PERSONAL FINANCE BLOG

Money shouldn´t stop making your plans come true. Learn how personal loans can help you!
Ferratum Personal Loans Review
25 Aug 2018

Ferratum Personal Loans

Ferratum personal loans is a way for you to obtain financial relief when tradition banks turn you down and payday loans don’t offer what you need. They are a loan company that offers you the personal loans you need when you need to have cash quickly. Ferratum personal loans can provide loans to anyone with.

Get a smart, secure and fast loan for up to $10,000 easily!

You are interested if

You are a consumer seeking a personal loan and have a decent credit score. You want a loan that is proportional (in both total amounts and interest rates) to your credit history and ability to pay it off.

 

Key Points

Brief Description Ferratum personal loans have something for anyone who doesn’t qualify for traditional bank loans.
Limits and Deadlines You can borrow anywhere from $2,000 to $10,000 in installment loans with up to 60 months to repay.
Urgency As long as all your documents and information checks out, you can get your loan within 24 hours.
APR Range Their interest rates are not stated but are subject to the amount you request, your credit check and few other criteria.
Closing/Origination Fees There are some associated fees that will be revealed to you once you apply and are approved.
Early Payment Fees You can pay your loan off early with no additional fees and if you choose to cancel, there are also no associated fees.
How to Contract the Product You can head over to the Ferratum website to get in touch with them. You also have the option to do a live chat with a customer care representative.
Main requirements To apply, you must have an active bank account and subject to a credit check and identity check. You must have an active bank account and be over the age of 18.

About Ferratum Personal Loans

Main Features

Being either for those in a lower income bracket or those who are in a higher income bracket, Ferratum personal loans can be better described as a company that caters every financial class. There is no ideal market for their loans as more and more people in any class are finding that they need the occasional loan to bridge gaps in their income. Ferratum carries an extensive range of lending options that come with reasonably flexible terms in amounts, repayment and interest rates. There is the potential for an ideal candidate to have a solution to their financial dilemmas. There aren’t that many lenders who have a payment calculator for full disclosure like that offered by Ferratum, which gives them the competitive edge in the financial market. What mainly sets them apart as they have loan options for those who are struggling to rebuild their damaged credit.

Despite all the great qualities you can find with Fairstone personal loans, they still have some work to do in order to offer more to the lower credit classes This is due to the fact that some loan options do not immediately rectify financial issues that arise. This makes the possibility of anyone getting a good deal out of reach for them because bad credit luck and less income lead to difficulties in loans and not financial relief. Unfortunately, this means that if you have a substantially lower credit rating, you will not be able to get the immediate financial relief you may be looking for. Also, they are 100% online and there is no branch you can go to.

The repayment method is fairly straightforward as there is only one option for making payments. The primary way they collect payments from you is by setting up automatic payments from your bank account that will be taken the morning of each payment date. You will have no direct control over these payments, but you do have control over how many additional payments you make and how you make them. This stipulation has been put in place to make sure at least the minimum payments get made with the option to make additional payments at your own discretion. This being what it is, makes it easier for you to not have to worry about remembering to make your payments, but the bigger issue is if you lack the funds to make these payments on any given day. Then you are going to attain additional interest fees from Ferratum and the possibility of a fee from your bank as well. Any additional fees for missing payments are at the discretion of Ferratum. Ferratum personal loans do require you to contact them with 48 hours notice if you think you can’t meet your payment. They will work with you.

Additionally, Ferratum personal loans have a few unique features that make them different from other lenders. There is the option to check your credit score for free through them and they have a partnership with TransUnion a Canadian staple for credit checks. Ferratum is customer focused with personal loan options for each financial class rather than a simple no. As such, the repayment is very flexible with a maximum term or 60 months, it’s simply if you have a balance, you continue to pay until the end of the term. If you have issues with payments or want more than $10000, you might want to go elsewhere for your loan options.

More than that, Ferratum personal loans do offer you the ability to check your credit score as you continue to work with them through their previously mentioned partnership with TransUnion. This can help you by giving you a clear line of sight into your credit. It is a great way for you to keep tabs on your credit as you make your payments.

How Does It Work?

Ferratum personal loans are quick and simple with a 100% online process that makes it efficient for those who don’t want to spend hours applying for a loan. You simply choose your loan amount with the calculator, take five minutes of your time to fill out the online application and submit to the required bank and identity checks that are fully secure and only offer confirmations of the information you have already provided. Your application will be processed as soon as they receive the required feedback to your checks. After receiving the lending decision that includes the amount of your loan and all associated fees and rates, you can then receive your funds by direct bank transfer. You can get it within 24 hours via a direct bank deposit. This also depends on what time of day you fill out the loan application as you have 24/7 access. Your loan may be delayed for next day processing if you only fill out the application near the end of business day.   There is a continual option for you as long as you have an open account with Ferratum personal loans to readjust the terms. Additional options regarding your loan is to get a loan protection option to help you in the event that your financial situation changes and it becomes difficult for you to make your regular payments. This is a highly recommended option because it will also protect your credit from receiving any damages due to misfortunes.

Conclusions

Ferratum personal loans are dependable, comprehensive and relatively painless solutions to most of the money problems encountered by the average Canadian as well as a resolution to Canadians who have less than ideal credit. The 24/7 access to apply for a loan makes it convenient for you do not matter what your schedule may be. All rates are also highly transparent and hide no extra fees, so you’ll have all the necessary information to make a smart decision about whether to take the loan when you receive your free quote. The entire process is very user-friendly and for the most part, mimics what you might find in a typical bank’s lending process.

Even those with lower credit scores who will not be granted upfront money loans, Fairstone personal loans have an offer may help you find it easier to work toward better credit with the company’s support and resources behind them. However, those starting from a truly vulnerable credit position will have to start their financial transformation without receiving money up front.

Ferratum: A Great Option for Personal Loans.

Ferratum personal loans have quickly made their name known across the Canadian market. They have helped thousands of Canadian achieve the financial security they have been looking for from poor to good credit. Since they have no specific limitations to their loans, they are the ideal lender for those who aren’t certain of their up-coming financial obligation. The main focus of Ferratum is offering you affordable personal loans to help you when you need it. Having established themselves as a reputable authority in the credit world through their partnership with TransUnion, they desire to make it attainable for you to improve your credit score over time through the flexible use of their personal loan options. Having established themselves with a strong foothold in the Canadian loaning market, there is potential for them to continue to expand well into the future with their constant forward-thinking.

What We Think

Ferratum is an established and familiar presence in the loan industry, so if being a well-known company that has public recognition is something that matters to you, this company can be a decent choice for your lender. Especially if you want to keep track of your credit score. They offer lower loan amounts than their competition but the range of loan amounts that you might otherwise have difficulty coming up with are within standard. Their $10000 top lending amount can be easy to achieve without having to get the aid of multiple lenders. If you think there is potential that you would want to borrow again in the future, it can be worth your time to borrow from them as Ferratum personal loans will have established a history with you and built familiarity on the whole loan process. Borrowing from the same lender again will put you in a more favorable light as they already know they can count on you.

Being a lender that focuses on rebuilding credit, they may have difficulties catering to other potential customers who may need Ferratum personal loans. Having a tarnished credit history can put a hindrance on your ability to borrow from Ferratum personal loans but it is definitely worth looking into. Having complete access to their loans and the ability to play around with the loan calculator can help you come up with the ideal loaning option that suits you and your situation for whatever purpose suits you best of all.

Overall, Ferratum personal loans is an ideal lender for when you are looking for personal loans. They do offer you a solution that is immediate with no real wait period between application and the arrival of funds. No matter what financial need you may have, their loans have no strings attached. Once the money is in your hands, you can do with it as you desire for whatever reason you might have wanted the money for.  No matter what schedule you hold, you have access to applying for Ferratum personal loans any time and anywhere. You also have the option to speak to a representative through the online chat offered by them so that you can get any answers to any questions you may have. Worth noting, their loan calculator provides you the options to see what you could potentially borrow and all associated fees with no commitments. What more could you ask for?