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893 reviews

1270% Representative

Will lend between: £300 - £700

Over: 1 - 4 Months

Representative example: If you borrow £4300 over 37 days at a Representative rate of 1270% APR and an annual interest rate of 292% (variable), you would pay 1 single repayment of £388.80. The total charge for credit will be £88.80 and the total amount payable will be £388.80.

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Representative 49.7% APR.

Ferratum customer reviews.

893 reviews

4.5 out of 5 stars

Our review of Ferratum

Based in Liverpool, Ferratum are a provider of short-term loans. Ferratum offer loan terms longer than some of the other high-cost short-term (HCST) providers in this space and as a result self-title their products ‘microloans’.

Where some HCST lenders require the payment the next payday, Ferratum have a maximum loan term of four months, although this would be an expensive way to borrow money. If you’re looking for the maximum of £700, there are other personal or guarantor lenders that could be more affordable. You will need to have good credit to apply for Ferratum so if there are any blemishes then again, you’ll need to look elsewhere.

The process of applying for a loan with Ferratum is fairly standard and includes an online application, although for reapplying you don’t need to go through the form again, you can simply text them. As long as you have proved yourself worthy with the first loan, you’ll be able to borrow again. Although this is a positive, it must be considered that HCST loans are not a long-term solution and shouldn’t be consistently relied upon.

Showing a fairly respectable score of 'Great' on TrustPilot is something that Ferratum promote on their website and for this type of lender it is a very good score. Particular mention goes to their reliability, efficient service and easy application. Customers that have had a less than positive experience cite that despite paying their loan back on time, they were unable to reapply a second time. However, this does need to be taken with a pinch of salt as we don’t know all the facts and Ferratum do check affordability and creditworthiness checks before paying out again.

As with any HCST product the usual warning applies. If you have any doubt whether you can afford to repay your loan on time and in full, then don’t apply. By missing or being late with repayments, you will not only harm your credit file but could be subject to a number of fees, which can soon make things very expensive.

Overall verdict: Ferratum seem to offer a good service to customers and have an array of positive reviews to back this up. If you’re looking to borrow a small amount over a short period Ferratum are worth considering. However, if you are wanting to borrow towards the higher end of their offering then there are other lender options out there that would work out considerably cheaper.

Andrew Freelander
Written by
Andrew Freelander
Brand & Content Manager at Choose Wisely

Andrew joined Choose Wisely 5 years ago, originally working in a design capacity to make sure the website was simple to use. Most notably he worked with the Consumer Finance Association to design the comparison table of choice for High-Cost Short Term Finance products.


  • Loan can be transferred 7 days a week
  • Funds available the same day, sometimes within an hour
  • No penalties for early repayment
  • After your first loan you’re able to reapply by text

Minimum criteria

  • You will need to be employed
  • You must be 23 years of age
  • You must have an email address
  • You must have a mobile phone
  • You need to have a bank account with a debit card
  • You will need to have good credit history


  • Maximum APR 1604%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £15

Ferratum Customer Question & Answers

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About Ferratum

Ferratum offer short-term loans between £300 and £700 that can be repaid over a term of one to six months and they’ll work this out for you based on the day your wages arrive and your affordability. For new customers there is a maximum limit of £300, however, once the borrower has proven to be responsible and pay on time then they may be eligible for the full amount next time. They charge interest at 0.8% per day and before accepting the loan customers are shown a quote.

Ferratum advertise a representative APR of 1270%, however, their maximum APR can be up 1604%.

Applications are completed online and you will receive a decision almost instantly. During the application you will need to provide proof of ID and the ability to afford the repayments - Ferratum will not accept you if you have bad credit history. When completing the application you will need to make sure that you have your mobile phone with you as part of the final confirmation stage requires you to enter a PIN that Ferratum will send to you via text.

If you prove that you can repay the loan on time, not only could you be eligible to borrow more if you apply again, but you’ll also be able to do so by texting Ferratum, rather than completing the application again. This only costs the standard rate of a text and Ferratum don’t add any charges for re-applying this way.

Company information

Registration number: 07349566



25 Goodlass Road, Liverpool, Merseyside

FCA registration

Reference No: 672537

Trading names: Ferratum

Place of business: 25 Goodlass Road, Liverpool, Merseyside, L24 9HJ

Data protection registration

Registration No: Z2394315

Data controller: FERRATUM UK LTD

Address: 25 Goodlass Road, Liverpool, Merseyside, L24 9HJ

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk