Ferratum Loan App: How to Apply, Ussd Code and Requirements

Each day, needs and problems that require financial attention keep springing up. However, with the Ferratum loan, one can quickly solve these problems within a few minutes of approval.

If you are in dire need of loans, the Ferratum loan is what you need instantly. In this article, we will carefully show you everything you need to know about this loan, from the requirements, to how to apply and repay. Keep reading!

Overview Of Ferratum

Ferratum is an online lending platform. A financial institution that sees to the provision of instant loans to eligible loan applicants. They are at the forefront of mobile banking and digital consumer.

The group was established in 2005, and since it began operations, it has been noted for its excellent services to its customers and help in leasing the burden of financial problems.

Currently, Ferratum operates in over twenty (20) countries and does absolutely well in each country. In 2016, they launched a platform to enable its users to access financial aid. This app is available in five countries.

How Does Ferratum Loan Work?

Ferratum offers micro soft loans to applicants in dire need of loans. The loans can be called short-term loans. However, the repayment period is within two weeks of approval.

Collateral or property documents are not needed. Also, the application process is not lengthy and does not involve queues. To be eligible, you must tick all the boxes and follow the instructions we will provide in the later part of this article. Kindly read down.

Eligibility Requirements For A Ferratum Loan

The process of a loan application on Ferratum is not a lengthy one and does not involve paperwork or collateral to secure. However, the following are required to secure a Ferratum loan.

1. You must be up to 18 years of age.
2. You must live in Nigeria, preferably Lagos State.
3. Having an excellent credit score or history is an added advantage.
4. You must have an active bank account.
5. You must have a stable and legit source of income. This way, you can undoubtedly repay your loans without delay or pressure.

It is crucial and advisable to check the requirements and ensure that you need them before considering applying for a Ferratum loan. This is to avoid rejection.

How To Apply For A Ferratum Loan

You can apply for a Ferratum loan after ensuring you are eligible for it in two ways. They are;

• Through website
• Through USSD code.

Through Website

You can apply for a Ferratum loan by heading to their official website. Click on “Apply Now” and follow the onscreen guidelines to apply. Ensure that the information you supplied is correct to avoid loan rejection.

Through USSD Code

Another way to apply for a Ferratum loan is through the USSD code. To do this, simply dial *3226# and follow the prompt.

Note: at the time this article was written, the Ferratum loan app was not available on Google Play Store.

How Much Can I Borrow From Ferratum?

You must understand that Ferratum offers Micro soft loans. This entails that the loan limit is very small. On Ferratum, you can borrow between N1,000 and N10,000. This means that the minimum loan is N1,000, and the maximum ₦10,000.

What Is The Ferratum Interest Rate?

There are basically two types of fees paid.

• The 20% establishment fee and
• The 4% per month account-keeping fee

What Is Ferratum Loan Repayment Term?

The Ferratum loan repayment term is very short and does not pass a month. It is within fourteen days (two weeks).

How To Repay Ferratum Loan

You can repay your Ferratum loan through any of the following means;

1. USSD: Dial *322*1*04309401*Amount to be paid back#.
2. SMS: Payments can also be made via SMS. Send “QT HELP to 32122”.
3. Debit Pay: You can read your loan with your Debit card.

Pros Of Ferratum Loan

The advantages and benefits of a Ferratum loan include the following;

1. It takes a few minutes to approve a loan application, provided the applicant is eligible.
2. Loan disbursement is fast and direct to your bank account.

Cons Of Ferratum Loan

The following are some of the disadvantages of a Ferratum loan;

1. It is a short-term loan
2. The repayment term is too short.
3. The loan limit is short.
4. It can not take care of more significant problems.
5. Borrowers may face high penalties if they fail to repay their loans when due.

How To Contact Ferratum

You can contact Ferratum from Mondays to Fridays through their customer care line 070073536233 or their email at [email protected].

Frequently Asked Questions

How can I borrow money from Ferratum?

You can borrow money from Ferratum by either applying through their website or by dialing *3226# and then following the prompts.

What is Ferratum money?

Ferratum is a direct lending platform that offers short-term loans known as “micro-loans” to eligible applicants. It was established in Finland in 2005 and currently operates in 25 countries.

Who is the owner of Ferratum?

Jorma Jokela is the founder of Ferratum financial institution.

Is Ferratum a bank?

Yes, it is now a bank known as the Multitude Bank.

Conclusion

Ferratum offers micro-loans to eligible applicants. If you need instant loan, you may have to try Ferratum loan. However, you must reside in Nigeria preferably Lagos, State and you can apply for a quick loan by dialing *3226#.

We are confident that this article was worth the read. Feel free to share your thoughts in the comments section.