Ferratum is a financial services provider with its headquarters in Helsinki, Finland. Established in 2005, the company has expanded its operations across various continents including Europe, North America, South America, Africa, Asia, and Australia. As a member of the Ferratum Group, the bank is listed on the Prime Standard of the Frankfurt Stock Exchange under the symbol ‘FRU’.

The company offers a range of loan products, catering to different needs. These include short-term loans, long-term loans, and personal loans. Potential borrowers can apply for loan amounts ranging from 1,000 to 30,000, with repayment periods extending from 1 to 138 months. The interest rates can reach up to 258.02%.

Ferratum aims to simplify the loan application process. Applicants must be at least 20 years old and require a personal identification number and a Norwegian bank account. The application is digital, with the process including loan amount selection, identity verification via BankID, and completion of the loan application. Approval is communicated directly on the screen, and if the application is submitted before 14:00 on weekdays, funds can be received the same day.

A specific example provided is the Ferratum Flexicredit, which illustrates a 199.87% effective interest rate on a 30,000 kr loan over 12 months, with a 115% nominal annual rate. The total repayment amount for this example would be 48,687.59 kr, with no minimum repayment period specified.

In addition to loan services, Ferratum emphasizes digital banking, aiming to enhance the banking experience through online and mobile platforms. This approach aligns with the company’s belief in the future of digital banking and its commitment to offering financial flexibility and support to its customers.