How does Ferratum work?
Ferratum provides small, hassle free loans at all times of the day and night. Unlike many other lenders in Canada our service is 100% online with no faxing, no waiting and can be done all from your mobile. Submitting the application is easy and our friendly Customer Care Team are always sitting by waiting to pay out your loan. Our fast little loans of 45 days* are flexible enough to suit you but not so long that you get stuck in a never ending contract.
You are in control of the amount and length of your loan using our handy sliders. Once you have repaid your first loan you will have access to our unique 'MyAccount' feature which lets you track your applications and loans in one easy place.
Who can apply for a loan?
As long as you are 21 years or over you can apply for a loan. You will need your own email address, mobile phone number and a bank account. If you meet these requirements simply apply now!
Do I need to provide identification?
Yes. Although we use Equifax for electronic ID who use a variety of data bases, sometimes we require a copy of your drivers licence and/or SIN card and in that case we will contact you and ask for you to send it through.
Do I need to provide bank statements?
Yes. This is because we don't perform credit checks, ever. We assess each individual's ability to afford a loan and determine the appropriate amount for each customer based on their bank statement activity. We use Credit Sense during the application process to view a read-only 'snapshot' of your bank statement electronically. If you are a returning customer we may not require a bank statement from you.
How much are the loan processing fees? What about repayment period?
You can use our Loan Calculator to see how the fees change with respect to loan amount and repayment period. There are no additional fees or hidden costs.
What are the opening hours?
You can apply for a Ferratum loan 24/7. Our applications never close or stop. Our customer care staff are also available 10am-6pm Monday-Friday Eastern Time.
How long does it take to get a decision?
We aim to give you a decision within 15 minutes of applying. Because we are 100% online and we are open day and night we generally approve applications in less than an hour regardless of what time you apply. The more information you give us when you apply the quicker we can approve your loan.
Can I have more than one loan at a time?
Unfortunately not. Customers have to repay one loan in full before applying for another.
How do I repay my loan?
This is simple. We are a payday lender; when you apply, we ask you for your bank account details so we may determine what days you are paid. We then arrange with you to direct debit the repayment amounts in line with your salary date or other source of income, making it entirely hassle-free to repay your loan. All direct debits must come out of the same account in which you receive your salary or primary source of income.
What happens if I can't afford my repayment?
If you think you may not be able to make a payment for any reason it is vital you contact us immediately. The sooner you contact us the better the chance that we are able to come to an arrangement that works best for everybody. Remember the sooner you contact us, if you are going to miss a payment, generally the better the outcome. Most of our customers repay their loan within the agreed time.
We always recommend that you think carefully before applying for a loan. Failure to repay it could cause you financial hardship; you may inccur dishonour fees or possibly have your file passed on to a DCA and a default listed on your credit file which could harm your future borrowing ability.
What if I experience financial difficulty before my loan payment is due?
If you are experiencing financial difficulty, it is important for you to call us on 1877 880 3099, as our Collections Team are always willing to help. The sooner you call us the better the outcomes.
Can two people from the same household receive a loan?
No. Our company policy states that only one person per residential address may receive a loan payment from us.