See all answers | Ferratum Canada

See all answers

About Ferratum

Ferratum is an international provider of mobile consumer loans. As a pioneer in the field of financial technology and mobile lending, we have expanded our operations to 25 countries since 2005.

At Ferratum, our mission is simple – to provide the best, fastest, and most user-friendly lending and banking services available with unsurpassed personal customer service.

In Canada we started this mission in 2015, and continue to invest and improve to serve our customers better. To date we have served tens of thousands of happy Ferratum Family members.

Ferratum is also an Accredited Business with the Better Business Bureau®. Read about our accreditation.

BBB Accredited Business


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Currently we operate in Alberta, British Columbia, and Ontario. We think all Canadians would love our services, so we're working hard to offer our products in other provinces too! Check back soon.


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Ferratum Canada is open for business from 6AM to 6PM EST, Monday to Friday. You can apply at any time for your own personal loan online, so the sooner you apply the faster you get your money. We pay loans all day during normal banking hours.


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Our Loans

We provide our customers with fast, personal loans from $2,000 to $10,000 over a 12 to 60 month term.

Unlike many other personal loan lenders in Canada, our service is 100% online and automated utilizing bank grade security and encryption, so you can apply 24/7 and receive a decision in minutes.

After you've accepted our offer, your loan is deposited automatically into your bank account. You can read more about our loan process here.


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The amount you can borrow from us will depend on many factors that are built into our automated system.

We offer loans between $2,000 to $10,000 and you can apply for as much as you need.

Once our secure system has determined your approved amount, simply acknowledge your loan agreement, and we’ll deposit your funds directly to your bank. It’s that simple with Ferratum.


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Currently our loans are available from 12 months (1 year) to 60 months (5 years). If you wish to pay your loan back even sooner, there are no penalties or fees.


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We are a fully transparent digital lender in Alberta, British Columbia, and Ontario. Our fees are calculated depending on how much you need to borrow, and for how long. You can calculate your loan fees by visiting our loan calculator and adjusting the loan term and loan amount.

There are zero hidden fees for our world class customer service, or to make payments. Our fees do not change if you need a shorter or longer term.


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Using our Interest Rate Loan Calculator, you can determine the full repayment amount on our loans. Simply use the slider on the loan calculator to select the amount of money you wish to borrow then use the next slider to select the number of days you wish to have the loan. Our loan calculator will then calculate interest rates, and in the column on the right, you will see the total loan calculation.


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Applying

For a successful application, you need to be:

  1. Living in Alberta, British Columbia, or Ontario.
  2. Be between 25 and 65 years old.
  3. Have an email address, a mobile phone number and a personal bank account.

You may also need:

  1. A minimum monthly income of $2,500 that is not from disability insurance, employment insurance, or social assistance.

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Yes, you will need a Canadian bank account to receive a loan from Ferratum Canada.


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Yes, all customers applying for our personal loan need to be actively employed.


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Yes, you do need to provide statements, and we will seamlessly collect this information securely during your application. We assess everyone's ability to make payments based on their bank statement activity.

If you are a returning customer, we may not require bank statements from you.


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Where possible, Ferratum Canada uses technology to make things easier! So when it comes to verification, currently we ask our customers to provide their SIN (Social Insurance Number) for identification purposes.

We also utilize TransUnion for electronic identification to verify clients on their application details, and to protect Canadians from fraud.

Sometimes, we may require additional identification such as your driver's license. In those rare cases, a member of our Customer Care team will contact you with specific requirements. However, we have found customers who provide their SIN are more likely to be identified without any additional steps – and ultimately more likely to be approved!


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Most common reasons why our customers are declined are:

  1. You currently have an active loan with us (we only allow one loan per household at a time).
  2. You are not actively employed.
  3. You did not meet our minimum credit requirement.
  4. You did not meet our minimum age requirement (25 and up).
  5. You did not pass our electronic ID verification.

Our approval process is fully automated and based on a review conducted by our system on the information you provide us on your application.

Unfortunately, we can't disclose how our system processes this, but it is important to know that the decision can change as your financial situation changes.


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Yes! To ensure you have the best chance to be approved, we ask customers to provide as much accurate information you can. If you are not approved, we welcome you to try again.

The majority of our customers have success after waiting 3 months, or when there have been significant changes to your financial situation. This can result in a better outcome.


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Yes, renters are welcome to apply. As with all our loans you need to provide your current address, employment information, and income details.


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Yes, during the loan application we will quickly check your credit score to provide you with the most cost effective loan interest rates.

We utilize credit solutions from TransUnion, and generally our credit inquiry is unlikely to affect your credit score.


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We use your banking information to deposit your loan funds directly into your account. As well, we look at your banking history to assess your ability to make payments. All information is kept confidential and secure with bank level encryption.

Please review our Privacy Policy to see what data Ferratum Canada collects, and our commitment to your privacy.


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We've partnered with CreditSense, who offers bank level security while also providing key information about your banking history to ensure we lend responsibly.

This process is easy and only takes 1 minute. We do not require you to scan, upload, or e-mail any documents. Simply login to your online banking through a secure portal and follow the simple steps.


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We aim to give you a loan decision within 15 minutes of successfully receiving your application during normal business hours. In cases that we need additional information, a member from our Customer Care team will contact you.

Once you've applied, you'll get a decision shortly from our fully automated system with loan amounts between $2,000 and $10,000 Canadian.


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Once you've accepted your electronic loan agreement, we will process your loan payout.

Generally for customers banking at a major Canadian financial institution, you can receive your money in as little as 1 hour (during normal business hours) or the next business day for after hours.

However, some customers may notice a delay based their local bank, as processing times vary from branch to branch.


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Once you accept, your funds will be automatically deposited into your bank account. This works the same fast way your employer might deposit your pay on your payday.


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With our commitment to responsible lending, we can only allow customers to have one loan at a time. Once your loan has been fully paid, you are welcome to apply again!


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Unfortunately due to our policies, we cannot allow two people from the same residential address to receive loans from Ferratum Canada. We currently only allow one loan per residential address.


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Our automated scoring system looks at many income sources and decides based on your financial history. Because we are a responsible lender, we offer our customers an amount that best suits their current needs based on their financial history.


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While we carefully assess every customer's ability to repay their loan, unfortunately at this time we cannot fund personal loans for individuals who are currently on:

  1. Employment insurance
  2. Social assistance
  3. Disability insurance

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If you received an Invalid Province error when typing in your address, it is due to you living in a province that Ferratum Canada does not operate in.

Currently we approve loans for residents living in:

  1. Alberta
  2. British Columbia
  3. Ontario

If you reside outside of these provinces unfortunately we cannot lend to you at this time. We are rapidly expanding into other Canadian provinces and hope to see you back with us when we launch.


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Paying Your Loan

Payments of your loan are automatically taken out of your bank account according to your payment schedule. All repayments must come out of the same account in which you receive your salary, or your primary source of income that you include on your application.


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You are welcome to apply for your next personal loan after your final payment has cleared. To ensure we lend responsibly, our customers can only have one loan at a time.


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Please speak to a member of our Customer Care team to discuss various options to cancel your loan.


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As payments are subject to clearing at the bank, and we can only provide a new loan once all prior loans are paid back and the final payment has cleared. In some instances, this can take up to 2 business days.


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Currently we do not offer electronic money transfers. We're working hard to integrate electronic e-mail money transfers into our lending system and will announce this as soon as it's live.


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If you cannot make a payment according to your payment schedule, please contact us to discuss options available.

We encourage our customers to be proactive and contact us early if you’re experiencing financial hardship. We will try our best to make new arrangements to avoid any stressful situations.

To avoid fees, delays, or charges at your bank we require minimum 2 business day (48 hours) notice prior to any payment due date.


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Payment dates are setup on the same schedule as your payday. We find this to be the most convenient and best way for our customers to repay and avoid additional late fees.


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Absolutely! If you want to pay your loan off earlier than originally planned, simply chat with a member of our Customer Care team to make the arrangements.

You won't have to pay any fees, and once your loan is paid in full you can re-apply even faster as an existing customer.


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If you think you may not be able to make a payment for any reason, please contact us immediately. The sooner you get in touch with a member of our Customer Care team, the faster we can put together a plan that works out best for everyone.

Failure to pay your loan could result in a negative impact on your credit rating. You could also incur additional fees and damage your relationship with Ferratum Canada, making it difficult to be approved for future loans.


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Our NSF fee is $50. Full details of these fees, and when they apply are outlined in your loan agreement.


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If you find yourself having financial difficulty, you can obtain credit counselling through various services including Credit Counselling Canada, the Ontario Association of Credit Counselling Services, and the Credit Counselling Society for our customers in Alberta and British Columbia. These credit counselling services are offered either at no cost, or low cost.


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Your Account

You can apply for a your own personal loan from Ferratum Canada by clicking here.


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It's easy to login to your account:

 

1) Click the Log in button on the upper right of your screen on a desktop device.

 

2) Click the Profile icon on the upper right of your screen on a mobile device.


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Applying for your personal loan at Ferratum Canada is fast! Most of our customers complete their entire application in about 10 minutes.

To ensure a fast and smooth process, be sure to provide as much detail as possible.

We recommend having your Social Insurance Number (optional), banking details (branch number, institution number, bank account), and your current address on hand for quick reference.


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When you apply, we ask you 7 questions to help us determine if a Ferratum personal loan is right for you:

  • Your legal name
  • Your email address
  • Your Social Insurance Number (optional, but helps make applying faster)
  • Your mobile phone number
  • Your primary address
  • Your employment status and income
  • Your banking details

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Please speak to a member of our Customer Care team to discuss various options to cancel your loan.


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You can change your address once logged into your account by clicking the My Profile link and navigating to the Primary Address section.


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You can change your email address once logged into your account by clicking the My Profile link and navigating to the Personal Details section.

You'll receive a verification message at your new email address, please verify your address so we know its you.


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You can change your phone number once logged into your account by clicking the My Profile link and navigating to the Personal Details section.


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1) Click the Log out button on the upper right of your screen on a desktop device.

 

2) Click the Profile icon on the upper right of your screen and select Log out on a mobile device.


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If you need to change your banking details, located under the Financial details section in your My Account we ask that you contact a member of Customer Care for assistance.

We ask that you have your Branch Number, Institution Number, and Bank Account handy when you're ready to make the changes. This information can be typically found on a blank cheque, or by asking your financial institution directly.


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