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|
|Min Loan Amount||$100|
|Max. Loan Amount||$1,900|
|Initial Maximum Loan Amount||$1,000|
|Loan Term||Up to 6 mths|
|Turnaround Time||Same Day if approved|
|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|
- 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.