Ferratum credit line
credit of up to € 1,000 to return between 3 and 26 months for which you pay interest only for the money you actually use, the rest is at your disposal for when you need it.
Benefits No Payroll: Do not With Asnef: Do not Cash: Do not Limits Minimum term: 3 months Deadline: 26 months Minimum loan: € 200 Maximum loan: € 1,000
Additional information of Ferratum Credit Line
The Ferratum Line of Credit is an innovative credit that pays interest only for the money that is actually used. The credit limit is up to € 1,000 but the credit generates expenses for the willing party, so if a customer uses € 300 he only pays for that money and would not pay anything for the € 700 he is not using. Its operation is very similar to that of credit cards but without having a plastic card in hand. The return period is up to 26 months.
The client can always dispose of the money that remains until the credit limit when needed without having to ask for money again. To have the money, you simply have to access the customer’s private area and transfer the funds to your checking account, without questions and without waiting, fast and easy, as is usually the case with this type of product. As the money is returned, it becomes available again. The interest rate of the Ferratum Line of Credit is lower than that of the mini-credits and with the additional advantage that the money is returned in monthly installments from 3 and up to 26 months.
Steps to request the line of credit
If you have previously requested a mini loan in Ferratum, and therefore you are already a client, enter the private area and check if you have active the Line of Credit . It is possible that if you have met the deadlines when returning a previous loan and you have pre-granted the Line of Credit . If this is your case, you must simply activate it by withdrawing the money you need to your account.
If you are a new customer, access the Ferratum website in the line of credit section and mark the amount of money you would need to withdraw your first time and click on the “request CREDIT LINE” button that is displayed in the center of the screen .
Then fill in your personal and contact information. Shortly you will receive a response from Ferratum indicating if you have been granted the credit line and the limit you have in case of affirmation. The maximum limit is € 1,000 , but each client has a different limit depending on the risk analyzed from Ferratum. If you agree, you accept the loan and you can transfer funds from your private client area to your usual bank. It’s that simple, without waiting, without questions and without paperwork.
How much does it cost and how to return the money in the Ferratum Credit Line?
As we have already mentioned, you will only have a cost over the money that is actually used . Whenever money is available, Ferratum charges for the money actually borrowed by awarding a single rate and an interest rate that depends on the time the customer takes to return the money. The cost of the credit is:
- Cost for withdrawal: 12.5% of the amount of money that is withdrawn.
- Interest: 0.2833% per day for the outstanding amount. The total cost of interest will depend on the time the client takes to return the money. For a loan of € 100 at 30 days the cost is € 100 x 0.2833% x 30 days = € 8.50 .
Regarding the return of the money, the flexibility that Ferratum offers is total . Although, as a general rule, it is paid in installments, the client zone can be accessed at any time and a payment can be made for the entire debt or simply for part of the outstanding balance. By paying interest per day as long as the payment is advanced, interest is saved.
In the case of returning the money in monthly installments, the minimum payment is 12.50% of the outstanding amount but always with a minimum of € 75 per month .
Each time you return money it will be available in the Line of Credit so that you can use it again when you need it.