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Ferratum Short Term Payday Loan Review

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Looking to borrow up to $1,900? Compare the fees, eligibility criteria and online application process.

Ferratum offers short term loans, also referred to as payday loans and cash loans, up to $1,900. Fees and loan terms apply, so it's important to compare these factors before applying.


Maximum loan amount

Same day

Turnaround time

conditions apply


Fortnightly repayment
for $1,500 loan

3 to 12 months

Term of loan

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Product NameFerratum Cash Loans
Minimum loan amount$500
Maximum loan amount$1,900
Initial Maximium Loan Amount$1,900
Arrears Fee$55
Loan term3 to 12 months
Turnaround timeSame day - conditions apply
Costs20% 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 Borrowers?Yes

Are you struggling financially?

If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here:

⚠️ Warning about Borrowing

payday-warningDo 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

  • Limited time offer. All new and existing customers who apply for a loan and get paid out from 1 to 31 October 2020 will automatically enter a raffle. Winners stand a chance to win a voucher worth $250 each week or the big prize, an iPad at the end of the month. Terms and conditions apply.
  • 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. Ferratum doesn't perform credit checks but 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

Ask an expert

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  1. Default Gravatar
    January 9, 2019


    Can I apply up too $1900 if I’m self-employed?

    • Avatarfinder Customer Care
      January 11, 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 official 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.

      You may also check out this page to know your personal loan for self-employed options.

      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!


  2. Default Gravatar
    July 19, 2018


    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?

    • Default Gravatar
      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 HERE.

      If you are looking to compare companies who can help borrowers who are bankrupt, please click HERE.


  3. Default Gravatar
    May 1, 2018

    Short term quick repayment loan!

    • Avatarfinder Customer Care
      May 1, 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. Before submitting an application, make sure that you meet the eligibility criteria.

      You may also check other lenders that offer short term loans here.


  4. Default Gravatar
    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?

    • Default Gravatar
      September 17, 2017

      Hi there!

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      It will be reported. Your credit file is a detailed record of your credit history, and as such will include details of any payday loans you have applied for or taken out. Find out more here.

      I hope this helps.


  5. Default Gravatar
    August 3, 2017

    Hi, I’m receiving a pension and need to borrow $1000-1500 for vehicle repair, would I qualify? Thanks

    • Avatarfinder Customer Care
      August 3, 2017

      Hi James,

      Thanks for reaching out to us. Please note that we are not affiliated with Ferratum or any company we feature on our site and so we can only offer you general advice.

      If you are trying to inquire with Ferratum, you may click on the green ‘Go to Site’ button on this page to get in touch with them. You can also have a look on this page for more options that you can compare.


  6. Default Gravatar
    June 26, 2017

    How long does it take once approved?

    • Default Gravatar
      June 26, 2017

      Hi Symone,

      Thanks for your question.

      Once approved, you could have the money in your account within 24 hours. However, if this happened after normal office hours, your nominated financial institution may delay the payment until the next business day. It will be a good idea to check the processing times of your bank before you apply for a loan with Ferratum Australia.

      Warm regards,

  7. Default Gravatar
    June 12, 2017

    Hi I have just come out of bankruptcy and looking for a small loan on centerlink payments. thankyou

    • Avatarfinder Customer Care
      June 12, 2017

      Hi Selena,

      Thanks for your question.

      You may compare your loan options here.

      Kindly note that other eligibility criteria apply. Please do check also the relevant terms and conditions of the loan product you are interested in before submitting your application.


  8. Default Gravatar
    June 8, 2017

    Hi I just started a new job and need help with bills could I get a loan thankyou

    • Default Gravatar
      June 8, 2017

      Hi Josh

      Thank you for your question and for contacting We are a comparison website and general information service, we’re more than happy to offer general advice.

      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

      For other loan options, you may refer to this page. You also have the option to speak with a specialist.

      I hope this helps.


  9. Default Gravatar
    May 11, 2017

    I am currently on Centrelink and not working. Will I be approved if I apply?

    • Avatarfinder Customer Care
      May 11, 2017

      Hi Megan,

      Thanks for your question.

      Ferratum Short Term Payday Loan is available to those receiving Centrelink.

      You may also check this page to compare other lenders that may consider you for a loan.


  10. Default Gravatar
    February 21, 2017

    Can I apply for a loan with another pay day loan??

    • Avatarfinder Customer Care
      February 21, 2017

      Hi Colm,

      Thanks for your question.

      With Ferratum, you can only have one loan at a time. Your first loan must be paid back in full before you can apply for another one.

      You may want to check this page to compare other short term loans.


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