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Ferratum Short Term Payday Loan Review

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
Loan SecurityUnsecured
Arrears Fee$38.50
Turnaround TimeSame Day if approved
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 borrowersYes

Pros

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

Cons

  • High interest rate
  • Cost of 20% of borrowed amount + 4% of borrowed amount each month
  • Late fees may be charged
  • Must be over 18 years old
  • Australian citizen or Australian permanent resident
  • Must have a regular income
  • Need your own email address and mobile phone number

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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92 Responses

  1. Default Gravatar
    SymoneJune 26, 2017

    How long does it take once approved?

    • Staff
      LiezlJune 26, 2017Staff

      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,
      Liezl

  2. Default Gravatar
    selenaJune 12, 2017

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

    • Staff
      AnndyJune 12, 2017Staff

      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.

      Cheers,
      Anndy

  3. Default Gravatar
    JoshJune 8, 2017

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

    • Staff
      DanielleJune 8, 2017Staff

      Hi Josh

      Thank you for your question and for contacting finder.com.au. 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.

      Cheers,
      Danielle

  4. Default Gravatar
    MeganMay 11, 2017

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

    • Staff
      AnndyMay 11, 2017Staff

      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.

      Cheers,
      Anndy

  5. Default Gravatar
    ColmFebruary 21, 2017

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

    • Staff
      AnndyFebruary 21, 2017Staff

      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.

      Cheers,
      Anndy

  6. Default Gravatar
    MiaJanuary 10, 2017

    Hi
    Just enquiring i’m looking at a small cash amount but after being intrude injured at previous employment I’ve had to file bankruptcy, I’m on work cover as a income. But due to ask this would i be able to borrow ($2000 max) as a deposit on a university course
    Regards

    • Staff
      MayJanuary 10, 2017Staff

      Hi Mia,

      Thanks for your question.

      If you’d like to apply with Ferratum for a small personal loan, you may do so by clicking the ‘Go to site’ button above. For your other personal loan options and guide, please check this page.

      Cheers,
      May

  7. Default Gravatar
    MariaJanuary 10, 2017

    Just wanting to know what the repayments would be that’s the only thing not mentioned in all of this please

    • Staff
      MayJanuary 10, 2017Staff

      Hi Maria,

      Thank you for your inquiry.

      If you are pertaining to Ferratum Cash Loans, usually, the repayment plan will be determined by Ferratum once your loan is processed and approved. Whichever is convenient for you, you can choose your own payment schedule and set up a direct debit for easy payments.

      Cheers,
      May

  8. Default Gravatar
    ShylaDecember 15, 2016

    Hi, I have been currently unemployed, but I wanted to take out a loan so that I could find a job where ever with transportation, I figured if I could get a small loan to put a down payment on a car I could pay the loan back, it much easier having transportation to and from work instead of riding the bus.. I was looking forward to a empot agency

    • Staff
      AnndyDecember 15, 2016Staff

      Hi Shyla,

      Thanks for reaching out.

      If you are currently unemployed, the loan providers on this page may still consider you for a loan. Please note that other eligibility criteria apply.

      Cheers,
      Anndy

  9. Default Gravatar
    CuriousDecember 12, 2016

    What are the weekly repayments on the $1,900 loan and if i apply on the mon can u take the payments out thurs mornings

    • Staff
      MayDecember 12, 2016Staff

      Hi Curious,

      Thanks for your question.

      Once your loan is processed and approved, Ferratum will send you a payment plan. They will let you choose your own payday and set up a direct debit where convenient for you.

      Furthermore, when Ferratum received your completed loan application, they will have it assessed by their online scorecard system. Usually, the whole process, from submitting your completed application to receiving your approved loan in your bank account takes approximately one hour, though it is subject to the processing times of your financial institution.

      Cheers,
      May

  10. Default Gravatar
    IesaNovember 24, 2016

    I need cash now urgent if I’m on centerlink

    • Staff
      AnndyNovember 24, 2016Staff

      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.

      Cheers,
      Anndy

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