Ferratum: Review and opinions

Thanks to the evolution of technology and the Internet in recent years, the financial sector has also benefited, since through financial platforms they can operate a large loan application quickly and easily, this being the most suitable option . An international page that was originally created in Finland, but thanks to the growth, it was expanding in South and North America, Europe and Asia.

Here you will find a little more about this financial platform and various opinions about it.

Ferratum: Review and opinions
Ferratum: Review and opinions

What is Ferratum? How does it work?

The company is an online platform that provides international services in the financial field. It is specialized in fully automated banking processes, it offers credit approvals instantly with security, transmitting total confidence to the user.

These website allows individuals to apply for credits or loans online from € 25 to € 5,000. While in the case of companies, they have the possibility of enjoying various options and financial solutions with ease of terms between 6 months and 12 months approximately.

It is one of the leading companies in Europe in terms of online loans to consumers and some medium-sized companies, it does not have any physical branch since its operation is mainly a mobile banking. It works 24 hours a day, seven days a week through its website, email or live video chat. Opening an account in it only requires a few minutes, since no documentation is required. Through this you can manage accounts, request flexible credits, synchronize Master Card type credit cards and also allow you to send money to customer and non-customer accounts.

Credit products offered by Ferratum

It provides its clients with the best interface in terms of loans and banking processes in general through its mobile application and website, the responses of the processes are almost immediate.

Next, find out what credit products it offers to its clients:

  • Microloans: this financial service has been available since 2005, it is fast and reliable for those users who require access to small amounts of cash from € 25 to € 1,000 with terms from 7 to 90 days. This credit option can be managed from the application or website with complete peace of mind.
  • Plus Loans - primarily available to customers who have a positive money back history. This product offers the opportunity to acquire a higher amount of cash, compared to the previous product, the amount ranges between € 300 and € 5,000. The maturity period corresponds to 24 and 36 months respectively.
  • Credit Limit: it came out in 2013, so far it is one of the most prominent and important products in the group thanks to the flexibility that characterizes it. With this product, users can withdraw, refund and redesign the amounts of money but within the maximum credit limit allowed according to their cash flow situation in the respective account, a normal credit limit is equivalent to about € 3,000.
  • Bussines: it is the most suitable option for small companies in expansion processes, where the requested money is normally used for working capital and bridge financing, the amounts range between € 2,000 and € 100,000.
  • Prime Loans: it was launched in 2017 and is considered the largest loan that the group offers, with a maximum amount of € 20,000 and the ease of payment terms of up to 10 years.

Ferratum Micro Loan: A Very Easy Option

Among its products and banking options, it offers the public the possibility of requesting a micro loan, it is called by the financial platform the easiest and fastest option to request loans, without any type of guarantee. Here are some brief characteristics of the service:

  • The minimum amount to request this product is € 50 and the highest is € 700.
  • When requesting it for the first time, the amounts range between € 50 and € 300 , with the limit being slightly higher the second time, around € 700.
  • The amounts requested that are less than € 500, have a maximum payment period of 30 days , to be reimbursed. While, amounts over € 500, have a period of 45 days for their return.
  • There are a variety of amounts that are adjusted to the needs of each of the users.

Credit and Ferratum loans

This financial page gives your existing and new customers an assessment using a behavior scorecard. The evaluation is based on a FICO analysis , studying databases of public records, national credit records, statistical databases and public taxes (when these are available), all of this in order for the financial institution to make a Little easier and faster the task when granting a loan to any of your clients.

The media's behavior scoring system in its last years resulted in the approval of the requested loans was 14%.

Opinions about Ferratum

Since its inception, the company has given much to talk about in a positive way, it is the most popular financial platform in Europe and on other continents in the world.

Many users consider that the procedures are transparent and secure, since the security levels within the platform are quite high-profile and rigorous. Thanks to this, the operations within the application and the website are quite fast and simple, users comment that they carry out these operations from the comfort of their home, offices or family outings through their smartphones and desktop or laptop computers.

One of the most common opinions on pages and forums is the ease of requesting credits and loans any day of the week, 24 hours a day, and answers of these procedures are obtained quickly and effectively.

How to apply for a Ferratum microloan?

The request can be made in two ways:

Through ferratum.es on your mobile device, computer or tablet

  • Start the request: locate the main menu tab and select the amount and term to return the requested money.
  • If you are a new customer, you must enter personal data such as name, surname, DNI or NIE, mobile phone and email and then perform the online identification.
  • In the case of existing clients, you must select the "personal area" and enter the data such as mobile phone and the PIN code of the company that provided you in the first loan.
  • Then click where it says request.

Through an SMS:

You must send a text message to the telephone number 600 124 810, you must indicate the amount of money to request in numbers (avoid putting points, commas and words like euros) followed by a space and the number of days to cancel the loan. After this another space with the PIN code of the requesting client.

Brief example of this application form

250 20 27 580

Brief explanation:

  • 250 is the amount of money requested.
  • 20 is the period in which the request for money will be canceled.
  • 27580 is the PIN code of the requesting customer.

It is a simple, fast and without any complications, anyone can do it. However, the client or user must follow certain parameters required by the financial platform, such as being of legal age.

Requirements to apply for a Ferratum micro loan

This company is the most advanced financial platform in terms of banking technology, the request for its products is done easily and simply, using electronic devices that you can have at home such as smartphones, tablets and computers, apart from that you need :

  • Be over 18 years of age and in the case of Spain, reside in the country.
  • Have a mobile number where you will receive notifications and the PIN code.

Now you are ready to apply for a loan in Ferratum. Ahead!

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