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
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


  • 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
  • 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.

Was this content helpful to you? No  Yes

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

86 Responses to Ferratum Short Term Payday Loan Review

  1. Default Gravatar
    Megan | May 11, 2017

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

    • Staff
      Anndy | 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.


  2. Default Gravatar
    Colm | February 21, 2017

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

    • Staff
      Anndy | 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.


  3. Default Gravatar
    Mia | January 10, 2017

    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

    • Staff
      May | January 10, 2017

      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.


  4. Default Gravatar
    Maria | January 10, 2017

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

    • Staff
      May | January 10, 2017

      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.


  5. Default Gravatar
    Shyla | December 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
      Anndy | December 15, 2016

      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.


  6. Default Gravatar
    Curious | December 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
      May | December 12, 2016

      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.


  7. 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.


  8. 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 nonsense

    • 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.


  9. 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,


  10. 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,


Ask a question