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Who is Ferratum Canada?
Ferratum is an international provider of mobile consumer loans. As a pioneer in the field of financial technology and mobile lending, we have expanded our operations to 25 countries since 2005.
At Ferratum Group, our aim is to revolutionize banking. We pride ourselves on innovation, ease of use, and transparency. Our mission is simple – to provide the best, fastest, and most user-friendly lending and banking services available with personalized customer service 24/7.
In Canada we started this mission in 2015, and continue to invest and improve to serve our customers better. To date we have served tens of thousands of happy Ferratum Family members.
Ferratum is also a licensed lender in each of the provinces we operate, a member of the CCFA and Accredited Business with the Better Business Bureau®.
What provinces do you operate in?
Currently we operate in Alberta, British Columbia, and Ontario with additional provinces coming soon. We think all Canadians would love our services, so we're working hard to offer our products nationally to all Canadians! Check back soon.
How do your personal loans work?
Customers can apply quickly and conveniently online, or through their mobile device for installment loans up to $10,000 with terms between 12 and 60 months. These loans are personal loans and are paid back through direct debit. We offer weekly, bi-weekly, semi monthly and monthly repayments.
Our loans can be paid off partially or in full with no penalties. Ferratum also has no hidden fees or charges. You will only be charged the interest on the money borrowed.
Unlike many other personal loan lenders in Canada, our service is 100% online and automated utilizing bank grade security and encryption, so you can apply 24/7 and receive a decision in minutes.
After you've accepted our offer, your loan is deposited automatically into your bank account. You can read more about our loan process here.
Lastly, we are confident you will love our service and process but if not we have a 100% guarantee if you decide you do not want to take the loan after you have received the funds.
How much can I borrow?
The amount you can borrow from us will depend on many factors that are built into our automated system.
We offer loans between $2,000 to $10,000 and you can apply for as much as you need.
Once our secure system has determined your approved amount, simply acknowledge your loan agreement, and we’ll deposit your funds directly to your bank. It’s that simple with Ferratum.
How long can I borrow for?
Currently our loans are available from 12 months (1 year) to 60 months (5 years). If you wish to pay your loan back even sooner, there are no penalties or fees.
What are your fees?
Applying for your Personal Loan is free, with no fees or charges to apply or take a loan.
The interest rate on your Personal Loan is determined by several factors and will be clearly provided to you before you accept the loan offer. This way, you're able to make an informed decision related to your payments, total cost of borrowing, and other important details.
Ferratum is a fully transparent lender, and strives to provide our customers with as much information prior to applying to ensure you're making a smart financial decision.
How do I calculate my payments?
Using our Interest Rate Loan Calculator, you can determine the payment amount for your selected loan. Simply use the slider on the loan calculator to select the amount, term, and payment frequency for a desired loan and our calculator will then estimate the payment amount that would apply.
Do I need a bank account?
Yes, you will need a Canadian bank account to receive a loan from Ferratum Canada.
Do I need to be employed?
Yes, all customers applying for our Personal Loan need to be actively employed. Unfortunately, we are not able to consider applications where primary income is from disability insurance or social assistance.
Do I need to verify my online banking?
Yes, as a final step to the application process you will need to link your account. This is done in order for us to be sure the bank can confirm your identity and application details with us. It is also part of our commitment to responsible lending and the reduction of money laundering.
The process is very easy. One you submit your Personal Loan application, you will be prompted to login to your online banking just as you normally would. Your bank may require a PIN to be sent to your mobile phone during this process depending on your financial institution. Once you've successfully logged in to your online bank, we will be able to finalize your loan application, and provide you with available loan terms and borrowing amounts as applicable.
What type of ID do you need from me?
Where possible, Ferratum Canada uses technology to make things easier! To do this we have partnered with a leading Canadian credit reporting agency (TransUnion) for electronic identification to verify clients on their application details, and to protect Canadians from fraud.
So when it comes to verification, we ask our customers to provide accurate personal information and their SIN (Social Insurance Number) for identification purposes. Although your SIN is not mandatory it greatly improves your chances of being successfully identified and ultimately a loan approval.
I got declined, why?
Most common reasons why our customers are declined are:
- You currently have an active loan with us (we only allow one loan per household at a time).
- You are using a VPN (virtual private network) that is reporting your location outside of ON, AB, or BC.
- You are not actively employed.
- You did not meet our minimum credit requirement.
- You did not meet our minimum age requirement (21 and up).
- You did not pass our electronic ID verification.
- Ensure your personal details are complete and accurate as they are used to validate your identity.
- Pay back any active loan you have with us (you may need to wait for up to 5 days so that we can be sure the funds are cleared)
- Ensure you disable any VPN you might be using.
- Ensure the bank account used on your account is your primary bank account.
- Ensure you have correctly input your employment details including income and expenses.
- Ensure you met our age requirements of 21-65 years old.
Our approval process is fully automated and based on a review conducted by our system on the information you provide us on your application.
Unfortunately, we can't disclose how our system processes this, but it is important to know that the decision can change as your financial situation changes.
I got declined, what can I do?
Our approval process is fully automated and relies 100% on the information you provide during the process. Although sometimes we are not able to provide a loan approval because of our commitment to responsible lending, often customers are successful by following the below tips before applying again:
If some of these tips do not help, don't get discouraged. You can always re-apply in 30 to 90 days when your financial situation may have changed. We do not penalize our valued customers based on the number of applications submitted.
I got declined, should I re-apply?
Yes! First check out our Tips to ensure you have the best chance to be approved. Ensure you provide as much accurate information you can. If you are not approved, we welcome you to try again as we do not penalize our valued customers based on the number of applications submitted. We also consider customers with many different credit histories including poor credit or bad credit loan applications.
Most of our customers have success after waiting 3 months, or when there have been significant changes to your financial situation. This can result in a better outcome.
Can I apply if I am not a home owner?
Yes, renters are welcome to apply. As with all our loans you need to provide your current address, employment information, and income details.
Do you check my credit?
Yes, when you apply you must consent to a credit check by clicking the check box on the application form. Once your application is submitted we will first verify your ID, and if successful, we will check your credit score and other information with the credit bureau.
This helps us to make the right credit decision and enables our commitment to responsible lending. It also allows us to provide you with our best interest rate for the most cost-effective loan interest rates.
Why do you need my banking information?
We communicate with your bank to validate your identity and account ownership, as well as allowing us to quickly and easily deposit your loan funds directly into your account.
When you login to your online banking, you do so through your bank - we do not capture your online banking information. Once you successfully login to your online banking, your financial institution will communicate with us to validate your application information and personal details.
How do you verify my bank account?
We've partnered with CreditSense, which leverages Canadian banking infrastructure (bank grade security) to allow your bank to communicate with us, and validate your loan history.
This process is very easy and only takes a couple of minutes to complete. We do not require you to scan, upload, or email any documents. Simply login to your online banking through a secure portal and follow the steps.
How long does it take to get a decision?
With our fully automated application process we are able to accept your loan application paperlessly. This allows us to give you a loan decision instantly after successfully receiving your complete application.
Once you've applied, you'll get a decision shortly from our fully automated system with loan amounts between $2,000 and $10,000 Canadian.
How long does it take to get my money?
Once you've accepted your electronic loan agreement, we will process your loan payout immediately.
Generally, for customers banking at a major Canadian financial institution, you can receive your money in as little as 1 hour (during normal business hours) or the next business day for after hours.
However, processing times can vary from bank to bank.
How do I get my money?
Once you accept, your funds will be automatically deposited into your bank account. This works the same fast way your employer might deposit your pay on your payday.
Can I have more than one loan at a time?
With our commitment to responsible lending, we can only allow customers to have one loan at a time. Once your loan has been fully paid, you are welcome to apply again!
Can two people from the same household get a loan?
Unfortunately, due to our policies we cannot allow two people from the same residential address to receive loans from Ferratum Canada. We currently only allow one loan per residential address.
Why was I not offered the loan amount I requested?
Our automated process consider many elements of your application to determine our best loan offer for you. This considers your personal financial situation and history, as well as the costs associated with the loan. Because we are a responsible lender, we offer our customers an amount that best suits their current needs based on their financial history.
Can I borrow if I’m on EI or other benefits?
While we carefully assess every customer's ability to repay their loan, unfortunately at this time we cannot fund personal loans for individuals who are currently on:
1. Social assistance
2. Disability insurance
Why did I get an Invalid Province error?
If you received an Invalid Province error when typing in your address, it is due to you living in a province that Ferratum Canada does not operate in.
Currently we can only accept applications for residents living in:
1. Alberta
2. British Columbia
3. Ontario
If you reside outside of these provinces unfortunately we cannot accept an application from you at this time. We are rapidly expanding into other Canadian provinces and hope to see you back with us when we do.
