Loans like Ferratum

Apply for quick and hassle-free small loan funds through Savvy, offering an alternative to loans like Ferratum.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on January 25th, 2024       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

$2100
|
|
|
|
|
$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on January 25th, 2024       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

The popularity of loans like Ferratum has surged among Australians in need of quick funds. Because Ferratum is no longer operating in Australia, it's crucial to emphasise the significance of exploring other options. Savvy is here to help you learn more about loans like Ferratum and similar choices, comparing them to the straightforward process of applying for a fast loan through us today!

How do loans like Ferratum work?

Ferratum was a lender which specialised in small loans designed to cater to the urgent financial needs of borrowers. These loans, commonly known as SACC or payday loans, operate without traditional interest but are structured around fees. Ferratum extended loans to amounts reaching up to $1,900 from a minimum of $500, which is similar to make loans like it. However, your actual borrowing capacity will be determined by various factors, including the lender you choose to go with, your income, financial history, and existing debts.

The application and approval process for this type of loan emphasises speed, often resulting in same-day approval, and funds may be released within the hour in special cases. Borrowers can also enjoy flexibility in choosing repayment terms which, in Ferratum’s case, spanned from 30 days to 12 months.

What fees will I have to pay with loans like Ferratum?

For loans like Ferratum, the fees and interest structure hinge on the size of the loan selected. Typically, loans up to $2,000 involve an initial establishment fee, capped at 20% of the loan amount, and ongoing monthly fees that may go as high as 4% of the loan. Larger loans, falling within the range of $2,001 to $5,000 (which Ferratum didn’t offer), have a capped establishment fee of $400 and an annual interest rate that can reach up to 48% p.a.

Knowing these fees is crucial for evaluating the overall cost of your loan. For instance, borrowing $500 and repaying it over four fortnights could result in total fees of $140. Conversely, opting for a $1,900 loan extended over 13 fortnights would incur increased fees, totalling $736.

What alternatives to loans like Ferratum are available?

In search of a simple and efficient alternative to loans like Ferratum? You can explore the option of applying for a small loan through Savvy. We collaborate with reputable lenders across Australia, offering fast cash loans ranging from $2,050 to $5,000. The application process is streamlined and convenient, providing an instant outcome in just 60 seconds upon submission and the potential for a swift formal approval, and cash release, in as little as one hour, depending on your lender and bank's processing times. Start the process with us today to access the money you need when you need it!

Why apply for a small loan with Savvy?

Common questions about small loans

Is it possible to apply for a small loan with a subpar credit rating?

Yes – you can secure a small loan despite having a less-than-ideal credit history, as long as you satisfy the eligibility criteria set by the lender. Unlike traditional lenders who place significant emphasis on credit scores, providers of small cash loans tend to have a more flexible approach.

Can I clear my small loan before the scheduled due date?

Yes – repaying your small loan early is a legitimate option, and there are no penalties for settling it ahead of schedule. Early repayment is financially advantageous, as it decreases monthly fees and, consequently, reduces the overall cost of the loan.

Can I use my small loan funds freely or are there restrictions?

Upon receiving your small loan funds, you have the ability to apply them to a range of needs. Whether it's covering various household expenses or managing unforeseen financial obligations, the flexibility is yours. Nonetheless, it's crucial to understand certain usage limitations, such as refraining from repaying other small loans or participating in gambling activities.

Is weekend processing an option for my small loan funds?

The formal assessment, approval, and funding of your loan application can only take place during your lender's regular business hours. If your lender operates on Saturdays or Sundays, there's a chance you could receive your loan funds over the weekend. However, it's important to note that the actual arrival of funds is contingent on bank processing times. Therefore, even if your lender approves your application on the weekend, the funds may not be accessible on the weekend.

Helpful small loan guides

Small Loans Banner - Young woman smiling while looking at her tablet on the couch

Payday Loan Eligibility

Wondering how to qualify for a payday loan? Well, it’s pretty easy, and you’ve come to the right place. Borrow...

Small Loans Banner - Woman typing on her laptop while sitting in her kitchen

Need Money Now

You can apply for a cash loan online when you need money now and get funds in your bank by...

Small Loans Banner - Couple learning about what cash loans are on their tablet

What are Cash Loans?

Learn more about what cash loans are and how you can get approved with Savvy. Borrow up to $5,000 Outcome...

Small Loans Banner - Young couple assessing their financial situation before applying for a loan

No Credit Check Loans

Find out whether you can get approved for a loan with no credit check and get your application started with...

Small Loans Banner - Middle-aged couple comparing payday loan interest rates on a laptop

Payday Loan Interest Rates

Payday loans are a different breed. Here’s your quick guide to how you compare payday loan costs. Borrow up to...

Disclaimer:

The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.

For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.

Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.