Ferratum Loan Review – Everything you should know

Dec 16th, 2020

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Are you in dire need of cash to settle some pressing needs? If yes, then Ferratum loan is the answer. Ferratum Group is a financial lending institution that provides quick and accessible loans to its customers. As with other Fintech Companies, you do not have to go through lengthy procedures before you can get a loan. This article covers all you need to know about obtaining a loan from the Ferratum group.

Ferratum Loans

About Ferratum Loan

Ferratum group is an international provider of small business loans, mobile banking, and digital consumer which are distributed and managed by mobile devices. They were established in the year 2005, and through the years they have expanded at a fast rate to operate in 25 countries. This includes Africa, Europe, South and North America, and the Asia-Pacific region.

Furthermore, as a forerunner in the digital and financial technology space, they are at the very front of the digital banking revolution. In the year 2016, in a bid to make banking easier for their customers, they launched an innovative banking platform. This platform allows users to perform different banking services and perform proper time digital transfers and payments. At the moment, this mobile application is active in five European countries.

What are the Pros and Cons of Ferratum Loans?

  • Loan approval or rejection is within a few minutes
  • They offer flexible, easy, and convenient repayment options.

Cons

  • Loan offering might not be enough to cater to some needs
  • Loan tenure is too short—Not up to a month

How can I get a Loan from Ferratum?

Ferratum offers micro-loans that are essentially similar to short-term loans. You can access between a minimum of #1,000 – #10,000 with a 14 days repayment period. To apply for a loan with them simply follow the following procedures:

  • Dial *322*6# on your mobile device
  • A prompt will appear asking you to accept or decline their Terms and Conditions.
  • After accepting, follow the prompt response as directed.

What are the minimum and maximum requirements?

To qualify for Ferratum loans, you must satisfy all the following criteria.

  • You must be at least 18 years of age at the time of application
  • Must be Living in Lagos State
  • Excellent Credit record
  • You must have a stable source of income.

How fast are funds released?

After a thorough examination of your loan application, which will only take a few minutes, they will give you a loan decision. If the decision is positive, they will disburse the requested amount into the bank account you provided during registration.

How do I repay my Ferratum Loan?

As a forerunner in the financial technology industry, Ferratum has made repayment easy and convenient for its customers. If you wish to repay your loan on or before the due date, you can leverage any of the following options.

  • Quickteller: You can make your loan repayment via quickteller.com/ils. This repayment channel is quick and convenient.
  • USSD: Dial *322*1*04309401*Amount to be paid back# 
  • Mobile App: You also make repayment via their mobile Application. If you don’t have one, visit quickteller.com to download the app to your phone.
  • SMS: In addition to the above-listed options, you can also make payments via SMS. Just send “QT HELP to 32122”

Conclusion

Ferratum remains one of the best platforms for obtaining quick loans. Their application process is easy and straightforward, so also are their requirements. If you need quick cash to meet up with some emergency needs, all you have to do is dial *322*6# or visit their official website.

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