Personal Loans | Product Review

Are you facing an emergency situation? Do not worry, with Ferratum you can solve it in a matter of hours. This company that has a great career, both in Mexico and in the world, gives you access to $ 5,000 pesos that you can pay within a maximum period of 30 days.

When it comes to flexible financial alternatives, Ferratum is your ally, since it can lend you up to $ 5,000 pesos that you can pay in 30 days.

You are interested if

You are looking for a financing option for small amounts that you can conveniently pay.

 

Key points

Short description Ferratum is an international company with headquarters in more than 20 countries that specializes in financing to individuals. Through this company, you can get between $ 1,000 and $ 5,000 pesos quickly and easily, which you can pay between 7 and 30 days.
Limits and deadlines For all customers who use Ferratum for the first time, the maximum that can be obtained in terms of amounts and terms is $ 5,000 pesos and 30 days, respectively. However, by using the platform frequently, you can increase this limit to $ 10,000 pesos and 45 days.
Acceptance times The speed with which a loan can be obtained at Ferratum is related to compliance with the applicant’s requirements. This company, as a rule, takes between 24 and 48 hours to answer an application. In case the answer is positive, the time for the amount to be in the account is maximum 2 hours.
CAT All personal loans have a total annual cost that varies according to the amount and term chosen. In the case of Ferratum, the percentages range from 535% to 441%.
How to hire it The process is done through the online platform, in which one can see all the information, ask questions or go directly to an application. When you have requested more than one loan, you only have to enter and adjust the amounts to send a new loan application.
Main requirements Healthy credit history, be over 21 years of age, have the RFC and CURP handy, have a current account with interbank CLABE and a telephone number and email address.

 

Information about Ferratum loans

 Information about Ferratum loans

Main features

More and more companies are offering quick and easy loans in Mexico with success. Definitely, the market of Fintech and online financial products will not go anywhere, and by its characteristics, it is not at all a surprise that more and more users prefer them over traditional loans because they represent one of the faster and more efficient alternatives to obtain financing. The facilities in the application process, the flexibility of requirements, the immediacy and efficiency, are some of the characteristics that make them so attractive.

Thus, Mexico has begun to consolidate as an important market for Fintech companies. Due to the increasing number of companies that are successful and consolidate in the country. One of them is Ferratum Mexico.

Ferratum personal loans give people access to amounts ranging from $ 1,000 to $ 5,000 pesos with the opportunity to get larger amounts by paying on time and in full the loan taken. In total, you can get up to $ 10,000 pesos that must be paid in terms of 7 to 30 days, also having the possibility of extending it for a maximum of 30 more days.

In terms of financing costs, the total annual cost is not very high compared to other platforms, starting from 535% for a loan for the minimum amounts, that is, $ 1,000 pesos to 7 days, and decreasing to reach 441% when they request $ 5,000 pesos to be paid in 30 days. Of course, by varying according to the amount and the term, the recurring customers of Ferratum will have a lower CAT.

How do they work?

 How do they work?

Online loans, by their nature, are extremely easy to apply for. While there are some that are easier than others due to better design and / or operation of your platform, all can be processed in just minutes and even using other devices than the computer. Ferratum is not the exception, because to request their products, they have described a process that consists of 5 simple steps:

  • When entering the portal, you must use the dynamic bars to select the amount and term of the loan you need.
  • Next, click on the Request My Loan button, fill out a quick form with the contact information you are asked for. Remember to fill all the mandatory fields that are marked with an asterisk (*)
  • Knowing what are the other documents that are requested (which, if you have not visited the link, you can check below), you should have them on hand during the application.
  • You will receive a response between 24 and 48 hours in an email or directly in a text message to your personal phone about the approval or cancellation of your loan.
  • As soon as your loan is approved, we will process a bank transfer to the account you indicated, depending on your bank the money will be available in your bank account within 30 minutes of the approval.

When you submit a loan application, you will have an account created to which you can access to request new loans. If it is already your second loan, the process becomes faster and easier, since you only have to enter your telephone number and the PIN granted by Ferratum and select the amount and the terms.

In the application itself, you will be asked questions about your credit situation, which Ferratum indicates that you respond as follows:

  • In the question of if you have a credit card, answer YES only if the credit card you have is still valid.
  • In the question of if you have a mortgage credit, answer YES only if the mortgage credit you have is still valid.
  • In the question of if you have a car credit, answer YES only if the car credit you have is or was in force in the last year.

Ferratum is not only committed to making it easy to apply for a loan, since the return is just as comfortable and simple, given that they have strategic alliances with organizations such as Oxxo and Banco Famsa, which they provide as a method of payment.

To make the payment in any of Oxxo stores in the country, the following procedure must be carried out:

  1. Enter your profile on ferratum.mx to verify the total amount to pay
  2. Get the barcode with the reference number.
  3. The code is shown to the staff in box to make the payment and;
  4. The payment receipt is sent to cobranza@ferratum.com.mx (Once the payment is made it will be reflected during the following 24 hours in the Ferratum systems, so do not be alarmed.)
  5. Once the Ferratum system indicates that the payment has been made, they will send a confirmation email to the person.

If you want to pay through the Famsa Banks, you have two options at your disposal:

  1. By deposit to account 2966309 or;
  2. By electronic transfer to CLABE account number 131180000029663097, using as reference your number assigned to the loan. The latter is extremely important, since this is the only way that Ferratum has to identify the person who is paying the loan.

In the event that the person can not pay the loan on time, you will incur additional charges for late payment commission ($ 200.00 pesos), plus late interest charges (at a rate of 2% per day), and additionally by regulation we will have to report you as delinquent client to the Credit Information Companies of Mexico.

However, in the event of a situation that prevents timely payment, one can ask Ferratum for an extension of the loan, which can be 7, 14 or up to 30 days. To do so, you must access the corresponding tab on the platform within 3 days before the due date or up to 3 days after the due date of your loan. Ferratum makes it clear that one has up to 3 extensions per loan and that each one is subject to approval. Likewise, each extension will generate an additional commission to the total amount owed.

What do I need to obtain a loan in Ferratum?

 What do I need to obtain a loan in Ferratum?

Like all lenders, Ferratum does not say yes to all requests, because they have to be consistent with their internal policies. For this to happen, the applicant has to comply with a series of requirements, which is detailed below:

  • Have a Healthy Credit Bureau
  • Be over 21 years old
  • Have your RFC at hand.
  • Have your CURP on hand.
  • Have a CLABE Interbanking account of your own, it is composed of 18 digits located in your Account Statement. Ferratum indicates that credit accounts are not accepted.
  • Access to your Online Banking (from your debit account) through our Instantor tool
  • Have a Cell Phone Number and Own Email

conclusion

 conclusion

Ferratum personal loans are loans clearly dedicated to financially healthy people who do not want to be committed to high amounts. Because of their ease of obtaining, they are perfect for anyone who wants to get out of trouble.

As indicated in the requirements section, Ferratum does check the credit history to verify that the person’s ability to pay is good. In case your rating is not the best, here at Bonsai Finance we have other options that do not require Bureau that could help with your situation.

The company: Ferratum

 The company: Ferratum

Ferratum is a Mexican company that is part of the Finnish group Ferratum Group. Currently, they have a presence in 23 countries, with more than 2 million customers around the world and only in 2015, they arrived in Mexico, quickly becoming one of the favorites of the users.

The offer they make is of quick, easy access and confidential loans for their clients, providing a convenience that very few companies offer. Your services can be accessed online or from a mobile device, and a loan decision is made in a matter of minutes.

As an organization, Ferratum has a clear vision of the services it offers. Its executive director, Jorma Jokela, says: “We are motivated by our passion for innovation and we have a strategic growth plan”. That said, its goal is to remain the leading micro-lending company in the market. Their motto: ” More than money ” is the key to their business, with what they basically mean they are committed to their customers.

Opinion about this product

 

Accurate financial planning is something that every family or individual should have. However, the future is uncertain and at any moment, a problem could arise that changes everything. For this reason, one of the aspects that drew our attention to Ferratum’s personal loans is the fact that they have no quotas. When processing, the deadlines are in days, so if you ask for one of $ 2,000 pesos and in the fortnight you do not have much left to pay, you have no problem because you can go waiting and leave money aside in the next. Compared to other types of loans, if a fee approaches and you do not have money for an unforeseen event, you will already incur commissions that increase the cost of financing.

In addition to this, there are a number of factors that make this type of loans an extremely attractive product, such as the alliance established with the Swedish company Instantor, which guarantees speed and safety in these operations.