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 Name||Ferratum Cash Loans|
|Minimum Loan Amount||$500|
|Maximum Loan Amount||$1,900|
|Initial Maximium Loan Amount||$1,900|
|Loan Term||up to 6 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|
- Long loan terms
- Available to Centrelink borrowers
- No credit checks
- High collection costs
- Aged 18+
- Australian citizen or Australian permanent resident
- Have a regular income
Main points to consider about a short term loan from Ferratum
You can look apply for a loan amount between $500 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 with your payment plan. Loan terms vary between 16 days to 6 months
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 $500.
- Variable loan terms. You can choose loan terms up to 6 months. 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 do Ferratum loans 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
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
Ferratum loans 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 short-term loan options.