Ferratum Loans Review: How To Access The Loan, USSD, Requirements
Ferratum Group is a financial lending company that offers its customers fast and easy loans.
Ferratum is one of the global leaders in the delivery and management of SME loans, mobile and digital banking through mobile devices.
As with other Fintech companies, you don’t have to undergo long processes to obtain a loan.
They were established in 2005 and grew rapidly to operate in 25 countries over the years. This includes Africa, Europe, North America, South America, and Asia-Pacific.
In addition, they are at the very forefront of the digital banking revolution. In 2016, they introduced an innovative banking platform to make banking better for their customers.
This platform enables users to perform various banking services and make digital transactions and payments in good time.
The mobile application is currently operational in five European countries. The minimum loan amount is N1, 000 and the upper limit for new customers without collateral or guarantor is N10, 000.
These loans are intended to be short-term loans to get you through till your next payday. It is great for those looking for a personal consumer loan, including students and people with poor credit histories who are unable to obtain traditional bank loans.
Ferratum Loans has been in business for more than a decade, and it is safe to assume that they are a trustworthy and safe financial institution. They have solutions all the time and even provide funding on weekends.
Table of Contents
Pro
- It just takes a few minutes to approve or reject a loan.
- They have repayment options that are versatile, easy, and convenient.
- You’ll get a loan decision in less than an hour.
- Convenient repayment plan
- No collateral/ guarantor is required
Cons
- The loan might not be enough to meet most of your needs
- The loan term is too short (not more than a month).
- You must reside and work in Lagos State
- The maximum loan amount is low (less than $10,000).
How can I get a loan from Ferratum?
Applications are simple, fast, and funding management is also simple thanks to the upgrade and also easily accessible rates.
If you are currently working, you can simply apply for financing.
- Simply head to the website, click on “APPLY NOW,” fill in the necessary fields and your banking information. From there, just follow the onscreen instructions to complete the process and Ferratum will take care of the rest. The steps are easy to follow. Once you submit your application, Ferratum will use their service to try to identify you.
How can I access my Ferratum loan in Nigeria?
Simply dial 3226# or visit their website-www.quickteller.com/ferratum
What are the minimum and maximum requirements?
To be eligible for Ferratum loans, you must meet the following requirements.
- You must be at least 18yrs old.
- Must be a resident in Lagos State
- You must have an excellent credit record
- You must have a stable source of income.
How fast are funds released?
You will receive a loan decision in few minutes after your loan application. After a thorough examination of your loan application, you’ll receive the requested amount into your bank account if the decision was positive.
How long do Ferratum loans take?
You’ll receive a loan decision in few minutes after submitting your loan application. Payouts are usually made within two hours, seven days a week.
Ferratum uses the Faster Payments Scheme to deliver payments to its customers.
If your application was successful, Ferratum will make the payment immediately from 9 a.m. to 5 p.m., Monday to Friday. It can take longer if you submitted an application on weekends and evenings.
The type of bank you use and whether they support this scheme determines how long it will take for the loan to reflect on your account.
Payments may take up to 2hrs, but most times, payments are received in borrowers’ bank accounts much sooner.
How do I repay my Ferratum loan?
You can use the options below to repay your loan on or before the due date:
- Quickteller: You can repay your loan via fastteller.com/s.
- USSD: Dial *322*1*04309401*Amount to be paid back#
- Mobile App: You can use the mobile app to pay back your loan. Visit fastteller.com to download the app on your phone.
- SMS: Payments can also be made via SMS. Send “QT HELP to 32122”
Can I pay my Ferratum loan early?
If you want to repay your loan early, Ferratum will not charge any fees. This means that if you can repay your loan early, you can save money on interest because interest is paid daily.
You can apply for additional loans via text message after you have applied for, received, and repaid your first loan.
Does Ferratum do credit checks?
As a trustworthy loan provider, Ferratum performs credit checks on those applying for a loan. When making a loan decision, they take several factors into consideration.
These include your address, age, and your financial records. Ferratum currently conducts credit checks with Callcredit and Equifax.
Is Ferratum a direct lender?
Yes, they are. Ferratum may have been introduced to you through a broker website.
You may have assumed the broker was a direct lender like Ferratum, but these brokers are often their affiliates who forward your information to Ferratum when they believe Ferratum will assist you.
This service should not be paid for. Once you’ve received a loan from Ferratum or through their affiliates, they will handle the rest.
You may have been charged by brokers you have used in the past, but Ferratum will not charge you. They do not charge any fees .
The company with which you have a loan arrangement, is known as a direct lender.
Ferratum is still one of the best places to get a fast loan. Their application process, as well as their requirements, are simple and straightforward.
If there is an emergency or you need quick cash to meet up some needs, all you have to do is dial 3226# or visit their official website.
