Ferratum Short Term Payday Loan Review

Information verified correct on December 10th, 2016

Looking to borrow up to $1,900? Find flexible eligibility criteria and a quick application below.

Ferratum offers short term loans, also referred to as payday loans and cash loans, and you can borrow up to $1,900. Use proceeds from this loan to cover any cash shortfall you have, and know how much you'll have to pay from the start with its transparent fee structure.

The application process is quick and easy, so read the review below to find out if Ferratum's loan is right for you.

Product NameFerratum Cash Loans
Min Loan Amount$100
Max. Loan Amount$1,900
Initial Maximum Loan Amount$1,000
Loan TermUp to 6 mths
Arrears Fee$38.50
Turnaround TimeSame Day if approved
Total Cost of Borrowing $10020% of borrowed amount + 4% of borrowed amount each month
RequirementsYou must be over 18 and have your own email address, mobile phone number and a bank account.
Available to Centrelink borrowersYes


  • Fast approval
  • Flexible repayment
  • Use funds for any purpose


  • High interest rate
  • Cost of 20% of borrowed amount + 4% of borrowed amount each month
  • Late fees may be charged

How a loan from Ferratum works

You can look apply for a loan amount between $100 and $1,900 online with Ferratum. Conditional approval is quick, after which you have to upload the required loan documents.

If you are approved at this stage you will receive your funds in about one hour. Repayments are automatically direct debited on the day you choose, which needs to be in accordance to your payment plan. Loan terms vary between Up to 6 mths .

The features that a Ferratum loan offers

Ferratum offers a number of convenient features with its loans, including:

  • Low minimum amount. With the Ferratum payday loan, you can borrow just as much as you need. Apply for a loan as small as $100.
  • Variable loan terms. You can choose loan terms of Up to 6 mths . This gives you the ability to repay the loan according to your pay dates.
  • Easy application and quick decision. You can apply for this loan using your smartphone and the process is quick and easy to follow. Submit your application at your own convenience at any time of the day or night and expect a response within minutes.
  • Use funds for any purpose. You can apply for this loan and use the proceeds for different purposes such as paying for car repairs or medical bills, taking a holiday or simply getting by a temporary setback.

How much does the loan cost?

Ferratum has a transparent fee structure which 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
  • Ezi debit transaction fee: $1.25 per transaction

Fees you might pay:

  • Dishonoured payment fee: $38.50 per instance
  • Missed payment fee: $38.50 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 your computer or smartphone. You can get started by clicking on the "Go to Site" button. Ferratum has flexible lending criteria and does not perform credit checks. However, you will need to meet the following criteria to be able 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

A Ferratum loan can help you get by your immediate need for money, but since there are a number of other similar offerings out there, take some time to compare a few.

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74 Responses to Ferratum Short Term Payday Loan Review

  1. Default Gravatar
    Iesa | November 24, 2016

    I need cash now urgent if I’m on centerlink

    • Staff
      Anndy | November 24, 2016

      Hi Lesa,

      Thanks for reaching out.

      Please note that finder.com.au is a financial comparison and information website that helps consumers make better decisions. We are not a lender.

      If you’d like to apply for Ferratum loan, just click the green ‘go to site’ button.

      Alternatively, you may also want to check this page for other lenders that may consider you for a loan.


  2. Default Gravatar
    ruwayda | November 8, 2016

    I’m urgently looking for a loan.I’m legally married my husband is working for a registered company he will pay back the loan if u can assist me I will than give his banking details in order to pay it back.he tried getting a loan but the banks is full of nonsence

    • Staff
      Anndy | November 8, 2016

      Hi Ruwayda,

      Thanks for reaching out.

      Please note that finder.com.au is a financial comparison and information website that helps users make better decisions. We are not a lending institution.

      If you are looking to apply for a personal loan, you can compare your options on this page. Do check the eligibility criteria to apply for the loan product you are interested.


  3. Default Gravatar
    Bianca | October 24, 2016

    What is happening with my loan. I can not seen to be able to contact you over the phone. Really annoyed

    • Staff
      Elizabeth | October 24, 2016

      Hi Bianca,

      You’ve come through to finder.com.au, a financial comparison site and not Ferratum. Apologies you can’t get into Ferratum, you may want to try emailing them on customercare@ferratum.com.au or calling them tomorrow. Sometimes bank processing times delay the loan.

      Hope this helps,


  4. Default Gravatar
    | October 18, 2016

    U am in great need for a small personal loan. Do not have 10.00 in my account. This brings me in need of such loan. Am I able to apply for your loan or do I need upfront money to receive a loan. Thank you.

    • Staff
      Elizabeth | October 18, 2016

      Hi Rebsmad,

      As long as you meet the minimum criteria (outlined above) and show you have the capacity to repay the loan, you are able to apply. You can click “Go to Site” to submit your application.

      Hope this helps,


  5. Default Gravatar
    Angela | October 17, 2016

    Does the loan go on your credit report

    • Staff
      Elizabeth | October 17, 2016

      Hi Angela,

      All credit providers, including Ferratum, need to list credit applications on your credit report, so yes your application will be listed whether or not you are approved.

      I hope this helps,


  6. Default Gravatar
    sonia | October 9, 2016

    My loan was approved at 4.23pm on friday it is now 7.20 sunday and I still have not received my loan. I have called numerous times and am unable to speak to anyone, however during the application process I called twice and my calls were answered within the first 4 rings.
    I do not agree to pay interest for the last 2 days when there is no evidence that the transfer has been completed. I do have the confirmation email from friday stating that funds have been transferred and would take 1 to 12 hours its now been 40 hours and no money. Are you going to be paying me a late payment fee? If I was over a day late making payment to you, you would charge in the vicinity of $38 how is this fair??

    • Staff
      Elizabeth | October 10, 2016

      Hi Sonia,

      Just to clarify, you’ve come through to finder.com.au, a financial comparison service and not Ferratum. As your loan was approved after 2pm on a business day you’re likely to receive the funds today, as it depends on your bank’s processing times.

      In terms of paying for the first two days, it’s a good idea to check the repayment schedule you were given to see when you have to make your first payment. Your fees (not interest) are calculated based on that schedule, with 20% being charged as an establishment fee and a 4% fee for every month the loan is active.

      Hope this information helps,


  7. Default Gravatar
    Orlando | September 27, 2016

    How do I get a loan if ,I collect social security,and my family helps me pay my bills

    • Staff
      Matt | September 27, 2016

      Hi There Orlando,

      Thanks for your comment. If you’d like to compare a range of loans for borrowers on benefits, you can read our guide on loans for Centrelink borrowers.

      If you have any other questions feel free to get in touch.

      Hope this has helped.


  8. Default Gravatar
    rafael | September 26, 2016

    hi i applied for a loan an i still got no reply any way of helping me out to find out if i got it or not

    • Staff
      Elizabeth | September 26, 2016


      Unfortunately the application is handled directly through Ferratum so you will need to contact them in order to find out the status of your application.



  9. Default Gravatar
    ken | September 23, 2016

    i am a kenyan. will i be eligible for a payday loan

    • Staff
      Elizabeth | September 26, 2016

      Hi Ken,

      Unfortunately you need to be an Australian resident to be eligible for a loan.

      Sorry i couldn’t be of more assistance,


  10. Default Gravatar
    Don | September 3, 2016

    I have two outstanding payday loans and i need to consolidate in to one loan plus i need a cheap ute to. Restart my business,is this possible.

    • Staff
      Elizabeth | September 5, 2016

      Hi Don,

      If you have one or more outstanding payday loans and are looking to take out another one to pay it/them off, lenders are required by ASIC to take extra steps in the loan approval process to ensure you can repay it. Your eligibility will depend on a variety of factors including your income, employment and how much you’re looking to borrow. You may want to contact Ferratum directly to discuss your eligibility for a loan.

      Hope this helps,


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