Ferratum Canada offers access to one of the fastest approval online personal loan services in Canada.
The company does not require any documentation, and with everything 100% online, you can easily have access to cash in your bank account in less than 24 hours.
Not only that, but you also save on the atrocious interest rates you would otherwise pay on payday loans.
This Ferratum (Money) Canada review covers how to apply for a loan online in Canada and get it on the same day.
What is Ferratum Canada?
The Ferratum Group is an international company with a presence in 25 countries. It was founded in Finland and expanded operations to Canada in 2015.
Their Canadian office is located in Toronto and The Ferratum Group trades on the Frankfurt Stock Exchange as FRU.
As of this writing, Ferratum provides online personal loans to residents of British Columbia, Alberta, Ontario, New Brunswick, Nova Scotia and Newfoundland.
Ferratum personal loans range from $500 to $15,000 with interest rates starting from 18.9%.
How To Apply for a Ferratum Personal Loan
Applying for a loan with Ferratum is easy. The entire process is completed online and takes about 10 minutes to complete.
To get started,
- Visit Ferratum.ca here. The application form is available 24/7 so you can apply at any time.
- Pick the amount you want to borrow and term.
- Complete the application form and provide all the required information including your employment status, income, and bank account details.
Your application is assessed quickly and you can have funds deposited in your bank account in as little as 1 hour.
Ferratum Personal Loan Summary
Here are the features of the fast loans, personal loans and cash advance loans offered by Ferratum Canada:
- Installment loans from $500 to $15,000.
- Loan term lengths vary from 12months (1 year) to 60 months (5 years).
- Interest rates from 18.9% to 54.9%.
- Funding occurs in less than 24 hours on average.
- No documentation is required. The entire application process is completed online.
- There are no hidden fees or charges. You only pay the interest rate.
- Flexible loan repayments on a weekly, bi-weekly or monthly schedule. There are no penalties for repaying your entire loan early.
Eligibility for a Ferratum Loan
In order to be eligible for a Ferratum Loan, you must:
- Be a resident of Canada and at least 20 years old.
- Be employed and receiving at least $2,000 in monthly income.
- Have a fair to good credit score (600 and up).
- Be living in either Ontario, Alberta, British Columbia, Newfoundland, New Brunswick or Nova Scotia.
- Have a Canadian bank account.
- Not have declared bankruptcy within the last 7 years.
- Have a debt-to-income ratio of 40% or less.
If you would like to know what your credit score is, you can check it for free here.
What types of loans does Ferratum offer?
Ferratum offers various types of loans including personal loans, emergency loans, repair loans, travel loans, medical loans, renovation loans and many others.
The interest rate you pay is dependent on your overall financial picture, however, it is much lower than payday loan rates which can be as high as 600% APR (e.g. MoneyMart and CashMoney loans in some provinces).
Is Ferratum Legit?
Ferratum Canada Inc. is a legitimate company that is accredited by the Better Business Bureau and holds an A+ rating as of February 2020.
On Trustpilot, Ferratum Canada has a 4.2/5 rating from 219 reviews.
Lastly, the company is rated 4.5/5 on Google reviews based on more than 250 different reviews.
Why Choose Ferratum?
Ferratum offers one of the fastest approval online loans in Canada.
The online application takes about 10 minutes and you can access funds in less than 24 hours.
The company has a robust and effective customer support service that is available from 6 am to 6 pm EST from Monday to Friday.
Ferratum Loans are flexible and you can prepay your loan or pay off your entire balance at any time without penalty. There are no hidden fees or charges.
You can even return your loan within 48 hours for any reason and pay no interest!
FAQs – Ferratum Personal Loans
1. Does Ferratum do credit checks? Yes, Ferratum checks your credit score in order to assess your creditworthiness. A credit score of 600 or higher is required to qualify for a loan.
2. How long do Ferratum loans take? The application process takes about 10 minutes and you can have funds deposited in your account in as little as 1 hour. On average, most applications are funded within 24 hours.
3. Can I get a loan with no credit check? Yes, there are guaranteed no credit check loans in Canada, however, they come with a significant hike in interest rates. For other options, check out this bad credit loans article.