Ferrantum Money Review [Read Our Experts Opinion]

16th April 2018

Ferrantum logo

Overall Rated: 4.7 / 5

Summary

Operating in 22 countries, Ferratum is a popular short-term loan provider. Ferratum focuses on microloans, mobile and text loans which take just minutes to apply for and can cover unexpected financial needs. While money can be issued in a couple of hours, borrowers can choose a repayment term between one and sixth months. Ferratum will also arrange repayment dates in accordance with the client’s payday.

Operating internationally and being regulated by the Financial Conduct Authority as well as being a member of the CCTA, Ferratum is a leader in the industry. With the experience and growth, Ferratum offers the customer a simple solution for loans. In fact, all returning customers need to do is text Ferratum with a message with the word ‘need’ and their chosen amount to apply for a loan, it really is that simple.

Trust & Reputation

Rated 4.8/5

As a runner-up in the Consumer Credit Awards in 2017, Ferratum is making a big impression in the industry which helps to give customers an added layer of trust. Ferratum has quickly built their reputation with their incredibly smooth and seamless application service. Customers can see a decision on their application with minutes while returning customers just need to text to ask for more cash. The only requirement is that customers must only have one loan at a time as Ferratum encourages responsible lending.

Offering loans at weekends keeps Ferratum ahead of their competitors, while the fact they provide direct loans and work with brokers has built up a large customer base which further enhances their reputation.

The 24-hour service operates seven days a week which means that customers really can access the funds they need whenever an emergency hits.

Expertise & knowledge

Rated 4.6/5

Working in a range of countries, Ferratum continues to grow which furthers expands their expertise and knowledge. The firm is regulated by the Financial Conduct Authority and is a member of the Consumer Credit Trade Association which means they offer best practice in their processes and have a commitment to responsible lending. Their expertise in smooth online and digital processes has made their loan applications incredibly quick and efficient. Applications can be completed within a couple of minutes and money can be in accounts on the same day, and in most cases is issued within a couple of hours. Furthermore, Ferratum allows customers to repay their loan early with no penalties.

With confidence in their service, Ferratum recommend that customers compare lending options on FCA approved price comparison sites as they know they offer great rates and are a step ahead of the competition with their convenience and communication.

Customer Service

Rated 4.5/5

With over 8,00 reviews on Trustpilot, customers can receive an accurate representation of how Ferratum operate. So far, Ferratum has a review of ‘excellent’ with an average score of five stars out of five. With this, Trustpilot has given Ferratum a TrustScore of 9.1 out of ten. What’s more, 94% of customers rate Ferratum as great or excellent.

The fact that customers can apply and access loans seven days a week is a significant benefit compared to other providers and many customers comment on how Ferratum have helped them in their hour of need when other providers could not. As well as praising how easy and convenient the service is, customers can have peace of mind that Ferratum actively monitors and respond to reviews, showing that they take customer service seriously.

One of the biggest benefits of customer service that Ferratum provide is the fact that they actively encourage texting as a form of communication. Ferratum does not charge for texts and make it clear that this is the easy and quickest way to get in touch with the customer service team. With such a convenient and preferred approach for many, customers can do away with endless queue times when calling a provider which can be incredibly inconvenient.

We are independently reviewed by our verified customers and web users:
Rating: 4.7 / 4.7 with 1 votes