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.
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:
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.
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:
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.
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:
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.
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.
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.
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.
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
Drawbacks
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
|---|---|---|---|---|---|
Personal Loan | $2,000 - $10,000 |
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| Online banking information |
Super easy loan application, they helped me out when I was in need.
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