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.

Min Loan Amount$100
Max. Loan Amount$1,900
Initial Maximum Loan Amount$1,900
Loan Termup to 6 months
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


  • 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 $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 with your payment plan. Loan terms vary between up 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 $100.
  • 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 a few.

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96 Responses

  1. Default Gravatar
    KSeptember 16, 2017

    If someone is currently bankrupt but needs a loan such as this for minor assistance, does the fact that they don’t do a pre-application credit check also mean that a successful completion wont be reported to help towards rebuilding your credit history or do they still report paid in full/no defaults and defaults in the usual way as all other lenders do?

    • Staff
      DanielleSeptember 17, 2017Staff

      Hi there!

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      It will be reported. Your credit file is a detailed record of your credit history, and as such will include details of any payday loans you have applied for or taken out. Find out more here.

      I hope this helps.


  2. Default Gravatar
    JamesAugust 3, 2017

    Hi, I’m receiving a pension and need to borrow $1000-1500 for vehicle repair, would I qualify? Thanks

    • Staff
      RenchAugust 3, 2017Staff

      Hi James,

      Thanks for reaching out to us. Please note that we are not affiliated with Ferratum or any company we feature on our site and so we can only offer you general advice.

      If you are trying to inquire with Ferratum, you may click on the green ‘Go to Site’ button on this page to get in touch with them. You can also have a look on this page for more options that you can compare.


  3. 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,

  4. Default Gravatar
    selenaJune 12, 2017

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

    • Staff
      LouJune 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.


  5. 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.


  6. Default Gravatar
    MeganMay 11, 2017

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

    • Staff
      LouMay 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.


  7. Default Gravatar
    ColmFebruary 21, 2017

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

    • Staff
      LouFebruary 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.


  8. Default Gravatar
    MiaJanuary 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
      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.


  9. 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.


  10. 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
      LouDecember 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.


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