Ferratum Cash Loans
- Maximum loan amount
- $1,900
- Turnaround time conditions apply
- Same day
- Fortnightly repayment
for $1,500 loan - $396
- Term of loan
- 3 to 12 months
Summary
Borrow from $500 to $1,900. Flexible loan terms from 3 to 12 months, although this loan also comes with high fees.
Ferratum offers short term or payday loans up to $1,900. Standard payday loan fees apply, including an establishment fee of 20% and a monthly fee of 4%. Customers are offered variable loan terms, allowing them to choose terms from 3 to 12 months. Loans are also available to Centrelink applicants. You can apply online or via your smartphone. The turnaround time is quick and you could receive funds on the same day.
Pros
-
Long loan terms
-
Available to Centrelink borrowers
Cons
-
High collection costs
Details
Product Details
| Product Name | Ferratum Cash Loans |
| Minimum loan amount | $500 |
| Maximum loan amount | $1,900 |
| Initial Maximium Loan Amount | $1,900 |
| Arrears Fee | $55 |
| Loan term | 3 to 12 months |
| Turnaround time | Same day - conditions apply |
| Costs | 20% of borrowed amount + 4% of borrowed amount each month |
| Requirements | You must be over 18 and have your own email address, mobile, phone number and a bank account. |
| Available to Centrelink Borrowers? | Yes |
⚠️ Warning about Borrowing
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
How does a short term loan from Ferratum work?
Ferratum offers loans between $500 and $1,900. Loan terms vary between 90 days to 12 months.
Eligible people can apply online and will receive a response shortly after submitting the application. If approved, Ferratum will debit the funds within one hour. Repayments are automatically debited on the day the customer chooses, which must be in line with their payment plan.
The features that a Ferratum loan offers
- Small loan amounts. People can apply for a loan as small as $500.
- Variable loan terms. Customers can choose loan terms 3 to 12 months.
How much do Ferratum loans cost?
Ferratum's fee structure is outlined below. Remember to confirm all fees and charges in your contract before agreeing to it to ensure you will be able to afford the repayments.
Fees you will pay:
- Establishment fee: 20% of borrowed amount.
- Monthly fees: 4% of what you borrowed, paid monthly.
Fees you might pay:
- Dishonoured payment fee: $55 per instance.
- Missed payment fee: $55 once-off fee.
- Collection transfer: $47 once-off fee.
- Default notice/letter: $10 per notice/letter (applied at 7, 14, 21, and 30 days).
- Debt management fee: $50 once-off fee.
How you can apply
You can apply for a Ferratum loan online using a computer or smartphone. You can get started by clicking on the "Go to Site" button, but make sure to check if you meet the eligibility criteria. You'll need to meet the following requirements and include the necessary information to apply:
- Be over the age of 18
- Earn a regular income
- Be an Australian citizen or permanent resident
Completing the application successfully requires that you have the following information on hand:
- Personal information including your name, driver's licence and contact details
- Details about your day-to-day expenses as well as all existing liabilities
- 90 days of your bank statements
Compare short term loans
Your reviews
Elizabeth Finder
Lead Editor
Hi there, looking for more information? Ask us a question.
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Sarah Megginson Finder
September 05, 2023
Hi Vicki,
We’re a review and comparison site, we’re not directly affiliated with Ferratum Cash Loans. You can contact them on 1300 433 772 or customercare@ferratum.com.au.
Kirsten
January 09, 2019
Hi,
Can I apply up too $1900 if I’m self-employed?
Jeni Finder
January 10, 2019
Hi Kirsten,
Thank you for getting in touch with Finder.
If you’re applying for Ferratum short-term payday loan, kindly check the application requirements on this page and make sure that you have some required documents handy such as bank statements. When you’re all ready kindly click the “Go to Site” button to be redirected to their website to start your online application. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
If you’d like to compare other options, you may refer to our list of personal loans for self-employed.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
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BH
July 19, 2018
Hi,
I was made bankrupt in March 2016 and will discharged next year.
I am in full time employment and earn 130k p.a. My car needs repairs at a cost of $1,980.
Could I successfully get a Loan for this?
Joel Marcelo
July 20, 2018
Hi there,
Thanks for leaving a question on Finder.
As long as you earn a regular income, over the age of 18, and an Australian citizen or permanent resident, you will be eligible to apply for a loan from Ferratum. To get started, please click the “Go to site” button above to be redirected to Ferratum’s website where you can submit your application or get in touch with their representative.
Alternatively, you can check other lenders offering bankrupt loans. You can click the name of the lender with green checkmarks to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Cheers,
Joel
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Davo
May 01, 2018
Short term quick repayment loan!
Jhezelyn Finder
May 01, 2018
Hi Davo,
Thank you for your comment.
Ferratum also offers short-term loans and the application process for this is also quick and easy. If you meet the eligibility criteria above then press the “Go to site” button to start your application.
You may also check other lenders that offer short-term loans using our comparison table. Please click the name of the lender or the “More info” link to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Regards,
Jhezelyn
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K
September 16, 2017
If someone is currently bankrupt but needs a loan such as this for minor assistance, does the fact that they don’t do a pre-application credit check also mean that a successful completion wont be reported to help towards rebuilding your credit history or do they still report paid in full/no defaults and defaults in the usual way as all other lenders do?
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Danielle
September 16, 2017
Hi there!
Thank you for contacting Finder.
It will be reported. Any new applications you make for credit will directly be recorded and affect your credit score. Applications are considered “hard enquiries” and your monthly repayment will also be recorded.
The rest of the listing such as your default will remain on your credit file as-is. Check our credit file guide to know what information is in your credit report.
I hope this helps.
Cheers,
Danielle
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Vicki Sowinski
August 01, 2023
I have Finalized my account why have i still got a default next to my name when i was told it would be take down and was and its back up there