Ferratum Loan Review – Everything You Should Know

Ferratum is a short-term loan provider that offers loans between N1,000 and N10,000 with a 14-day repayment period. The company is headquartered in Helsinki, Finland, and operates in over 25 countries.

To apply for a Ferratum loan, you can either dial 3226# on your mobile phone or visit the company’s website. The application process is quick and easy, and you can usually get a decision within minutes.

If your application is approved, the money will be deposited into your bank account within 24 hours. You can then repay the loan using the following methods:

• USSD: Dial 322104309401Amount to be paid back#.
• SMS: Send “QT HELP to 32122”.
• Debit Pay: You can read your loan with your Debit card.

Ferratum loans are high-cost loans, so it’s important to make sure you can afford the repayments before you apply. The APR on Ferratum loans ranges from 1270% to 1825%, so you’ll need to factor in the interest charges when you’re budgeting.

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If you’re struggling to repay your Ferratum loan, you can contact the company to discuss your options. There are a number of hardship options available, such as extending the repayment period or reducing the monthly repayment amount.

Here are some pros and cons of Ferratum loans:

Pros:

• Quick and easy application process
• Money deposited into your bank account within 24 hours
• Multiple repayment options available

Cons:

• High-cost loans
• APR ranges from 1270% to 1825%
• Late payment fees can be high

Overall, Ferratum loans can be a good option for people who need quick access to cash. However, it’s important to be aware of the high-cost of these loans before you apply.

Check if you are eligible. Ferratum has the following eligibility criteria for their loans:

• You must be at least 18 years old.
• You must be a resident of Nigeria.
• You must have a valid mobile phone number and email address.
• You must have a monthly income of at least NGN10,000.
• You must have a good credit history.

Choose the loan amount and term. Ferratum offers loans between NGN1,000 and NGN10,000. The repayment term is 14 days.

Apply for the loan. You can apply for a Ferratum loan online or by dialing 3226# on your mobile phone.

Receive your loan. If your application is approved, you will receive your loan within minutes.

Here are the documents you need to apply for a Ferratum loan:

• A valid government-issued ID (e.g., driver’s license, passport, national ID card)
• Proof of income (e.g., bank statement, payslips)
• Proof of address (e.g., utility bill, rent receipt)

The interest rate on Ferratum loans is high, so it is important to make sure that you can afford the repayments before you apply. You should also consider other factors, such as the fees and charges, before you take out a loan from Ferratum.

Here are some additional things to keep in mind when applying for a loan from Ferratum:

• Your credit score will be checked, so it is important to have a good credit history.
• You may be asked to provide additional information, such as your employment status or your financial assets.
• The decision to approve or reject your loan is at the discretion of Ferratum.

How do I repay my Ferratum Loan?

In Conclusion:

Repaying your Ferratum loan through USSD is a quick and convenient process. By following the steps outlined above, you can easily make your payment and have your loan repaid immediately. Remember to enter the phone number you used to apply for the loan and the amount you want to pay accurately to ensure a successful transaction. If you have any further questions or need assistance, don’t hesitate to reach out to our customer support team. We are here to help you every step of the way.

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