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Ferratum Loans @ www.ferratum.co.uk
The Ferratum Group has been a pioneer in global consumer lending. They are currently active in 23 countries. In select locations they even trade through other brands. Since Jorma Jokela established the company in 2005 they have built up a user base of 4.3 million customers, of which around 1.5 million are active. The UK launch came in 2010. They operate from www.ferratum.co.uk and are locally based in Liverpool. This lender hasn’t made too much of an impact in contrast to the major lenders backed by American owners (Lending Stream, PaydayUK, QuickQuid etc). It is not unusual for Euro lenders like this to not quite take the British scene by storm as seen with Vivus.
They only lend to people who have a clean credit file that isn’t ideal in a subprime hungry sector. They have however recently dropped their minimum age requirement from 23 down to 18. This was previously a short term service with terms of 7 to 37 days. They have changed this now to offer 1, 2 or 3 months to new customers who can borrow between £50 and £300. This extends to £500 on reloans. A 4 month term is available, but this requires £400 (reloans only). PlusLoan (3 to 6 months) becomes available after a qualifying period. The sums here are initially £300 to £500 and then in time £1000 max.
A monthly term meets the cap whilst the £300 charge over 3 months is £154.26. Their main business hours are Monday to Friday (9am/5pm), but there are extended call centre hours for existing customers. Mon, Tue and Thu is 8am to 7pm, Wed and Fri is 8am to 5pm and Sat is 8am to 12pm. A key feature of this service is 7/7 payouts (on subsequent borrowings). This would be via text message such as “NEED 450” or by requests through the newly added Ferratum login. This CCTA member has lots of positive feedback on Trustpilot. It will be interesting see if the larger Group can go on to meet their target of spreading to 50 countries.
£24 /£100 (30)
£154.26 /£300 (3)
NA /£300 (6) (must be logged in to see PlusLoan rates)
Data Taken from www.ferratum.co.uk: January 2017.