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Who is Ferratum?
Ferratum offers its Canadian clients fast and reliable short-term loans ranging between $2,000 and $10,000. Since 2005, Ferratum has expanded its reach to 27 countries and is a pioneer in both financial technology and mobile lending.
The Fastest Online Loans in Canada
Ferratum understands that having quick access to financing is what Canadian consumers need. No matter what financial situation you find yourself in, Ferratum’s 100% online application and approval process means no waiting in long lines or excessive paperwork. Once you submit an application you’ll receive your decision within minutes, which means you’ll spend less time worrying about your finances and more time living your life.
How to Qualify For a Ferratum Personal Loan
Ferratum has a relatively simple approval process compared to many other lenders in Canada, particularly big banks and other more traditional financial institutions.
In order to qualify for a personal loan with Ferratum Canada, you will need:
- To be a Canadian resident
- To be at least 20 years of age
- A steady source of employment (for at least 3 months)
- A minimum monthly income of $2,000
- A personal email address
- Cell phone or home phone number
- A fair to good credit score (600-900)
- An active banking account (with direct deposit)
Unfortunately, these conditions might make it difficult to qualify with Ferratum if you have unhealthy finances or a bad credit score (300-600). They are also likely to perform a credit check when you apply, which will lead to a hard inquiry on your credit report.
How to Apply With Ferratum Canada
Although Ferratum has a head office located in downtown Toronto, they do not accept walk-in appointments, so the best way to apply for a loan would be to visit their website. Thankfully, the process appears fairly straightforward and takes about 10 minutes.
That said, not every Canadian resident can become a Ferratum member since they only operate in the following provinces/territories:
- Alberta
- British Columbia
- New Brunswick
- Newfoundland
- Nova Scotia
- Ontario
If all goes well with your application, any loan funds you’re approved for should be sent directly to your bank account. While their customer call centre is available Monday to Friday from 6 AM to 6 PM Eastern Time (not including statutory holidays), their online services are available 24/7.
Unlike many lenders in Canada, Ferratum has also expanded its business across 23 other countries since its creation in 2005. Check out their website to see the full list of areas that they service internationally.
Features of a Personal Loan With Ferratum
Remember, any credit product, including a loan, may be right or wrong for your unique financial situation, so make sure to seek advice from a professional prior to applying with any lender.
Here are a few positive features that Ferratum loan can offer you:
- Credit amounts range from $2,000 – $10,000
- Funds are typically transferred to your account within 24-hours of approval
- Installments are adjustable (weekly, bi-weekly, monthly, semi-monthly)
- You may return your loan, free of charge, within 48-hours of its deposit
- Your information is secured by their bank-quality encryption technology
- Repayment terms of 12-60 months
- You can repay your borrowings at any time without penalty
- Applying is done exclusively online, which is convenient for many consumers
How Much a Ferratum Loan Could Cost You
When applying for any loan, you must first learn what it could cost you throughout your repayment plan, including the size of your installments, the interest rate you qualify for, and any additional fees that your lender might charge. Any good lender should be able to give you a total price quote so you can factor it into your budget.
If the costs associated with your loan are too far out of your comfort zone, then it’s probably best to look elsewhere, as defaulting on any of your future payments can result in debt collection penalties, added interest, and damage to your credit.
In The Case of Ferratum Canada…
Each loan installment will be automatically withdrawn from your account upon its due date, so it’s important to follow your repayment plan carefully.
Luckily, the Ferratum website has a loan calculator that should give you an idea of what you’ll pay by the end of your term. In addition, they claim that they won’t add any extra fees to your bill when you apply or borrow from them (loan origination, etc.)
However, Ferratum does charge competitive interest rates of 18.9% APR and up. The rate you’re eligible for will weigh heavily on the state of your finances and credit. The stronger these factors are, the lower your rate will be.
Questions to Ask Ferratum
Can I Qualify for a Loan If I’m Self-Employed?
According to their website, Ferratum may not approve you for a loan unless you can prove that you have a steady source of employment. That being said, they also state that they might take you on as a client if you’re self-employed or running a small business, as long as you earn a monthly income of at least $2,000.
Should I Apply for a Payday Loan Instead?
While a payday loan is similar in that you can also easily apply for and receive your funds within 24 hours, a Ferratum personal loan has the potential to be much larger and less expensive due to lower interest rates. In fact, most payday loans are only $100-$1,500 maximum and have rates over 300% APR.
Because of the massive debt they can cause, payday loans should only be used during small-scale financial emergencies or when you have extremely poor financial stability and cannot qualify elsewhere.
What Are the Benefits and Drawbacks of a Ferratum Personal Loan?
When searching for a lender in any province or territory, it’s a good idea to compare all the positive and negative aspects of their products to see what is the best option for your needs. Here are a few of the benefits and drawbacks of a personal loan with Ferratum:
Benefits
- They won’t charge you for prepayments
- No administrative fees will be included in the final bill
- You don’t have to fax, photocopy, or scan any documents to apply
- They offer a free 48-hour return policy
- Loans are typically approved and deposited within 1 business day
- Their products are available in multiple regions/countries
Drawbacks
- It’s hard to qualify if you have a low income, bad credit, or are unemployed
- Relatively high-interest rates may apply, especially if your finances aren’t great
- Their services are only available in certain Canadian provinces
- If you are denied the first time, you will have to wait 30-90 days to reapply
