How does a short term loan from Ferratum work?
Ferratum offers loans between $500 and $1,900. Loan terms vary between 30 days to 6 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 up to 6 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
⚠️ 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.
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.