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Thinking about a Ferratum loan? Try Moneypod instead

Have you considered that maybe you can get a better deal from an alternative lender instead of going to Ferratum?

There are many different factors you need to consider a short-term or payday loan. How much you can borrow, the duration of the loan, and the interest rates are all things you need to think about it. Just because you may have already heard of Ferratum loans or seen them on TV or the internet, that doesn’t necessarily mean that they will give you the deal that best suits your needs.

Moneypod is a short-term loan broker, rather than a direct lender. This means that we compare payday and short-term loan offers from hundreds of lenders – that gives you more options to choose from.

Let’s have a look at how a loan from Ferratum compares to a loan organised by Moneypod…


Who are Ferratum?

Ferratum is a Finland-based direct lender founded in 2005. Ferratum is the main company in the Ferratum Group which manages all of their international branches as well as their other banking departments.

Ferratum are rated very highly, with a 9 out of 10 score from Trustpilot.com. This is an average of 810 unique reviews of their service. They are also a finalist in this year’s Consumer Credit Awards, the winner of which is still yet to be announced.


What is a Ferratum loan?

A payday loan is where you borrow money which you pay back in full as soon as you next get paid yourself. Alternatively, a short-term loan is any loan that is due to be repaid in under 12 months. Typically, the longer the duration of the loan, the better the interest rates will be and the more you will be able to borrow in total.

More specifically, Ferratum offers loans of up to £700 for a duration of 4 months. If your application for the loan is successful, and you have applied between the hours of 9-5 between Monday and Friday, you can expect the money to be in your account within 2 hours.

If you do decide to get the £700 loan, once you pay it off, they will give you the option to increase that amount to £1,000 in the future.

The application process only takes 2 minutes and, regardless of the day or time, they guarantee that the money will be in your account on the same day thanks to their 24/7 customer support.


What are the requirements of a Ferratum loan?

In order for your application for the loan to be accepted, you will need to meet the following requirements. You must:

  • Be in employment,
  • Have a valid email address,
  • Have a bank account and a debit card,
  • Have the means to repay the loan.

Additionally, Ferratum also carries out credit checks when deciding whether or not they are going to approve your loan application. If they see that you have applied for several loans within the past few weeks, they will be less likely to approve your application.


What’s the difference between Ferratum and Moneypod?

Because Ferratum is a direct lender, only they will review your application. They only offer their own loans meaning that your offer is your offer and that you won’t have any other options when it comes to the amount you can borrow and the length of time that you have to pay it back.

Moneypod is different because we don’t provide you with the loan ourselves. Rather, we find you a lender who is best suited to advance you the kind of loan that you need. This is because we are a broker but more on what that means later.


What are Ferratum’s FCA registration details?

The Financial Conduct Authority is the regulatory body that makes sure that short-term/payday loans are fair for customers. In doing this, they only allow certain companies to lend money (Ferratum is one of them) and those companies must give their customers certain protections, including:

  • You cannot be charged any more than 0.8% per day. This is £24 per month on every £100 you borrow,
  • If you cannot make a payment on time, your penalty fee mustn’t be more than £15,
  • Over the duration of the loan, your lenders aren’t allowed to make you pay more in interest and fees than the amount of the original loan. So, if you borrow £300, you should never pay back more than £600 in total.

Nouveau Finance Limited (Moneypod) is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 727348. Ferratum is also registered with the reference number 672537.

This is definitely worth knowing because you know this means you are protected by the above rights whenever you deal with both Moneypod and Ferratum.


How do I apply for a Ferratum alternative?

If you would like to see what other options are available to you in terms of short-term and payday loans with Moneypod, then it’s a simple 3-step process.

First, fill in our quick online form. This is where you tell us how much you would like to borrow and how long for.

Then, we take this information and match you to the very best and most suitable deals that over 200 lenders are offering. This is the safest way to ensure that you are getting a loan that meets all of your specific requirements.

Once you are happy with the terms of the loan and the lender has accepted your application, you can expect to see the money in your account on the same day.


What are the advantages of a credit broker rather than a direct lender?

When you apply for a short-term loan through a direct lender, they are the only people who will see your application. So, if they decline your application for any reason and they conduct a background credit check (which all FCA-approved lenders must do by law), other lenders in the future will be able to see this.

Many lenders will decline an application if you have applied for many loans within the last few weeks. If you choose to go through a broker, then you can help avoid this issue because, when you use us, there’ll only be one credit search on your file even if we have paired you with more than one lender.

Additionally, you won’t have to pay anything for our service! You, as a customer, won’t have to worry about any hidden or extra fees at all.


Am I eligible for a Moneypod loan?

If you would like to apply for an alternative short-term/payday loan with Moneypod, you’ll need to meet the following criteria, you must:

  • Be over 18,
  • Be in continuous employment,
  • Be a resident in the UK,
  • Have a UK bank account that your wages are paid into,
  • Have an active email address,
  • Earn over £500 per month.

If you meet all of these requirements, then your next short-term loan might be just right around the corner.


Why choose a loan from Moneypod?

It saves you time. If you want to find the best deal that you can on your own, then you will need to traipse through hundreds of sites, trying to find out whether you can get a better offer. Save yourself the time and the effort and let us do this for you.

We have a panel of 200+ lenders that all offer different amounts, durations, and interest rates. We match you to the best deals from the lenders happiest to work with you – this is the best way to ensure that you are getting a deal that best suits your individual needs.

We won’t charge you any more than going to a direct lender. In fact, we might even be able to find a lender who will charge you less, if you are looking for something that they specifically deal with. This doesn’t always happen, but it has been known to occur from time to time.

We always make the loan fit around your needs, not the other way around.

To get started with finding the best payday loan for you, click this link- https://money-pod.co.uk/apply/