, Malta
If you have any problem or discrepancy with the credit institution from this area you can file a claim. As easy as looking for the "Claim here" link
Client area: Ferratum My Account
One of the communication channels implemented in the lender and also used in the financial sector is the customer area.
After registration, with username and password from the login being the client access we can manage all our affairs with the company.
In fact, it is not necessary to call by phone or send any email if we can make the arrangements in this efficient and immediate way.
Ferratum Bank Opinions and Comments
In this section you will be able to read some comments and Ferratum opinions of clients who have formalized this product.
As you can see, in general, people think well, however that does not mean that we have found good, regular and also bad.
Javier "I have read many reviews on finance websites, specialized blogs and almost all of them have a favorable opinion about it"
Nicolás "I usually go to Ferratum when I need some liquidity quickly, without waiting or explaining"
Martina “She has excellent customer service, so you can see that they work hard day after day.
José "Despite having read some complaints on the internet, my experience has been very pleasant, I recommend it"
Lucia "Ferratum is reliable, it is therefore a secure portal where you can borrow money with the best conditions"
Claudia "I asked for a loan of 300 euros, I could sign it for free, without paying anything, I like their policy, for this reason in the future I will ask for a line of credit to have money always available"
Ferratum Opinions - Conclusion
To finish our complete analysis, we came to the conclusion that it is a recommended financial company, to request a quick credit as a line of credit.
The conditions of its products are friendly and accessible, interest rates as well as flexible terms.
It also has a financial variety, two types of credit to adapt according to our taste.
Are you looking for a space where you can ask your questions and doubts about the Ferratum credits and line of credit? Write your comment right in the section below in which you can express yourself with total freedom.