Ferratum loan: Here is another financial institution aim in helping working-class men and women to meet their immediate or urgent monetary problems thou the amount you can access from them as a loan is not all that reasonable.
In this particular content, we will explain deep on everything relating to the lending platform like how to apply for a loan from Ferratum, interest rate, requirements, contact number and their repayment plan just like we always do on the other content on this website.
Let’s start by explaining what Ferratumm is all about,

What Ferratum loan is all about

Ferratum loan is a lending platform in Finland which has its branch in Nigeria and was established in 2005 by Ferratum Group.
The Ferratum is a foreign lending platform that was first established in Finland with its major headquarter in the capital of Finland Helsinki.
The platform is aimed at helping Nigerians ‘men and women’ working class to be precise to meet with their immediate or urgent financial problem.
Note that the highest amount you can get from this loan provider ranges from N1,000 to N10,000 unlike the other loan providers in Nigeria like Carbon and Renmoney where you access up to N1 million naira or more.
Note that loan platform is not only for Nigerians but for many other foreign countries like Australia, Brazil, Bulgaria, Canada, Croatia, Czech, Denmark, Estonia, France, Germany, Latvia, Lithuania, Mexico, Netherlands, New Zealand, Norway, Poland, Romania, Russia, Spain, Sweeden, and United Kingdom this simply means that all the foreign countries listed above can also apply for the loan and get instant approval thou we didn’t to specify the exact amount they can access that because we only focus on Nigeria.
Lets quickly take a look at how you can apply for this loan;

How to apply for a Ferratum loan

Based on my own Ferratum loan review, applying for a loan on Ferratum is the easiest thing you can ever think of, below are the simple trick in applying for the loan;

  • Firstly, dial the Ferratum loan USSD code *322*6#.
  • Then, finally, carefully read and accept the loan terms and conditions..you are good to go.

Ferratum loan requirement

Below are some simple and easy requirement that Ferratum expect you to meet up before considering taking a loan from them;

  • Applicants must fall within the age range of 18 – 60 years.
  • The applicant must be a resident of Lagos state Nigeria.
  • The applicant must be working withing Lagos state Nigeria.
  • Applicants must be employed or be self-employed with a reasonable monthly income.

How to repay a Ferratum loan

Yes, we understand the fact that you might be confused about how you can repay your loan..don’t worry we are here to assistant you.

For a successful Ferratum loan repayment, follow the simple steps listed below;

  • Repayment through “Quickteller” – This is another easy way of making a your loan repayment. Here all you need to do is to visit the Quickteller platform, choose repayment option that will appear on your mobile phone screen then follow the instructions that will be given to you.
  • Repayment through “direct debit” – Your loan will be automatically debited from the debit card linked to the bank account you provided during the loan application on the due date.
  • Repayment through a mobile App – here is another simple way of making a repayment, all you need to do is to visit get.quickteller.com or Google play store and down the designed App for your phone.
  • Repayment through ATM – Visit any bank ATM standard, insert your debit card and select Quickteller from the dropped menu enter the code 04309401.
  • Repayment through SMS – Text QT HELP to ‘32122’
  • Repayment through USSD code – dial *322*1*04309401*amount#

Ferratum loan interest rate

The loan interest rate is not complicated, they only have two main types of loan interest rate which are listed below;

  • At first, you will pay a 20% establishment fee.
  • Then secondly, you pay 4% per month for the account keeping fee.

Ferratum loan contact number

Sometimes, users do encounter problems while applying for the loan or when making repayment and that’s why we are putting up this side of the content.
Should in case you need any help, assistance or encounter any problem on your application or repayment process and wishes to contact Ferratum Group for help, use the Ferratum hotline @ 070073536233. 
Note this Ferratum loan contact number is for their Nigerian users, other foreign countries that have Ferratum loan branch in their various countries can search for their’s or visit the Ferratum branch near them.

Ferratum loan email address

Just like we mentioned above that you can contact Ferratum if you encounter any problem on your loan application or repayment, you can as well mail them @support@ferratum.ng. 

Ferratum loan code

Here is another way of applying for a loan or checking your loan eligibility without visiting branch, just dial *322*6# and follow the instruction that will drop.

How much you can get from Ferratum loan

The minimum amount you can get from this particular loan provider is N1,000 and the maximum N10,000 with a repayment tenure of two weeks “14 days”.

How long does it take to get approved on the Ferratum loan?

The lending platform makes it’s approval and loan disbursement within a few minutes.

Ferratum loan alternative

There are many other better alternatives to this particular loan provider that is to say there are other loan providers that you can access up to N1 million naira or more just on your first application, loan providers like Carbon Paylater, Renmoney, UBA loan, GTBank loan and many more.

Ferratum loan frequently asked questions (FAQS)

There is some frequently asked question about the loan services by their customers and we have worked hard to put up those rudiment questions with the aim of helping our readers understand more on what they are about engaging themselves in, they are listed below;

Why was my Ferratum loan application rejected or disapproved?

Yes, your loan application can be declined or rejected because you could not meet up with their disbursement qualification.
If this happens try to effect some changes on your credit score that is to say paying off your debts if you have any.

How to check account balance on Ferratum

Checking your loan account balance on Ferratum is easy and simple, just log in to your Quickteller.com account if you to check your balance or call their customer care representative @ 070073536233 or email them on collection@ferratum.ng

What happens if I don’t pay my loan on the agreed date?

No lending platform tolerate late loan repayment or loan defaulting, this simply means that Ferratum itself doesn’t accept late repayment so there may be late fees attached to late repayment and also Ferratum can go as far as reporting you to the Credit Bureau which will result to not getting loan from other loan providers in the future, most importantly it can affect your employment.

Can I use my loan for any other purpose?

This loan can be used for any purpose i.e. you don’t use it for a particular purpose.

Wrap Up

We can say that their loan service is a good one but not to compare with other loan providers and if you ain’t the working-class and not a resident of Lagos state consider yourself not eligible for the loan.
If you have any question on this post or any other post on our website kindly use the contact page to reach out to us we are 24 hours ready to attend to your question