Ferratum
If you’re searching for Ferratum, there’s a chance that you might be looking for a loan. Unfortunately, Ferratum are no longer trading, but Little Loans could help you find a loan instead.
Little Loans as a Ferratum alternative
- Little Loans is a credit broker, and we work with a panel of lenders who offer loans from £100 to £10,000.
- Repayment terms from 3 to 60 months, depending on how much you apply to borrow.
- We’re authorised and regulated by the Financial Conduct Authority (FCA).
- All quotes are no-obligation.
- We don’t charge any fees for our service.
- People with all credit scores are welcome to search for a loan.
Who was Ferratum UK Limited?
Ferratum was a direct lender offering short-term loans of up to £700 for new customers, and up to £1,000 for existing customers. Repayments could be made between 62 days and 4 months.
They rebranded as Ounapuu Limited on November 4, 2021, which they were known as until they ceased trading.
What happened to Ferratum?
Ferratum stopped accepting applications for new loans during the COVID-19 pandemic and were placed into a Creditor’s Voluntary Liquidation on December 31, 2021.
Paul Boyle, David Clements, and Anthony Murphy of Harrisons Business Recovery & Insolvency (London) Limited were the appointed Joint Liquidators.
The director of Ounapuu (formerly known as Ferratum) stated that “external factors had placed financial pressure on the business and its ability to trade through these challenges.”
Can I still get a loan with Ferratum?
No, Ounapuu (formerly known as Ferratum) went into liquidation in December 2021, and the company was unable to accept applications for new loans past this date.
If you’re looking to borrow between £100 and £10,000, Little Loans would be more than happy to help you search for a suitable loan.
Who can use Little Loans?
You’re welcome to check your eligibility at Little Loans if you:
- Are over the age of 18;
- Are a UK resident;
- Have a UK bank account and valid debit card; and
- Have a regular source of income paid directly into your bank account.
Can I get a loan with bad credit?
We welcome people with all credit scores to check their eligibility. Several of the lenders on the Little Loans panel are willing to consider applications from those with bad credit history.
However, getting approved for a loan when you have bad credit can be difficult. You may find that if you are successful, you could be offered a higher rate of interest or are unable to borrow as much money as you need.
How can I search for a loan with Little Loans?
We understand that searching for the right loan can be time-consuming. With this in mind, we like to keep things as straightforward as possible.
We’ve broken down the journey into five simple steps.
- Select the amount of money that you need to borrow and choose your ideal repayment term. Completing our online form should take no longer than five minutes.
- We’ll run a soft search on your financial history, with no impact to your credit score, and scan our panel of lenders for a suitable match.
- If we’ve matched you with a loan, you’ll be redirected to the lender’s website. This is where you can find out more about the loan and decide whether you’d like to go ahead.
- Should you wish to proceed, you’ll be asked to provide the lender with some further information so that they can complete a hard credit search.
- If the lender is satisfied with the outcome of their checks, you will be sent a loan agreement. Carefully read through the terms and conditions. If you’re happy with your loan offer and are confident you can comfortably afford the monthly repayments, you can sign and return the agreement.
Soft search v hard search
Little Loans uses a soft search to gain an insight into your credit history without affecting your credit score. A soft search is only visible on your file to you and the company who carried out the search.
All responsible direct lenders carry out a hard search as part of their credit and affordability checks. Hard searches will leave a footprint on your credit file, and this can remain visible for up to 12 months. You should be aware that undergoing too many hard searches within a short period of time could harm your credit score.
If approved for a loan, how long will it take to receive my money?
Some of the lenders on our panel could send your money the same day as your application is approved, although exact payout timeframes will vary between lenders.
Please be aware that the time it takes for the money to appear in your account will depend on your bank’s policies and procedures.
What happens if I can no longer afford my loan repayments?
If you’ve taken out a loan that you’re struggling to repay, you should contact your lender as soon as you can. They will talk you through any options available to you and will want to work with you to put a plan in place moving forwards.
Worried about money? Help is available
Money worries are nothing to be ashamed of; they can affect any of us at any time.
Whatever you’re facing right now, please know that help is always on hand.
You can access free, impartial money and debt management advice on sites such as StepChange, MoneyHelper, Citizens Advice, and National Debtline.
Straight forward
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Laurissa Marsden
Representative example: Amount of credit: £1000 for 12 months at £123.40 per month. Total amount repayable of £1,480.77 Interest: £480.77. Interest rate: 79.5% pa (fixed). 79.5% APR Representative. We’re a fully regulated and authorised credit broker and not a lender